The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1867-11-03
THE ATLANTIC AND GREAT WESTERN
RAILWAY.
General MeetiaG by the Committee Of Inves.
tigatiOn-1lr. Cave, NJ. r., ON His Tour Of
Inspection In America.


General Meeting by the Committee Of Inves-
tigasion-Sir. Cave, NJ. r., on His Tour OF
Inspection In America.
From the London Times Oct 2Sl
general meeting OF all parties Interested In the
Atlantic and Great Western Railway Company convened
by the Committee Of investigation. held yesterday
at the City Terminus HOTEL cannon street, Sir William
the notice convsning the meeting having been read.
the report Of the Committee OF Investigation taken
The CHAIRMAN said, after making some observations
on the matters referred to In the report he give
any explanations they might require, aud leave to Mr.
the WORKING Of Inc rsws sns W., Ss'ous a leases ana
pointed the COMMITTEES OF Investigation they hoped
70 be able not only 70 pay tho deferred interest tho
divisional bonds but the interest The re-.
suit Of the investigation, however, showed that could
not be carried out so early they anticipated. In
from Amsssrdasa, representing the Dutch and Ger.
interests In the undertaking jonted the commit
tee and they were very fortunate In getting hs services
He represented three distinct lnterests$4 900
sodated bonds s74a 900 per cent preference and
81 eight per certificates Of dobenturss and
mttee every way. They believed in Amstsrdam that
the proposal Of the committee for settling the Affairs Of
the company was perfectly good IL not the best that
could be adopted. The committee werc fortunate In
having secured the services Mr. H. Trcvcthick the
eneineer who had Furnished them with most able aud
valuable report on the state OF the companys line and
works They would have had printed and circulated
but for the cost and he hoped they would soon DO able
% get i printed Two OF the committee Mr.. Oews ana
MI Cave, went out 70 America examine the line and
works. to mako inquiries and obtain all the Information
they COULD and MIR Cave had reported on various i'm
portant matters. The committee had taken the best
egai advice they could get In America on points that
had been raised and there was doubt that what the
scmmee proposed to do could be out provided
s nsy & II n: e: s.IS 10 'h q
Mr. Trevethck IL was stated that very little
had been done in lss and = was his opinion tina. dur
nent way was moro than II the renewals had been
properly done in the regular way The Hrst and second
anrfSn arfh = Inn Anrvr ~A~sSl~ -
want OF renewals the third section In the worst
condition. aud the fourth section found in good con.
dtion. The Franklin and Mahonirg branches wero In
fas repair The bridges we're Of wood uncovered and
would soon require extensive repairs and renewals
The entertainments we're not wide enough to sustain tho
permanent way, nor were the slopes Sufficient retain
the embankments. When the committee commenced
operations In America they found several persons In the
large section q divisional bondhoders acting for thar
purpose aud the committee united their efforts 10 OBJ
tain the appointment OF receyer in which they sue
cecded. The order Of the American court was very
comprehensive as 70 the duties OF receiver-ths re-
pewas and repairs OF the line and rolling stock were
laid down OF the rst importance; also payments OF
rates and taxes FOR materials labor requisite 10 keep
the line In an efficient state for the public service Out
Of the remaining proceeds the nieres, bonds and
other claims were 70 be met in the order
or their priority. Tho line came into the
hands OF Mr. Potter, the receiver on the LIST OF April
last the estimated traffic for the SIX months ending
September 80 was 900; but the actual receipts
were t2,642, 000 The expenses including rents and
taxes we're 81, US FOL or 49, per cent; The commit
ncwas $477.s4o but Il was fair 10 say that a por
zion OF this should have been charged TO working
pensc that the actual working expenses were about
66i per cent The leases would not take precedence OF
the mortgage debt They were paying tho rent on tho
Mahoping line because II Yielded PROFIT IL was 81
miles In length, aud tbs receipts from January
December. 1866, amounted TO l,a52 655, and tue
peuses 10 $1,0is,s6o including the rent, leaving
xs03 795 profit One OF the last financial operations
was that the Buffalo extension bonds we're sent over
for the purpose oil getting funds to mako tina. lne but
ut that tins Mr. Kennart the engineer thought mora
important 10 The company 20 complete another section
OF the main line. and therefore the whole Of the
money appr prsted 70 the latter purpose The bui-
ialo extension bonds amounted ~ s304O0o o. which
sl,3sg 900 Ia tne Bank Of Esgand. h. rac re-
ceps on tho line 1865 amounted 10 fS98, 20s and tho
sxpsudurs 70 G6C os2 tor We car 1906 lie receipts