The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1868-08-10
The Atlantic and Great Western Railway.

From the London News, July ISL
meeting OF the bond and debenture holders was
Russell, NJ p, in the chair. Before the proceedings
commenced letter from Mr.. T. Cave NJ. p, was
n q Sr MS assene n , o.
at Barnstsple on the same day, and intlmating his
intention to retire from the board.
The report, which had been received some time be.
FORE having been taken as read,
The CHAIRMAN, after stating that the great object
property Intact, and for that purpose TO avoid tga-
ton. alluded 20 the proceedings which had been
taken IN order rae W 10 arrive at an aIIcaS,e
duce the bondholders TO consent to plan
which would have the effect OF taking the line out
more IN the hands OF board OF directors. For this
purpose there had been laid before them what he
recommended the meeting 70 accept the terms OF
arrangements which were offered. The interests OF
Mr.. Rdstale and his committee were fully protected
and they were conientsd to accept the proposed
terms. All parties concerned were deeply indebted
20 Vi. Cave Tor the assistance which he had afforded
IN putting end TO the disputes. The report VI the
receiver IN America, which had inst arrived showed
that the line had been put in state OF perfect ef-
Arrangement would be carried out. 10 was due to
Mr.. Mcllenry 10 say that the statements which had
been made with regard TO the line would in all
miles IN length earning 100000 week,
ana that fact alone was some guarantee FOR sue
cos. Nr. McHenry deserved Immense ere III for
having resputcly adhered to MS determination
that every one who had advanced money should re.
cniVc twenty ShngS IN tue pound. tJnccrsl lie
hud ifsiy refused 90 listen 70 any proposal for
ne sale of the line The reorganization ~ the CONT
pany. lChecrsl The honorable Baronet concluded
10y Naiing that h. should himself retire from the
chairnJu-hip NJ the English section OF the Board
aud thai Mr. ialng VI. T., had consented 20 take his
place. anu hy moving the Following resolutiOn:--
''Ihai the sgnallOn of the Committee or Admins
traton he accepted: aud this meeting iereb, au.
thorLes Hnd directs the p1ymcnt OF all expenses anu
liabilities incurred ~ the committee ont VI the fnnis
VI Tue company before any resumption OF interest
payments
Mr.. FupFs, ". r.. seconded the resolution, and
expressed satisfaction with the arrangement sub
mittcd 20 the meeting.
After sOnr discussion ne resolution was agreed 10.
lac following resolution was also adoptcd:-
That ma meeting ntnmenis Tor election directors n
iie company ihc foipvng gentieruen, viz NJ samuel
n.lng " ~ Ozone FIR 80 am Russei Bart, {. =, ~ y,
Ocwol, NJ. :. f.J Riisi,, ROYAL Mint, aud Mr. John
Everett and re ues that the board will forthwith appoint
tnen agcoiinsyi and dominate them committee 20 act
sr william Russell as deguy chairman, t. represent The IN
efess 10 Europe with fu pows, control IN financial and
n.hes mp5fisnt mWter. ant mat " necessary, sanction
pe ophnru IN America Tor the exercise of these functions
The Following resolution was also passed.
Ihst hil meeting while recognizing fully the ability and
Integrity shown " the Receiver General Potter since
MS appointment amt while desiring 10 cxrrsss s bish
pFecitoh % ' services decidedly " opinion that
samhsrsuon n great railway. and therefore recommends
M garses o creditors to in amended plan put
ot Oy ne directors and 20 operate with the Board
moving he railway from the control OF
avn restoring u normal Administration due provision
Deins made on obsnng m the American courts
for the discharge OF the Receiver for In Tho frat in
stance Of the expenses and remnnsrs NJ ,,s committee.
Of investigation and admiu alton both in England and
America.
The meeting terminated with vote Of thapks to
the chairman