New-York tribune., 1869-04-08
SALE of THE NETPORT LINE Q
STEAMERS.
MEETING OF THE COMPANY AT NEwPoRT-Trs
FINANCIAL CONDITION-$1 100000 TO BE
lBY TELEGRAPH TO THR TRIBUNE


GBY TELEGRAPH To THE TRIBUSEI
FALL RIVER, April 7.-Pursuant 70 call Of
the directors OF the Boston, Newport aud New York
Steamship Company general convention OF stOckhold
ers was held at Newport r. L. to-day to act in relation
to the following business To determine whether they
would approve proposed arrangement with the Nara
gansett Steamship Company sell their boats and prop
ery whether they would accept the provisions OF au
act Of the General Assembly of Rhode Island allowing
them 10 bonds and TO what amount, whether
they would not authorize mortgage Of the Companys
franchise and property to those bonds for the
purpose OF providing for the floating debt OF the Com
pany &c. and on what terms said bond should be dis
posed Of and to consider I'm what provision shall
be made for debts OF the Company and for closing
It's affairs There large attendance OF stockholders
of whom there are IN all G5-promlneni
OF New Hampshire and President OF the Old Colony Rail
road the Hon. Oliver Ames Jacob II. Loud Treasurer
Of Massachusetts James g. Abbott, and Benz tIhch
esq NewYork largely represented. and few mem
bers OF the Ere Railway Company were among the spec
The last meeting Of the Company held in septem
ber 1865 and the Directors were then authorized to hego
tiae for the sale OF the company properly TO- or pnt
chase Of opposition lines by stock vote OF $50 cas- 70
sented his report from June, s6s 10 February IS 1902
which contained several items Of public interest among
which are the following The assets OF the Company are
capital stock, $4,000. $1,000 to share Valuation OF
steamboats,. 81 385 050; valuation OF pier IN new lOtk
tcal debts Of the Company are $4,000 expenses Of run
Ming &c, IN period embraced by report S2y1L gained
ss2G4s. which, added to pnor deficit makes total de,
felt of s15OOll Mr Ames, President remarks that be
had Tegeiyed proposition from ,he Narragansett
Steamship Company which is substantially to buy the
Sse7poH ala S5RE.y6fK company, for which they pro;
pose to pay bonds Of the Boston Hartford and
Erie Railroad worth CO cents to-day Endorsed by the
Erie Railroad OF NewYOTk and balance OF 100000 In
bonds OF the Steamship Company running
eight years, and secured Ivy first mortgage on al the
SpefE EmS Ec 'id od Econy Railroad Company of
% relpaYsh claim they have OF OF oo Si4o29o; 2Ss
Directors having examined the proposal thoroughly sub
nit it to the stockholders the best plan to extract the
Company from bankruptcy The proposal, OF which jas
Fisk jr ths evident father designs 10 pace .nS % 9t
for the payment Of S00O00 IN the hands OF the tteo
Trustees 10 by the stockholders of the Boston,
Newport and Hew-York Company, and further guaran'
eTty or parts thereof shall be applied liquidation OF
this debit also that per year shall be paid to these
Trustees for the term OF eight years which the bonds nave
to a sinking fund Inc stoekholaers may tnus
last summer that tho masses patronzed the Bristol
line boats, the Old Colony Iue would nave the same
oppOstion this year last and perhaps the Enc Ka
road Company ght make Fall River terminus as the
old Colony Road was free " negotiate with that con
debt Of than half million stares the Directors IN
te face and the property Of the Company has depreci
ated fully hall mllion-lhs last ls CONSEQUENCE VI
flHe Hon J. II Loud then offered the following
@ I'd B Of an The property Of this COMPANY EIusgnseii
Steamship company other corporation OF pIous 9 sueh
,sst fT me be-, Interests Of this Compsay.o
This elicited warm discussion, participated In by
Messrs Finch Cozzan, and Gardner In opposition,
and Tayor Loud and Judge Abbott in favor plan OF
consolidation with the Bristol me was oheieu es a @
resufed In It's passage by 50j yeas 10 4O nays Inc Opo
ston came chiefly from Newport, since under Ine Ee @
anngemeut Fall River will be the Eastern port OF te
line Tbrre was much blood engendered over the
result This action awaits the RATIFICATION oi MI Janes
f, ne istb inst when the Old Colony line OF steamers
wifi probably become thing tiat was