Delaware state journal. [volume] (Wilmington, Del.) 1870-1883, 1873-11-01

PROPOSITION OF THE BoND-HoLDERs 7
TAKE POSSESSION OF TIRE SAME AND R


PROPOSITION OF THE BoND-HoLDERs TO
TAKE POSSESSION OF THE SAME AND RE
ORGANIZE THE COMPANY.
We have refrained from commenting on
the numerous rumors ahoat concerning
proposed changes in the Wilmington u
Western Road because of request that
no such publication should be made un-
til definite proposition had been made.
Such proposition has been made ald il
now under consideration, so we feel at
liberty to make public the whole pro-
ceedings thus far had.
Immediately after tho financial panic
begun II was found that the arrange
ments previously in progress, to prepare
for the payment of the October Interest
would fail and before the interest fell due
the Directors called a meeting of the bond
holders to consider the matter. Az that
meeting VIM. NJ. Canby,T- b. Smith, j. b.
Devon, II. 8 McComb, VIM. q. Spru-
auce, Geo. H. Dates ard Edward Belts,
were appointed committee IN behalf OF
the bold holders to Investigate the con-
ditiOn of the road.
This committee made two reports at
an adjourned meeting on October End,
settling forth the condition of the COM
pany and making different recommends
| tons. A combination of the two reports
was made by the meeting and adopted.
| In substance the report declared that II
was impossible for the road to pay while
| Of its present length, and that II was all
solutely essential that 1t be extended
The meeting wac quite n large one, more
than one half the bonds held beiut
represented. Several propositions wer,
discussed without definite action, en(
finally Col. IL. 8. McComb, VIM. Candy
Geo. IL. b ties, NJ. NJ. Child, VIM. Y
Spruaucc, Lewis Thompson, Thomas Is
Smith, were appointed II committee Il
confer with the directors concerning
reorganization of the company or TO TAX
such other action as might he necessarl
in their view TO protect the interests oil tn
bond holders.
This committee held a meeting with tn
directors yesterday, and submitted Il
them for their consideration the follow
: ing
Pla,. for tie reorganization Of Tie Whining
, ton and ltestern Rail h0id sabmit.e
By Tia 5oadholiors 10 the stockholders.
a That the new organization have
stock capital of S60O.OOS, and bond cal
. ltal Of 5000 900, TO cover line OF roa
: extending from the Delaware River I
! oxford, or such other point rs may herr
, after be- settled upon.
j (e)That the First Mortgage bono
e holders surrender their bonds and pa
d due coupons, and receive, IN lieu thereo
= 20 per cent. in the bonds oil the new cou
pany, at par, and % per cent. IN STOCK
8 the new company, at par.
4 go That the noating debt creditor
/ 80. fnf thatf debt
Il interest. 81 per cent. of the stock Of Il
D new Company, at par.
(4) That the present stockholders r
s. ceiye. fol- their present holding of stool
t, - per cent. in stock Of the new compan
D, at par.
who shall take the remaining assets
Il bonds and stock, and apply so much
them as may be necessary to compile
N land equip the extension to Oxford, or
he such other point as may be decided upo
ID The proposition will he ut once 81
v, mitted to the stockholders, at meeti
IN to be called shortly, and any who canu
r. attend such meeting will be requested
IT, notify the Secretary of the company,
tn writing, as to whether they agree to l
proposition.
We have made inquiry in the prof.
quarters concerning the rumor that U
,,s onel McComb is trying 10 "gobblc u
,is the road, and We are assured by OIL
bond holders that the Colonel was qu
willing to have nothing whatever to
with the affair, and that II was only at
urgept solicitation of others, who
that they needed his great practv
"a knowledge and assistance, that he CO
IN scented to actively interest himself in
matter. If the arrangement is accepl
there is no doubt that the road Will
~ extended to about twice its pres
w. lrupth