New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1873-09-18
A RAILROADS EMBARRAssMENTs.

The New-York and 0swegO Midland Rail-
road was constructed for the purpose Of making
through line from New-YOrk to Oswego and Buffalo
The line OF the road is from Oswego to Middetown N "
distance OF 2ls miles, with branches from Norwich TO
seipio IS miles Guilford to NewBerlin, n miles !;
Walton Delhi, l6s miles Summtvile TO EhenvlIle, -
miles making total of $40 miles. In addition, the
Company lease and operate the New-Jersey Midland
and the Montclair Railways in New-Jersey.
portion Of the main line from ScipiO to Buffalo,
known as the western extension. still sremalns to be
constructed For considerable time past the New-forK
and Oswego Midland Railroad has been constantly
out OF funds. About three months since contrae-
tors laborers, and others became elamorous for
their pay and there was change in the Board or
Directors DE Witt c. LittleOhn who was then Presi
dent and number of other directors, resigned IN order
that new capitalists might come in and build the re-
mainder OF the road. The new corners were
10 form syndicate and take least 100000 of the
bonds of the Company, the proceeds from the sale OF
which were to be applied construction This sum was
pfciay reported TO have been subscribed and II was
announced that the work would continue. George Op-
dyke was elected President and b. schlesnger Treas
urer For time the work went along smoothly but IT
s now announced that the Company is again short Of
funds IL statedHtha the1bondsIwere to be taken in
insalments Some of the subscribers have not yeipad
mn their subscriptions and about three weeks since the
Company went TO protest
Application TO the members OF the firm or George
Opdyke Co lelcted the information that their house
was not affected by the troubles of the Midland Rail
way This corporation was suferng from the suspicion
east uponew corporations and the great sringency Of
the money market George OpdYke had Endorsed some Of
the construction paper asITPresdent" but it was only
smallamonnt. The trouble Of the Company which now
agated 1.-The street. was of several weeks standing,
and was used for jobbing purposes as was the
rulnor about their frm Nearyta the paper" III ques-
lion was held by contractors equipment and con-
.truction companies, and railway supply agencies.
Subsequently, TRIBUNE reporter sought for President
Opdyke at the offices OF the NewYoIk and Oswego MID
and Railway Company, in Libertyst. The directors
were holding session for the purpose of considering
the situation of the Company Mr.. Opdyhe could not
De- seen but an employe stated that the Company had
not formally suspended II was simply in temporary
financial distress about 100000 of its obligations hav
ing matured within a short time, part of which the
Company had not been able to meet. About s40OOOOO
had been raised since for the completion Of
the road but had proved insufficient The floating
debt the road was about $3,oO0.0OO
Later, Mr.. Opdyke said thai, Ike sll new roads,
,he New-York and oswego Midland Railroad had
become temporarily embarrassed, bat would soon
resume its proper position II was true that &,Oo00 600
Of the bonds had subscribed for but all the sub
,criptions had not paid had the bonds been
sold At par There was still about 40 per cent due The
directors however hoped to arrangements to-day
10 insure removal Of the troubles under which the
Company is Iaboring.
Its expeeted that additional subscriptions Will be re-
teived from Of the directors who are in the synd
rate Among those who either directors or have
large moneyed interests in the corporation are Dewitt
e. Lttlejohn, Delos T. Culver, j. W. Merchant, Cort-
land n Y; Abram S. Hewitt, John r. Clarke, Oxford,
A. Y; Henry f. Bartlett Walton, n. y; JOSIAH Macy,
H. Albert T. Rand Henry Whelen, Philadelphia, and
Henry r. Low, Middletown