New-York tribune., 1873-05-24
THE MIDLAND RAILROAD REoRGANIzED.
REsIGsATIoN or OLD AND INHALATION or NEW
DIRRCToRs-FoRMATIoN or A SYNDICATE.

RRsIcNATroN or OLD AND INSTALLATION or NEW
DIRECTORS FORMATION or A SYNDICATE.
The Board of Directors of the Midland
Railroad met yesterday afternoon at the once OF the
Company, NO. Ill Liberty st., and after long DISCUS
son ganIzed the management nearly all OF the old
Directors resigning ones being CHOSEN 10 MI inc"
places as fast as the designations rendered The
primary causes OF the changes wero serious nnancai
difficulties into which the road had fallen "ithin
short time It's obligations had gone TO protest. anu Pr
on Of Its property had been attached for debt at MID
dleOwn. The holders OF these Obligations were prlnc
paly contractors others engaged In buildlnS
equippng the road. Application TO George opdyke
Co.. the financial agents Of the Compa ny, elcted tne
information that certain notes and obligations had not
been met, owing to temporary lack OF funds These
obligations were believed to be about $4,000
The recent stringency In the money market had had
the effect OF rendering t almost impossible to borrow
money in order TO tide their temporary dscutes,
and Company relied upon the placing Of t5OOOOo of
first mortgage bonds Of its western division 10 relieve
them OF this embarrassment and enable them TO COM
plete the Is miles of road lacking to give them con-
troll Of through freight The difficulty had arisen from
the Endorsement Of notes and obligations Of the Mont
clair Road by the Midland of NewJersey The first and
second mortgage bonds of the road would be perfectly
good and there vas nothing which should cause those
interested in the enterprise the least uneasness The
iunor member OF the firm stated yesterday that syn
road from its embarassments, but VINO composed 'he
syndicate he did not care 10 say.
The Directors met yesterday afternoon az ABOUT p n
and held long and secret seSs"a II tne INFERIOR omces
In the main offices dozen more creGioG- "i tue COM
pany had assembled, and we're anxlOusly awaiting Lao
dissolution OF the meeting, in order that they might OBJ
tain some information regarding their claims They
were principally hard-working men, evidently engaged
as foremen or labOrers One Of them approached the
VcePresldent handed him communication and threat
cned the Company with an attachment subsequently
another Individual called for one of the officials named
Clark and served him with legal paper the nature OF
which was not made known. At about p m the Board
adjourned aud reporter asked for the results OF the
meeting. He was informed that the proceedings were
informal character and until they had been rat
fed by formal proceedings to-day they would not DO
made public 1t Is officially stated however, that among
the designations those Of President DE witt Lat
teiOhn VcePresident Culver and Messrs. Ames, Fos-
ter and Others George Opdyke mas been elected Pres
dent and number OF others, who are expected 10 tt
the road out Of slough into which 1t has fallen, nave
been chosen directors Of tue latter however nave
yet TO be consulted 10 whether they Will accept
These officials will represent the syndicate referred