New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1873-07-16
RAILWAY INTERESTS.
CONTEMPLATED SALE OF PACIFIC MAIL STEAMSHIPS
HEAVY LOANS TO Biz OBTAINED.

The President authorized 70 efect q settlement
with the Union Pacific Railroad; to sell the steamer
Montana for the Of 10000; to sell to John Roach
some OF the steamers plying between New-York
and Aspinwal which will probably realize about $4,000
apiece and also TO borrow O000O 70 meet the pressing
wants OF the Company 1t is stated that the agent at
San Francisco can borrow 10000 on the Company's
real estate there, probably at high rate OF interest
and tho balance will probably be obtained on the new
steamers as they built and put afoat. IL Is under
stood that the Company $4,000 city taxes, 100000
engines building in Scotland, and s650O00 10 John
Roach for steamers now building. the payments
for the latter extending up to November
In addition the Company needs the following
sums TO place their steamers IN seaworthy
conditions $4,000 for the Constitution, 100000 for the
Nebraska 100000 for the Dakota 10000 for the Moses
Taylor 10000 for the Henry Chauncey and from $4,000
to s5Oco each for the oter boats in 1t Ia said that
the steamers Ocean Queen and Rising STAR plying be-
tween NewYork and Aspinwa. will probably DO with
drawn Winter unfit for service. To place the en-
tire feet eight In running order will require
according to estimates. 9Ooo is further asserted
that vessels an opposition English line between San
Francisco and China building in England, under
the superintendent Of Of the old employees OF the
Pacific Mail, and from advertisement in Hong Kong
paper it Is discovered that German opposition line was
TO have begun running In July which line consists OF the
steamers Thornaby, Anglia, Altoona, and Alemanna.
In conversation with TRIBUNE reporter, Mr. john
son, Secretary OF the Pacific Mail Steamship Company
said that essential that the Company should have
It's vessels as rapidly possible. in order to COM
pete with foreign vessels Al the present time one or
China and Japan and extra vessels were pelng char-
tered by foreign shippers for the purpose OF drawing
| the trade from the Americans With new fast SAILING
vessels the Company could make freight contracts IN
advance at low rates. and possibly secure the larger
| part Of the business.
| THE RAILROAD LEASE CASE IN NEw-JERsEY.
| Judge Van Syce delivered at Trenton, yes
terday an opinion in the celebrated railroad lease
1t took the ground that the act OF 1870 did not authorize
Lease aud that the directors stockholders had no
right make it, The final decision is rather peculiar
and these words The decree OF the Chancellor ia
versed with this Court and the Court below and
the remtted with ooder that the injunction issue
unless appears by such proceedings may properly
be taken In the Court below that some essential change
since the order reviewed, has taken place In the
status Of the CASE by Of which the equities are
changed or different mode OF relief has become ne
| cosSary
Judge Dlarymple concurred, except in reference TO
the act OF 1870 and that he thought was uneonsttu,
opinion which he declared the act OF 1870 constIn-
tona and OF sufficient force 70 authorize the lease me
lease had been made and therefore the order OF reversal
was worth nothing whatever II could alter nothing,
and was not sought in good faith by the appellants but
merely TO get abstract opinions oflaw The vote stood
as follows Reversal q ahrmatiye,l'
| SUIT AGAINST THE GILMAN, CLINTON, AND SPRING
| YIELD RAILROAD.
| The news that the Gilman, Clinton, and
Springfield Railroad is about TO be leased to the Penn
sylyania Central is supplemented by the information
that the Company has been sued by Joseph j. Kelley
claiming TO be the holder Of 100000 OF the original
| capitl stock He has obtained an injunction in the
Chicago Superior Court, preventing the lease until his
suit disposed Of Kelley claims that there was gross
fraud In the Of the road by which certain
officers and directors greatly benefited He asks
| that an account may be taken before Master III
Chancery OF all connected with the building
OF the road and that persons who frauduenty received
be required returned it, and that certain bonds
payment Of alleged Te o Se
has no power lease the road TO foreign corporation
ERIE AND MR.. BARLOW.
| Leading officials of the Erie Railway state
that it is very unlikely that Mr. S. L. NJ Barlow will be
elected TO any executive position for the simple reason
that he could be induced TO take any gentleman
on very intimate terms with Mr.. Bari ow stated yeser-
day that Mr. Barlow represented s6o00O0O worth
OF the stock and could have elected himself to any posi-
tion he chose from that OF President down. He (Mr.
Barlow however would not take any position for the
simple reason that he away and spent annually
more than four times the salary OF the President OF the
Erie Railway and IL essential that he should at
tend his present business in order TO anral the
| money - -
s. P. Dinsmore, proprietor OF Ihe StocEhotder
newspaper procured injunction from Judge Daniels
OF this CITY, against the payment Of the quarterly dy
| L
Railroad Company and stopped the payment. Mr. Dins-
more il holder OF 100 shares OF stock and says
that he has procured the injunction because the lease OF
the Atlantic aud Pacific road (of Missouri is burden TO
| the road. =, 50. =, - .o,,roa tho co,
troll Of the direct railroad connection between CAIRO ana
New-orleans. The New-Oreans ana Jackson anu dh MS
sssipp Central roads are 10 DC Ia ,iro
link between the latter at Jackson Tennessee aud GsTo
building dn9 MS SGa S ar are authorized to
over part Of this extension, and In TINS way the limos
es Orleans The two New Orleans roads-the Jack
son and Great Northern and Mississippi Central-haye
uade q general joint mortgage. seven per cent goid
bonds for $4,000 600 Of which s00O00OO are reserved in
the United states Trust Company to provide for cor
responding amount of existing old mortgages, ana the
remaining 90 OOOOOO are recommended to the foreign
stockhoders of the Illinois Central Company, the Com
pauy undertaking to purchase sZVOVVV Vi 'ho uohus
Two projects for building railroad in almost opposite
| directions from Rocky Mount Franklin County, NT-
| gina, are now engaging attention One is TO Oulid
line from that town. eastwardy 10 Liberty IN Bedioru
County thus aOrding direct connection with all OF le
Virginia cities. well with those OF the North the
other which Danyile Is pressing, is for connection
between those two points In preference TO tine Liberty
connection with the A. NJ and ONO Railroad
Thomas Webb OF Orange County. n e. has obtained
| mond and Danvle Railroad Company rom CHANGING
the gauge OF the North Carolina railroad tFaek. ane
the North Carolina Road TO the Richmond and Dauvllle
Road show that even II the lease valid the lat
ter road violated the terms OF the lease by excessive
charges for local freight Toe complaint also charges
that the Richmond and Danville Railroad has author
ity law to change the gauge Of the North CAROLINA
Road as 1t has Threatened 10 do, TO prevent which in
junction already been obtained by the state aud the
| case IL pending in the Supreme Court
| The New York and Oswego Midland Railway Company
preparing formal opening OF their road on or
the Inst The details OF the programme have
not yet been perfected but II IL understood that there
line, and receptions at the principal points along the
route The officers report that there now $50 miles
OF the road completed and in operation and that
nuous trains running from New-York To Oswego on
| the Eastern extensions. Gn the Western extension
toward Buffalo the Company running trains IS miles,
the remainder of the distance 40 miles being In
| OF rapid construction.
The Lake Shore and Michigan Southern Railroad Com
pany have Just purchased lG0 OF land lying
lido fhetrf m