New-York tribune., 1873-12-24
RAILWAY INTERESTS.
COMPLICATIONS AND EMBARRAssMENrs.

COMPLICATIONS AND EMBARRASSMENT.
THE LAKE, ONTARIO sHoEE RAILROAD LEAsE CAN
CFLED
OswEGo, Dec. 23.-The lease of the Lake
ontario Shore Railroad to Edward Crane OF Boston.
Geo. T. Post and Mr. Gurley, for organization called
the Boston and Chicago Railroad Company, has been
contract.
RAILWAY CONTEST IN ARKANSAS. -
LITTLE Rock, Dec. 23.--On the application
OF the State Treasurer the Chancellor Of Pulaski
County today placed the Fort Smith Railroad In the
hands OF receiver pending the contest for the posses
elected few days ago.
TIE DIES MONIES VALLEY RAILROAD.
railroad company which has found itself
unable 10 meet the payment of interest was
Moines Valley Railroad. This road Keokuk.
Kansas, the Missouri River, and extends 70 Fort
Dodge. in Iowa, distance of about 7so miles In 1857
issued bonds upon that portion OF its road lying
tween Keokuk and Des Moines, l62 miles IN length,
amounting to s2,3O000 These were first mortgage
bonds. Subsequently another series Of bonds
issued upon the miles OF road between Des Moines
and Fort Dodge amounting to A,GOoOOo. These latter
bonds are known land grant bonds for the reason
that while 1t first mortgage shat portion OF the
road and second mortgage on the remainder. 1t was
also first mortgage lands granted by the Government
TO aid in Its The company defaued in the
payment OF its interest both classes OF bonds In
lS amounting TO $4,000 The lands above mentioned
were taken up by the bond-holders to the amount
OF $22Oo,0Oo in bonds, ut average price
Of % per acre, in exchange for their
bonds at par and interest There therefore
naming upon that end OF the road bonds to the amount
of s2.i0oOcc. Meetings were held in New-York and a
Committee appointed for the purpose OF eecting
foreclosure under both mortgages The trustees OF the
first mortgage Luther c. Clark OF Clark Dodge
Co., and Henry A. Barlng. OF Barring DAVIS. An ami
tha ahh
had The decree was entered Sept. ., 1873 the road
from keokuk to Des Moines was purchased by Austin
sl,lIs0o The upper end Of uhe road was purchased
for $4,000 by Mr.. Perry for the Keoknk aud North
western Railway, new corporation. formed for the
purpose OF buying and operating the entire road with
extensions towards Minnesota and ST. Louis This pur-
chase Grating great opposition among the holders or
the Land grant bonds who expected TO be represented at
the auction sale litigation was threatened, on the
ground that there sufficient for setting
aside the sale and tho matter compromised by the
assignment OF the bid to these bondhoders represented
The lower road that is from Keokuk Des Moines is
now under the general management OF John T.. Henry
who is in peaceablc possession and 1t under the
direction Of the Purchasing Committee, j. Augustus
johnson. Robert &. Gearc. and Robert W. Hyman or
Sew-IOrk In whose names that property now stards
new organiz ttion in the interests Of the b0ndh0dos
has beer formed known ss tbe KeOkuk aud Des Mones
Railroad Company. Articles OF incorporation have been
prepared and the road Is To enter upon t- new career
s pn Rpon Ss section The neg old
are to receive so per cent OF the amount they previously
ment will leave about 100000 of the bonds the pro-
ceeds OF the sale Of which will be used for he improve
ment Of the road II believed that the road under the
new management, will pay the interest these bonds
and after the first year dividend on the stock.
II Is not understood that other portion OF the road
from Des Moines to Fort Dodge has yet reorgan
zed II l. stated however, that IL Is in contemplation
to form distinct corporation unless cement
snail effected with already organized portion TO
include II IN that organization on some equitable basis
NEw-YoRK, NEw-HAvEN. AND HARTFORD.
From the forthcoming annual report of the
New-York New-Haven. and Hartford Railroad Com
papy 1t appears that the income OF the road for the
yoar just closed s7Ol235 55 and the not earnings
aer payment OF transportation expenses, taxes coupon
interest &C. ia 726 sO2 S. thus making the net earn
ngs little over IL per upon the $l55000oO capital
Company The operating expenses OF the road
been greater in proportion 10 the gross receipts
than ior the preceding year. This is due mainly to the
yance in the price OF nearly all materials used IN re-
pairs OF the road and equipment; to IN
creased terminal expenses In Ne-wfork CITY,
and 10 the increased mileage Of passenger trains
Additional passenger trains that have been put on to
meet public demands have not yielded a corresponding
of PASSENGER receipts dne % on ., te
penses but thss expected ~ he connterbalamced Dy
line Of road between New-York and Springfield with
the exception OF about IL miles OF single Track on rhe
roadway and bridges in excellent condt tion and can
FOR many years hereafter be maintained and kept IN
OF the report is devoted the Harlem River and Port
Railroad Tne portion OF that road mas been leased
ID
It's cost frsclas donbe track road, with steel rails
has been completed and trains began running on Nov.
a. 1873 The of the road has been about $G00oo
This has been taken, not as present source OF
profit bur TO the construction OF an opposition
line In regard the Shore line road ~ IA shown that
the expenses and exceeded the gross earnings
by the sum Of $O5li 30 THIS has arisen from the eI
traordnary expenditures nccessltatcd Ill placing the
road in thorough order The coming year, with the usual
freedom from accidents, moderate proht Is expected
THE PROPOSED RAILROAD BRIDGE AT DETROIT.
Among the projects for cheapenlnS trans
poraton between the East and West is the scheme Tor
bridge across the Detroit River az Detroi This plan
has gained very favorable consideration and Board OF
Engineers has been appointed By the State Of
Michigan 10 report It's feasibility. Every
Winter many millions OF bushels OF grain are locked
up At Chicago and other lake ports for lack OF
transportation Last Winter the railroad transportation
which crosses the Detroit River by ferry was inter
rupted two months by the lce Three thousand cars
accumulated on the borders OF the river, and the
obstruction is estimated have cost the railroads fuiy
81 100000. President JOY OF the Michigan Ran,
road, in letter To the Mcllgan Board
of Engineers shows that by bridging the
river transportation would be uninterrupted would give
relief during the Winter months, aid would lower Ihe
price water transportation ALI the resi- OF me year
Produce would eastward continually ana spring
would opcn with of the large accn1ulaonH whlcn
transportation and raise freight rates 10 10
cents busIe The only serious opioSif"n 10 me
proposed bridge is made BY those lniereS'er ia EHe