New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1873-11-27
RAILWAY INTERESTS.

AN ILLINOIS CREDIT MOBTIER-How THE MORGAN
IMPROVEMENT COMPANY OPERATED ON THB
GILMAN, CLINTON AND SPRINGFIELD ROAD.
CHICAGO, Nov. 26.-ln the matter Of the
Gilman, Clinton and Springfield Railroad 1t appears
evidence that the actual cost Of constructing
and equipping tine road about s5O000O, while the
Morgan Improvement Company received for rendering
this service about Sl0OOOOJ The Morgan Improvement
Company incorporated in Pennsylvania In May.
1870 the sole purpose OF constructing this road. 1t
had capital Of $500 OO divided into 10 shares of $4,000
EACH Fourteen days after It's incorporation it entered
into a contract with the Gilman, Clinton and Spring
field Railroad Company. The directors and President
OF the road who have been principally concerned III
letting the contract to the Improvement Company are
merely nominal consideration IL is also charged against
the railroad officials that they made rinous contract
for the road with the Barclay Coal company IN whch
they owned threeguarer interest," that they made an
unlaw full lease OF the road 10 the Pennsylvania Com
breach OF trust The Court held sthat the theory OF
created by the sovereign power Of the state that
the corporation Is authorized through its board OF
long as such directors shall to the trust con
ferred upon them by law. The Companys books do not
the defendants deny the proof of the companants
the cost Another thing apparent from The proof Is that
ment Company. The Court decided appoint re-
can be ascertaned who s legitimate stockholders are,
aud 10 whom the custody and management OF the raI-
road should be committed.
RAILROAD Mules,
H. w. Weed, General Freight Agent of the
NevY ork and Oswego Midland Railroad has sent 10 his
resignation the directors to take effect the lst OF
December.
Ground was broken at Poughkeepsie yester-
day for the bridge the Hudson Short speeches
were made by Mayor Eastman and Others and force Of
men were put work on the first land pier.
The terms of the lease of the Vermont and
Massachusetts Railroad lately effected by the Fitchburg
Railroad reported to be follows For the first two
years the Ftchburg Company pay TO the Vermont and
Massachusetts four cent annum the capital
stock, the following two years hVe per con-" anu "~s
after six per cent.
A suit is pending in the United States Circuit
Court at Boston, against the Boston and Maine Railroad
Company to s25 being the earnings OF hePor
land saco and Portsmouth Railroad received by the Bos
ton Maine Railroad during the joint operation OF the
Portland Saco and Portsmouth Railroad by INC Boston
and Maine aud Eastern Railroads. and alleged 10 he due
the Portland Saco and Portsmouth Railroad and not
paid over by the Boston aud Maine Company.
The Harlem River branch of the New-Iork
and New.Haven Railroad opened for travel on
Monday Owing to the storm there were only
few passengers the first morning but on Tuesday and
yesterday morning there were large number Tho
road s built IN the best manner having double track
~ steel rails and well ballasted with stone except
where niles are used The depOts not all completed
The carpenters aud paserers are Dusy at work how
ever and the buildings will soon be completed Tho
conntrv through which the railroad passes been
almost isolated for many years.