New-York tribune., 1873-07-22
RAILWAY INTERESTS.
NEWS FROM ALL QUARTERS.

|
published TO the effect that the New-York and Oswego
mluiand Railroad In serious financial trouble which
cuimnated In the appointment OF receiver. Applica-
caon Tor Information those connected with the road
however ected the statement that 1t was not tho New
| YORK and oswego Midland which was In trouble but
| the Montclair Railway Company, line leased by the
hrstmentioned road.
Delos e. Culver President OF the MontoIair Railway
company aud late VcePresident OF the New York and
oswego Midland Railroad Company, makes the follow
ing ocial statement relative 10 the affairs of the sew
etai companies and their relations to each other;
naIa Inc NewYork and oswego Midland Railroad Com
Sans Is corporation OF the State OF Eew-York. The
| NeWJersey Midland and the Montolair Railway Com
Panes are companies OF the State OF NewJersey They
were were originally rival corporations. Both or the last
na,ned railroads begin at Jersey City tho
YORK State line by entirely separate The
County. and tho Montcair at Green wood Lake Con.
uaes were made in 1869, by the NewYork and Oswego
nal lease Of the New-Jersey roads, II proposed TO
lease Lease the MOntclair road because It's officers be-
from Mddietown to NewYork. "a miles shorter than by
sne line projected by the NewJersey Midland Company
ing It's business would also pay. The New-Jersey Mid
nd was contracted for to get rid of rival route, and
bSupROon which has proved true from its first years
Mones In the course OF the construction OF the
MAE M met by aid furnished by the NewYork aud 0swego
To pn "a. Railroad Company and IL was thereby enabled
our miles Of Greenwood Lake. and that portion was
kallroad Company furnished aid in the way OF cash,
ponds and Endorsements, amounting in the aggregate to
aDout one million OF dollars and IL also guaranteed the
principal and interest upon the bonds OF the MOntclar
OOpahy 10 the extent OF GOOO0O. provided for IN the
In January. 1878, the New-York and Oswego Midland
company took possession OF the Montcar Road be-
s oncers began 10 take steps TO perfect form OF lease
and have 1t executed. II ascertained during that
the charter OF the MoEtclair Company no provision
being put in whereby could lease Its road and fran
chlse The officers OF the New-YOrk and Oswego Mid
land Railroad Company were then advised by counsel
taat an contracts made in that behalf between these
officers OF tho NewYork and Oswego Midland Company
had no authority to pay any money until that power
The attachments OF rolllng-stock in New-Jersey were
for debts OF the Montcair Railway. The application
before the Chancellor to appoint receiver not Of
ether Midland Company, but OF the Montcair Railway
Company. receiver under the New-Jersey laws
make lease of the property sell IT, subject to the
mortgage bonds other equities There Is doubt
that on a reorganization OF the Montclair Company
every creditor will be recognized in lease sale OF the
property, and their claims Will be amply secured or
Messrs. Macarthur & Co., and George 8. Dwight, oon
tractors for aud creditors OF the Montcla Railway Com
pany for the sums of 10000 and $4,000 respectively
having made application TO Chancellor Runyon Of New
jersey for the appointment OF receiver, order
issued, Geturnabe yesterday In Newark 10 show
why a receiver three trustees should not be ap-
pointed. On motion OF Messrs Parker and Keasbey
citors of and counsel for the complanants, 1t
clair Elias NJ. Miller Of Newark and Conrad N. Jordou
OF Englewood, be appointed trustees with power to
take possession OF all the property OF the MOntcair
Railway Company. This consented to by John W.
Taylor, attorney for George 3. Dwight, and T. N
McCarter, attorney for the company. A. L. Keasbey,
attorney OF tho contractors, said that he did
know the amount Of the Montcair liabilities but
thought they aggregated about sOc0OO. 1t stated
that the new trustees will probably test tho question OF
tho liability Of the Midland Railroad for the debts Of the
MOntclair Company.
THE NEW WASHINGTON AIR LINE-PRoBABIIITY OF
IT'S SUSPENSION
The construction of the Baltimore and
Potomac Railroad, together with the tunnel at Balti
more connecting it with the Northern Central Railway,
was undertaken by the Pennsylgani Railroad Company
for the purpose securing through ara route from
the West 20 Washington via Baltimore. the Baltimore
and Ohio Railroad Company having neglected to afford
10 this traffic, both passenger and freight, the proper
facilities Baltimore and Washington. corpora
ton known as the Union Railroad Company was
organized at tho time for the construction OF
tunnel to connect Philadelphia Wilmington and Bal
timore Railroad with the Northern Central Railway at
Baltimore. BY means OF this Union tunnel and the
Baltimore and Potomac Railroad and Its tunnel 1t
designed to secure through rail route between Now
York and Washington thus avoiding the vexatious
transportation by horsepower through the City Of Bal
timOre.
The Baltimore and Potomac tunnel was completed
some four weeks ago. and the Union tunnel also at
that time nearly completed But the rates Of toll pro-
posed by the OF tho Union tunnel were oonsid
cred by the Pennsylvania Railroad Company as 80 ex
orbtant that they declined to accede TO them AS the
Baltimore and Potomac Railroad then completed,
and 1t was desirable that it should at be made to
bring In a revenue, what known as the PeDnsyl-
vanla Air Line" between Eew-York and Washington,
via York. PENN established. This limo at once be-
a and the result was that the President OF
lalrhiQ tlTnt Igfp
Company used all the influence he could bring TO hear
upon the Of the Union tunnel 10 induce them to
aooept reasonable OF toll aud also agreed to con-
tribute his far proportion toward paying these ois
At an interview recently held between the Officers OF
the several companies, satisfactory division OF the
rates was agreed upon and the Pennsylyanla KarOad
Compaey consented TO withdraw the Ar kne Via i4rh'
the Philadelphia, Wilmington, and Baltimore Eilroau
piiai INT a ina Will nrobahv he opened by
Thursday, the 24lh inst.
POSSIBLE RAILWAY FIGHT.
A reporter of O Wilmington newspaper had
converaton recently with Isaac Hinckley President
OF the Philadelphia, Wilmington and Baltimore Rail-
road. concerning rumor that thero was considerable
dissatisfaction felt by that road at the effort OF the
Pennsylvania Railroad Company to draw of travel by
its air line The following Is the substance OF Mr.
Hinckley's statements:
Since the completion OF the new Baltimore tunnellt
has been the desire Of both the Pennsylvania and the
Phadelphia Wilmington and Baltimore roads that the
latter should connection through ~ win tne bal
cars directly through baltimore without hauling them
by horses from Presldeutst depot TO Camden station
as present To do this would be necessary TO make
the connection by means Of the new Union lSilrOad
which Ia owned by local corporation. TINS com
pany, feeling that 1t had things pretty % mucn
It's own way, demanded rates whlch
both tho other companies deemed very
extOrtonate, and they refused 10 accept them The
consequence establishments of the new route by
the Pennsylvania Company, with the knowledge and
consent Of the p, W. and Is. Company Ihe manner OF
operating has not been satisfactory however 10 the
p, w aud b. Company, and Mr. Hinekey sald posi-
lively that II the trains were not Withdrawn wtn
a short time he would break all through rates Wild the
Pennsylyanla Company, and this would Doubtless DO
followed by general railway Eight and temporary re-
ducton OF rates Mr. III. deprecated such result as ho
III Iva the