New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1874-09-25
LOCAL MISCELLANY.
RAILWAY INTERESTS.
ERIE REoRGANIzATIoN-A RUMoRED FORECLOSURE

ERIE REoRGANIZATIoN-A RUMORED FORECLOSURE
PEORIA AND ROCK ISLAND.
At the regular monthly meeting of the Board
OF Directors of the Erie Railway Company at the Grand
Opera House yesterday the attention OF the Directors
was chiefly occupied In the consideration Of suggestions
connected with the proposed reorganization, which Is
to GO into effect Oct Besides President Jewett the
Directors present were John Johnston NJ o. Roberts,
II. Baltser, s. L. M. Barlow, L. H. Meyer, Henry G.
stebbins, r suydsm Grant, Cortlandt Parker, and
Homer Ramsdell The bylaws and regulations now in
force the Of the affairs OF the road were
carefully considered but changes OF any special con-
sequence were made The printed rules were read over
and were readopted with @ few verbal alterations.
Among these the changing Of the name OF the Gen.
eral Manager to that OF superintendent. No new
responsible Offices were created, but the bylaws
give the President power to appoint some minor
officers There was considerable conversation concern
ing the proposed erection OF grain elevator at Jersey
City Ito facilitate the receipt and delivery OF gram Inc
need OF increased facilities very generally conceoeu
and plans were presented and examined but no definite
action was taken IN the matter Attention was gwen 10
many matters Of detail and special contracts Tor the
ordinary operations Of the road There was no discus
sion with reference to the questions OF narrowing the
gauge laying the third line Of rail, or the recen. ar
rangements with the Atlantic and Great western Com
pany. John c. Gray who went TO London 10 carry out
the financial operations which were designed 70 place
the Company more favorable OASIS
abroad, and which Mr.. Watson left unaccom-
pished, reported both by mail and telegraph
up 10 the latest dates that his negotiations
were proceeding fayoraby. 1t has been definitely de-
cded TO remove the general business offices Of the Com
pany from the Grand Opera House to the old Erie
building in Duanest Men are now at work on the old
building making the necessary alterations and IL Is ex
pected that 1t will be ready for occupation sometime
during the coming Winter Meanwhile the Grand Opera
hfpd.of
gether with other property consisting mostly OF private
dwellings owned by the Company in the vicinity
ia advertised for sale. 1t reported that
the restoration OF the Company's OIL WORKS
at weehayken, which burned, were pro-
ceedlng rapidly aud that the architect was adopting
every possible against fire. No formal report
was received from the officers, who recently mace
trip over the road with the view to recommending
changes in the running Of freight and passenger trains
but 1t is understood that such changes Will DO MADE
public NAV REQUIRE them The time Will be extended
during which certain stop over tickets may De useu
and other changes of kindred nature Will be made
There a rumOr on Wall-st yesterday that the
Pennsylvania RailIoad Company intended TO foreclose
the c. c. and l. c. Road under the second mortgage of
which the Pennsylvania road owns a large amount.
The interest on the first mortgage is due Oct and the
fiscal agents here expect that IL will be paid although
nothing official 10 known in regard thereto: fore
months from the time of the default and Is thought
that the rumor is uDfounded.
Tue suit OF Samuel s. Treadwell against Ralph NJ
Pomeroy and others, already reported In TRIBUNE
was decided yesterday by Justice Lawrence. In the
Supreme Court Chambers. The facts of the case are
briefly these The contract for constructing the 100
miles OF the AtchisOn and Pixies Peak Railroad now
the central branch of the Union Pacific Railroad 70 run
| west from Atchson and connect with the southern
branch, Kansas Pacific Railroad awarded TO Wm
Osborne, with Government AID. The contract
signed by him Ralph NJ. POmeroy s. c. Pomeroy and
others, and they organized Committee Treasurer,
&C., aud sold out shares Among the purchasers was
Mr. T:eadwell. Mr, Treadwell brought suit 10 compel
all the holders of shares in the contract 20 distribute
the profits made under it, alleging that the Trus-
| tees Of the original contract were diverting
| the profits to extending and running the road
he prayed for receiver. The defense substan-
uaY that the contract only mode Of securing the
profits TO the stockholders Of the road of the profits of
building ii; that all the stockholders sharers
the contract; that they benefited by the exteu
sion OF the road and That such extension was neces
sary, owing TO change in the direction OF the Kansas
Pacific Railroad, with which the extension to con-
Barrett with leave 10 renew further afidavits
Yesterday Judge Lawrence DENIED another motion, sup
ported by ahidavits the ground that they dis
closed no new facts but merely strengthened those
| already put forward.
A meeting of the first mortgage bondholders OF the
Peoria and Rock Island Railroad held at No. SO
Broadway Yesterday. Luther ID. Wyman acted Chair
man, and Wm .. Mcdowell as Secretary. The Com
mttee appointed under the following resolution in
cludes G. c. HuSsey OF Pittsburgh; III. W. Howard of
Batavia, n. Y; Remington Vernam Of New-YOrk g. s.
Adams of GreenpOiat, L. l., and WIN. o. Mcdowell OF
New-York:
Resolved appointed proceed
the material condition Of the and
the financial condition Of the Company all Of interest
to the ondhoe and to report at adjourned meeting and
bOndhoder proceedings
meeting call contribution of IS per
deTay OF protecting their interests