, 1874-08-05

Improvement Company and 0apon d Ewing,
tho Board of Directors OF tho road.
4 motion waa mado by Orenlorf and by Gapen
Il Ewing To have Mr. uinokley, tho Rocefycr,
removed, aud for tho Court to appoint tho praH-
ent Directors OF tho road, nine In number,
to manage tho road, tndor tho direction of tho
Court, thoy giving tho, necessary bonds for the
faithful performance Of their duty. It WAS
stated that the object Of this application was to
provide for tho permanent welfare Of tho roni,
and for the boa interests OF ali parties intaroat-
I'd IN It. ri
NEGOTIATIONS AaE IN pno1REss
which, II tho Directors can resume tho mnnago-
ment and control Of the road, will probably re-
suit In preventing D foreclosure Of tho first
mortgage and tho consequent sacrifice Of
many interoBta by funding OF tho in-
teress now due and that falling. duo tho LIST
Of next month. The Ponnsylya,,ia Company
had aa much US said TINT, ii tho DIRECTORS could
obtain control of tho road again, they, tho ronn,
sylvanta Company, would provide for tho inter-
est aud prevent the mortgage bondAoldora from
forcclosiug. It waa ovldent that, il the foro-
clohuro took place, the road would pass into the
hands Of the Illinois Central nnroad Company.
aud Ill the stock md llenr on tho road would be
cut out. Tho object OF tho founders OF tho road
mas to provide competing line for tral1io going
Eastward.
WITHOUT PASSING THROUGH CHICAGO,
and this motion was III effort to preserve TINT
1ntles, 1unn.nG cast IRON uimah. Now' II tile
renneyiVAnla company can ha'c tho ROAD unaur
the control OF persons who are favorable to thiA
route, WHICH runs lat0 inc Anes utiuer their
n management; tnoy "lli come forward md lilt
tne ~ aTan t.9a1 oas u 1ta P1osohs aiculty, nus
lucy mila not ao ~ Gnc no toau ,s u1uer tho
Tho road, under tho contemplated chango Of
managers, would still DO under tho guardianship
o1 tno coult, WIN ~ tho aocaflty That could 10
aonahaea 1or ite proper atn'nlstratlon' :, It
coulq eh;a n0s 10 stn.ea ~itn certainty tuat
thls inholog q tne interest " which the fore
c!osnre W9ula ne eYolaod could he contaminated,
bat thoy thouGht II coula, and they would make
evetg ehoea9or 70 40 i. an agent of largo
number OF tue bondholders, now tn this county,
Rod out rathor than foreclosure Tor fore
eiosufe "1ula result III tne loss OF ABOUT o0 ccnta
On tho dollar OF tno I1fanclpal OF tue bonds.
nou.,a dnG oftvsliaoa v;,Iia ~ ! ImE stoI!oS' ,
no!oesn wno s arc IepIooented IT 10 tho case, re-
s'sssa sta.;,, s4o 9eu applleatlon:: : Ihey saw no
necessary Tor chaogo, ana, even II tnoro was 70
oo change. Of sll people IN the world thoy did
sssn @ Taose boz ID sa boy vs Would Id ea noa
@ arIansnments s.e tIf M paying tno 1ntoreae. 1 yery
vel 5nas We Ill tnat "as Mantca. Ihoy Hhe
a connao t woau fuo ass!st tne IN a9tng 80 al they
t ia nt "S H. ~ hnna ~ ~ t"s ny pus
.ng tno % roaa nto sho aaaas o. tGe directors,
10y ~ ~ 81 4hao@ @ oas,1 "eu 'ney
~ q ca,,t ~ ;ntorat W. s' se"@o ""u aAu no' guy
,,n, - n,..ne,ap,,,,, ,,.,,, ,..,,a
rT,,a on,,.,sai o,,;o9 ,iat ILL
interests Of tho Illinois Central airoad com sme
o1ol XIII "a =, 1uh to p1s ony d m ~ ouo
e9 ~ tno % hha onp9yca lhem;
ntans .at stnseu .ha5 10 nau 1ust peon ~
n;ia,o s9nS nau the
, .nt,.;. ~ 9 o.aa @ .a,es .,s s.oul as optlhS
9 nond ~ Wtnt ~" uays 70 tne amount o1 nearly
vouo,voo' ~ cantsoa ln4t tnla was oono " Tie
oo!uslod @ .h na ~ so to1Hhn Coulpany
anu sno ul1octois ol tne Foau. IAoso Judgments
wore takea ' On interest coupons. cut on OF mort
Fahp ponuos "u11n "eAo canGoleu uPon Illo
aas' asssalhs M o. o. now ponaa when now bonds wore
1plu " tues U"ncls, w sno hto5Han 1iaprovomo'it
!eln On 81 Inc properly oI tho 5oaa. Now theao
coupons were nntil very recently IN tho hands of
tho morgan Improvement company. and short
time elnco wore ...
l.. -.:.-,,, BOLD ~ hEW YohR
N springfield, and Obtained Judgment without
any RESISTANCE, -..-.-..
Mr. OrenuorI, who represented the Morgan
amp1oyemont, improve company. oxp!ainea that these
coled bonds, had matured beforo tho
sala to present bondholdors, aud
we're bona Ade debt against tho Company;
tnat thoy were sola as any other commercial
papors, aud their owners brought suit Oh .thom
as shoy had right to do.
The argument involved several other points,
and waa ended at longth BY the Court roforrug
the motion to tho Master in Chancoy for tho pur!
pose OF taking Testimony in regard to it. Whom
tliis testimony is taaon 1t will bo submitted to
tho court. and the final argument on tho motion
will than be made. The Directors arc anxious to
hayo tho motion disposed Of at once, because On
tho Lat Of September another six naonths' inter-
ant nr1f mt.
whom the road will probably be bought at allow
figure by tho Illinois Central, wl,oreas, II the ill.,
teryontion Of the PonnBylvania Company can bo
acqompllshed IN tho meanwhile, tho foreclosure
will be stopped.
THE INDIANAPOLIS, pLoQM1EGToN WESTERN
RAILROAD
proposes to tho holdors of its bonds secured by
iirst end SECOND ,,, moxgagca on thelr extension
70 dofosis with Tfustoo tho intorost coupons
1lgi 1p1E 1a!u 9onus n5s an9 1nly i lo74; jan !,
!o1o; o Ju!y 4, 1870; Jan. l, lb7G aud July ],
1oto tbeang i've coupons from each loND,
and to reaofve from tho Colupa11y in exchange
for tho coupons certtcatoa OF i,ldobtotineas." |
PAYABLE in suyon yeara from Juiv 1g7I viii, |
tntareEt nnynhlo somi. i.annnaIi, ~, to ~ t'n~a