Delaware tribune. [volume] (Wilmington, Del.) 1867-1877, 1874-10-15

The ReFkS County IT, R.

ANOTHER MEETING OF CREDITORS FROM
PRECEDENT BUsHoNG--HE REPRESENTS DlSAP-
PoINTMENT IN THE ExpECTATIoNs or THE PRO-
IEcroRs or THE ROAD AND ITSELF FAILURE
A largely attended meeting OF the stockhold-
ers. creditors, directors and contractors OF the
Bsrks County II. r. was held at Reading ON
Wednesday Ms final effort to prevent the sale
of the road under shern's execution. Prehi-
dent Btlsliong, who was OF the opinion that the
sale Of the road could have possibly been avert
cd for short time II all the creditors had been
willing 10 accept certificates of indebtedness,
was present aud submitted lengthy report,
which was read. A considerable portion IL taken
up with review OF the early history Of the road
and the Inducements which were held out tn the
people IN order to obtain their sympathy and
support, much of which reflects somewhat se-
verely on J. Dutton Steele and others-.npon Mr..
Steele because Of the increase in tile cost OF
the road after completion over lis estimate.
The material portion OF the report ia as follows :
''Siuce the completion OF the road its cost,
exclusive OF land damages, has turned out to be
| Sl,7OO,0U. Most OF the creditors Of the road
holding bonds al collateral have sold them Vt
| rninous rates thereby increasing the indebted
ness of the company to near two million dollars.
| Although every assurance was given by the Le-
| high Valley II. II. OF friendly cooperation dur
| ing the construction Of the road, no sooner was
| ii completed than tariff WAS adopted by that
| Tho officers of the road have not been able to
| arrange for d coal trade. Thus far the gross
earnings Of the road have not been more than
| ssOOO per month, and with the coal trade in the
control of rival roads there seems to be no long
| or any hope OF ever securing any part OF II IN
| short the reasonable expectations OF all have
| been disappointed. Tie representations Of the
| gentlemen under whose auspices this road was
undertaken, were no doubt made in good faith
and believed by them. The road shows that
| hay ar mutakan HA the cost Of tll1 road
| and its trade.
MANY of the cralitors heve secured judg-
menls and suits are pending here and at Pills
depha With debt resting on the road OF
some 81 500, 600. and no money in the Treasury
to meet tho interest falling due the lst of No
vember the Board is powerless to prevent its
| SALE"
| lengthy and somewhat acrimonious debate
follwed the reading OF this report which WAS
| finally ended to allow the business OF the meet
to proceed, when u resolution was adopted pro
viding or the appointment OF q committee OF foul
--.aiA al. - aa,,ss-.-.- Ps-..- -
o fOrielnra OF STOCK AMI iuitiior advancement
Of money were proposed, bnt without reaching
. definite conclusion the meeting adjourned.
THE suERlrFs SALE EsroppRD AND AN EFFORT
MADE TO THROW THE COMPANY INro BANKRUPT
| Cy.
The Berks County Il. r. Was not sold by thu
sheriff of Berks county Thursday, as advertised
The Reading Times says that an injunction WA
granted by the U. s. Circuit Court ut Philadel
phia, Oh Thursday, restraining Messrs. De Hs
ven n Brother, Bushong K Brother, Peter |.
Weimer, Hof and Milholfsid. George f. Baer
and George W. Brnc!man, their servants ant
agents, from proceeding nnder the executions
issued upon their Judgments. A petition il
bankruptcy has also been filed IN the Distric
Court Of the United States for the Eastern Dis
trict of Pennsylvania and rule was awarded b.
Judge Cahwallader, returnable on the 14th inst
The Reading Edqie says the sale las been post
| poned until the 18th lust.