, 1874-12-21
DISTRESSED RAILROADS.


An adjourned meeting Of tho stockholders md
bondho!dora Of tho Columbus. Chicago L In-
diam Contral nairoad wes held at Now York
City, Tuesday. for tho purpose OF doviaiug somo
mcana for nottling, tt possible, the differences
which exist botwc0n tho Company mud the Penn
By1yania Railroad Company an leBsoes Of tho
road, and to ascertain precisely tho obligations
and rights OF each party under tho Lease exc.
cutel in February. 1870. 1t il claimed OH behalf
Of tho accoud-snortgago bondholdors that tho
Pennsylvania Company ie liable for tho interest
on those bonda, but this obligation is ronndiated
by tho Pennsylvania Line, Which allogos that tho
Lease 9a So o,sa 5
III 1869. except to tho extent Of tho lntor-
est Oh S15,3D0,0O0 Of tho ilrstmortgnge
bonds. THO tosaecs claim that tho railroad
Company has notskopt or ondonyored to keep its
the part OF tho lessecs throw ont II hiut fow
days ago TINT, il MI effort il not n1alo by ti,e
Company TO comply with its obligations, tho
lesseoa will prohahsy not pay tue interest CIT
$GGf.8Q0 10 pur cont bonus which will fnl1 duo OH
the 1st Of January. He said tho renusylyania
Company wns snxions tn mont tho railroad COM
pany III u fair manner, and le cautioned tue
stockholders against engaging III any litigation,
aa such course would result III tho destruction
Of their property. uo thought tho Bocoud-mort~
gage boudIoldors should consont to convert
their bonds into income bonds, which would pre-
vent thctn from foroclosluG tho mortgage, and
when tho road earned a dividend they would got
thor portion Of it. After q loug discussion, tho
following resolutions woro unanimously adopted:
Rtsored. Tint commi,tcn Ut three 10 appointed by
tho Chairman of this meeting, whose object 1t slu!l
bO:
L. To mako On examination OF alt tho facts rctat!vo
to tho execution and carrying out ot the naae antsrcd
into by this Company under dato 23d january 1870,
n ae e aoa coan
tho agreement un1 operation Of tho railway Of this
Company uudsr said csse, the rghta of ths aoyeral
}fnB tt{J-n1.
T. 70 saaao IN examination of all ths facts attend
ing an1 the which Opcrated to produce tho
sSo 9s IT, 1ss ,a I ~ ho nsn 5
operation vi Inc railway Of tna Company under said
LEASE, tho rights Of tho several parties thereto snd the
.. That the said Committee report to an adjourned
uec.ug OF tho stockholders which Of tloso leuses
II Is tho
ths Corsny, III order at tho ter1ls of tho leaan hn
der which tic roa'l Is now operated may ho fully
given may be eusorcc.i Oh hchalr Of tie Oo,npany
iffsotrtd That conmitseu Of ayo bondaoldess be
indebtedness Of tho Columbus, Chicago Il, 1ltana
Central na!!road. represented til bonded indebted
mesa. Or, fang sn that, to recommend what proees-
tngs they will aylG1 to Gonl9 future mGetinB Of tile
stock aud hond hodera and that this Couutee act In
conjunction with tho Committee Of fatockholders.
Col. Scott said he would e1tond every facility
to tho Co1n,nittoeB to enable tAom to ascertain
tho true faata in connection with tlla oasa.
u4+QoAlH4l0t' N312IEAAs
at II lato meeting OF tho Directors OF tho In
dinnnroliB, Bloomington & Westorn Nniroad,
which WAS lately put into tho hands OF n 1'o-
ccivor, tho following resolutions woro adopted:
RssoIsed, That, in tho opinion q this poarl. the
property oE this corporation IL worth far moro tha
tho amount Of bonded mud floating debt which restE
upon It at that III the yccovery Of htlsinesa fro tho
financial depression Which nAH existed for tho past
year, tho enlArgel receipts Of tho ratiwny will DO Al
ciont br1oso any long period will have elapsed to
authorize resumption Of lbs payment Ut interest
Habtea of Tho corporation.
Hcsorct, Further, that, III tho judgment Of tlia
Dcar, tue wiaest corse for oil the creditors Of said
corporation to nlrso, III order to prevent long mid
tu eAcrhco Of all nuEh interests by forced judicial
sale A tho consequent loss Of tic special chartered
tanuAiHcS ii u railway tu 10 arcops koo satisfactory
funding proposition, an tile President aud Executive
DoHlttes leray instructed to sko every effort 10
ndncs tho hondaollcra and also tue Aoatiug-tlohs
ion which will tiye h..cl temporary rcct to tho cor.
nGatia and lroyut the aacrcB uf its valuable prop
ury aud rvilcgeK to tho groat Injury Of Its creditors
aud atockhoders.
pAyEHTonT 4 ST. PAUL.
Another Wostern raigoRu has lust Joined tile
! ranks Of bankrupt railroad companies. ThiH
time it iB tile Davenport 1t. paul 1tailroad. for
wlIcl, Il nocoyer was appointed by Judge Love
| OF Keokul, Thursday. Tho circumstances which
hayo surrounded thin Company for 8ome time
| past haYo Indicated such climax, for the road
did not pay tho interest on its bonds which was
duo OH tho 1Ht OF January, and lat of Ialy this
| present yoar. Tho bill alleges that tito Company
il notoriouBly inBolyont, antl tint It as not been
| completed to oitllor tho proposed northern ol
southern terminus stipulated in tho honds.