New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1875-03-26
4 RAILWAY FUNDING SCHEME.

NETTING or THE BOSDHoLDERs or THE wEsr WIS
Coxsry RAILROAD COMPANY ADOPTION OF A
REPORT RECOMMENDING TIE FUNDING OF THE
PAST DUE AND MATURING COUPONS.
The bondholders of the West Wisconsin
Railroad Company met yesterday At the onee, No. "a
Broadway, to hear the report OF the Committee ap-
pointed to consider the proposition in regard to funding
the past due and maturing coupons Philo C. Calhoun
presided the Committee, consisting Of David Dows'
L. De COmeau. and A G. Crane, presented the following
report;
10 ne Bondhoiders OF The Fest Wisconsin Ralnay Com
PAM: Toe Committee appointed. by r-ediutlon OF ne
OonahOlders OF the West WISCONSIN Railway at meet
held at the Office OF tue Company March II, 1870
would respectfully report rs follows:
First: ThC The first mortgage land grants are secured
In addition Lands ia miles OF railroad rhnuhg
from Tomah Hudson, Wla which amount To lees than
$4,000 per me; tnat on th' naked lact u Nouid tes
10 Oe for the Interest OF that mortgage that be fore
Ssc1nd: On a full examination OF the affairs Of the
Company its prospects under tn change OF man
assmsnt since me default Ia paying lnetesS OK IN
mainly, If not entirely, dependent upon its con-
nectons &c either end ana upon winch it. business as
paying road must mainly rely for its income other
interests might II not harmony and cooperating wh
the land grant bOnduOlder5 pat Themselves IN antago
nism, and thereby first mortgage land grant bond
holders IN case Of foreclosure would road VITA
only local business whica TO depend, ana WITH 10
connections 81 either eud Oh II; therefore, ia thc
L guage OF tue Presidents state nent as pIc~rnt-d-
fue OF tbs sn Of uiSaer voul nos ohly
be ruuOuS 70 those seeking 10 en- Oice H. DuG "OdI
| be- disastrous ~ the Others"
THIRD: They fId the original amount OF land
grant gage BONDS issued Si,OOjO,O. ~ WhCd
Slst been rrtreu aud cdueeed accOtuing 10 ne
trust, the OF lLnds aud receipts theie "a
that the OF 1888 GO D.s been also received NON
.aes OF dIl anu Used general tuId- Uf tue Com
pany ana tnis amount must be refunded and applied 70
/ tlr special trust $3.50
| Foirth: Your Committee lad that tho q iatlng debt
has ,Tactcd ahd tue moneys pd tvf IL ef-
earned ana for engines, cars. ana improvements
III with the OrSlud Line OF rOtl iluih EaH
to HlGsJn ana therefore foreclosure OF etIef Do u
WOuld involve intormnaOe legal questions ~ ~ Is
/ equity UG edch Interest 81 f'i.luS 5tOth, ~
Iitt' So az e first lani giant mortgage y con
ceiues tact tnL I'll Al 1884 II the prUpcrts rem S
Ia bands ui tue prrsruJ Company, the lands ny IA"
XeDpt from taxation, bus III case or foreclosure
| tLlS exemption wUulI De iOriCict.
Sixth: Tat IN view oil tie foregoing your committee
recommend the pan prUpuscd Dy iEc COMPANY
1li coupons, presented by tue Ffe5llcAl
IN his ~ tsnen MrCu II, regard II IA carried n.
as b. Tor oil p4rcs lnVcrvse, a. 10 does NOT 81
any way cHaDse Tic securities Ot tie various Doa--
| nUideIs.
After considerable debate in which some OF the bond
holders desired pO,tp0nemen5 Of the consideration
of tie report, 1t hIIliy adopted and NUMBER or
the bondno ers suhscrbed 10 the scheme for funin T.