New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1875-03-18
RAILROAD DISTURBANCES.

THE PRESIDENT OF THE NEw-JERsEY MIDLAND
RAILROAD MAKES A sTATEMENT-THE COM
PLANTS OF MIsMANAGEMENT UNFoUNDED.
G.. A. Wortendike, the present President OF
the New Jersey Midland Railroad has just made the 0l
lowing statement respecting troubles Of that enter
prize:
First: The New-Jersey Midland Railroad Company
having exhausted capital and credit in the constrnc,
lion or that road leased to the Newfork Midland Ior
the per the amount OF It's cost or con-
sruction it was at time leased indebted for
floating debt OF about 100000 whon was assumed by the
second The panic OF September 1873 showed the in
ability OF the New-York Midland to sustain ITSELF and
the road, thus easedat rate that promised security
the bOndhoders and socKho ders-came back 10 the
Ncw-Jersey Midland without rolling stock suncent 70
operate the road and without any means TO pay the
interest on It's D0uds the rent from the New"
York Midland having been set aside for that purpose
Third: The bondhOiders. upon an exhibit made that
the property OF the Company was worm all tnat II had
costa tact thas think can be sho"n-were asked TO
extend thelr coupons as inc ROAD couid only i've oy
the OrDearLnco OF It's OOhdhodeTs, ahd tne eHecs OF
this appeal answered by me stay OF al offensive ac
tho Company until the late suit Tor the ap
pOintment OF receiver.
Fourth: To carry the road thus unexpectedly coming
back 10 company the directors or the company adj
yanced and loaned III oasn sniclent To secure rolling
stock ana edsuraDy satisfy the floating debt cred
tors, aud this advance anu loan was without one dollar
consideration by men who not as officers OF the
receiving directly or indirectly one dollar as salary
sayo the President, to have received
annum the Secretary. $780, and the Treasurer 5000
FiGh: The road az the ume the compliments III the
t. proceedings before the Chancellor OF Eew-JerSey,
was earning the or sj5OC0 annnm, upon an
essentially local business these times, built up by the
ID recto single year The amount OF the grievance
OF cOmplanants was simply tnat the road owed the
complanants loss than $500 The answer OF the Board
of Directors negayed under oath every allegation or
fraud charged IN me compartments b and II the Com
pany had CGosen the bill would have o6cn dismissed
with costs as the hearing there was sO000O OF first
mortgage bonds represented avorng the Keeping OF the
road in the hands OF the Directors together with ma
nrty of The stock. But the embarrassment caused by
Inc proseedn2s OF the complainant. manifestly, as
think instituted for the purpose VI depreciating the
bonded of the Company and its stock was such
10 lead the Directors the road To consent to the
p0ntment OF receiver MI HOBART one OF inc Oldest
s,rt6 As regard the proceedings for the appoint.
ment OF a receiver as acona ana founded on tue sup
ng Of the Company was effected here declare to the
bondhodes OF the road, thatwith the moderate
of that has been shown OF other
roads similarly affected by times, that the principal
ana interest the bonds be ultimately paid by the
Company, that all this noise about the bankruptcy
aud mismana cement OF the road are without other
foundation than tnat OF GREETINGS panic In bonded
curlties to force sale or them at nominal
prices: aud when the lying &C the bottom OF
TINS proceeding nave bought up the bonds and stock of
tie road ut nominal prices they Will then claim that the
road is ample security Tor Ill OF It's debts and Will tell
Sepsnth: desire to submit within few days plan
for the OF the Company looking forward
10 the payment OF the whole OF is bonded and other
debts feeling assured than this road taking into cOnsit
Grafton all OF it's combinations and advantages can
show as good front most roads constructed within
the last few years can.
MEETING OF BONDHOLDERS OF THE WEST VISION
SIN RAILROAD NEUTRALITY-SUSPICIOUS. TO FORE
AND MATURING BONDS.
A meeting of the bondhOlders of the de-
fauting West Wisconsin Railroad Company was held
yesterday afternoon, at No "A Broadway. T. Calhoun
presiding. The officers of the Company prepared a
paper showing the condition OF the road and suggest
ing proper to be pursued by the bOndhoders
Two mentionedone the foreclosure OF the
road and the other the funding of the past aud
turing coupons The report concluded as follows:
III, hon
lands would be sold and bid OF by purchasers
that sale The purchasers OF the road would obliged
organize themselves into new company, to be en-
tirely distinct from the West Wisconsin Railway Com
Ii the purchasers OF the road at foreclosure sale
purchased the lands also, it would from Ian.
guage OF the exemption act that they would become
liable taxation This Is consideration OF great i'm
portance the payment OF taxes upon these lands,
resident property" would involve annual outlay OF
$4,000 To Sl00,0OO. The plan Of funding nine
coupons offers practical way out OF the present
difficulties. About $4,000 per annum OF the earnings
bonds which should mature al the date OF maturity Of
the bonds, the coupons OF which they fund. With
continuation Of It's present connections aud rigid
It's operation IL Is believed the road will
operated for about e. per cent of ITS earnings,
leaving during the period named sl00O0 VI not
ings OF this $4,000 would be applied TO the payment
OF interest upon the funding bonds leaving 900.
lateral to the no iting debt will applicable the ex
tlulshment OF that debt thus enabling the road there
after 10 meet out OF lis earnings the interest upon
innch OF its bonded de0t shall not meanwhile have
retired by funds derived from the sale OF lands
David BOWS, L. De Comeau and A. Crane ap-
pointed Committee to investigate affairs and report
0 future meeting Of the bondhOlders.