The sun. [volume] (New York [N.Y.]) 1833-1916, 1875-11-10
AN OPINION OF JAY GOULD.
ms VICTIMS sTYLIv0 MN AN EN-
BLZZLING ROBBER.

Capitalists Refusing 20 Consent TO Anv Agree
ment u, airing tire Eicuuture Of Gouid-I he
Raiiroads he IL said 10 Have Ruined.
The first mortgage bondholders of the
New Jersey Southern Railroad met yesterd to
consider plan for the consOd ton of the New
Jersey Southern, the Long Branch and Sea
Shore. the SMYRNA and Del ware Bay, the Kent
County and the Vineland Railroadr, and the or
gsniZation OF continuous lines from New York
TO the Ches peake bay and Philadelphia. These
roads belong In whole OF IN part to Jay Gould,
and the plan il suspected to be formed TO aid
him In getting rid Of some OF the many Gle
plants he has on hand.
Alter the reading II tho plan and an agree
ment between the bond olders and Gould, Mr.. l..
Fcfnan offered resolution plcdging the bond
holders not TO sign any agreement, or consent
to any plan Of reorganization to which the name
OF Jay Gould was attached. The resolution set
forth that Jay Gould had thrown the New Jer-
sey Southern Railroad and other corporations
with which he had been connected into bank
ruptcy, and that his management 81 any trust
con0ded to him had been directed tow I'd
bruehting himself rather than those VINO had
In 1872 the New Jersey Southern Hiiroad
earned more than the interest on the first mort
gaRe bonds uia earnings were $500 DER miel 1;
hut in iS1i with furty-seven miles more Of track,
the earnings were only f3,l0l per mile. This
"A
railroad IL pushed tho smaller are its earninRs
In urring the passage Of his resolutions Mr.
Tsrnan said that the true policy OF the New
Jeraey Southern Railroad would tie to connect
with the Medford and Camden and the Vine
lind roads, thus forming u through line from
New York to Philadelphia and taking the trade
Of both cities TO Long branch. As far as he
WINS concerned he would positively refuse to
sign any agreement or Ian bearing the name OF
jay Gould. II was not the first time that Jay
Gould had ROBBED hin (the speaker), but he
hoped Il would be tue last. The name Of jay
m nav 10 IL
suaRe. IL was the SYNONYM Of embezzement.
Gould" continued The speaker" mad thrown
that might be named into bankruptcy, and
SHOULD he regain his power similar results
would follow" The speaker continued; "Whcn
Jay Gould came into power the New Jersey
Southern owned all the stock OF the Long
ana all hestock oftne Pemberton branch. In 1872
Gould procured mortgage OF f1,UOOO on the
Nincland hailrOad-a wildcat security and
throughout no used the road for his own IN
tefest."
In speaking Of the recent decision OF the
Chancellor OF New Jersty in relation To the
shares Of the ;. a shore Railroad that jay
Gould embezLleo," Mr.. Ferfan said that tho
Chancellor opposed Mr.. Goulda plan Of reor-
he dlsapprOyed his stock transactions. Mr..
FernAn continued at length. oerating Gould
soundly a. rohher and embeLler.
Mr. Lord explained that the capital OF the Sea
Shore road was LIS shares, of which 1919 we're
ward pleuged to the Newark Savings institution
as collateral for loan OF flJD.NO While Gould
WIS managing the road ne took IN tins stock,
ana ~ the time Of tina default foreclos.d upon
" and bought " In himself. I've Chancellor de-
Cided recently that Gould owned this stock
subject to the equity owned IN IL 10y holders u
the nfst mortgage bonds.
Mr.. Greculvaf said ihNt Gould had sold boats
to the New Jersey Soathfrn Railroad for stock
In tie road. In addition to tni, be had paid
$400,HO cash Tor the NineiAnd 70 d taken ~
the loan of SlJntt0, and spent nrariy $aNnuW In
rephirs and imprsvenc nt- IN the New Jersey
Southern Railroad. Gould held only $4,000 OF
the FIRST mOitg gc bones.
\ BundnOldcr But h. holds ma jOrity OF the
second mortgage bondsi
Mr.. Greenlerf. VINO represents about fSO0OC0
OF the first nor. gage bonds, ana VINO posiuveiy
refused To acc de To any plan tut that d sig
mated as ths could pian," here went ont Of he
room, declaring that he would take measures to
get what he could out OF the road.
IL was announced that II would require ST.
10000 Of the first mortga &c bonds to reOrgariLe
ON any pian. aud ~ THIS amount could not be
obt lined without the COOPER ton OF Mr.. Green
leaf, the opposition 10 jay Gould was check
mated Eight hundred aud nirty-four b o usA n d
a HAIRS Of the bOnos are la the Of position, and
tfOJOOO (neld In Boston, greed to abide by the
decision Of the meeting.
After a long discussion. MIR. Fernans resou-
unL~ were tabled, and the Gould plaza was
adonicd. Henry ID y, WIN. walter rhcu Jo.n
W. sterling. ana Z. ". Huntington ure tnc 'ti--
tees 10 whom is proNi-iVns Ire 10 he intfusted.