New-York tribune., 1875-01-28
STOCK AND BUSINESS TOPICS.

RAILWAY COMBINATION BREAKING UP.
-1K pIyFIcuIuEs or TnE ATLANTIC AND GREAT
WESTERN RAILWAY AND ITS LEAsED LINES
.rYr noTprFUI FUTURE OF EXTENSIVE INTER
EsTs
Another railroad wreck Is added TO the long
list Of recent Years The Atlantic and Great western
Railroad combination, which, st its inception was de-
signed 70 he the great railroad highway from the West
m. Atlanta Il on the verge OF disruption. Several
t,mes the Atlantic and Great Western Railroad has
hecn reorgapsed. and each time In the nope
that It's Eoglish bondhOlders would get
.o,ne return for the money they hsd
invested bot Invariably they have been practically dis
sprointed After it last REORGANIZATION those who con
troled the line made vigorous efforts to perfect
tenn which would enable the Atlantic aud Great Western
60 become something more than mere local road.
With that object IN view the control OF
profitable feeders secured. Close relations were
formed With the Erie and the Cleveland and Mahoning
Railroads and Otner lines were secured After the
recent failure OF the Atlantic aud Great Western Com
many Of course 1t was unable 20 pay the rent ts
Ieased liBes.
sr John swinOurne, an English capitalist who is
largely interested leased lines. and who repre-
.cnts large panther OF bOudhOders. sent 10
ascertain the Condition Of aGrs ard ~ possible 70
the property in which these Dondholders were
tspecialy interested from the general
which threatened all Interests connected with
tie Ausutic and Great Western. BE has here
short tme and result OF his visit has ooen The be-
s1nnng litigation which will probably result tie
breaking up of Atlantic and Great Western system
81 railroads.
The facts Of the case narrated by an ex official Of
TIE Atlantic and Great Western Railroad 10 Als city
are follows;
In 1863 the Cleveland and ,honng Railroad Com
psuy e Sed II, nc. lTom Cleveland 10 IOuugssONn 10
toe Atlantic aud Great Western COMPANY for o stipu-
lated GENITAL of about s15Oc0 Tls arrangement
Had econc en.rrassed ant totally d.sor Iriz H. was
hy me three wen5nOwn trustees G:orge b.
Yok Win tHls ,iJn the existing lease or the
Ccyl ud ana Maao1Iug Road passe into the hand. OF
Old company held virtue decree Of the
Common Pleas Coari Of Summit County the snrtg 81
1871 Shortly Jrer Tie reorganization OF the Atlantic
C.mpau the friends u tnI road purchased the entire
uock OF The Cleveland and Minouiug Road. then mau,y
ihc entire STOCK OF The Ties ana New-L.soon
vIth ,h. Ccvciaud and MahoGins rc1d. and consoii
Cleyciaud aud Nah .uing valley + .uVay Company
Tue lea.e Of rue old Cleveland ana Nahouiag ac con
iuucd Co. fr-c. aui ucN Lease wi' nad3 Tor tIe two
ad4,icna. Iis lust mcltiuued Tle entire .oc o. the
three COZ. IIlt-d .nCs tuen paced n t,o hands
Of trus crs "a Elc ,nt rs eaC1gltv for Ian made pY
The AuanHc aud Great Western Railroad OF
tive AMI ouc-laf h4ilAOn Of bonds, the pro
reeds - wAfeh We're employed in paving for
Ihe STOCK and bonds OF the road as above
stated tae rous4. io t4c roads being sufficient to pay
the HuaI interest on The whole Of he bonds Up o.
Tue ep1uc n le'4 ihr AaLuc ANA Great Western klh
r'ao C"mp ta' IonptH io t-e re ~ dlc TIE Cley--
Ia +.
Of interest. BIT when Tie a lIutc road. ia common
vlih al le r'1.s' found IT, uarl!ns greatly re1Gc-a
gage deu-. q lnto arrear no rrntds due The MshOa
Suin MT fr short of S3oOc1o
y trustees ~ Jnc EIgs4 Dan not recc wing the rer
tauc jan is-- hSised one OF rhir nanneP sr J@ln
swnocrne. to cone 20 TINS country 10 ascertain the
O. to Cevel""d I'D 10 hJ-lug road. las demanded 0i
TIE directors OF tbat ion that taey sh enforce
the pawn nc OF tne Atlantic CVmpaey + tl+ Lgge
amount 10" dUe. ~ IS f40 'u"t W'eu Jae DE
auQ made The ArIllc Company ten
on the Clcvt.auG and M,Aonins br-0cD. propo--
llg to cav. untai ihe Ielt-. = ,e ot-er J'.J t'lS
rcvGcd enforce tue forfeiture clause OF tHe orI-un
lease uud TAlcI '4ev ciaim the rght 10 tai posse
rental payments. For tLis purpo.e rIe G. and NJ. c
REQ Ors issued uolce 90 toe o' =. OF lhat hue. order
ing them 70 vl.bIui from the Idutc Company AL th-
ia -ds colccgi 1 py 'Ic s-iue over 10 tAo treasury
Of the G.. sid NJ. tompuly.
T-ls action wa1 net GA tue Atlantic and Great West
trn SIDE ly an IuI1cou restraining Company
toLn ak1s possession OF tue road, Duc the justice Of
their claim f.co.l1 a th-f Charles Kick
has b"co appointed c-vl 20 take possession o al
the earo,u, ~ Hs road. l1yn= the collection % thr
AID % TIE prOpertJ the nanGs
Of toe AtSuuc Sud Grea. " stern COMPANY
Tac slcuango ana Allegheny Valley KlTJa1 another
rouC i1 tnc D.ut0u, similar position TO The
Cleveland sUi Minoa.ug liroai, iDasDlcl az IT.
stock Dis largely owned, u behalf Of the Al totlc and
Great Western by s. john and Ms cO-trus-
tees while Is leased, intended 70 DO leased
BY the Atlantic and G--at Western COMPANY. an Is
MANAGED JY tAe later a. p4rt OF It's hae. Tae
laIlure o. tae A.autc aud Great W.s-eru necessarily
tauled suspension OF Iutoro-t payments
On the securities issue. for the purpose
Of obtaining possession. TIE ehenanco and
AHeghsny valley E.lro1d Company. and the trustees
lrO chickoll4E 10 oJs possession or tue JCOme
he rrnp.ftr order 20 p.utect heir constituents.
Il H. reported j. nkeiy 70 be adjusted
way Ike 1tHug. At all cYeIt- tbs election OF
directors hic1 should have been ncld weeR OF more
Ggu has been aClOu ucd f1r s0tn@ time to come
In the mI..i tur-t cuuf citing movements the cred
iiCr- OF Atlantic aud Great Western are not hkely
e. see le claims lac tasad 80 value, aud unless some
p AZ or harmony be devised, u IS not u~kUg much
10 ay tina; Iar left of this valuable property
Vii ~ mainly swallowed up uy ihe 4a"yerr rec; tefse
trustees. 0al others. Sir Jfu1 SvHburue hdh been
rsprescuted " DJruan p. L .t1U as counsel