The Worthington advance. [volume] (Worthington, Minn.) 1874-1908, 1875-07-09

SAAS 1lchS On CAc pIOpCItSs IL ixAoa OeCIee
was further amended so that the pay
ment for services srendered or for labor for
the next twelve months succeeding the de-
cree should not exceed $4,000; that
payments for right Of way and necessary
grounds shall not exceed, $4,000; that
money to pay interest, &C., shall not ex-
ceed 500, 900, and finally that the re.
ceiver shall remain in Office until the or.
ders shall have been carried out.
JUDGE sHIPMAN's DECREE.
Mr.. Lane said he visited Judge Ship.
man at Hartford on Tuesday; but that,
although the Judge approved the decree
as amended, he declined to. sign it until
after the bondholders had expressed their
wishes, pro or. con. @s'
AS Mr.. Lane sat down = bondholder
asked what assessment would be required.
The Chairman replied that there was no
power to assess anybody. -
Mr.. Thaw (of Pittsburgh h)-I.want to
ask about non.assenting bondholders.
How will they be cared for! The bonds
Of this road are scattered broadcast
throughout this country, and many Of
them are held by poor men and women
who have invested all their little savings
in them. It's bread and butter to these
people, this question, and yet I fear thas
the larger proportion Of the worst suffer-
ers by this road cannot be reached in
time for this sale of Aug. 2.
Mr.. Lane Well, if the holders of
81, 900, 600 stock, and 500, 900 of floating
debt, appear to buy the property, it will
be sold, and the Court will order them to
raise money to pay for it. Those who
don't come in will have to take their pro
rata Of the price obtained.
'''~' >' "A coNuNDRuM.
2 Bondholder-uow can sone.half of the
bonds be wiped out and the other half
left!
Mr.. Lane-It can't be done. Event
ually the property will enure to the bene;
fit Of all bondholders.Ss' -
B6ndholder-How soon and how much
can ,Irealize upon what hold
! g,Nfr:L Lane That depends upon the d.
rectors appointed after reorganization.
Mr.. Thaw Of Pittsburgh here said he
had received no direct answer to his
question as to the poorer. class Of bond.
holders. He desired to know what would
be the position Of these poor people under
the proposed plan. Many Of them could
net be heard from in less than q year, and
yet their property was to be sold on the
I'd Of August. One-third, ut least, of the
bondholders belonged to this class. II
the property should be knocked down al
81 ,000, 900, that would give these poor
people five cents on the dollar of their
Investment. Even at $6,000,000 they
would receive only 20 per cent. Yet
these people had no say in the meeting
In addition, Mr.. Thaw protested against
the right given to the common stock tt
vote. 1t should not hold that power fol
at least five years. Some rights might
be granted this stock by grace, but not a
q right. Applause. j
The chairman, in response to the first
question, said that legally ali bondhold
ers who. did not Join in the purchas,
would have to take tbs moarata of tn,
money the property broas6t but h
thought that, some provision should b.
made by which, those not notided in TIM
night Join in the movemehts1ater.
RULING our,THE COMMON ssroCK, So
e tx. Lieut.. Gov. Moorheads szof Pennsyl
vaniia, who was also g partner of jay
Cooke-- The responsib bilitY in this move
ment lies with the bondholders.' Yo,
should remember that the common stocl
can control this road after the purchas
if it is granted avote. It Is held in BIZ
blocks, and I do not think it ough
to vote until the propoeed preferre.
- = Il, l.o r.s1' = .uA@Snfs o:~h< mn
cent. Applause. !: sEs..5:z: = 81 1=s - =. Il j:
Mr.. 3Hassler Of New York thought tw'
years should be allowed for bondholder
TO come into the movements md that th
sale;should be postponed. llthis matte
was hurried there. would dsbs mourninl
throughout the land, and ourses loud IN.
deep would go up against Sthose responsi
BE for that hurry. =,s..< IF ~. ...ss=: .as= v Y
Mr., Fox Of sPhiladelphia,who his jus
been over the road and reported favor
|ably Of its condition, wasa1so in favor Q
delay, which would aid instke develop