New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1875-05-19
LOCAL MISCELLANY.
Dissatisfied BoNDHoLDERs UNITING.

DISSATISFIED t4>IIANo'
PROPOSED REORGANIZATION OF TIE BURLINGTON,
CEDAR RAPIDS AND MINNESOTA RAILROAD.
Considerable dissatisfaction has existed among
The rrincipa bendoldcs Of the Burlington, Cedar Rapds
and Minnesota Railroad the manner in which their
proprty has been administered by the officers in control
the persons claim that the securities OF the
read instead OF improving, have steadily deterorated
until they worth comparatively little THIS
they attribute TO the fact that the present executive ON
largely interested in the bonds Of sma division
the road aud nsed their position 20 elevate the
securities Of this fraction Of road aud dcprss those OF the
main line which are dealt In the Stock Exchange III
view of this Of affairs Of the heaviest BOND
holders met and decided to have appointed recr"er'
The of the story told in tneir circular as foows
Tho burlington. Cedar Rapids and Minnesota Raiiw way
Qmpany long since made repeated defaults IN thc pay
neri OF the interest it's nrst mortgage ponds ana TO
Gently has made default In the pay n OF s on
funded their coupons. number Of the holders 81 large
e. r sass 20 the trustees Of the mortgages
caring the bonds upon the main line anu Miwauhee
ept t'e m ecpnee with their request Mr.
Walker late superintendent OF the Iaroad mas oeeh
vi June decision will lie made upon the question OF the
appointment OF permanent iocetv.:s ,.,.u-
road itsclf In very fair order and that the earnings de
r1ced from its operation considerably nore than IN
rest years, Ind constantly Increasing It's eNlucnt
that these earnings have applied otherwise than
toward the payment OF the Interest," upon inc nr hoI
aat the Interests of The hrs bondholders have
not been and will mot be properly protected ny e p,cS
~ action among hondioders is c,nnsny slible and
has been adopted AFTER wtu Ill bopdholders
who could be personally reached
Accompanying the circular was the IoDOWinS agree
Know PrYsEyrs that srhe'ees oefslt has
ssss Sond Of The Burlington Cedar hapds and NJ nnesa
6 sad iwey COMPANY upon ,'s main l1e AUD AUD Is s
hpd jan l. 1872; and
Wisas 'iited ssary protect ne In
the uD rsicne who the hoidersoi the sad st mort
sf ree.S namSa Ia Sodciatior o; the premises Of
er good anu considerations do hereby each Ion HIM;
si he S Sou"i H herenSer named aSs
ihat wiz act together ard IN harmony ID order 10
Inc oCnT of 1S G a @ 1t d g s T ; the
hoid,Is of the said bonds cquita and that whaevr be
done epder TINS ns,rnoni may D, Tor our mutual UeLe
That in order to secure better contemplated the
so%%tse act behalf Of The subscribers hereto 70
bonn President Of the Fourth National Bank Charles L
Of Boston & r. coHsock President citizens National
Bank John DeGGn sa@oTs emn s a. or sIy Of
them hereby named constituted and appointed or AZ
sn ~ oS Sa names s to take such proceedings 1--WE
appointments and to do such the said mortgages or
oeeds Of trust or otherwise ss they or ma Only :" ~ & NAY
property the appointment Of snch Receiver or Re
the said securities such manner as they may deem
advisable said attorneys, III eutn uitttiS'
eject and with the same power
might ourselves respectively do personally present
such a majority Of them, are further EN-
cation OF the Company or read
yustment the property without sale OF t
practicable advisable, sale OF
OF Court purchase
tberof bondhOiefs found necessary
devise ana perfect proper
such reorganization, REIMBURSEMENT OF sale anu put
which plan scheme shall embrace
others the following PROVISIONS, VIZ a. nctnod OF
their bonds &C, H. regularly earned
and paid o. which deferred liens may be rccOS
hiLed conditions upon which any suCh recognition
sba be Plan Of derayng the expenses OF any pro
be taken (d Amount OF bonds anu soc
the organization AMI the method OF
distributing being agreed That under new
charge shall Dc laid uou the
property than be reasonably certain can be earned by
tuch property.
Henry Cews largely interested in this road, hav-
mg bonds built the road, and received among
pther things large amount OF its stock, which is now
Included in his assets. large number OF the bonds
which he held were hypothecaed before he failed and
pome Of the largest bondhoders at the present time owe
er the road to their transactions in money
Ending. MI Clews's failure TO repay loans which had
been made compelled the lenders 10 retain the Coaras
which were principally bonds the main line of the
road.