Delaware tribune. [volume] (Wilmington, Del.) 1867-1877, 1875-11-11
The new Jersey soalhern Lines,

WARN DISCUSSION AT THE MEETING OF BoHDHoID.
kRs IN NEW yoRK, ynTKRDAY-JAY ooUIp's
SCHEME CARRIED.
The meeting Of bond-holders Of the New Jer.
sey Southern, Smyrna l. Delaware Bay, and Ken,
county roads, was held In New York, Tuesday.
The plan Of consolidation proposed was given in
tho COMMERCIAL, last week. 1t was opposed By
Mr.. I. y. FernAnd, who offered . long resolution
70 the eject that the proposed consolidation, OF
any other agreement whatever with Jay Gould,
should be disapproved by the bondholdern. A long
list OF instances OF swindling purportng to bs
the work OF Mt. Gould was given. - the reasons
for this action. In support Of the resolution.
mr.. fernald said that in 1872 the New Jersey
southern Railroad earned more than the inter.
eat on its irst mortgage-over %, 600 per mile,
The further he said, the road goes South Of tie
Camden and Atlantic road tho poorer il be-.
comes. The report Of Mr.. Stevens, although
written in the most favorable spirit possible,
condemns the proposed consolidation There II
a canal capable OF passing vessels Of 500 tons
burden, .,sa rolntyIvAnfa aii.rsii route TO con-
tend against, and the business along the route
IL excessively Light. With all the portages on
tue PROPOSED line, an attempt to consolidate
Mr. FernAnd said much more than this and
was warmly replied to. One party was oppoa-
ed to the consolidation scheme because thew
had no faith in Gould, aud the other adyocsted
~ uooAuno " WA6 tho only nope OF raising any
thing out Of the wreck. 1t was proved with Al.
parent conclusiveness on both aides that tho out
look either way was without the slightest raw Of
nope. incidentally 1t was stated that there 10
one Judgment against the New Jersey
Southern Road for e4C 900, besides number Of
smaller ones. the aggregate Of which was not
given, that there are mechanics liens against 1t
amounting to $50. 600 more that there 10 very
little chance Of recovering the steamers sold by
Gould, and that Gould owns the following bonds
and stocks Of the road &lOO. 600 irst mortgage
bonds the majority Of the second MORTGAGE
bonds 10000 shares OF stock, which lie
took at 70 In payment for the boats he sold the
company the entire YinelAnd extension, for
which he claims 70 have paid t4OO, 600 cash ont
OF his pocket an equity In the 1918 shares Of
Long branch aud Sea Shore Railroad stock-he
claims to own them outright-And collateral for
between $25O, 900 and $500, 900 more, which he
says he spent on the road.
Finally, Mr.. Gresnieaf, the representative of
the itSOO, 600 bonds In favor OF consolidation.
arose and quit She room, saying that he nav he
was only wasting his time. Mr.. Phelps ALSO
lett the chair and the room iu disgust, aud Hon.
Abram y. Hewitt wss chosen TO the VACANCY.
This had tho effect Of shortening the discussion,
and Mr.. Feruands resolution was laid on tho
table by = vote OF IL to 10. The consolidation
plan was then adopted, those in favor Of "re-
organization by sale, organizing in . BODY.
Ihs meeting elected William Walter phelDs.
Henry Day, John W. Sterling, and O. W. Hun.
tlngdOn, Trustees, to carry'otIt tha Milan sdontad