New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1875-06-15
CHICAGO AND NORTH WESTERN PLANS.

THE PROPOSAL TO ISSUE CONVERTIBLE BONDS EN-
PIAINED-BANKRUPT ROADS WHICH 1T Is
THOUGHT DEsIRABIET TO PURCHASING DANGER
OF SNAP SALES
The uncertainty attending the action of the
stockholders Of the Chicago and Northwestern Railroad
Company has had some depressing influence on INC sc
curtcs Of the Company. Application was made to NJ. H.
Sykes the Secretary Of the Company yesterday Tor dc
mite information He stated that there no truth In
the statements aOat concerning the Company, ana tat
the action of the stockholders embraced in the fol
lowing resolution:
Resored That In the Judgment Of the stockholders 1t Is
eypedent that further expenditure Tor purchase o
connecting roads otherwise ought, II possible 10 ne
provided for ny the Issue OF ccmIaon stock rather than OF
bonds and they authorize such action by the Boarn Oh
Directors provided after full examination Of the qes
ton is ascerained that It can be legally done ana ,o
yided that shall i'll exceed Slooouo0o
and further that shall meet the approval Of at least
twothirls Of the directors of the Company
Mr.. Sykes explained that the Chicago and Northwest
| ern Company time and time again have been offered
numerous bankrupt roads at about the price OF the Old
iron used their construction. These roads have been
and are important feeders to the Chicago and North
! Western The question had arisen among the STOCK
holders whether 1t would not be desirable to give inc
directors the power to purchase these roads, provided
that they could be obtained at bargain, and without
| increasing the interest bearing securities or in
frnciug the rights OF the preferred stock. The
presumption that the stockholders, obtaining
those roads at a minimum value, would participate
in the benefits to be derived In their restored
prosperity, and certainly be benefited to the extent ii
the stock issued i'll the purchase Of the roads The bonds
were secured nasmuch interest obligations were
not the degree affected II was not certain that
the directors would ever issue this stock They certainty
would not until satisfied that they had legal
rights to do The resolution was the result Of vote
than 100000 worth Of stock If the action
was unwiee the stockholders would have II III their
power to revoke their action The directors ad taken no
ae,on on the subject and possibly would not as the
Even the directors should decide TO do anything they
would be Obliged to give thirty days notice to s stScs
Etchange So that thcfe was no 0ger o any sucn 'A''
being made.
HOMES FOR TIE WARDS OF TIE CITY.
| TIE COMMISSIONERS OF CHARITIES AND CORREC-
TON PREPARED TO FURNISH APPRENTICES FROM
AMONG CHILDREN UNDER lHlII CHARGE.
| For several years it has been the practice OF
the Commissioners Of Charities and Correction to "5nd
out" the children in their charge, whenever suitable
masters could be found for them. The Commissioners
say that aside from the expense which s saved tue city
the system has many advantages. II boy Is removed
from charitable institution before lie becomes attached
TO IT, and placed in position where, by his own H.
dustry and thrift he is enabled to make place for him
self in the world the less Of seespect which is felt by
man or woman brought up the charity of others Il
obvated. In the vicinity Of New-York there are many
families that would be glad TO take young girl or boy
into their houses. to assist in lie lighter work. if they
knew where they could procure one who would repay
| their Kindness by fliiliuness and honesty.
Every person who applies is shown record OF the ne
of the child selected since ii has lived on the island
The applicant must produce good reference, usually
clergyman Of the parish In which he lives to- show
good character respectable standing and responsibility
TINS the child is assured VI good home and the apli-
cant of good servant Ont Of the large number VINO
have been bV,rd out not sile case OF dissatisfaction
recorded while expressions Of gratitude from both the
children and their masters are constant one case is re-
lated By who has charge Of this department
of the public charities He says that short time ago
young man came into his office and applied Tor BOY TO
reference, he drew from his pocket docu-
ment which. upon examination, proved TO be the
before had been bound ont to farmer in this state. In
reply the question of the oveseer he was the owner
OF tho PAPERS lie replied in the affirmative and said that
he had married the daughter Of his MASTER who, when
nc died. left him the farm He had come he sad to try
and make some boy happy he had been. 1t Is the
desire the Commissioners 10 draw the attention OF the
people in NewYolk and other States To the facilities
which they possess for furnishing good servants. whom
no person need fear to have associate with children The
commissioners announce that they VIII give iu ihiorn-
ton any who may inquire of thc either In person
or through the mail