New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1875-11-10
R1ILW1Y INTERESTS.

RroRGAxIz,TIoN oF TIE NEw-IERsRY SOUTHERN
RAILRoAD-CoNsEYr or BONpHDIDERs TO
Plan UNION WITH OTHER ROADS.
An animated meeting of the first mortgage
bondhoidcrs Of the New-Jerscy Southern Railroad Com
pany held yesterday at No 100 Broadway to con
slider the Que sion OF recognizing that corporation ana
o. consolidating with several smaller roads tributary to
il. The first subject brought before the meeting was
plan II agreement between Jay Gould ~ creditor ana
the New,usey southern Company rs drOtor'
This that all st mOrga-o bonds held by sub
scibcs and certificates Of Gi9 shares Of stock il the
Long Branch aud sea Shore Railroad shah be deros-
tied in some Trust Company. the trustee
arc authorized. wien this shall have been
done nv jay Gould and holders Of ~ 100000 tpar
yaucI Of the bonds 20 buy In all The reaIand personal
property Of the NcW-Jorsey Southern Railroad Company
which may 10 sold under any decree entered in the st
now ntndug IN New-Iegsey for the foreclosure Of the
H. 81 Inortl7ig provided the sale shall include not ony
AewJeissy Southern Railroad. but also The l'Ol9
shares of capital stock Of the Long Branch and Sea Shore
Railroad COMPANY and the Fast End IiOeD such price
~ tLey shall ibnk proper but not moro than S22s0OOO
tue title to taken 10 the OF the trustees Tor the
subscribers In company shall be Organized
without any consolidation with other railroads. then
there shall be- issued aid delivered to the first mortgage
bondhodtrs 10000 with interest thereon fiom taJ
l. 1s1j-haf in bonds and Eslf in preferred siocs OF TIP
new company ; TO jay Could NlSOOOO. with iniere3'
thereon from May 1, Ie73-half ia bonds and half IN
preferred OF the company and TO tao second mort
la hondhoders, who shall become parties to tie agree
/ merit amounts OF Tie common stock % the ccapany
eanal al Per to thc face value Of the laid second mort
gage bonds held by each respectively without Interest
The scc,nd agreement provides that the following roads
are TO he consolidated at the following valuations TO b.
repr,euted IN the securities Of the company "a fol-
/ Lows:
Eos.aass. Valuation New Bonds.
long Branch ana sea shore b. r, -ooo ss-. oo
y ). southern rrst Mortgage 2s ooi li6ooo
/ .frfIP
s% aGS AID Delaware LAY r. IL. $gsoo3 1870
| Kent County ovv''NJ i"''V'
The cond mortgage 6ondholders OF the New-Jorsry
southern Railroad are to exchange tLer bonds for com
mon sock par Tie ist mortgage bondhod'fs are 10
buy ia the New-Jersey Southern Raioad-and Nh Gould
j. tO procure tile to all the other roads-or transfer 10
he new ooInnany. Tho bonded debt upon the eosol-
id,.ed roads rot exceed T3jOo.O0O. IL the D.st
mortgage bondholders should become purchasers Of
Tie N,w-Jersey Southern Railroad then they are to pay
Mr Gould out OF their share OF the prohs OF Tie sale
<21s 900 for tne Long Branch and sOnth ShOfc STOCK
which he claims II the Southern roads are not
consolidated then the New-Jerey Southern Railroad is
Ia bc reoauzcd With the Long Branch and south Shore
! Railroad ON bc basis of tho figures at which
| they are to be rolToseni'd in the consolidation The
aleencut constellation is to continue in foreo until
Nay 1S77 with liberty to ell parties to extend the tine
| farther II proper.
T. : Fernon offered resolution to the effect that the
first mon agc Dondnodcrs dslpproye the plan of rcor
ganizatoa presented of aBy other plan In the creation
oi which jay Gould shall hayo participated. He made
speech dcnouucing Mr Could and the plan in vehement
terms lie said tua in loI2 me New jersey southern
! RsIrpad lad earned It's interest, the average
| earnings being 5000 a nliie. Now II does
iir road was Il miles longer than in ls71 when Mr.
G.nld came into the administration of tie Eew,crsc,
southern. the Company OWED ali tie ga ShnIt STOCK
exec I a shares. AMI all tue stock q" me f'blGfiun
branch. IN lS72 Mr. Gould rleed mortgage OF 90
pOOOJ Oh the Fgd. IL seize the sea eho'r sock bt
Inc tuanceoi's decision Tad deprived him OF any title
t. a. The speaker sapprovcd tie propose cOl,oil
! dytin. and said THAT The NinrEind and Delaware BAY
| Comp.ues must to tine New-Jerscy southern az
/ he IdueI's r.s f tLoy VISA Ia live. $3.50
rIr Ior the attprn the reorganization said TIE
consisted Df 10 oi tfrS o. hee lbl' were purchase
ny t new Icrso} southern Gnd hyppthecatcd with tue
| Neaalk Savings Institution a slJUOOO. Mr. Gould
took MP this with ais OSn money. aud at the time Of
foreclosure Offered hc shares for sale, ana bought them
~ hnslli 1hr & o., be- Ian sui, on tue ground ~
lEo i.st nortg.Cc bonds covered thcse ~hai'>. rue
Chancellor decided hit tho first mortgage bonus
lien thee sLaiu-, subject 10 MI GOuihs eqi
/ ties. -.
wa found iadt u Nr. GIc'nrat represented fsV,OoO
re favored the plans proposed a.. The quickest Way oui
wee Wiling to rcorsinl" on some other OASIS Dat AZ
,.-.uirrd ri,UO,uUU IN bonds 30 do tus, LO hing wa.
/ done. P.f.uts ~ liusUu EUlins cf'O,OCJ pcugyd
t-,es, by Telegraph 10 acQesc' III th' ACTON % 'Lo
Mr.. lord declared that Mr. GOULD bad met tie bond
! holders in Le TAI t~t spirit Ia was imlnrf
! Sru-Iegsc, southern Company Tor S-JO.ooo
! u lgSL,it ho uJd received 10000 siiarts 81 STOCK
/ a,d route token mp ,hc sijO0D0 loan, aud speni O.
tvt,n - 900 and s,;OOOUO ~ construction ana re-
pairs Nr. nOg resolution Wa iapici and The plans
admitted were asseied -. I'm tLe iirrt agreement
~ ~ierlinr--ttr irst uau,d representing Ma. Could
we're appointed trustees u oAecue the PROVISIONS ~ the
" i.iih waller rhr.ls, John y. Stetlu-, and Z. "
uart.s .on lJ.nci to execute tno resolutions o.