The daily gazette., 1875-04-15
FIRST EDITION
wfIn,in ston ana Readinikss /
A MEETfys OF THE BoNDHoLDEns OF
THE ROAD YEspERDAY.~- ssS

MEETflyS OF THE BoNDHoLDEns OF Il
THE ROAD yEspERDAY.-- ~
A meeting of the second mortgage
bondbolders ofthe Wilmington and
Reading Railroad was lields Yesterday
ut the Assembly Buildings,t Phfladel-
phia. sS.,/ ht - F. 49,
.Iohn Shouse, sf Easton, was elected
TO preside, and Hugh De Haven wan up.
pointed totact as Secretary. - ! /
Geo. f. Boar, Esq, stated that about
one year ago the second mortgage
bondholders held a. meeting, !, and ap--t
pointed a committee to considerwheth-
er or not It was expedient 10 foreclose
the mortgage. $3.50 '.t q ~ r. es- " 4
The committee reported that it was !
advisable to await time, and see II |
there would ever be an improvement |
in the road. Since that time there has |
been decided change in the condition
of the road Instead of an improve
msnt the affairs of the road have been
growing worse. , .,
the 1st Of November 1872, the
total funded debt of the road was 81
44O,91o 43. In 1878 il was increased
from that amount to $500, 900. In
1874 IL was increased to $3, SOC, ,O97 u.
They have created first mortgage
on their branch road Of half million.
They have given their directors judg-
ment bond of $79,276 II.
Take the interest not paid on the
second mortgage and interest past due
on the Arst mortgage, and you will
find that said default was made on the
second mortgage in 1874, the indebted
ness of the Road has been Increased
about 100000.
Under this condition of affairs the
bondholders should take immediate
action towards the advancement OF
their own interests.
John G. Builitt, Esq, representing
large number Of bondholders to q
large extent, after referring TO q few
pcints of law in the sale of the road
and disposition of Its effects, read an
agreement: w. 80.
Whereas, The Wilmington and Rea-
ding Railroad Company have made
defalt in the payment of the interest
due on their second mortgage bonds,
and il Is believed to be the interest
of the second mortgage hondholders
to procure q sale OF the road, It's pro
4 petty and franchises, as speedily al
4 possible; aud proceedings have already
4 been taken to accomplish this end. -
The undersigned holders of bonds, Sc
cured bya second mortgage of thu
Il mortgage of the Wilmington and Rea
ding Railroad Company, hereby Goa
sent and agree with each other IL
manner following: First. That Hon
~ Bushong, Fl. DeHavn, George M
Iroutman, Chas. 8. Snyder, and d
III. Beccher be constituted a commit
tee, and they rchereby authorize,
and empowered to act for US and eacl
of us, with full power and authorit
to institute proceedings at law or h
equity, TO forcclose the mortgage o
sell said railroad, its franchises an
property, and 10 buy the same foru
at such price as they may think 1t &C
visablc, and to do everything that
their Judgment may be deemed exp
diea; or necessary to protect our int
ests as beadholders. Second, Thu
the said committee shall have fu
power and authority to buy that po
ton of the road in Pennsylvania no
advertised for sale in the event OF sal
sale taking place and to arrange vii
theMessers Bushong for paying the 9
nenses ard controlling the - said sal
Third, That all the parties to tn
agreement hereby agree to depos
with the trust company all the BON
severally held subject to the order
the committee with power to the col
mittee to use said bonds in payne
of purchase money In the event oi
purchase. Fourth. We agree to p
to the committee per cent. on t
amount of bonds held by us to defr
the expenses which 1t may be nee
sary to incur Fifth. In the event
purchase we authorize theabove co
mittee to take the necessary steps
the organization of new corporate
under the general proyisiops Of the
of 9th April, 1861, and Its supplement
1t was contemplated that il the 70
was sold it would be advisable for
bondholders TO buy up the road
nav for it with their bonds This e.
templates only the sale Of the road
Pennsylvania, but if the bondhold
desire it they may sell the ent
road,
To the agreement were added
following articles: Sixth. That
committee, as suggested, be reques
and directed to inquire into the
management Of the company. Seven
That In the case of failure or inabi
of any member to serve on the c'
mittee the remaining members are
powered to supply the vacancy.
A large number of the largest bo
holders then signed the agreement,
ter which an adjournment took plt
Ian. ------------------
TEMPERANCE MEETING.-A public t