Connecticut western news., 1876-12-15
The Connecticut western.
MEETING OF THE BoNDHoLpRRs IN HART FORD. WRDNFsDAy OF T,AsT Wrpu

The bondholders met Wednesday of last week pursuant to call. The attendance was so large that the company's office proved too small for the meeting and the session was held in the large room in Boardmau's build- ing, where Worthinston's publishing house used to be located. A great many promi- nent people were present from all over the state. MT. Bartholomew called the meet ing to order and MT. Stevens nominated the Hon. T. M. Allen for chairman, and L. A. Barber for secretary, after which he made short speech, speaking for the the stockholders committee-himself, tte Hon. Alexander H. Holley, and George M. Bartholomew-sald they had carefully con- sidered this subject, looking to all interests involved, for they were also bondholders, as are all the directors, these, indeed, he said, have more bonds than stock. The committee desired, too. to protect the towns. They investigated the Poughkeepsie bridge matter, and had most positive assur- ance that the structure would be finished by January l, 1879. When that is done, said MT. Stevens, this roads earnings will be ample to pay your coupons, and then the stock will have value. He said that his interest was about equal each way, as he was both stockholder and bondholder but he would be ready to make great sacrifices to help the towns that had been induced tc subscribe. It is proposed to fund eight l n R. said, would be just the same as getting your money, for you got the interest on it. The road is run as cheaply as it could be- No officer above the secretary gets a Gol lars pay; and a reorganization would in volve salaried officers and great extra ex pense.
 MT. Bartholomew, at the request of Mir Allyn, said matters stood Tn this way The road has not paid it's interest, and can not for several years. Shall it be fore closed9 Last year it earned just about half it's coupon interest. The face of the new certificates amounts tc four years coupons. The coupons are mol given up, but are to be in the hands of 6 trustee, and if the scrip fails to pay regu- larly, then the coupons go back to the owners. The scheme is like the one adopted in 1s6l-2, by the Chicago an6 Northwestern, whose bonds then at 65 to 7C are now above par.
 Mir. Bartholomew did not think the Con necticut Western road could be managed any more economically. A sort of running talk followed, in which the treasurer ex plained that $2O0, GOO of bonds were pledg. ed for about $50, 900 paid as coupon inter est, and that these bonds were not to go on the market, but be retired as soon as possi ble. As to whether these had been reported to the railroad commissioners he could not say, It appears that about $IOo, 900 of state taxes are not pad and are due in January.
 Mir. Henry Kellogg offered resolution which by various accepted amendments be- came the following.
 | Resolved, That committee of five bond holders not directors be hereby appointed, to wit, William A. Downs of Birmingham, Guernsey Parsons of Waterbury. Miles w. Graves of Hartford, c. J. Camp of Win sted. and E. Grove Lawrence of Norfolk to confer with the directors of the Conrec- | ticut Western railroad to hear any propos- als that said directors may submit for the consideration of the bondholders, and to | report such action as they may deem expe- dient to the adjourned meeting of the bond holders to be held on the 2Oth inst.
 The names of the above were chosen af- ter being presented by committee con- posed of Henry Kellogg, Robert Buel, 0. W. Cook, of Hartford, E. G. Lawrence of Norfolk, and Donald J. Warner of Sails bury. The meeting is to be in Boardman's building (same place) at 10 o'clock, Dec. 2Oth. A resolution also passed instructing the committee to look into the condition of the floating and funded debt.-Haryord Courdnt.