The post. [volume] (Middleburg, Snyder County, Pa.) 1864-1883, 1876-02-03
Sunbury and lewistown n. r.

Meeting Of Bondaolders Yesterday "A
Sale ofthe Road Ordered.
A meeting of bondholders OF the
Sunbury and Lewistown Railroad
was held yesterday morning, at tho
Girard House, for the purpose Of
devising means whereby the compa-
ny will be relieved Of its present diff
ficulties. The company has been in
financial trouble for some time, aud
tho bondholders recently executed n
power Of attorney to parties to look
after their interest, and to report
what couse to pursue under the cir,
cumstances. II was to hear the res
port of the attorneys that the meet
lug was principally called. Colonel
James Wotherill, of Pottsyillc, pre-.
sided, and Charles w. Cairigan act
ed as secretary.
Tho report OF tho Board Of Attor
neys was then read. IL setssforth
tho difficulties under which the
board was forced TO labor TO secure
to the holders OF The first mortgage
bonds their vested rights, and closes
as follows:---
A deed was executed by tho trus.
tees of Aaron Freisc, Esq. who holds
the same in trust for himself and ~.
sociates for a peried Of ninety days
from December Is, 1875, to March
l5, 1876, wherein il the said freise
and associates are not repaid. priuci
p pal aud interest the road will fall in
, to their hands, unless a sale either
private OF public, can he effected
. pri5r to tho expiration Of the above
mentioned date. To accomplish this
result, the rofunding of tho money
. borrowed, and to meet the necessary
. leg Il and current expences, will re-
quire tax on the bondholders OF at
least 15 per cent with the tax al
ready authorized by the power of at
f. torney 3per cent, making an aggro-
gate tax of IL per cent. leaving YOU
a clear road, very little out of repair,
bnt owning neither rolling stock nor
equipment for operating or conduct,
ing the business of the road, in any
way, for the benefit of the public
traffic. Under the stipulations OF
The Freise contract, an organization
was effected in compliance with the
various acts of Assembly governing
{ such cases. This organization was
t consummated on Thursday. January
6, 1876, Mt the Office Of James II.
!. Campbell, under call Of Mr. Frieso
. and Josiah Hart. who presented a
ticket to the Board Of Attorneys for
election as temporary president and
directors to represent their. the
bondholders in nterest s--Aaron
. Friese, president Josiah Hart, Geo
shannon, &. Schriver. Daniel Buck
, William Budd Deacon and Mr
D Schenk ms directors. The report oI
Messrs J ID. Thornton, treasurer ot
| your Board Of Attorneys, and Joscpl
Street. receiver and treasurer for The
I, disbursement Of tho fund, for Sl25,.
, 900 loaned your attorneys for ninety
days, for perfecting titles, paving
+ land damages, Judgments, refund
e ing borrowed money and other obi
! cations and expenses contracted by
yoIr attorneys, is contained in th,
, report.
/ The following isa statement Of th,
. earnings AMI expenses OF the Sun
! bury and Lcwistown Railroad fol
1874 Total earnings Sl22,2623S
total expenses, SllO,2i0 50; to whicl
add bills for 1874 not presented fol
settlement until 1875, being owe
= charges on freight, etc, 1896 So
. total, $ll3,l37 Is net earnings tc
t balance, 1925 20.
= In account with Pennsylvania
Railroad Companv-To operating
, expenses, from 1871 to 1875, S397,.
i66 02; gross earnings for tho same
, period. $373,327 AZ balance, $2l,'
: 13S 61.
!, James VI. Campbell then offered ,
! resolution providing that the road
! shall be offered for sale at auction
, on the 9th OF March next.
+. Considerable discussion ensucl
n and the general feeling among the
. bondholders present was that the
! course was tho best that they could
! pursue.
The resolution of Mr.. Campbell
was then adopted.
, 4 committee was appointed Ia
audit the accounts OF the Board oi
: Attorneys.
The meeting then adjourned
Miia. Inquirer, 26M uH