The post. [volume] (Middleburg, Snyder County, Pa.) 1864-1883, 1876-02-03
Sunbury and Lewistown r. r.
Meeting Of Bondhoitcrs Yesterday "A
Sale ofhs Rord Ordered.


Sale cfMe Road Ordered.
A meeting of bondholders Of the
Sunbury aud Lewistown Railroad
was held yesterday morning, at the
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, and
the 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 re-
port of the attorneys that the meet
ing was principally called. Colonel
James Wetherill, of Pottsville, pre-.
sided, and Charles w. Cai1igan act
ed as secretary.
Tho report OF tho Board Of Attor
noys was then read. il setsaiorth
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 Frcise, Esq who holds
the same in trust for himself and as-
sociates for period Of ninety days
from December Is, 1875. to March
l5. 1876, wherein il the said treise
and associates are not repaid, princi
pal aud interest the road will fall in
to their hands, unless sale either
private or public, can he effected
priJr 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 nj
ready authorized by the power of at
torncy. per cent, making an aggre-
gate tax of IL per cent. leaving you
a clear road, very little out of repair,
but owning neither rolling stock nor
equipment for operating or conduct.
ing the business of the road, in any
way, for tho 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
consummated on Thursday. January
6. 1876. Mt the Office Of James II
Campbell. under call of Mr. Friese
and Josiah Hart. who presented d
ticket to the Board Of Attorneys 70,
election as temporary president and
= directors to represent their, tho
bondholders s-Aaror
Friese, president Josiah Hart, Geo
shannon, &. Schrivcr, Daniel Buck
William Budd Deacon and Mr
S;chenk ms directors. The report o.
Messrs J. ID. Thornton, treasurer o
your Board Of Attorneys, and Joscpl
Street. receiver and treasurer for the
disbursement of tho fund. for 4l25..
600 loaned your attorneys for ninct,
days, for perfecting titles, paving
r land damages, Judgments, refund
ing borrowed money and other obi
cations and expenses contracted b,
yonr attorneys, is contained in th,
report.
The following Is a statement Of tn,
earnings AMI expenses OF the Sun.
bury and Lcwistown Railroad fo
1874 Total earnings Sl22,262 3S
total expenses, Sll0,2iO 80; to whicl
add bills for 1874 not presented 70
settlement until 1875, being owe
charges on freight, etc, 1896 So
total, $ll3.l37 Is net earnings t
balance, 1925 20.
= In account with Pennsylvania
Railroad Companv-To operating
expenses, from 1871 to 1875, S397.
i6G 02; gross earnings for tho same
period. S373,327 AZ ; balance, S2l,
> 13S 61.
James II. Campbell then offered
resolution providing that the roal
shall be offered for sale at auction
on the 9th OF March next.
. Considerable discussion ensuel
/, and the general feeling among the
, bondholders present was that the
course was tho best that they coult
pursue.
The resolution OF Mr.. Campbell
was then adopted.
4 committee was appointed tc
audit the accounts OF the Board o.
: Attorneys.
: The meeting then adjourned. -
Ihila. Inquirer, 26M at