New-York tribune., 1876-09-30
LOCAL MISCELLANY.
TROUBLES OF THE COAL ROADS.

TROUBLES OF TIE COAL HOADS. II.
PETITION FOR THE APPOINTMENT or A RECEIVER
OF NEw-JERsEY CENTRAL, ,DEEIED-DELAWARE,
LACKAwANNA, AND WESTERN DIVIDEND PASSED.
A bill in chancery was filed on Thursday IN
the NewJersey Court of Chancery Chancellor Runyon
presiding the appointment Of receiver OF the NeW
Jersey Central Railroad Company. The bill also asks
for An injunction to restrain the company from issuing
any OF the $5000,000 additional mortgage bonds re
Gently authorized by the Board Of Directors The pet
ton is made by obd IT. sanderson, who claims 10 be
stOckhoder OF the company and after citing the Vari)us
acts under which the company was Incorporated and
received ts powers and acquired the rights held by 1t as
Incorporation, beginning with the act OF Feb 26, l947,
incorporating the sOmeryie and Eastern Railroad Com
pany it AYERS that president and directors of the
company used the funds and pledged the property
purposes foreign to those contemplated In the acs
while they have engaged In the mining and selling OF
coal and other enterprises without warrant OF law
and the injury Of Its stockholders. The petition tnen
refers to tbs indorSenent of about $2Ooo0OO OF the
floating debt and the guarantee of SI50OOOO0 Of the
mortgage bonds Of the Lehigh and Wikesbarre Coal
COMPANY which il Is declared is Dsolvent; also TO the
mortgage recently authorized by the Board of DIRECTORS
which has been made TO Samuel Knox and John kean'
trustees, for the purpose OF securing $3,OooOoO'
declaring that their has been greatly
TO the injury OF the stockholders and has
increased tho bonded debt Of tho company from about
81 to 900, in addition TO large floating
debt and the assumption OF tho debt OF other corpora
TONS and that as earnings Of the company aboYets
operating expenses are insufficient to pay the interest,"
upon its bonded and the other debts for which IL Is
liable, 1t has become fnsolyent. The petitioner AYERS
TINT he has frequently applied in friendly manner to
the president and directors Of the company requesting
them to discontinue its outside business and to account
for the funds which they have misapped, and pareu-
ary not to dispose OF the oompanys bonds TO pay the
debts Of other corporations He prys that the company
may perpetualy restrained from further engaging In
business foreign 10 the objects OF its DeorporS-
tIon as well as from the purchase OF any n
coal mines, lands, or stocks OF other COIL y
tons, CT the guaranteeing, or paying. or rails
lug funds ~ pay the debts OF the same and particularly
that the company and the aforementioned trustees
may be restrained from negotiating the new bonds re-
Gently authorized and that both tho bonds and tho
mortgage may he decmedtO be null and void that II
any the bonds have been disposed Of some suitable
persous may appointed to receive the Ryas OF the
sao and such other property and securities as are hed
by company for purposes foreign To s Incorporation
and bold and dispose OF the subject to tho order OF
courL II 1t shall appear that tha company has become
nsolvent the petitioner further prays that the com
pany its officers and agents may be restrained om ex
crcsing any OF the privileges and franchises mat nave
granted 1t until the court shall otneTwise order
and that a receiver trustee be appointed with fun
powers 10 take possession Of SELL and convey tue road
a all ShsT 9PS5y 9pTG Rsnr me @ ecdy on
the petition OF Mr. Sandcraon for an injunction 10
restrain the OfbcerE OF tn3 NewJcIs'l
from negotiating the bonds the - moFgngs
and asking that receiver be appointed or tne roAu: %
The Chancellor denied both motions the ground that
he did not consider the facts alleged ON either motion
sufficient cause for his interference.
AT meeting OF the directors of the Delaware, IaeEa-
wanna and Western Railroad Company yesterday ~
was unanimously decided 10 pass tue uual qulrtety
dividend The president OF the company, samuel sloan,
suhssguenty said 10 TRIBUNE reporter that the state
nIpnt for eight months ending Sept showed interest
and rentals OF leased lines all earned clear and
clean, leaving Surplus to stockholders Ont not sum
cent To warrant the declaration Of the usual dividend at
this time; hcuce II was omitted. Tho company thus
keeps Its assets ana surplus Intact