The New York herald., 1876-09-30
THE NEW JERSEY CENTRAL.

PETITION FILED ASKING FOa 4 RBCRrvEA
FOR rHE RoAD--wHAT PRESIDENT JOHN.
sroN HAS TO SAY.
Yesterday great excitement was caused In Wall
among those who hold railroad and coal securi
ties when tho TACT became known that Mr. 0. H. San
derson stocxholder IN the New Jersey Central Rail-
road had filed petition ut rrcnton before Chancellor
Theodore Runyon OF tho State OF New Jersey, asking
that a receiver appointed forthwith to tako
charge OF the road ana restrain its president
directors and officers IRON further control Of
It's workings. The injunction WAS asked for
on the kround that tho Now Jersey Central
Railroad Company had without warrant Of law
given its endorsement and guarantee 10 . floating
debt Of about So coo contracted by the Lehgn and
Wnkesbarre Coal Company aud had also loaned bonds
OF the New Jersey Corporation to the amount OF
70 900 Uoo IS collateral security or ns neh'sn .na
in his petition that the New Jersey Central Railroad
corporation intend TO Issue bonds TO raise funds 10 pay
the debt OF other corporations, and have made Gus
mortgage to samuel Knox aud John kean trustees, 10
secure payment OF 5000 bonds OF $i,ow
sne"' sne mortgage SS" covers All ;Ie property Of
the New Jersey Railroad Company. Mr.. Sandsrson
also asserts his petition that The original act Of IN
corporation Of the New Jersey company provided only
Tor the construction and operation OF railroad 20
transport passengers and property, and u strictly
oanng morey or securities to coal other corpora
tons reporter OF the HERALD called on the pres-
dent OF the New Jersey CeGtfH kAiIToau company,
John Taylor Johnston at his ofcc c Liberty greet
IN regard TO the matter The reporter asked Mr..
Johnston, whom he saw, IN regard to the supposed
bankruptcy OF the road and the probabilities Of the ap
Of receiver by Chancellor Runyon 70 take
charge OF that road. Mr. Johnston said -
tue whole Thing is humbug aud fraud, and the
fact that this petition " already punished IA New
York evening paper shows its purpose. Mr. .. n.
Sandcrs0n ID merely being used by other parties bo-
hind him 10 annoy the New Jersey Centvsi Railroad
Company He viii fail, think, aud do not believe
that receiver VII be appointed by CnanceIlor Run
yon lt Is all humbug, nothing else but humOug.
THIS company has perfect right 10 loan its securities
TO the " wikcsbsrrc Company, and ns authority 70 do
New Jersey. TO show you what tho q ory is / viii
state that Mr. sanderson owns ony ten shares ef
stock, i've OF which he purchased IN 1878 and 1916;
they were worth, believe, 500 share and they
were purchased NJ SIS That the whoie story, and
that all the stock that Mr.. SAnderson OF has
owned"
The reporter then called at the ohce Of The Lshieh
and Wilkesbarrs Coal Company. ON broadway, boIow
Wall street, and alcr delay Ar. Ttntnghass,
the treasurer OF the company 70 whom he
nounccd The news OF tho application .
and Wilkcsbarre Company had plenty OF money 20 psy
all their debts aud that the state Of New Jersey gave
ample power 10 the New Jersey Central Railway 70
loan securite and bs acknowledged that tho Central
Company had loaned securities 10 the Wtlkssbarre
Company, and thar done Ia The way 0l huesness,
aud IA other way, sbe Wixesbarre Company having
~ different times, they had perfect right do.
given It's notes to tae New Jersey Central Railroad Il
payment for transportation OF frsighk NJ. TtIng-
has: evidently believed the whole thing 70 10 tems
psss n tsApos ana nothing more