New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1877-10-26
FEARING 4 FOEECLOSURB.

THE MONTCLAIR RAILROAD TROUBLES.
DREAD THAT EVERYTHING EXCEPT $7OOO.OO0 FIRST
MORTGAGE BONDS WILL ~ WIPED OUT,
The en,barassments of the Nnntciair and
Greenwood l. ,ke Railroad Company have hccu pit mi
monthly before the public OF late several dar' Ego gcu
l,man familiar with the aa,irs u 'lc road made no
following statement which has since been oouA," "
other gentlemen interested IN tue iold'
The charter wa obaind IN i96s p by en-.
Itckawauua ami Western movement 10 VS.
amended aferward 10 allow co ueeuop VIA
I'm : ptenbrr Of 1873 thu company dct u'r' upon -
interest Ahrim s. Hewitt, receiver "I we M,i.i .
,,f.r six months Mr. Hewitt opene u aean rs trustee
II the n Holders I'm the Ft az $50 WIS D'lsh. IA
hy TIE trst mortga - bOndh"drts hhl,f ioi,''
,i, u,n,clglr N Green wood Lake k1ilit fa nihJ
as organized with Jacob +. RaLdoh rs Us ir,i.t
M 1,gc bands sT-O 90 second mnl -a.o bonds
-S2O 600 income hOnds rN~o'Ooo STOCK alu 40 "a
,,,t,ny dent In TIE rcDrgl lzat'on onlF hc W. u
secbrd mortgage bonds were lTso-u..', o ,,,.
rebfrir ess be.ng wiped ont Toe ne" o-ao o,, IN
,,,tb,rizei Ia nj new Grst mortgage ~ StVof'G "a
th ro.d tie old first mort gage bonds bccOilDt seV''
and the seconds common ooA. ,.....or ,r.,,i,ed
Michael A. Mels. tue io,het tos 10 ~. ~; All
enough prox g. control tle 81 zion Oh NAV 10 .'
mad a bargain with Remington Eeruan' ~ " "3.,. S
latter elected prc9lrent' oh -, q, bs Nayor
~, md J. y Pmchot became directors u VS. I' .rl
irbecatSd or Id there about 10000 nd yea,
ness unpr1v led fuf ana rIt,.u i-t l-l"' %" ~
rr...
so 600 should De advanced. without security N t"
Interested m the rorl, 0r there Shond o. a .',, 80
Grtpu.ll Hurl was ma le general manager hdi he
ippvuuli anG senator Hobart, ~ Ne"-Jeisei' wa A'
receiver 80, ..-,,.ooo ,...,. h..,.. .,,,,,ufed A
a. Inm,ttee OF which President Field J. m'M".' -
conduct foreclosure proceedings. l. mo- pulN .u gi
contrary made, eli the Junior honHS anu p, -lt ~
bc Sx,ped ouf and \ road Tepre-rniiug iate 'V,'"
about S6OOoO3O viii come am. thS ha.'l' %, "a
SLrn legal contest IS expected. fhe m'mt"r> OF ''
committees, cyrus W. eii. D. A. Liud.e'' n".is"
~urhiou, aud Arthur ". Is nsoH ho.d 'f 'o"''' ''
jlrity Of the nrst mortgage bonds -,
same Of the bondholiers conferred with W. f'.e -
to-day. hut no result was reached Mr. Eel" ,'' 90.
ne did NOT intend 20 do anything UNFAIR a"d ~ W
ready TO recognize roe second mortgage %"
Mr. yernan subsequently stated ihat "a" sue" 49,
out process intended A. some 90 vac "a" +,
i,nior s,curitirs seemed 10 fear William o Nel"""'
serrctary TO The trustees aud the committee u''N
LIE foreclosure. wrote TO the trustees 81 iL'
gaze bondholacrs. IN pa; as follows; lin,
maturity OF the bonds held by tie gent men 'i ~
the letter ~ king for turcelosde ar hriI 49,, no.
a. owners. but secusi.y FOR n0trs .. N s rah-
Vet line The default In inter - = upon Nr -. not
mons that through cacl's,ncss an h''''' ~. next
pre,-nied August t. 1877, when dut' %. ~ Ia tlmo
thrly days. Al coupon" OioN.n,u -. Tor wnrh
w-re u I'D Oy the COM any. Does TIE Mo ts"-' ~ n. ION
you arc trustees, cOhiempttt" toGf tiAine ,,s nod,
requested ~ lns leg et' upy' t, f,r he loans. or
ing the bon L. collateral lsid h|oi' '" , I.fialti
wuioh they are security are il.', W. - boz, hoics
Ny point Is tlat ne ore any nfst uv.a, IN default
mas fhe right of foreclosure, Ms b"h'- .hurs M. be
Competent mlnngeiuens AMI = '"i"pN'',s, nd ~
cred tors "a tyc ths prop ~ h0m "f'V 1,.d '3es
dis,str,us n cts The secuni m"t lazy IN, o.at al
when tDey auto zed thr n 81 lsa-, - t ~ lie os
NOT In, en- tnll thc,e JOnds s-odlu 49, ., h.Se
ION ul tue company y idt . VI ""'
It 5O ner Gee 4 tnrir ia,H' Nainc ,.,.,tee in-
M Mcdowell says that m amount 49, -. e,,utcc
tercst did not exceed ~ OD Sthu' d ~ !, ,aynrtl-
@ ~, t Montc.nr Rod % mol been Neiy auss
o-o,,. 10 him. Ills agent. wAiU ir Wis ,u ut .kug
Siderable time ago. loaned money ID sno nav tis
I.r.,st owuet -. STICK Osn.n- aD'ui @''ng. Al the
hoids nonlJ 100000 second NOR D ~ ous.haf
.t ate ~ ~ ok $4,000 face value, oi"'it AZ ling
OF one per ceus rnr second mortgage "on"s ionis
o. rrotn thics L. i've yer c,nL The hrsI h"it-'
nr, a otei 80 bid. 90 asktd