The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1878-07-18
RAILROAD TROUBLES.
A LIVELY NEErIEo OF THE BoSDHoLDERs OF
THE NoNTCLAIR AND GREENWOOD LAKE

A LIVELY NEErIEo OF THE BoNDHoLDERs OF
THE MoNTCLAIR AND GREENWOOD LAKE
COMPANY
A meeting OF tho boudholders of the Moutclair and
Greenwood Like Railway Company was held yester-
day at noon. the once Of NJ. Cyrus W. Field. No
las Broadway. On motion, Mr. Field was elected
chairman ana Mr.. W. L. Raymond secretary. Mr.
Field said that no represented $780, 900 first mort
gage, and $3t1 900 second mortgage bonds. When no
came back from Saratoga he read IN tho papers some
reports made BY William o. Mcdowell and others,
making charges against the Committee on ReorxArt
zatiou. which dlssustcd him that he sent tor hr.
Earl, the former secretary, II the latter could
explain them. Although he waited In his oface every
day sinoe his return Mr. Earl did not put In an ap
pcarance.
Mr.. Mcdowell undertook TO defend Mr. Earl, whom
MT Field asked MIN why he came thcrs TO make
trouble. Mr. Field asserted that Mr. Mcdowell wrote q
lester him At Saratoga. saying II no would throw
GcorgeT Stearns the secretary OF the Com mtee
Reorganization that he would Co operate with him.
Mr. Mcdowell arose 10 respond whom = motion
made that the Chair appoint n committee OF three
representing the first mortgage bondhoIders 10
Ter with a committee OF the second mortgage bond
holders relative TO some plan OF Reorganization.
Nessrs. c. W. Field, Abram 8. Hewitt and Morris L.
Jesup wore appointed such committee. Tho nod
OF the first mortgage bonds were then requested
TO leave tho room That the second mortgage bond
committed Tho sxme officers were retained. mo-
ton made shat committee OF three DO appointed
by the Chair This was amendcd by Mr.. Raymond SO
as read that who has takon part directly or
indirectly, In the foreclosure proceedings DO ap-
pointed member OF The conmists% The amendment
was carried
Mr. Mcdowell moved that Is. c. Baker, W. L. Ray.
mond ana J. W. Spencer constitute the committee.
Mr.. Leonard, the banker, said he did not know how
much in second mortgage bonds these gentlemen
represented The real thing for The interest Of both
classes OF bendholders was " work accord. He
would prefer 10 SOC committee composed OF gentle
men Owning largely Of hrst and second mortgage
bonds appointed 10 reorgaoize the road, otherwise
there would be n o harmony. He himself represented
both Interests and be hadsrecsnty sold bonds good
iailn friends and business men, and no 10
protect tneir Interest
COUNTER INsiyUArIoxs.
Mr. Mcdowell stated that the committee he had
suggested were owners Of largo amounts OF second
mortgage bonds, aod II thcy selected he
would namo some oIher IN en- since the mestn. held
some weeks ago the committee appointed 10 reor-
ganizs The road had Issued circular they dare not
report this body for approval because It has been
repudistod by i've Vi The gentlemen naLied on the
committee.
Mr. Field sxc,tedly arose aAd said that there was
not ono word Of truth in this statement, ana when
Mr. Mcdowell ssateA that the circular sent by
committee on reorganization did DOT meet with The
approval OF every memUer OF that committee thsn no
(AcDow slD what false, aud he knew u be
80, when No made the assertion. Turning TO Dir.
any bonds, and the latter repiied that he did. Mr.
Field said did not believe IT, because II such wero
the case no (AcDowell) would not have sold 10 him
(Ficld) few days ago second mortgage bonds Tor
three ccnts the dollar. Mr.. Mcdowell replied that
TINS was done While no WAS acting In his capacity
broker
Dr.. A. B. Elliott remarked that In this case, In
all others, II locked rs II the pig hsh were going 10
swallow the Little oaeA He hoped that the road
would 20 to y sale and be bought IN by the second
mortgage b0nah0ldefa
Mr. W. L. Raymond said that he represented
$3.50 second bonds tor which he hae paid
nine.y and ninety i've cents ON the DOLLAR whereas
Mr. Field snd other first mortgage bondholders had
bought sheir bonds for nifty cents xnd less. he con-
sdsred tho plsn AZ proposed ~ sne Committee ON
Reorganization as . con1scatton of his bonds and
second rtgage bonds would aga,a become valuable
AMI not DO wiped out altogether.
After lengthy and heated discussion the following
gentlemen were appointed \ committee to represent
the second mortgage bondholdsrs IN hs matter OF
reorgan zAtion =: Asssis b. G. Baker, w. l.. Raymond,
EkUerL starr, Arthur W. Benson, w. q Sheldon and
4. H. CnAupcey The meeting then adjourned sub.
ect TO Ihe Call Of the Committee on Reorganization
SECOND MORTGAGE BoxDHOLDYRs.
At q later hour Ihs second mortgage bondholders
Ing, No. II Cortland street. Mr. ". L. Raymond
was called The chair and Mr. BALDWIN elected sec
retary. Mr.. B. c. Baker was called upon 20 express
hts Vows, and stated that the second mortgage bond
Tho feat mortgage bendhOlderr He held both classes
OF bonds and paid moro money Tor tne second than
Tor tho hrst. The better way for tho bondholdsrs
would DO TO purchase the hypothecsted bonds, put
honest men AZ the head oil Tho ROAD, aud in time u
wouid pay dividend. II continued as It lately had
been everything would be swamped.
Mr. Mcdowell tnen presented pan Tor reorgan izing
the road, which was published In tho HERALD three
weeks ago; but the point OF order raised by Mr.
Lsouard that the meeting had no power TO take any
tee. Il then agreed that all persons having sug
gestions plans propose should send them 10 The
Committee Reorganization, whore they would be
carefully considered. The meeting then adjourned