New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1878-09-12
ONO IND MISSISSIPPI RAILRoAD.

AS was clearly forcseen by THE TRIBUNE
last April the scheme then projected for the
struction Of the OHIO aud Mississippi Railroad has come
to nothing. Alexander r. Gait and W. i. d. Manner have
issued circular addressed 10 the stockholders ana oond
holders of the company. IN which they state That
tLeir report and recommendations Including prelim-
mary agreement with Springfield Division bondhold-
ers were finally closed the l7th OF April last mat
their proceedings submitted 20 the d.
rectors OF the Ohio and Mississippi Railway
Company on the 22d OF May and unanimously approved
That the directors appointed a committee 10 carry
the same into effect, with power TO modify the agree
men with the sprnghe boDdhOlders in respect TO Dc
tail provided such notifications did not create
greater charge the company than The agreement Of
the l7th OF April That the said committee. instead OF
attempting 10 give effect TO the recommendation OF TIE
pr,yious REORGANIZATION commit tee, Immediately re-
opened the agreement as settled with tue spHngneli
bondhoders and failing 10 secure their assent u the
new proposals broke Of the negotiation, and abandoned
all effort TO carry out their instructions. That such com
mitee has not since reported their action 20 the Board
Of Directors nor 10 ;he stockholders and bondhoders
whei eby valuable time mas been lost aud unless
immediate and energetic steps taken. it seems Ger
tam that another year will pass without any concerted
action. thereby exposing the property and interests Of
the Ohio and Mississippi Railway Company TO imminent
peril and disaster"
"without questioning the ability ana integrity OF the
present receiver 10 - evident thhl WINE me- huuhHtcI
the affairs OF the Ohio and Mississippi Company. the
baltimore and Ohio Railroad Company will be pract
cay IN possession Of the Ohio aud Mississippi Railway
without assuming any pecuniary responsibility what
ever"
1.-THE redemption OF the oompany's property
from the hands receiver only De accomplished
by n settlement with its several classes Of creditOrs
No settlement be successful with Ut the cooperation
OF the Board Of Directors which u Is evident cannot bc
relied upon present constituted II hns therefore
become mperavey necessary that 40 time be lost ~ So
curing Board OF Directors whose sole obi and interest
Will be M protection Of the OHIO and Mlss- pu prop
erv maintaining friendly relations win the Baltimore
and OHIO, hut not permitting that company any longer
L. dictate It's own terms The position OF The ONO ana
Mississippi property even AZ the worst = nos sneh ~
10 require any very effort 20 enable % 10 resume
a solvent attitude. One coupon overdue on the hrst
mortgage 1925 OOO) four coupons scrond MORTGAGE
on the lst OF October next (fJGOOOOl aud aOoul 5000
600 floating debt the lst OF july, constitute ALL or
nearly all the caus that must be PROVIDED Tor before
me rrccyorship eau be terminated Except those con
uected with the Springfield DiyslOul and the preferred
ana common stock, amounting TO tweny-iour millions
relieved from risk OF total loss"
The circular proposes plan Tor the rehet OF tht
properly but suggests that the vacancies hereafter oc
curing in Board OF Direction shall DO hlicd WIZ
NswY0rk gentlemen that hereafter no person not IL
rhettv interested the stock ~ the company sha be
chosen director, and that the second mortgage DOud
holders anu stockholders take immediate steps % DC
represented the meeting 10 be held October 10 For
further Information reference ~ made 70 o. D. Ashlcy
EXchange-cOurt.