New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1878-07-18
THE MOYrCLAIR RALLROAD.

ITS BONDHOLDERS SEEKING RELIEF.
HOLDERS UNDER TwO MORTGAGES APPOINT A CON
FERENCE COMMITTEE-sHARP TALK AT THE
MEETINGS.
A meeting of the bondhOlders Of the Mont
clair and Greenwood Lake Railroad held yesterday
at the Office President Cyrus W. Field. Mr.. Field
who was elected chairman stated that he represented
Sl57 900 Of the first and 900 Of the second mort
gage bonds OF the road He described the action taken
and the report submitted by former reconstruction
committee and urged harmonious action that the inter
ests Of all classes OF securities might be protected W.
O. Mcdowell at one time secretary Of the road, took ex
oepon 20 the circular issued by the former committee
aud in a very excited manner, attacked the report a.
purportng 10 be signed by committee the majority OF
the members OF which bad since reDudiated IT, Mr.
Field replied that when he returned from sar-
atoga no found that Mr.. Mcdowell had been
circulating such a report and he, Mr.. Field.
was very much disgusted at such a proceeding
He turned upon Mr.. Mcdowell and said "Why do you
come here 10 make troubled You wrote letter to az
Saratoga saying II would throw Mr.. Stearns
board yon would cooperate with me" Mr.. Mcdowell
was about to retOrt, when he of by motion TO
appoint committee to consist OF holders OF both classes
OF mortgages to agree upon aud TO report plan Of
organization The report was adopted, and on behalf OF
the first mortgage bondhOders, Cyrus W. Field, A. s.
Hewitt ahd Morris X Jesup selected the com
mittee.
The second mortgage bondholders then convened 20
select a committee representing their interests. Mr.
Field suggested that the committee should DO composed
Of gentleman who had interest in both mortgages
He said that he was heavily interested and that among
other heavy holders were Samuel ]. Tilden A. w. Ben
son and Cooper Hewitt Il Co., all Of whom would work
for the best interests Of the road 1t decided by the
meeting that no person should be selected who had
taken any, part in the foreclosure proceeding
previous committee, Cyrus W. Field advanced toward
HIM ana shaking ms ns1T az nun, sa; - MOI
when he states that we sent OUT as report or com
mittee, what not approved by that committee, he
saws what II true and what he knows 10 bo false"
Mr.. Mcdowell" Many OF them have said that they
did not sign t."
Mr. Field DO you own bondi You have sold TO
within the last few Gays second mortgage bonds at
would not sell them at that figure IL was the act OF
broker" ~ ~, ~, -. ..., A.. =,
loaned $4,000 100000 of the second mortgage
bonds and that he would willingly return thom at ity
Mr. Field" have 1857 900 n first mortgage bonds
and any person will give fty cents on the dollar
ner at DclmUncOs besides"
IL was finally decided that the committee TO represent
tho second mortgage boudhodeTs should consist OF H. G.
Baker, 4. W. Benson, W G. Sheldon Egnert starr w. L.
Raymond and Daniel NJ Ohaunoey. ,,..,,.,
Stockholders Of the road was bed IN the Coal ana Iron
ineefiIg OF security holders Complaint was made that
junior security holders would receive Dad treatment
under proposed plans OF reconstruction. No decisive
action was taken by the meeting and OF those pres
ent said afterwards that the big hsh
eating up the iittlo ones, and this was simply
a meeting OF the little fish exchange condolences"
scheme reconstruction presented by which the
Junior security holders could preserve their rights IN the
road plan proposed to raise funds by assessments
on the second mortgage bonds OF 20 cent aud 3l9
per the stock by which 10 redeem the first mort
gage bonds at so cent thus removing all liens
on the road Tie money with the bonds on which the
assessments were laid TO be DEPOSITED with some trust
company aud the bonds not c0nsentng 10 this assess
ment 10 be surrendered and divided upon payment OF
the assessment thom among those which did consent
Mr. Field said IN opposition 10 this plan The second
mortgage bOndhOlders will hardly consent 10 an assess
ment OF 20 per when the bonds themselves have
been sold this week for per cent" To this II was re-
piled This would better than the payment OF 5000
on each 81 900 bond. proposed by the present plan