New-York tribune., 1879-11-15
BUSINESS INTERESTS,
THE MIDLAND RAILROAD SOLD.


OF THE THIRD NATIONAL BANK, TIE PUR-
CHAsFg-HTsTORY or THE ROAD
MIDDLETOwN, n. Y, Nov. 14.-The New
York and Oswego Midland Railroad with all its prop
and franchises was sold here to-day by Kenneth
c. White under decree Of foreclosure and sale. "A
special train from Jersey City. over the NewJersey
Midland Road. arrived here about noon to-day bringing
n number OF capitalists including the following mem-
bers OF the Reorganization Commitee representing mold
ers OF receivers certificates and first mortgage fonds
G. N Jordan. cashier of the Third National Bank OF New
YORK William III. Fenuer, OF tine Rhode Island Loco.
motive Works; W. c. Whitney, Corporations
Attorney OF New-York City; Edward LIVING
ston, Henry Amy and W. TAYLOR, representing
James & Co. Judge o. 5. Williams, of Clinton and L CO.
dore Houston together with y. A. Cowdrey secretary
of the commlttee exlIayor George Opdyke. formerly
president OF the company; \. W. Mills. OF Clinton; W.
L. Lewis. superintendent of the New-Jersey Midland,
aud others. The terms OF the sale read by Mr..
White as follows: " The road must lie sold, as a
parcel, for not less than 100000, subject TO
claims winch were stated not exceeding $22OOOOO;
10 per cent Of the purchase money to b. paid down.
100000 cash and the remainder III receivers certl-
Gates or nr-t mortgage bonds
over hfteen minntes e. y; Jordan bid S2O0o,OOo; A.
W Mils of the Rome. O9densDurg anu "atertow9 VA
Rhuoad. bid S2,5OO,0OO; Dir. Jordan tnon Dld
S3.OO0,OOOi Ex-Mayor 0pdyke, owner OF TIE Westtin
extension or the Midland. hid $35UOOOO; Mr. Jordan
bid elOOOuOO. Mr davenport o. hlchmohu, VA isi- T
reseniing tic rredegar Iron Company, made tne
C. n Jordan bid ~ 100000, at which price. after few
moments delay. the property was struck down 10 hIn
MT JORDAN handed certified check for SlOO 600 onne
Third National Bank of New-YorK 20 Mr. White. who
stated he had previously been paid by Mr. Jordan
party started Immediately for New-York by special
tralS TIE road consists oi 200 miles , OF NAN % a ns oe
branches, Wiz tho Ellenyllle Branch miles
iSs Branch. 29 miles; miles, and the Auburn Branch as
miles. There are three principal shop--at
hu upr Ir, "a Q
The rolling stock consists Of nlneythrte locomotives
thirty-six passenger coaches. twelve combined ears
twenty-five baggage cars 800 freight ears. mostly IN
iir,trla'- couduon. The property lncudes the MIA
which e7O.OOO. The line Is not leased to the West
Union Iel,graph Company. The rails on the road.
at TIE price OF old iron are worth SlOVOooo Ialr
The value Of the rolling stock and the ma
chiner,. 20 divide aud sell. is S1,5OoOoO There are
good depnI bul nss all aong thr Ih tne most c9s,y
being Oswegc, Oneida. Norwich and terminal points
The iisht OF way cost ri,DMOOuO mldsts' eovVvV,p'
gradiug and masonry, @l20OOOOo; stations ana puiin-
ings. %ooOOOO shop, aud machinery, over Soooouo;
cos 10 date Is S-6J35OOO lhe I"whs ma CITIES agng
It's line bonded Or nearly e1OODOOO Tor the MA
land aud took stock Ia exchange which i now worth
less. aud IN ten years hey have pad slOOoOOO interest
heir bonds: The bonded dobt, not counting me ac-
crucd intcres is 81 900 000-hst 100000
cnud mortgage, $1,000. 900, ana equipment bonds,
nearly S4OOO,OOO The floating debt Is s6 100000 The
sale wipes out all the claims except the nst mOrtgase
bonds aud the receivers certificates. Junior securities
have the privilege yet Of coming IN by paving cash
of mortgage bonds aud certificates who Joined IN
the combination have paid cash assessmen-the for
first mortgage on the road for cash payment WIN
accrued interest the first mortgage bonds now amount
10 Sl ,7GO Co., and the certificates to about
In Zafon O the company the cettncate-
holders bOndnoiders Nill Join together. the former
To have "A maj )ry ~ the directors In The board Ii u
said tnat Judge A. s. Williams, OF Clinton, Oneida
County. s to be- the president and that the prnc
pal Offices viii be at Mddletown
or certificates issued by receivers under the au
thOrty Judge Batchiord, 100000 taken AZ par
tnploye-. VINO have sold the most Of them at au
average OF not than p cents the dollar. FOR
weeks the KcorslnizItion Committee have
buying al they could get paving IRON 100 10 ITO
for judge BatcnfOTd AT fret decreed that tue
road could sold for less than the amount of the
certificates: but few months ne modified his order
lnweriug the upset price TO 100000. EmplOYes Who
had he,d scrip up that time sold at great sacrifice
uiler the order.
The road was completed in the Spring OF 1873 and
for Il time WAS run through road from OsWego to
jersey city, having leased the NewJersey Midland
Railroad Ii also operated other branches, including
tne Utica branch Of the Delaware and Hudson Canal
Compdny's Road under lease. II FAILED IN september:
1873 passing INTO the hands Of Abram ;. Hewitt and
John c. Stevens receivers The latter has been gen
eral manager since that time.
Sace the road has in the hands of the receivers
IL has earned an average surplus of $4,000 year,
which been expended In betterments of tue road
The earnings of road In 1873 were SJGO,OOO, ana
the expenses, exclusive OF bettermenis, SooOOoo