New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1879-02-22
ERIE'S PROPOSED LEASE.

OFFER OF A WESTERN CONNECTION.
TIE ENGLISH TRUSTEES or I'M ATLANTIC AND
GREAT WESTERN AGREE UrON A lONG LEA>t 70
ERIR-TFRas OFFERED 70 PRESIDENT JfWrIf
-CHECKEEED HISTORY or Tbs wi5rtEN
ROAD.
The English trustees of the Atlantic and
Great Western Railway mortgages have
agreed upon the terms of lease for ninety =
nine years of that road to the New YOrk,
Lake Erie and Western Railroad Company,
and formal proposal has been mailed to
Hugh J. Jewett, president of the latter COM
pany. The lease will 20 into effect after the
Atlantic and Great Western Road il sold under
pending foreclosure proceedings, and re-
organization has been effected. The details
of the proposed lease are given by one Of the
Erie directors, and the action of the English
trustees is confirmed by Mr. Jewett and j.
b. Hodgskin The counsel Of James McIienry
announces that be VIII oppose the lease III
the courts.
DETAILS OF TIE LONDON YROpOSAl-
a sHELwD DEVICE FOR REDUCING THY EEBI or
TIE ATLANTIC AND GREAT wTsEEN-THE
ROAD TO BR MADE LINK N HE THROUGH
ROUTE FROM OCEAN TO oCFAN-oPPO-IIioN
EXPECTED FROM JAMES M'hFNEY.
Itls again announced that the London trustees Of
the Atlantic and Great Western Railway mortgages
have agreed 10 proposition TO lease that road To
tho New-York Lake Erie and Western Railroad
Company. The proposition which It has beer oe-
termined to submit to the directors Of the Er'e
Company II j. understood viii reach here III few
days by Eurouean mails when II will be referred
10 a meeting Of the hoard for action.
One az the Ere trustees stated yesterday that
was no longer secret that proposition had been
made which would doubtiess result ~ En-" Scrur-
ing a uinety-nine years lease OF the Atlantic and
Great Western Road.
When !. IT, Deyorcux. receiver Of the Atlantic
and Great Western returned to Cleveland from this
CITY, he was loss reticeut than the railroad man
ayers here, ANA be- announced thai the Itp"I' was
h>tIutIaIy true, although ne had received d"
personal notice This, Dee said Wa, net strange. d.,
be had no personal interest ID Tie Atlantic "LH
Great Western Road, except - receiver, aud Il.
that s!tiou Va, under the jurisdiction oi
The court. lc lease lie REGARDED as t's,ahti'i"
secured. Before y was carried INTO tal thrti. It
added the foreclosure must be iade,to be IoIIoNr'
los "a reurgall latIuu-iurudI narrowing OF ING
gauge. Tho laying Ol e tu.rd raIi, and Thorough
equipment.
STATEMENT or ~ ERIE DIRECTOR.
Tho Erie management has confirmed tie state
In.ut- Of Receiver Dcvercuy. \ prominent di-
rector gave the following facts in regard to the
terms Of III, proposed lease: The foreclosure
proceedings. which have been pending for three
wears IN three different states, are on the thee
mortgage. ot So - 600 l4.o22OOo and SD
1862 Ga total bonded debt of J6,-g".l :" G".
and with accrued interest amounting 10 about F"".-
900 900. uuer the provisions OF IN, ioIrtl"'Nir,
tic ONO fir mortgage Oh S2.flG3oo Wa made
p~'or l.cu. This letf the Ohio first Hor'g1-" the
a,lv lien that was available and the lease J. based
ul,ou d., uaymcut.Ih Enc Company j. o. guarantee
ali mOuu, sufficient 10 take up che QUO hr~t mort
cage, and 10 talk mp tHr receivers certificates.
amounting 10 about $500 900 together with fhc cX-
peI-e, oi foreclosure; u aii about ~juuO.tuO The
sale soon 90 be urd Will OF course cut ont ALL junior
securities and the difference between present
banded scbt of SGU. 600 600 and what the rad may
bring and viii leave a greatly reduced dcOt Tie
obligations thus wiped out viii Dee - follows:
t-... La INT lL. Innl --.-... s-.L2H. ONn 90