New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1879-02-22

!
g.. ISIS $50 80
After the sale the Atlantic and Great Western
Railway Company will Issue construction bonds.
To be guaranteed by the Ere Company, tOT laying
third Rail, mar 5W-gaUglug and equippUg tue road.
The proceeds from the sale of the construction
bonds will be turned over 70 the Ere, winch j. to
expeud the money and superntend the construction
and oqu4 pmcnt. The net earnings oil the Atlantic
and Great Western, after the interest on the ONO
fr,t NORGE &c bonds are paid wa De 4iVid'd 'W"-
thirds gong 10 the Atlantic ana treat Western ana
one-thIrd to the kle. With the two-thlIis the At
laut!c and Great Western Will pay out Oi any sur
tIu, that may eN interest on whatever new bonds
NAV be issued under the reconstruction 10 the
! InIiers of the iuuiOr securities which may b"
yvlp-d ont by the foreclosure prOceeduy BJ the
scheme of reorganization the Stockholders ana tuc
. holders OF the JUNIOR mortgages viii probably he
provided foT by receiving either stock or bonds oi
VARIOUS cla-sCs. upon surItudeTing q certain per
ceuta.r of face value and paying n % caSl a97rs7-
mrut nor set agreed upon. l regard thi7 as a. very
/ adv ant ge-us lease, a. the Erie. by assuming "A
c0uparauvciy small indebtedness, secures one
/ third of tho let earnings toward inter
est account ana, al has qua, '-,'y 81.
7 and Cincinnati WITH ample connections 10 all parts
OF the South and West. Il viii make Enc an active
competitor for the transatlantic ahd territorial
business aud also make 10 tue equal ~ jan Idc.H-
tIr, OF any of rs competing hunk lines. Inc
guarantee ot - 600, 900 - about oLt-sAih oI what
II.I, ami Gould agreed 10 pay Tor the same road
twelve wears ago. when tbey offered 10 guarantee
= 500 900 a wear lies present management, by
a guarantee OF s. OOO, 600 secures railroad prop
B
900, 900. Ere IN addition VAL secure mo TIsht
Of way from New-lorA to the heart co. ONO
CoNFIRNATIONs or THF REPORT
Uugh J. Jey,tj, president Of the NeT-York, Lake
Fire and Western Railroad Company. sald ye,ter-
dav that he knew oi "a meeting OF the London trus-
zee, of the Atlantic and Great Western Railroad
Company last week, at winch It was decided >" ohcr
a lease Of that road 20 thc Ere Company. lie had
been informed IN advance that such meeting would
be held ~ London, and lac had received by cable the
ME lip.uce that q decision had been reached. II
! ths ,rnuosdl- offered 10 the Euc Company bY
The london trustees al ia" Atlantic and Great
Western Company were tho same ~ mad beou
talked about before tn" meeting. he mad liti.3
doubt that they would he accepted lie -iIu Inat
/ lie did not know. however the cUIgt terms ~ tAr
proposal, Offered, and hc declined 10 stat" what tAt
prrI IONS offers mad been.
P Il. HodgskIn. president OF the United states
Rolling ~tuca LoIuPauy, received the following DIS
? uatrh b. "a Jlr from = London Ggai yr>ivrdty;
The London tIus crs OF the Atlantic ami Great
/ Western Railroad Company announce To-Day that q
! l.a.,o q tne road has been made TO TIE Euc Com
! u..uv after reorganization.
/ n hodc.kn said that the meaning of tho dis
/ r..f,. was that the terms OF the lease Lad been
agreed nn between The two companies. hut fhat the
Atlantic and Great Western Company would have
10 be-. r-or-4uiI-d and got OUT 81 the hands OF tho
receiver url1re tie lease could become al accom-
~ .d fact 4 foreclosure sale OF tho road, OF other
means, would have 10 be taken TO force THIS TeOT-
E4uILduoh.
OPPOSITION THREATENED BY JANE, MHENRY.
Tnoma, T.. Fowler counsel for James McHrnlg
al o,oou aid Yesterday Mr.. McHeury will OPP
,,s. the lease II tine Atlantic and Great Western
Railroad 10 thr Erie Company, and Will contest II
,r The courts ~ tar possible. lie OWNS about
goo 600 600 Of tie Atanuc aud Great Western
stock and -rcurtic- and has too large interest
t :ak- 4, allow the ROAD 10 get into tue hands Of
= management opposed TO hun, il he can help It.
The rrdrosed lease l. believed to be- the result Of
d, Milan entered into by Jay Gould. James T. Keene
Russell sag. aud other, 20 form a tr4u--courluo.al
lime from san Francisco to NeW-Yoih. The Enc
Eo.l il intended "a, tie eastern end OF the line ana
ttr AfHuttc and Great " r>trru as ia extension OF
tho Fur toward Omaha, where the Jnioh racine
h..,u- ne riau Is all admirable one, no doubt. but
~, ,r,l,,, ~ ont il l- II posed 10 get the Atlantic
and Great Western Railroad Tor next 10 nothing.
N,r NrH.urv insists thai tar cun-ldel aiuu- should
/ I l.,.ty.d in -.furu fur allowing the road 20 be
,r-.i ~ r,rIp,re "a through line. lie believes that
II tIr tfI..ilc ana Great Western RailIoa ere
.!t OF tIi, iull- OF receiver aIL tie com
/ t...y i..r..uIlrd 10 would pas dividends on r-
/ lt,.. Tine rNDsrIrucc 81 the Lre Road support
Z. Ill. L.l-t IuI tFo Vcar- previous 90 september
.,D 1877 Will, SIR. JrHttt managed the ROAD as
r,...tI tl... tt- u'n,ii ui over million dollars
..., ,.'r From Ju.r /. 1875, when th" COZ. pan
90. r., Jed, until pteluD,r 3u. 1875. period
to,I, tlr months. 10, road talArd above its rX-
IL. ,,-,.. So IiG 80 aud ETv stock los" ai once.
IL. r,it vel aft rd zoo a>ul, the Obligations IN
- .. u,i IL 10, ti.- lease CO., tie Atlantic and treat
western and n needs Co nave sonr western coihtr-
I non Co ruaule a. To- compete win o." We" l"iA
4 .1,ti.I In,. guarantees % thr Lur COMPANY are
! REGARDED a. worthless ~ Mr NtiithFyt 'e'hiiar