New-York tribune., 1882-02-17
RAILROAD INTERESTS.
THE CONTEST OVER JERSEY CENTRAL.
x..,,. ..,o,- or1,-or,> ~ THE INTEREST OF THE


LEGISLATION SECURED IN THE INTEREST of ihH
PRESENT MANAGEMENT.
A hitter contest for the future control OF the
Central Railroad Of NewJerscy is likely to take place
before the annual election in May 1t has been reported
almost constantly in the last few weeks that m9oily
OF the stock has been secured in the interest OF .hc
Philadelphia and Reading and the Baltimore anu UNIV
Railroad Companies, which are understood 10 pe "olA"e
together to this end They have secured $4,000 share
Of stock and Tuesday they began TO sohet pro
in their favor. The confidence of the Gowen-earreu
party was 80 great however that on Saturday ne pres
ent directors OF the company were requested
TO resign before the annual meelhs' W
cause they no longer held controi oi 'he
property. Judge LathrOp, Of whom the request was
made refused to comply with the demand after CONSUL
tation with the members OF the board Jay Gould, VINO
is one Of the drectors said to have remarked tha he
hardly bought il expedien surrender to managers OF
bankrupt railroads who had ruined everything they had
touched addition TO the Reading he mentioned the
Ohio and Mississippi, and the Marietta ana Clnclh-
natl Roads The sentiment of the directors was unah M
mOusy opposed to resignation. and the request OF tne
opposition declined formally In consequence
partly of this refusal proxies IN favor OF Ie % U
management sent 10 stockholders on tuesday Ine
present directors YESTERDAY sent out proxies III IaF9 % :"
teTs bearing the names OF all the directors ana OF Jon
s. Kennedy and Jacob d. Vernilye, favorng the present
management and independent policy OF the compatng
and proposing increase in the number OF dlrec,o,s
necessary by the enlarged operations OF The ROAD Du
concerning 1t further information was TO be obtaheu
yesterday. . ,
In the meantime bill was introduced in the NewJer-
sey Legislature authorizing railroad corporations 10 IN
men Of their funded Indebtedness The issue OF add
tional stock is limited BY the bhI 10 me amount %
bonds The bill was presented by senator
Deacon. of Burlington County,, on Monday hgu g anu h
not vet been signed by Governor Ludlow but no dOuDt
OF his approval is expressed by the friends OF tne
-frI,.. amin N
Railroad Comuanes made a common interest IN securing
The passage of the bill. Directors OF the jersey &
was passed in the interest of that company ana 10 enable
the present management TO defeat he ogectS vi we vl
sale of stock less than par, bn 1t was sald YESTERDAY IN
behalf of the Jersey Central mat seT @ cNntn wT
OF the company passing into the hahas Ol
of the company about 8 payable at the option
Of the conpany The adjustment bonds amount to
~ 454 900 and the income bonds to 81, 10000 ana
6otb these issues are payable on demand Under TINS
ACT OF the Legislature, stock TO the amount. OF
about 10000 shares sons can IT IT was said that stock
to ~ amount OF the entire funded debt could be Issued
der the act hut that it would be necessary probably
To- ssue mo- more tan enough cover these two classes
of bonds An officer of the company sad yesauy % n sc
il might be 10 issue any new STOCK Dece
The attempt to gain control of the properly WOud prop
ably he abandoned, .,. a., or,4 % s+ool,
il claims he said control Of the company could De Cd
ained now only by the purchase OF over 4OO0 shales
nmon1t onG o Stock could be had present prices If the
attempt to buy il should advance the lrice c new
WoulI be issued and consequently the advance Wouu
simply be in favor We propose 10 VIII III 'HS hS"'
ana think we shall" - .o. o. ,,;on
n was believed YESTERDAY by some persons iainllai
win he AT rs of the toTenGar cit combination mat
mo- further effort to secure contrO! OF the Ock WOuI ne
made II is understood that Mr. Garetl mas oneFcd 10
cooperate with the present board II ne SQu o1 @
InmOrty representation, but that TINS proposal was
rejected.
PHILADELPHIA, Feb 16.-The report that MT "oWeh
had been outwtcd by the atbrOp party at Trenton In
lis effort TO get control of Jersey Central Win Garre
of be Baltimore and OHIO Road his assistant, created
sensation i'm railroad circles of this city aud ed TO 1r
9Vyes 1and de- arturo for NewY Ork this morning lie
went to consult with Mr.. Vanderbilt