New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1883-08-31
RAILWAY INTERESTS.
JERSEY CENTRAL RECEIvERsHiP DEBr-


JERSEY CENTRAL RECEIvERsHlP DEBr-
When Chancellor Runyon, Of New-Jersey,
May 10 signed decree restoring the Central Rail-
road Of NevJersey TO the control OF the company he
imposed the condition that satisfactory security for the
payment OF the reeeivershp debt within ninety days
should be deposited with the court and that the bonds
and stocks belonging to the company should be retained
by the receiver additional protection. special
master had previously reported that the debt amounted
to aOout S2O62,000. large amount Of bonds of the
Philadelphia and Reading Railroad was accepted as
satisfactory security, and May 25 the Chancellor
issued the final order terminating the reeeivershp The
property turned to the directors OF the COM
panv the day. The time within which the hoat-
ing debt have paid has expired but tho debt
has not yet been discharged.
Henry s. Little president and formerly receiver Of the
Company slated yesterday that the chancellor had taken
no new action in the matter suppose that IL Is
hardly necessary" he said. that the time should be ex
tended by formal order Of the eolrt. am well con-
tented now for something over oO000O has been PAID
the debt ami stil hold all the securities of the ceu-
pany well those pledged by the Reading The
operating expenses have been PAID promptly and abons
fourth OF the floating debt has been discharged The
dent IL practically first mortgage the property The
creditors not urging their clas ana II any one or
them snould demand pay0reht 1 sneuld draw ou the
Reading Company Tor the amount. could aford to
let demand remain unsatsfed One cans or the eeay
bonds The English income bondholders have had to
be consulted of course. and that has taken good deal OF
time. When the debenture bonds are ready the re-
maner OF the floating debt will be Daid for only re-
qures about half OF the 5OQ0OjO to retire the m
come bon IT, Negotiations for the saie OF these bonus
IN and IL they shoala not succeed think
Mr.. Gowen Will he able 10 borrow enough money ON
them TO cancel the floating debt
A DEFAULT IN INTEREST TO BE MADE.
The directors of the Ohio Central Railroad
Company. at meeting yesterday. deelsd that default
In the River Division bonds. which falls
due Tomorrow, should be made. The amount Of these
bonds outstanding is 100000 and the interest. per
ia La liz On NJ
Der The directors discussed several plans for extr
calng the company from its embarrassment but took no
decisive action any OF them. Some pan will be de-
Fsed II il sal before the annual meeting Of the stock
holders which will be held at Toledo September IL.
TIE terms oue-thri OF the present directors will
that time In regard TO the action oil the board
Calvin = Brice said:
We found that II impossible for the company to
meet the uterest we shall pay no more uhtl we eau
With the bOndhDders tn fund the coupons FORA
few We shall tile interest OF tue coal COM
pauy bons and the terminal bonds, hut those are
small amounts We shall pay nothing more than that
Tue OHU Central has debt outside Of its oolds and II
not likely .hrt the bondnolderS will resort to fore
closure proceedings.
The secretary the company has sent notices to the
stock and bOndnoders soliciting their proxies for use nc
the annual meeting, in tine names OF john 4. Martin ana
Alexander W. Scott. The notice OF the meeting Is as
follows:
The annual meeting of the stDckhol lHrs o. the Ohio
Central Railroad Company for the election OF four III
and the ratification or rejection ~ the pro
posed lease OF the West Virginia Division and ONO kiVer
Bridge of the company the Che .pesAe aud OHIO Rail
Company and the proposed lease OF the Columbus
branch Of the companys railroad 10 the Columbus anu
Eastern Railroad Company and tine transaction OF otGer
Icleio Oho, Wednesday, the 18th day OF september
1883.