New-York tribune., 1883-06-07
RAILWAY INTERESTS.
,,,,vc y pNrpAI, INCOME BONDS.

IL
JERsEY G ENTRAL INCOME BONDS.
1t is probable that conference between the
income bondholders OF the Central Railroad Oh Ne"-
eraey and officers Of that company and Of the Phla-
dnhe and Reading Railroad viii held to-day Presi-
dent Gowen Of the Reading Company, has written to
the bondholders committee that he will probably be In
New-York and Will meet the bondhoders at any tme
that may be fixed. No plan for an adjustment Oh tne
back interest on the income bonds, which amounts "
over thriyhve per cent has been proposed Presdent
Gowen has promised the bondhoders that their claims
shah be settled equitaby but neither he nor any OIL the
bondholder has suggested yet what he considers just
settlement to be- The bondhoders do not expect to re-
ceive the back interest in money but they declare that
1t has been every year since the bonds were
issued They say positively that they VIII not
accept a new bond at lower rate OF interest
for the principal and interest Of their bonds.
Some of them apprehend that some such
offer Will be made them. They say that they prefer to
keep the present bonds and only the interest which
gard TO this question OF the right OF the Jersey Central
Company to redeem the income bonds at Its option the
bondhoders insist that that right was not gwen the
John Taylor of London who represents the English
cESr letter lust received here: II have no doubt
myself that income bonds were issued bona nde as
e me " 10 cam or the words on or before
that they inserted with the covert intention to give
Ine option Wncn Incy possess DJ
agreement Is TO charge those who were parties to the
issue of the bonds with deliberate fraud"
MICHIGAN CENTRAL IN SELF F-DEFENCE.
Next week changes in time will be put into
effect by the Michigan Central Railroad In its passenger
trains Chicago The through passenger relations
between that road and the Great Western OF Canada
have been terminated in consequence Of the amalgama
ton of the Great Western with the Grand Trunk The
natural consequence OF the union OF the two Canadian
roads has been strengthen the traffic relations be-
tween the Michigan Central and the Canada Southern
Since 1t secured the Great Western tho Grand
Trunk has been reapng the benefit OF the for
mcr's business and has endeayored to persuade
the Vanderbilt lines TO continue TO deal
with the Great Western as heretofore. But as tn o
Grand Trunk controls most OF the business OF the
Great Westerns traffic between Chicago and Canada
the Michigan Central is compelled to make up for any
loss this by giving its business to the Canada
Southern, and In exchange securing the bulk OF the
traffic OF the last-named road. The Blue Line one
OF the fast freight organizations I'm which the Michigan
Central Is continue to run % over work. e
avoid giving freight To the Great Western and tne
s Will as oberWse
be delivered TO the Great Western.
CHICAGO ROCK ISLAND AND PACIFIC.
CHICAGO, June 6.-The annual meeting of
the stockholders OF the Chicago Rock Island and Pacific
which shares represented out OF possible
stock OF 419,s00. Messrs A. q. Dulman Benjamin
Brewster H. r. Flower and George @. Wright were re-
elected directors for a term OF three years
Hugh Riddle declined reelection presi-
dent, and r. II. Cable chosen TO
succeed him. Messrs. David Dows and A. Kmball
elected vcepresidents the latter in place OF Mr. Cable
f. H. Tows was reelected secretary and treasurer The
following Executive Committee chosen: Messrs.
Hugh Riddle chairman: David Dows f. ii. Tows, r. p.
Flower and r. H. Cable
The retirement Of Mr. Riddle made the occasion
a series OF complimentary resolutions, which recite
that during bis fourteen years service his official acts
had characterized by great ability and answering
integrity and express regret at his peremptory refusal
longer in the capacity OF president Satsfac
ton also expressed that he is remain at the head Of
the executive committee Mr.. Cable, as yice-presdent
and general manager, has been associated with Mr..
Riddle for several years Mr.. Kmball, Mr.. Cables sue
cessor has been connected with the Rock Island road
twenty-five years.
The annual report shows the gross earnings for the
fiscal year ending March 81 10 have been Sl2 100000
operating expenses 00O revenue S5 0s0 0OG
land sold, 100000; total revenue, $5,6i0,000.
After paylng the interest the bonded debt aud four
quarterly dividends OF ~ per cent EACH the remaining
sl3OO.OO0 was ordered carried over TO the Addition
anu Improvement account