New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1883-05-20
RAILWAY NEWS.
sOLvENCY OF THE JERSEY CENTRAL.

SODf ENVY OF IHE JEhSE1 ZEN lhhLs
THE PROPERTY TO BE RESTORED TO THE COMPANY
on CERTAIN CONDITIONS
On the favorable report of the special
MASTER appointed by him inquire to the sovency
Of the Central Railway OF New-Jersey Chancellor
Runyon, Of New-Jersey, yesterday signed decree
restoring tho property to the company when certain
conditions shall be complied with. 1t 10 under
stood that the principal condition relates to tho quida
ton OF the floating debt which tho master found 10 De
about 81 o0O The decree provides that the company
shall resume possession OF the road upon deposng with
the Court satisfactory security for the payment of this
Indebtedness within three months. The Chancellor
consents to the proposed lease TO the fhiia-
dephia and Reading Railroad, subject to liens for the
receiyershp debts In addition to the specific security
which the decree requires the bonds and stocks now
held in the treasury the Jersey Central to remain
In the receivers hands until after the payment OF the
Indebtedness. The decree will be filed tomorrow
Tuesday, and tho security required by 1t will be
given TO the receiver. Is said, afterwards No
meeting OF tho stockholders Of the company had been
called yesterday. At their general meeting on May III
they recommended the proposed lease Of the road to the
Philadelphia and Reading Railroad. The managers
OF this company had previously approved 1t.
Receiver Little OF the Jersey Central declined to make
public the Chancellors decree, which he had just re-
ceivod. He said that 1t would not DO published until
after Il had been filed with the Court. He stated the
general purport Of the order, however In reply to the
inquiry whether, In his opinion, the required security
would he furnished he said: 81 havo no doubt that
II will be, and I am informed that the amount of the
receivers debt will be paid long before the expiration
OF the 30 days II it should not be paid Well shall
only that security but the stocks and bonds at
present held by me- which amount 10 ABOUT
s5o000o0. 1t was the Chancelors ann IN
making the order TO avoid, II possible,
every danger OF the property again falling into "a re-
ceivers hands I could sell the securities suppose
and pay the Indebtedness from the proceeds they would
be much more than sufficient" 10,
Another officer OF the company remarked on n
yes the debt will be paid within tho time specified IN
the order The lease Of this road IA considered very
important by the Gowen-G Garrett party. which would
moi have struggled hard for the control II 1t could not
raised millions necessary to dissolve the
recctvershp Why II Mr. Gowen cannot raise the money
Mr. Garrett has plenty there can be no doubt ABOUT
tn money!
President Gowen, OF the Philadelphia and Reading
Railroad, said Of the Chancellor's decree l. Is emil
ueBt satisfactory and the security Is ready now
The Court will not keep 1t long, however Tor the lnue0
edness VIII be paid almost Immediately There Will De
10 delay In the matter" 80,
IN reply to the inquiry whether the stockholders Of the
company had ratified the lease OF the Jersey Central
Mr. Gowen said: That 10 not al al necessary III oar
case, for the managers have absolute power IN such
matters At the annual meetings usually submit our
acts for approval, but it is hardly more than ornay
then.