New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1884-02-16
RELIEVING THE WEST SHORE ROAD.
A PLAN AGREED UPON BY TIE DIRECToRs-MR VAN
DERBIT NOT IN CONTROL.

PLAN AGREED UPON BY TIE DIRECTORs-Nk' VAN
DERBILT NOT IN CONTROL.
The directors of the New-York, West Shore
and Buffalo Railway Company have virtually agreed Oh
plan for the financial relief of the company sthough
II may be modified slightly In minor details when the aro
raon committee appointed to adjust The accounts oe-
tween the railroad and the North River Construction
Company shall make It's report The plan contempl'es
the extinction OF the second mortgage and the west
shore and Ontario Terminal COmpanys first mortgage
bonds no bonds under these mortgages having Deeh
marketed One-half OF the second mortgage BONDS was
issued recently TO tho North River ConsIruc-
ZION Company 10 secure its claims against
the railroad, and ten Of the twelve inilon'
OF terminal bonds have pledged with friends OF the
compapy as security for loan of $5300OOO It's
said that there win be difficulty in canceuing both
mortgages proposed plan snail be carried INTO
effect
The first mortgage bondholders VIII be asked to funu
three coupons amounting in all 70 S375O'Ooo' mo SIX
per cent debenures running years and redeemaOe De-
fore maturity OF the pleasure tho company 4 car
tr,s, o. probably 100000 win be established 70 pay
for mart OF the present and 10 provide additional equip
ment new mortgage for 1000 will be placed On
the property which will be a second mortgage on inc
railroad aud first mortgage on the terminal property
The new bonds which will bear five per Cent interest VIII
be equally divided classes and B. but the second
class is not 20 I've entitled TO interest unless earned until
tho interest on the first mortgage and class bonds SHAH
have been paid years In succession Oi the eloOOO
600 OF the arstcas bonds, SlOOOOOOO viii be USED 70
retire the present terminal bonds outstanding but not
sold and the remainder will be sold TO provide money
for construction and other purposes The class Oonas
are TO be devoted the settlement OF the account VIII
the North River Construction Company
II f. understood that negotiations for the sale or
s. 900 class bonds the remainder Of the issue ater
Tie retirement Of the terminal bonds are in progress
and .ylU be concluded SOM As the report OF
the arbitration committee shall be made.
II is report.d that prominent railroad capitalists
whose names have been made public stand ready 20
take the amount at So They are not ldentned Win
Mr. Vanderbilt With any railroads N Ms control INC
statement pub she'd In The FDTid yesterday That MI
Vanderbilt had bought the control OF e 81 more tOal
Il without foundation fact. AT the once OF inc COM
pans repeated that thore Is no way ~ present "
which the control Of the road can De DCughI Oy any Of'
More than one-ha OF the capital stock Is IN the possession
OF ex-Judge Asibe Green, receiver OF TIE North Eer
Construction Company, and can ne SOLD onS Oy oueI ~.
The Chancellor Of NcWcrsey In regard 10 the stSelAet
that Mr. Vanderbilt had bought recently fargo amount
of Tho first mortgage bonds, an officer OF the company
~ do not tI5v that he has bought any Of Them but
~ he had them be would not nave cOntrOi OF the To
The company in default on its interest ana u
mot nav the July coupon 10 would take az leSJ tl-HtScu
months before the property could be sold unuer lOecOS
uI proceedings. The statement that Ar ftIerDuO nus
aec,ired control OF the road is without excuse
;eorQe NJ Pullman said that lie had been grossly MS
resstn u the reported interview In Inc World just
ns was going my room last night HOru rep0TIet
asked me II MIR. Vanderbilt had got cOhtrol Oh tnc
shore road replied that did not know anything ABOUT
il and 10 some o,ner question told nm mat
he had better ask Of the managers OF the company
r1u this am made say that nave IO5t All interest
T.; ~ Wei shore road That far from the TRUTH but
Inv own business occupies all my tins A.,
Warren Currer Who has brought two snts against Tue
Veet SHORE Railway yesterday petOned the Attorney
general Of the to be n an action against the com
pany In behalf OF the people.