New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1885-06-11
RAILROAD INTERESTS.
RIGHTS OF WEST SHORE BoNDHoLDERs.
PROPOSING TO TAKE POSSESSION OF THE PROPERTY
WITHOUT DELAY,

PROPOSING TO TAKE POSSESSION OF THE PROPERTY
WITHOUT DELAY
A committee recently appointed at an in
formal meeting Of bondhoders Of the New-York West
Shore and Buffalo Railway Company yesterday issued
an address in which 1t is proposed that tho bondhoders
shall take possession of tho property covered by the
mortgage without further delay The committee con-
sists of Frederic Taylor chairman r. c. Martin, Oliver
Hartman, Edwin Elnstein J. N. Hutchinson, Samuel 8.
Sands John N. A. Griswold, William D. Morgan, William
Lumms, e. n. Taller. and Henry B. Hammond. The
chairman, who is cashier OF the Continental National
Bank, formerly president Of the Burlington Cedar
Rapids and Northern Railroad after its successful
organization. OF the other members OF the committee
Mr. Sands represents the AstOrs who large holders
OF the bonds. The circular letter is as follows:
1t Is unnecessary to enumcrate the plans which have
been suggested for reorganization OF the West Shore
property or 10 state the fact that OF them has been
accepted Tor the reason that they have all proposed TO
conserve the interests of the holders OF junior other
the interests of the bondhoders. Suffice 1t to say that
though nearly year has elapsed since the appointment
of the complications surrounding the property On the
contrary its affairs in condition to-day than
ever, ana instead OF there being reason hope for
change for the better the fact IS evident that every days
further DELAY only serves still more TO weaken the bond
ders' position and still greater extent to lessen
security OF their bonds. IL becomes imperative for
date action to protect their interests.
TO that end the underslg nedthemsclyes b0ndhOders
directly except such-cOnstute a committee for the
purpose of enforcing all the rights Of the bondhoders
under the mort gage and Of securing them ownership
Of the property which 10 Mt the earliest possible
date That the efforts OF the committee will meet with
vigorous opposition is evidenced by the oftrepeated
threats the part OF those whose representations In
duced purchase OF the bonds that foreclosure OF the
mortgage can be delayed for many years Bnt the COM
mtee, satisfied that To fOrecOse the mortgage and to
take the property the only way omen to the bond
holders Is ready to accept the issue, and to undertake
the work, scarcely I'm the interest OF the West
Shore bondhodes than in the interest OF investor
I'm the country, to vndicate the fact that mortgage
upon railway. equally with q mortgage upon real
estate covers something security and carries with
IL rights which incOntcstabe. In pursuance OF its
labOrs the committee pledges the bOndhoders all pos
sible energy persistence and singleness OF purpose
The strength Of the committee however, and its power
to accomplish the work which Is before 1t win depend
entirely the support IL receives from those whose
interests 1t proposes to serve: IL IS therefore. hoped
th the bOndhOders. approaching this fact will extend
to the committee their prompt and earnest support
without IL failure Of tho committees effort Will be in
oytabe but the committee Il convinced that with such
prompt and support the threats to delay Will
prove in yan and that the day is not far distant when
the West Shore hondhOlers viii be with undis
puted title. OF all the property covered by the mortgage
which their bonds represent When that result has been
accomplished the hOndhOlders VIII be IN position % ne
gotiae. they shall then desire to do with the repre-
sentayes OF other interests Tor reorganization OF the
West Shore and It's associate properties.