National Republican., 1885-05-13
CURRENT RAILWAY NOTES.


Sources.
A contract has been let by the Burlington
and Missouri river road for an extension ron
Republican City to Oborin, Kans., Il distance
Of seventy miles
In the case Of the second mortgage bond.
holders against the Burlington, Cedar Rapids
and Northern Railroad, decision was given
In favor of the bOudEOlders, in the United
states circuit court at Des Moines, Iowa, yester-
day.
The reorganization committee OF the Ohio
Central Railroad Company Issued circular
yesterday by which II proposed to oXchange
the capital stock OF the Columbus Hooking
Valley aud Toledo Railroad Company for the
stock of the Toledo and ohio Central Railroad
Company the new name OF the ONO Central)
upon a basis which Is explained a. length IN in
the circular. The committee recommend tue
scheme on the basis Of economy, the securing
of better rates, terminal facilities, and the
strength that is derived from the union oil tue
two companies.
The court in Philadelphia is roserving Its
Judgment upon the petition of the Pennsylya-
mia Schuylkill Valley railroad to cross the
Philadelphia aiid Reading tracks and sidings
on Front and Canal streets In order 10 reach
It's proposed new freight house aud about QUE ,
hall OF the manufacturing establishments OF
Reading The Pennsylyania schuylklll Val.
ley lawyers couteudcd that its right to occupy
the street and cross the sidingg aud tracks had
long ago been established by prior suits in
higher courts, all ofwhich the opposition de-
MED. The new railroad had already com.
menced work on tho streets, but were stopped
by an Injunction.
A writ was issued at Toronto yesterday, at
the instance OF the owen Sound steamship
Company against the Canada Pacific Railway
the former claiming $4,000 for services aud
$50 900 damages for breach Of contract. II Is
claimed that before the absorption OF the
Toronto, Grey and Bruce Railway Company,
they made al, agreement with the plaintiffs,
giving them the exclusive right to carry freight
to and rom tho Company's line at owen SOUND
Tor the seasons of navigation 1854 1889,
and 1856. This contract the Ontario
and Quebec Railway, now part OF the Canada
Pacific system, assumed and undertook 10
carry out when the Toronto, Grey and Bruce
line was lonsed. During the existence of the
arrangement the new steel steamers built for
the Canada Pacific came over and were TO
have run from Algoma Mills 70 Prince Ar
thurs Landing, but owing to their construc-
tiou they could not land at Algoma Mills.
Theroupon the Canada Pacific, II is said,
ignoring Its agreement with the plaintiffs ran
their vessels between owen sound and Port
Arthur, bence the action.
.The committee on reorganization OF the
! West Shore Railroad Company have prepared
plan which calls for the appointment Of q
| committee of reorganization" composed ol
| bondholders. Those agreeing TO the scheme
| are to deposit their bonds with the Farmers
! LOnn ana Trust Company, and each million
dollars OF bonds shall have the right to nomi
! nate seven members OF the committee, and the
| seven persons receiving the highest number
| of votes shall constitute the committee They
| shall have discretion as to the plan TO b,
adopted subject to certain specified limita
tons, one of which Is that insorder that the
new company may have reasonable oppor
tunity to perfect its road bed, tracks, equip
ment. &c, the present first mortgage bond
holders consent that interest OH the securities
Of such new company, issued to them II
lieu Of their present first mortgage bonds
shall not bear Interest for three years, and tina
the rate of Interest thereafter shall be 4 pc
cent, with the proviso, however, that If a SUI
iiCient amount is not earned by the new com
pany TO pay said interest the same shall no
be cumulative. II Is understood that unles
| within thirty days from May II signature
| representing ten millions Of bonds are obtained
to this scheme the bonds so deposited shal
be returned, and the trust company shall Civ
It's negotiable certificates for all bonds dc
! nositpd with IL