The Stark County Democrat. [volume] (Canton, Ohio) 1833-1912, 1885-10-08

not quite perfected yet FOR the
consolidation, and that for that reason
the action was delayed for short time.
He eald u was the purpose OF the road TO
pay Its debts and widen TO a.
gnage before extending TO
Z4nesyllle, Measures would soon be
taken 10 change the guagA and II would
be accomplished this winter. The CO.
shoctOn q Southern has only nominal
capital, and Nas Incorporated mainly TO
secure the right to issue preferred stock.
After the consolidation the road Will be
known as the Cleveland, Canton u
Southern. Under the plan that has been
perfected and agreed TO by q majority OF
the stockholders Cleveland u Canton
preferred stock may be exchanged for
Cleveland, Canton u Southern frst pre-,
ferred on payment OF $50 per share and
Cleveland q Canton common stock may
be exchanged for the same on payment
OF $50 per share, Cleveland u
Canton common or preferred may be
evenly exchanged for Cleveland, Canton
q Southern second preferred. Mr. Blood
sid that about two'thirds OF the stock
holders had agreed 10 take lirst prefer
red stock, and the premiums thus 70
ceiyed will. aggregate about $i,50O OOO
This will jdst about pay the c0mpany's
debts, among which are the Cleveland
terminal trust of S230,000, dollar for
dollar, with interest, the Boston Car
Trust OF $4,000, dollar for dollar, with
interest, the Boston Car Company, debt
OF 100000, 70 cents on the dollar, and
| $4,000 OF receivers certificates, After
this Ia accomplished the road will be OK
tended TO Zlnesville, P.esident Blood
left last evening for Chicago
The disaffscted stockholders Of the
| Cleveland & Canton road, who pre-
vented its consolidation with the Co
sh0ctOn e. Southern Thursday by swear
ing an injunctl0n In the Cuyah ga
Common Peas Court are. the same par
ties who contested the election OF Mr..
Blood 10 the presidency OF the road last
spring. Sidney Bartlett, Francis Bar
lett, Cyrus Wakefield aud Edward Wood
man appear as the plaintiffs, Tue
struggle for the preeldency was fought
on the question Of extension, which Mr
Blood favored. Mr., b rlett and HIS ad-
herents are opposed 10 the assessments
contemplated IN the plan OF cons0llda'
tiOn. The facts upon which the petlOn'
ers rely TO obtain the inj lnctlon are
that the Cleveland & Canton Company
has not yet received deed
for the property from the reOr'
ganlzatiOn trustees, who purchased
II at judicial salei that the COshocton &
Southern road, with which II Is propose
TO consolidate, Is mere paper scheme
with no road, and merely nominal
capital, devised for the purpose OF effect
ing consolidation, aud that the con
solidatlon scheme dopriyes Its preferred
stock OF its preference.
The plans OF the B OOi party are ex'
planned by Boston paper As the 4 III
Ia entirely a Boston lJht, between BOs
ton cpltalista, the Boston paper probably
speaks advlsedly on the subject IL says
"At q meeting Of the shareholders OF thI
Cleveland q Canton, formerly the Con
notion Valley, TO be held NJ Canton OF
Thursday, II will be voted 10 consolidate
the Cleveland Il Canton road with tn
C0schotou Il Southern, the new jrpOra
t0n TO be the Cleveland, Canton South
ern railroad company. The C0lh0ctol
Il Southern II chartered TO build fr0r
COshoCt0n to ZNnesyllle, o, II has pGil
up capital of q nominal amount
The plan Ia 10 Cfftr Cleveland 4
Canton preferred stock the privilege o
an exchange for Cleveland, Canto
Il Southern first preferred on pay
ment Of $50 per share, the common I
be exchanged on payment OF $50, shar
for share. Any Of the holders 0
the present preferred stock who do ma
want tho new llrst preferred can hay
Cleveland, Canton Il Southern secon
preferred without cost, and c0mmo
, can 10 exchanged for the new cOmm0
. In the same way Holders of mo-
than 5000 600 Of preferred stock hay
; signllled u wish TO make the exchang x
!. From the proceeds Of the exchange II
proposed 10 pay of The Cleveland te
/ minal trust Of $230,000, dollar for do
4 lar, with interest; the Boston car tru
Of $40 000 dollar for dollar, wlthiinte
r ct, and the Boston car company debt
100000, 70 cents on the Sl;,lso S73 0C
OF receivers cert llcates, II the exchanl
: into lifs, preferred stock IL sufficient
general and II IL thought that ~ will b
: the gu lge Of the road will DO widene
= The matter Of an extensions TO Zane
4 VILE IL not at present considered. II
above obligations met, the compaI
will be out OF debt and without IKE
charge OF any description.