Delaware gazette and state journal. (Wilmington, Del.) 1883-1902, 1886-07-15
THE o. g. D. oASAL.
Efforts 10 Save the FIeeceu Conn
pnnY without Foreclosure.

AhlhaclphlH iIobbt 1nur5Qdy.s
Since the fight of James A. i. Wilson
and Henry v. Lesley, the Chesapeake 4
Delaware Canal defaulters, the magnitude
OF the stenl and the search for the fugi-
tives have overshadowed question
almost as important as the arrest and con.
viciion Of the dishonest cousins and their
guilty friends the future of the COM
pany. There is hope now that fore.
closure under the loan, which terminated
a week ago today, may he avoided, and
people are busy at formulating plans to
rescue the company.
When the office of the canal company
closed last evening the total amount Of
bonds received and registered was
u, ,97o, ,6S4. rs. None of the bonds pre-
sented could be detected as fraudulent.
The amount deposited with the company
Is but $l5, ,065.24 less than the amount of
the original loan 81 1893, ,T50. The amount
OF bonds, If all are presented, yet to come
in is $3.50, ,O65.24. Among the bonds ex.
amined yesterday were those of Moncure
u. robinson, who is probably the largest
single holder. Mr.. Robinson's bonds pre-
sented yesterday aggregated 1901, 900.
There is little doubt that responsibility
for the entire loan, now reaching
$2,50S, ESQ, will have to be assumed by
the company. Some plan will have to
be made for carrying this loan or the
company will be sold under foreclosure.
1t is not likely that the loan can be ex-
tended at 8 per cent, reduction from
the former rate of per cent, as had been
arranged before Wilson's confession and
flight, owing to the increased amount of
liabilities, but it is thought possible that
an agreement can be reached to extend
the entire loan at per cent. If this is
accepted by the bondholders it will
probably be done.
No result is likely to be reached for
several months. Many of the prominent
members of the corporation will soon go
out OF town. Mr.. Swift is now in Europe
and 80 is Henry Lewes. Both are di- |
rectors. Edward Shippen left on Mon
day for an extended trip south, which |
will last six weeks. Early in the fall. |
when the directors are gotten together |
again, some plan will be promulgated. |
Ny that time they will know what to do. |
Moncure d. Robinson is likely To make /
a fight against the continuance of the /
present directors. His opposition to their
policy is well known.
A great many people visited the Office
OF the company yesterday to inquire into
the truth of a report that the directors
had ascertained the names of number of |
persons who were in the overissue con.
spiracy. The story was published with
many details, and purported to be an in |
terview with some interested party who
was nameless In effect it was that two
men became aware of the fraudulent issue |
of bonds, and demanded TO be let in on |
the ground floor" that refusal was out |
of the question, as exposure was threat |
ened, and the dishonest cousins yielded |
that others learned of it in time aud made |
similar demands with success, and that |
so much "hush money" had TO be paid |
that Wilson and Lesley only realized |
about 800, 900 out of the $615, 900 Of the |
overissue.
This story was emphatically denied on
every hand. President Gillingham said
There is not word of truth in it. We |
suspect no particular persons of being |
aside from Wilson and Lesley |
The examination of the books is not YET |
but nothing tending to throw |
suspicion upon outside parties has been |
If such an arrangement |
existed and was known to anyone, l |
should certainly know it, but nothing OF
that kind has come to light. We are max.
ing good headway with the books, end
when we get things Strengthened out we |
will give il all to the public"