Savannah morning news. [volume] (Savannah) 1868-1887, 1886-05-15
STEALING ARsILwAY.o
Alleged Mismanagemont Of the Atlantic
and Great Western.

From the BOSTON Herdtd.
LONDON, May 10.-Thc correspondent
Of the New York Herald cables to that
paper as follows: To-day 90 or % bond
and shareholders Of the Atlantic and
Great Western Railway Company-now
the New York. Pennsylvania and Ohio
were convened by Mr.. A. G. Trew of New
Broad street at the Cannon Street Hotel
TO hear Mr.. James McHenry read state
ment on the alleged msmapaeement ct
the affairs Of the company. Lord Bury,
who has always been a believer In charges
Of that character. preiaced the business
by the significant remark that he w0u.d
not have consented to tate the CHAR had
be not been recently shown documents
enough to convince him that there was
room for grave suspicion and for inYesti-
CATION. "Iwish," said ne. ''t0 enable Mr..
McHenry to make his statement in such
wav thati it cannot be eYaded. Made in
this way in the city of London, state
ments can never be retraCted. They
should be investigated and adjudicated
on
The facts in the case, as is pretty well
known to American iiuancie RS and writer's
Of newspaper money articles. were
summed up at the end of a long, exhaust
i've address thus: "The States OF New
Ofk. IGnuSNlNaIllh anu OUlb agree Auob
the debts OF a railway company must not
exceed the amount OF its snare capital.
our trustees have raised the Indebted
ness OF the company from S55,0o0.O0O TO
sos, 000, 600 without adding 81 10 the value
Of the property. The share capital is
$4,000. ono, therefore bonds to the extent
of $60.000,000 are now ahoat, wDicb are
as worthless as so much waste paper.
Holders have no charge on the property
81 i ~ ~ kl.n 1.yN rf .
they hare no claim on the income, the law
interferes with that. Their only claim,
therefore, is on the parties who issued the
bonds"
In concluding, Mr.. McHenry said he
preferred TO make no suggestions for &C
ton till time had been given the bond and
shareholders for reflection. when another
meeting would be called. His statement
seemed to startle most Of those present,
but was not challenged, unless occasional
ejaeul atiOns of a Mephistophelian looking
Ciealer in Pennsv lvania st OK may be re-
Parded as challenge. Mr.. &. +. Lewis, NJ.
T.. who was directly attacked by Mr.. Nc
Henry, was, doubtless, busy with bis
Ulster and home rule in another place"
At all events he Did not appear. On mo-
ton OF Mr.. William Abbott, wen known
stock broker. the meeting agreed THAI the
statement should be printed and distrib-
UIeu. anu bne meeting uIOhc uDs III cou-
Tersation after the meeting Mr.. McHenry
said to me: II preface my printed state
ment with the heading, stealing a Rail-
way Nothing like this was ever before
known In the city OF London, although
perhaps too well known in America"
"What remedy can you suggest for the
victims?' said |.
IL prefer not to answer that now. Next
Monday in Cleveland, o., the matter viii
likely reach legal treatment on allega-
tions that the mortgages of the bonds
have ceased on the property Of the railway,
and are hen only on that unsuhstan-
tantial security, the lease TO e lie, while
the whole gross revenue of the company
Is scarcely equal TO One-half the interest
charges"
The matter, now fairly launched here, is
making a great sensation, and Will,
doubtless. reawaken interest on the
American side of the water.