New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1889-02-17
FIGHTING FOR CONTROL OF A RAILROAD.
RIVAL. BOARDS OF DIRECTORS OF THE WILL
IAMspoRr AND NORTH BRANCH ROAD

Philadelphia, Feb I6 Special RAILROAD men here
are in furry Of excitement to-day over the fact that
a bill Tn equity has just been filed In the court at
willismsport asking for the appointment OF receiver
for tho williamsport and North Branch Railroad.
prominent railroad man said this morning that tho
bill alleges over-ssue Of the stock OF the company
TO the amount OF s,4o0 shares and that Mr. Wesh's
friends admit the overissue but deny that there
any fraudulent. intent
It is alleged that sales have been made 10 two dit
fcrent parties Of what the purchasers supposed to be
controlling interest in the stock, but Mr. Welsh IS
stu IN possession. 1t Is said that the Rev. Joseph
Welsh brother of the president OF the road made
arrangement with George L. SandersoD, of Wiiamsport
by which Mr.. sanderson to furnish money for ex-
tending the road. The money loaned, and Mr..
Welsh gave as collateral $500, 900 Of the capital
stock out Of 100000 authorized stock. Mr.. Sander
at demanded repayment of the advances, and
Dir. Welsh, not being able TO res pond Immediately
tried to effect a sale Of the road. He also authorized
Mr. sanderson to sell It Il he~ could. Mr.
Welsh, It is charged, had printed certificates for 400
shares, representing 100000 at par. These ceruf
Gates 1t is alleged he disposed Of to life Insurance
agent named Harper, who in turn disposed OF them
to Frank B. Thompson, real estate agent, and
James A. Campbell, who is connected with the dry
goods firm Of Wood, Brown a Co.
At about this time sanderson succeeded In inter-
esting I'm the road Henry ID. Welsh, tho Pennsyl
vania Railroad director Charles A. Henry, and
other Philadelphia men, and finally made sale 10
them Of the stock held by him. II was proposed to
connect tho road with the Philadelphia and Erie,
thus giving 1t short cut to the Lehgh Valley sys
tenn
A new board Of directors was az once organized
Thompson and Campbell also organized a board Of
directors Both boards claim the right 10 direct the
management of the road, but Mr.. Welsh still holds
possession. Counsel for Messrs. Thompson and
Campbell say they propose TO fight for possession
Of the road, bssng their upon the second Issue
Of stock. An Injunction has been issued restraining
the Thompson and Campbell, party from acting as
directors. There is q great deal Of hard feeling
among the parties TO the controversy.
The railroad has no floating indebtedness Of any
kind. and is declared TO be perfectly solvent The
directors are Henry D. Welsh, william l.. Elkins
Sidney +. Tyler, Charles W. Henry George l.. San
asrson, Elias Deemer and John II. bye. Lester,
Barlow a Chase, who represent the railroad conn
2sny, declined 70 discuss ihe matter. as the ease
was pending Ia the court.
REPORT OF THE PHILADELPHIA AND READING.
Phiiadciphia, Feb. 10 tspecIan-The annual reports
OF tho Pbflsdelpbia and Reading Railroad Company
and Of the Philadelphia and Reading Coal and Iron
Company were issued complete In pamphlet form to-
day for the year ended November 80 1883 They
show the following dgures Rsoesyts from the rail-