New-York tribune., 1910-02-26
Soaring & co. FAIL
Continued from first page.

,vare &. Eastern Railway Company. ana
tha failure of the lessee company to pay
the rent called for by the tease was the
cause of the roads difficulties. 1t mas an
outstanding issue of bonds OF sI.ooo,oVo
secured by a mortgage of Whlch the
Empire Trust Company OF NeW iorh >
the trustee. and it is in default in tne
navment of interest upon its bonds TOT
upward of year.
The Delaw q Eastern RdliNaS
ComDany owns a right OF way loi d
railroad from Arkville TO Schenectau9
n Y. hut has not yet built its road. rue
hin alleges that it was in default in the
naynept of some SIS 900 to the Delaware
e. Eastern Railroad Company and owes
creditors some $21S090 in addition. ana
that it is without assets 10 pay me
amoun, due under the lease and Its out
standing obligations The Delaware *
Eastern Railway Company has placed d
mortgage OF s6.0O0,000 upon all OF It's
property of which the Empire Trust
Company is trustee and under which
sa15 00o par value, of bonds have been
issued Ii is expected that these re-
ceiverships are preliminary TO reor-
ganization of both railroads.
Last September Soaring & Co adver-
tised an offering of $4,57O,OO fifty-year
first mortgage ) per cent gold bonds or
the Delaware & Eastern Railway Com
pany, of which they announced A3,Joo.-
600 had been underwritten in England.
the balance of S1,O7O,OOO being offered
for public subscription here at 9212 and
interest.
In the advertisement gross earning
power of $4,000 mile yearly was fig
ured out. and surplus after all charges
equal to about per cent on the author
lied capital stock.
The Delaware & Eastern system, the
applications of which for authority To
issue securities have been in the past
antagonized by the Delaware & Hudson
Company. was intended to extend from
the anthracite coal regions of Pennsyl-
vania through a rich farming and dairy
district of this state. to connection at
Schenectady with the Boston & Maine.
which would carry it's coal tonnage to
the manufacturing centres of New Eng
land. The connections of the system
were said in the Soaring advertisement
to be the Erie New York. Ontario &
Western, Ulster & Delaware. Delaware
& Hudson, West Shore. New York Cen
trail and Boston & Maine, and 1T was
said that the new road would have the
shortest route and lowest grade of any
line traversing the part of New York
State in which it was being built.
F. F. Soaring. according to the Direc-
tory OF Directors. in addition to his con-
nection with the Delaware & Eastern
companies, is vice-president of the New
ton Trust Company, of Newton, N j..
and a director of the Dover Trust Com
pany, Dover, N J., and the American
Railway Steel Tie Company. Harry Nj.
George is an officer and director of the
railway company, vice-president of the
Dover Trust Company and a director of
the Newton Trust Company and the First
National Bank, of Townsville. y. Y.
Mr.. Soaring was again a witness yes
terday in the Chancery Court in Newark
in the action brought against him and
others for an accounting in the matter of
the Passaic Steel Company, of which he
was formerly an officer and which went
into a receivership on December 80. 1907.
The suit was brought by Arnold Brothers
and the receivers for the recovery Of
$500 900 alleged to have been misappro-
priated by the defendants in promoting
the enterprise.
About a month ago IL was reported
erson. had received Black Hand letter
demanding $4,000, but he denied that any
such communication had reached him.