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—Andrew s American yueen. -A Change for the N. J. C. R. R. ^There is a prospect that the New Jersey Central Railroad will soon be taken out of the hands of the receiver. Arrangements have been nearly completed between the Central Railroad of New Jersey and Drexel, Morgan Co., and the First National Bank, by which new mortgage bonds,amounting to $5,000,000, of the American Dock and ImprovementCompany are to be taken by these hankers. The bonds are to run forty years and bear 5 per cent, interest. The amount of the new issue is somewhat more than the former mortgage with the accumulated interest. Only $3,000 of the bonds under the former mortgage is outstanding, the remaining $1,000,000 of the principle being held in the treasury of the New Jersey Central Railroad, by which the whole issue was guaranteed. The railroad company will receive therefore from the sale of the new bonds over $1,000,000 in money. F. S. Lathrop, President of the Jersey Central, says that the addition of this sum to the money now in his hands would enable tHe company to pay its floating indebtedness and dissolve the receivership. He expressed the opinion that the company would be taken from the hands of the receiver within ninety days.The “ Sunbeam ” in a Storm.
Newspaper Details
Hoboken Advertiser
Hoboken, New Jersey, US
Sat, Jun 25, 1881
Page 4
Full Page
Clipped by
Anonymous
NJ, USA 18 Dec 2022
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Hoboken Advertiser
