Railway finance, meetings, etc.

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Brockville, Westport and Sault Ste. Marie Ry.&A New York syndicate purchased this line for $160,000 at the sale recently held at Brockville, under the foreclosure proceedings instituted by the Knickerbocker Trust Co. of New York, trustee for the bondholders. Of the $1,125,000 of bonds outstanding there are only $160,000 held in Brockville and vicinity. The litigation, resulting in the sale, was initiated by the Philadelphia Investment Co. in 1897, when a receiver was appointed, and has been fought by a number of judgment creditors. The syndicate, which comprises J. Gerken, C. P. King, H. W. Gennerich and a number of others, obtained control of the bonds held by the Philadelphia Investment Co., for $150,000, which sum was bid by the representative of the P. I. Co. at the sale, the New York representative bidding $160,000 and securing the property. The new owners propose putting the line in thorough order, adding new equipment and making an extension. It is proposed to issue $1,000,000 of 4% bonds, $500,000 of 6% preferred stock, and $500,000 of ordinary stock. The judgment creditors, of whom the principal has a claim for $90,000 for rails supplied, are taking action, with a view of having their claims satisfied in some way or other. An extension of one month has been granted the purchasers to complete the purchase in order to enable an agreement to be made. (Jan., pg. 27.)

Railways: B.W. & S.S.M.Ry.

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