The Sun.
London, England, 1870-05-25 00:00:00

PAYABLE IN GOLD,

It is proposed to issue a New Second Mortgage, covering the
whole line of road from Salamanca to Dayton, and including all
the branches and leased lines. The bonds secured by this mort-
gage shall have fifty (50) years to run, bear seven (7) per cent.
interest, payable semi-tuinuallyi -and .shall. have the power—a .
voting, the same as ordinary stock in other roads; that is, one
vote for every $lOO of bonded debt represented. This mortgage
shall be for $6,000,000 Gold, and be distributed as follows :-
2d Divisionals in hands of public .. .. $1,469,400
Four years over due Coupons 411,432

$1,880,832 1,880,882

2,1 Divisionals in Debenture Trust .. .. 2,438,700
Four years over due Coupons .. .. 682,836

$3,121,536 3,121,536
Over due Coupons on Second Divisional, prior to 16th
January, 1867 ..
..
..
..
.. .. 32%262
Surplus to be applied to new equipment, expenses of
reorganization, contingencies, &c., dm. .. .. 669,370

NEW THIRD MORTGAGE, $6,000,000
INTEREST AND PRINCIPAL PAYABLE IN GOLD.

It is proposed to issue a New Third Mortgage, covering the
whole line of road from Salamanca to Dayton, and including all
the branches and leased lines. The bonds secured by this mort-
gage shall have fifty years to run—bear interest at such rate, not
exceeding seven per centum per annum, as the net earnings here-
inafter defined of the said Railway, in each calendar year, may
suffice to pay, after satisfying the interest and Sinking Fund on
the First, and interest on the Second Mortgage Bonds of the said
Company, and shall have the power of voting, the same as ordi-
nary stock in other roads ; that is, one vote for every $2OO of
bonded debt represented.
The words "net earnings," as used above, shall be construed
to mean such surplus of the earnings of the said railway as shall
remain after paying all the expenses of operating the said Rail-
way, and carrying on its business, including all taxes and assess-
ments and payments on incumbrances (being prior liens upon
specific portions of the said mortgaged property), of completing,
repairing, or replacing the said Railway, its appurtenances and
equipments, so that the same shall be in high condition, and of
providing such additional equipment as the said Company shall
deem necessary for the business of the said Railway.
This mortgage shall be for $16,500,000 gold, and shall be dis-
tributed as follows, via.:—
Consolidated bonds in hands
of Public ... ......... $18,458,000 75 per cent. $13,113,500
Coupons on ditto, prior to
16th January, 1867 ...... 1,000,000 75 „ 825,000
Buffalo Extension Bonds (in
debenture trust)

$16„050,500
Surplus for contingencies and expenses of reorgani-
sation, &c. ............
............, .. 449,500

$16,500,000

NEW STOCK.
The amount of New Stock to be issued under the reorganization
shall be $12,500,000, which shall be distributed as follows :-
50 per cent. of nominal amount of Deben-
tures of 1868 ($13,000,000) $6,500,000
50 per cent. of balance of Debentures,
1864 ($7,000,000) .. 3,500,000
For other creditors and contingencies .. 2,500,000

$12,500,000 $12,500,000
The Common Stock shall be issued in shares of $lOO each, but
shall have no power of voting for Directors, until the interest,
sinking fund, and all applications of moneys provided for under
the three Mortgages shall have been made.
No other Bonds than those above specified shall be created,
nor shall any debt be contracted exceeding in the aggregate at
any one time five per cent. on the par amount of the capital
stock of said Company, unless the same shall have been previously
authorised by a vote of two-thirds in interest of the stock and
bondholders, at a meeting duly held.
There shall be a sale under foreclosure of three divisions of
road from Salamanca to Dayton, and all the property belonging
to the same, and at such sale the same shall be purchased for the
benefit of the various parties coming into the foregoing arrange-
ment.

The purchasing committee shall consist of four persons, who
shall have general charge of the legal and other proceedings
nece,...ry to carry out the plan of reorganisation, and shall
consist of the following gentlemen, who in case of vacancy shall
have power to appoint their successors :
L. M. MEYER (Director Pittsburg, Fort Wayne, and Chicago
Railway Company).
C. N. JORDAN (Third National Bank).
R. C. BURLAGE (Dutch Consul-General).
H. AMY (of Messrs. H. Amy and Co).
Amsterdam, May 24th, 1870.

FORM OF MEMORANDUM,
Which will be stamped upon the Securities brought in.
This Bond is held upon and subject to the conditions of a Pro-
tocol of reorganisation bearing date the 24th May, 1870, a printed
copy of which Protocol is deposited at the London and County
Bank, Lombard-street, London, and may be seen there on appli-
cation ; and Title to this Bond can only be transferred subject to
those conditions.
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