New-York daily tribune. [volume] (New-York [N.Y.]) 1842-1866, 1848-12-15
GENERAL NOTICES.
OFFICE NEw-TcEE .SD Esrg RsILEnAn CO
NEw-YoEE. December 3, 1888.

NEw-YoEE, December IS, 1873.
" A; Meeting of the Directors Of ih- New
Yors and Ere Railroad Company bed OF the sA inst III
following proceedings were bad.
TIE Corree 20 whom wssrersrred he subject Of pro
vdng for he payment q TIE and per cent CIR
aaea-s, originally issued by he Company IN liquidation
~ Cd n1ebiedness ard which a. cue 70 he Isl day
January neri-PreserI b. following
REPORT
That hey have carefully considered the 90 9i referred
20 them. deeply impressed VIII The importance q meeting
ali tines every Re and upon the Company A. msliiiy
but the present condition y 10 s1as hts cannot be done
ses TO The atovr-narec certificates without onnl
payment Of debts recently contracted In The consiue
lion q the road snd providing FOR locomotives csrs &C
necessary The road After - corslcuon which can
lot be done interchangeable iriury.
Ii b- borne 10 mind however, thai tnefe cerncHe'
were seq IN Liquidation OF he Cd indebtedness Of the
Company. time when ihe arAirs were IN an smo-;
hopeless o. Insolvency, and the object Of the mar-
ayers hat time was 10 ascertain the souni o. indebted
nes. and 70 pace Il IN such shape not % elbarss r
number q years any Effort thsi might oe nsie 10 res'
cifse The s1sirs Of ih- Company.
That couis7 sisd, - lie tine y inelf issl- ara
The Company reserved t0 iise he rgnl 70 etchsnEr
itese cerhcsiss Tor slbse1l-ri ssl- OF bonds a. eau
cerfcafe bearing The following endor--neI - ~ sto"
The Company reserves 70 i'ei ne rslI 20 sNnaLkr
this certificate for bold Of ike amount o=sring ne sane
Of interest Authonzee under he scl P'-d Apru y
1913 10 res-0n 10 he CONSTITUTION OF " Ss oIk &c
Ere Railroad should said sci be 90 rocr led - 10 perri
The Company TO i..le bonds for past naeei-doess
tors q the ssa- q ihese ceTncsies sd under
stood by hose ho receives hen ss h- endor'emeni u
the certificates plainly states nat me nodrrs - pa q
ne c0-trac bound % receive -u1s-clenl i-ue u
Br1s a TIE ssns rate Of interest and without 41y limit
20 tire ne Of payment except sieh as ne sc' referred 10
Tie Company dd 90, sppy or mod hcsnon oflhsi aet
but obslnes In IL s'-sd The passage OF oue n l5f
fsr favorable IN ~ chsrscer urder when me @uss
OF the Company we're resusctsfed
TIE General Ri road Law" passed during he lssi
see Bonds f8ge- srih other avs re awe 10 Raj
roads. vii enable the Company TO sya Itself Of he cond
lions endorsed la he certificates a. fully - he MODIFICATION
OF he aci shove referred 10 would have done
Your Committee, therefore assert that 10 recommending
81. n of HHazla ~IrrF go 49,.
~ are departing from The spirit and Intention ~ The
Company th- time OF their Issue nor rom Whist must
have been wei understood snd expected - hose who re-
Your C0mr,,te- srouid neveriheless recommend their
payment re i q January next did not crclmsiances
m-nis cry member q ~ B0ard, when they slate hist
would afford hen great peasurei u pay Them 81 maturity
outstanding he reserved privilege OF eXrhsnE NJ them
for new and they hoped here would have heeu
surp Of cash hand aer extending the ROAD o Bing
hamon 10 provide for i1ef payment bot ne cn-n end
expensive character u he wOrs prsveate1 H.
One feaiure ir relation iO these certificates 10 may De
proper 90 state hsi he resuscfauon Of ihe sag of he
10 these certificates thai they possess without 70 they
would have been entirely worthless.
The extension n The rosd 10 BlnghsmiOn, your Com
miiee consider. places the value Of the proposed issue
beyond doubt csv ard ha hey viii ne a. certainly
paid al maturity any Otler liability Of the Company.
Your Coumiliee, therefore, recommend the following,
viz
l. Thai An issue Of new certificates be- authorized by The
Board ~ DrecOrf, not exceeding In smouDt i've hundred
thousand dollars psyshe IN rye years from si January
next b arrg seven Der cent interest," physe semi anu
" convertible mo par any time before their
maturity not 10 be ISSUED u OF ess ihsn hunc
red dol sr and only Tor hundreds and FOR any
fractional part o. hundred W c certificates be used
paymeli or exchange Tor the shOve-descdbed Old cs
cafes
That the sem-a1nual interest on The six per cent Ger
l6cses be paid % he holders thereof 10 csih the sl
January next and any party holding certificates which
vi lot amount 10 the aggregate 10 one hundred doisrs
vii be- paid IN cash. When they amount 10 more
lundfeds they VIII be paid IN - above-descdbec
!hcaes aud The sccns psrs Of hundreds viii b. paid IA
ash
The holders OF The per cents with FIVE years sc
umu ed Interest, viii have he privilege Of taking their
lsy principal and interest On the certificates Tor the
wen tundre d.. aud cssh 0rhe fractional part, F have
be privilege 90 TAB u the oes acceptsnce- Of The Tres
for the Interest when 70 amounts hundred dol
upward sysbs he 1T October next with inter
p NJ per NJ snuufn. sld take The cert n
ates for he principal alone Whenever the interest the
cents falls shon u one hundred dollars % viii
~ paid n cash
Al which is respectfully submitted
HENRY SHELDFN.
WILLIAM T. DODGE.
THOMASJ TOWNSEND. Committee
THEODORE DEHON,
DANIEL :. MILLER,