New-York daily tribune. [volume] (New-York [N.Y.]) 1842-1866, 1848-12-14
OfficE NEw-YosK AND ERIE RAILROAD Co
NItl.NnaE UecomheT l3. lHia

NEw.YoRK December 10, 1913
~ Ata Meeting OF the Directors Of the New
York aud Erie Railroad Company held on the slh ns me
following proceedings were had
The Commuee whom referred the subject Of pro
y1ng for HI payment Of the SIX and seven per cent Ger
Gates originally issued by the Company IN liquidation Of
old Indebtedness and which fall due on The ISL DAY Il
January reSt-pfesent NJ following
REPORT
Thai they IN carefully considered the subject referred
them, deeply Impressed with the importance OF meeting
all every DE and upon the Company At maturity
but IN the present condition OF us AFFAIRS, hs canno' De done
rs relates 10 the ehoVensmed ceTthcsrs ~nou' onl.us
tie payment Of debts recently contracted in the cons,c
ton Of The road and providing for locomotives cars &c
uec"ssery TO the road after is construction "ch can
not be done without iTeparsbe injury.
II be- borne 10 mind how ever Inst us'e cefuhcsies
issued la liquidation 81 The Old Indebtedness v ,
COMPANY Al time when the Affairs ~ ere 10 en ainpsi
hopeless state OF insolvency and the object OF me man
ayers al that time ascertain be amount OF indebted
ness and TO place such shape not TO embarrass, IN
number OF years. any effort that nigh be made TO fes
citaIe The saars of the Ompanv
Thai il was contemp sied at The Of their land
the COMPANY reserved itself the ughil 10 exchange
these certificates subsequent issue OF bonds a. esch
Ger acste besring the following endorsement will show
The Company reserves 10 rse me rsht TO tNchanse
his Coz fcale or DO ID Of Ike amount bearing the sane
rate Of interest authorized under The act passed Apf 10
1913 In 10 the construction of the New ON Ana
Ere Railroad should said act be modified a. TO permit
The Company to issue bonds for pssI indebtedness
Thus vil be hstit was conienp sied ny e Dec
tors time Of the issue Of these cerhcaes eud unue
stood by those who received them as the endorsement OF
the certificates plainly sates that the holders ~ paw OF
the contract bound 10 receive subsequent issue OF
ROuds rate OF interest, Nltnuu hhl
to time Of payment except such as The sc' referred 70
might impose II H., a.,
but obtained in rs stead the passage OF new one 10 o.
fnr more favorable in It's character under which The sfafs
of the Company were resuscitsted ,, ,, -,
The General Railroad Law passed during Inc AS
session of the Legislature permitting Railroad Compsnes
10 issue Bonds together with other laws reauNe 70 ha
r,sds will enable The Company avail Itself OF me cOnd'
on endorsed I'M The certificates fully NJ The modneanon
of the act above referred To would have done
Your Commiiee therefore assert that In recommending
fba Of
they are not departing from The split and intention OF s
Company Al the time Of their issue. nor from wha mus
have been well understood and expected ny nose WI" IT,
YoHr Committee would nevertheless recommend thel
PAYMENT on The Isl of Janusy next do not Circumstance
absolutely forbid H. They know they but express me senu
ments OF every member Of the Board, when hey slate INN
ii would afford them great pleasure to them Al maturity
the reserved privilege OF exchanging mem
FOR new issue and they hoped there would nave Deen
surp us of cash hand after extending the roa1 70 bn
expensive character Of the worE preveeied II -
One feature IN relation 70 these cerucstes, u hal ~
pose, slae thst The resascisou OF the affairs OF h'
Company aud It's present prospects has gwen al me Vu'
to these certificates that they now possess "Hou' '"''
would have been entirely worthless ~ -
The extension Of the road 10 Bnghsmon. your Com
miitee consider pisces the value OF he proposed l's'
beyond doubt cavi, and that they VIII DC as 0eIa,
nsiS NJ mslgty A. any other liability OF The COMPANY
Your Committee. therefore. recommend The following
That an issue OF new certificates be authorized by lh
Rosrd of Directors exceeding IN amount I'VE nuhne
thousand dollars payable IN i've year, ro ss,na"S
slly convertible stock NJ par at any time before lh'
maturity not to be issued IN sums OF ess .S IN a. an,
red dollars and only for hundreds and mol io al,
fractional part Of hundreds which are 10 De US :
In payment exchange for The aooNe1esonoeu ou 'o
hcsss. - -. -
That tie semi annual interest on the SIX per cent &C.
6c.es be pSd To tbs holders thereof IN cash on me Is
Isnnsry ne.t. ana spy party holding certificates ~hc
will not amount In the aggregate to one hundreo uola''
will be paid 10 cssh. When they amount 10 ons ., nv
hun,rds they will be paid IN the described ne" ce
ufcaes and the fractional paris OF hundreds VIII o. pa
cash. -. 9Th s,. nara a.
interest," will have the privilege ot takh tnt
nv rrtncipa and interest in ne new cefuheAcs lot =.
evrn hundreds and cash f0rthe FRACTIONAL pa'' % a
b rsvleee of tskng the notes OF Scceplsnces OF VI
80 ~, he inierrs when II amounts TO one hundred 90
iars or upw arc, payable on me ISL e'oOea ~
80, - sten per cent per Hnnnm. and take the new oci.
sic. for The principal alone Whenever me nlSies on ~
s~ven par cents falls short Of one hundred o"is'' "
be paid In cssh .
al which is respectfully s9smn,sS