New-York daily tribune. [volume] (New-York [N.Y.]) 1842-1866, 1861-01-29

s;s ta9ay and sen az - @/<i cent ioI IL V'nV0'
"a an basis Of "a cent interes, for other deecnp-
80. The coupons on the bonds Of the City OF Mem
"a. wl be paid at tbe Merchants Bank. The inter
81 ooupons the I'd mortgage bonds Of 1861, OF the
Harlem Road, due let Of February, will be pad at the
sfee Of the II essnrer.
TIE sale * the E.ie Road and franchises took place
today sz advertised at the Exchange, and 1t ls sell
dcm ~ valuable property comes under the hammer
The. company was quite small the sale being a mere
after of form under foreclosure Of the fourth and NTH
wortyages, and but one bid was made. lha' was
$4,000 by the Trustees of the new orgaIlHauo"
Mes,s Gregory and Davis, being about ths oaoA III
ierevt On the fifth mortgage. This old, OF eouSe'
teyond the FIVE mortgages and the UNPAID III eie'' u"
,ssm The entire back interest is stated 70 amount 10
.hont S7o6OOO The parties IN ln'eTesV nave SIN
onb from to-day in which 10 assent TO the scheme OF
.orconiza,ion. and the purchasers have until Dec l.
n wbicb 10 cosummate the purchase. The proper
90 in the mean while, viii be managed as now by
The Receiver Mr.. Marsh, whose management has
Given great satisfaction and who will probably be
tbe President Of the new Company, which is TO be
called the Erie Railway Company Mr.. Marsh does
not anticipate being obliged TO call any assessment on
the stock or bonds for The payment Of the overdue
interest believing that the earnings of the Road will
he ample for that purpose. BY the scheme of reor-
snxation the stock lie subject to assessment OF one
eighth Of one y cent for the expenses of such reor-
eanzaton For the information of the parties in inter
81 who are widely scattered over this country and
Europe we publish the scheme alluded TO, and the act
If the Legislature legalzng the proceedings:
CONTRACT BetTeeR the Shareholder aRd he Creaoys Of the
Nea- York Erie Reroad Company for Maintaining ~
Mortgage Securities Unsecured Bonds, and Capital Stock Of
f.ua
ray maturity certain the eonpons upon s ponds ana
tain M aceePtsnce and other floating debt In OF
creditors having IN commenced proceed
es the Company to enforce mortgage trusts and
Receiver Of The property by fourth and fifth
xaes having been appointed and large number III SoH OF
NM n6ed The foowig plan for Hqudang the liabilities of the
Company and the Board Of Directors OF the Company tsving
sl,o adopted aud recommended II:
Now therefore We shareholders bondhoders and creditor
Of the Nsw-S aud fIie hsESsa IomIany esm ~ " 81
each Of paid and each holding and representing he inter
r,t Such Of holders of the first mortgage bonds OF
the Company deposit with the II9ee hereasei
named the earnings respective coupons past
due ad 10 mature November 1889 for payment hereafter from
st 10 Exchange them for scrip Of annexed
marked hey holding the coupons IL trust ior " until pay
ond Such Of US as are Of second mortgage bonds Of
r past due and to mature March 1850 said
waving liens ubdeT sad second mort
vii Trustees in exchange for scrip Ike FORM
to be thus psd OR net ss,png bona.
of said Company to deposit with sad Trustees our IesPee
for pay hereafter from earnings mot wsvng any lien
upde mogage and exchange them FOR sc Of ike form
sid holding said coupons trust for until payment
n fs We further and request hG the third mortgage
bond Of the said Company to the account o. 1000 c Pne
the second mortgage bonds Of the Company at maturity, be
Fesr Such Of US as are fourth mortgage bonds
Of said Company hereby 70 deposit with said Trustees our
1850 and April 1861 for paymen; hereafter from net earnings
without waving any lien under our moTg and 70 exchange
ust for til paid in full and sa Of holders Of the
nth mortgage bonds Of tsd COpsy agree to deposit With said
Der 1889 June and December 1885, and june 1861 without
from net earnings as herein Trustees
the m trust for rs I'll Ped IN M But H. 81 order 70
Fse eelOsed and new Company formed new mortssse
and priority Of lien with present bond, 70 be isned to
with corresponding coaPSSs placed with ssd IIastees 50
ing shall have the rge as the scheme were carried out
FS saeh Of s as are holders Of the Convertible Sinking
Fund bonds sad Company hereby
10 GS Of bonS s % now
in sdvanoe sddsd and 70 deposit our
Of the form ESsd sqSn Ps sSns .o1f s1Ios %
the current year but not ewse not TO exceed ct
any one year payable semi annually after payment Of moage
sra such Of us as are holders the stock Of the New York
and Ere Rsoad Company hereby to the foregoing and
sHour in such new Company shodit become necessary
gnze the and 70 place our shares in trust win sad Irns
Srsa Dudley s Gregory OF jersey City and C. Bancroft
psS Of NewYo WHOSE ses ase hereto subscribed for the
purpose Of yng theft assent hereto, are hereby created
To receive and hold said mortgage coupons ofeah class
H. To receive and hold such ourthor fifth mortgage bonds in
Of foreclosure and exchange them as herein provided
Ill receive and ho snch unsecured bonds and coupons
and exchange them for suh preferred oc ana issue receipts
thsTsfcI .h.,s. q. the o,,i,,, stock Of the
NswYok and Erie ksrosd Company oT the purpose above
named and issue receipts theSsior b . h or5s, 70
the purposes this agreement sndthey or either Of them
attorney in fact OF the subschbers hereto to sign the
Vi In case sale Ct the road under foreclosure necessary
to carry this agreement, TO buy the zane 10 on our &C
count assessing hereinafter provided said Trustees being
under DO liability to furnish money for that purpose.
os,e to receive the net earnings thereof from the new .hsss
.D: ssT TO saS SDH hS s
exceeding principal sum- nteIss, to be added 70 date
sbed to said Trustees by the Board Of Directors which
Siss upon the Long property estimated to
$4,000 3d. to the liquidation Of said delayed mortgage con;
gast. u NO ''''' u '"'" '''''''' '''' w w
VIII To resn from said net esnngsss compensation for
their services to be fixed by the Board Of Directors
mortgage and unsecured creditors and OckbOders Of the New
trse we ptopose 70 cary out without Foreclosure BY Oh
tanning legislative sanction % H. But should such general assent
ss Trustees Jointly With the present Board Of Directors OF
%sy q soessd TP os 90
had the tSe q each esss poysd Be issued By such new
Company seI esisa.iSs sanction is obtained Il foreclosure
Holders Of the bonds issued the mortgage which shall
be foecoed to the full amount Of the bonds hold by them
they receive mortgage bonds Of Rke and lien
d. Al The subscribers hereto holders Of mortgage bonds Sc
eed by the mortgages which may De fOLesOsd Of unsecured
end spe 81 .OG sUb dr 0i I'm Tss
shall ~ before the day nsGed fr payment by the terms Of
entitled q an interest 10 the Organization
The q the ssd e9neaon to De chase upon the