New-York daily tribune. [volume] (New-York [N.Y.]) 1842-1866, 1862-05-21

honda On the three sections of road - named above
arrears of interest 10 be added TO the principal
cordur to tho plan of reorganization. Also. their
bonds to the amount Of IS, l60, 900, secured by .
second trust on all the property Of the Company,
subject to the FIRST to be by the Committee given In
PAYMENT TO holders Of second mortgage bonds on the
three sections of road as above named, and OF con-
solidated or construction bonds set forth in the
contract of reorganization. The above-named bonds
bear z y cent interest, with half.yearly coupons,
PAYABLE fifty years after date, but redeemabe at any
time at the option of the Company after the expra'
lion of ten years.
They also delivered to the Committee their bonds
to the amount of $2,O0OO00 called income or third
mortgage bonds, to be by the Committee given 70
certain classes Of creditors under the plan OF reoga'
nization they being in fact nothing more than pre-
ferred stock as the interest is payable contingency
as NAV be declared by the Board of Directors, after
the interest ON the mortgage debt is PAID and the
road pu. and kept in complete order. Holders OF
shares in the old Company are to be reinstatea ny
the new, and put in the same position they held De-
fore az to tbs stock. Great care has been taken oy
the Committee to protect and surround the severai
mortgages or trusts with the legal guards and sane
tons that able and experienced counsel can DEVISE
and in this respect they think they have oeeh n'''
fortunate, providing for all contingencies that may
arise.
The interest on the First and Second Mortgage
debt il divided into six equal series, payable
monthly-January and July l, February and Au.
gust and 40 on-interest account being equazed
by the payment of fractions in cash by tue oonn'''
tee when the new bonds are delivered. Inc mort
gage creditors may rest assured their interest VIII
be promptly met according to contract. Inc sum Oh
s6I 900 per month Of the earnings since inc d" VI
.Japusry last has been Get aside and placed 10 tne
hands of tho Companys agents in New-fork'
Messrs. Winslow, Lanier & Co.. for that purpose.
An rreyocable order has been made by the boaru u
Directors for its continuance. IL Is the purpose VI
the Board of Directors to appropriate 'ne he. carr"
ings. after the payment of interest on the deo''
the Gradual and economical Improvement oil tne
road and increase Of motive power until 1t Is maze
.onaI 70 the best roads in the country After this is
done, they will commence declaring DIVIDENDS Oh 'n'
Third Mortgages. Soon after, the long-dsierreo
shareholders will begin to realize dividends Oh 'ne"
stock. !.
To hiring about this result has been the labor oil
oyer o. wears ON the part of the Committee occupy
ing the undivided time and attention OF portion oil
them their efforts have proved completely success
full and have given to all classes OF creditors and TO
the shareholders and persons interested Ia the line
An unexampled degree Of satisfaction. The increase
in the market value of the bonded debt aud STOCK
since the agreement was entered into ls over h'e
millions Of dollars.
The new organization starts under the most Ia
vorsbs circumstances, free Of floating debt, IN hne
credit, in the receipt Of near three and haH
millions Of dollars per year in gross with every pros
rect of large increase the mortgage debt little over
one.balf the coet of the road. The line Is one oil
great promise for the future being the nearest best
and most direct route from New-York, Phllsdelphs'
and Baltimore to Chicago, trayesing country oil
Urea, fertility, as yet but partially developed, being
almost straight line for fourffths of the way, with
easy grades, occupying . central and commanding
position.
The receipts of the New York and Harlem Railroad
Company for the first four months OF 1907, as CON-
no rad with those of last wear follows, VIZ;