New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1874-02-07
RAILROAD PATCHWORK.

THE NEW PLAN FOR REoRGANIZING" The NEW
YORK AND oSwRGo hIDLASD-ACTUAL CONDI-
TON OF THE ROAD
An abstract of the plan for recognizing the
EewYork and Oswego Midland Railroad Company,
adopted by a Committee appointed by meeting Of
bonded and other creditors, was published Ia TIE
TRIBUNE yesterday. copy Of the plan has since been
obtained. The Committee in presenting It 10 the
creditors for their consideration submit report, from
which the following facts and opinions taken:
The bonded Indebtedness, including pastduc coupons
ia upward of f2OO000 OF which about the amount OF
OOO 900 is in shape Of bonds hypothecaed, and the M
secured Indebtedness ls about s200oO Including the
money received from towns and Others the railroad has
cost about t30oOOO0. Since Sept 49, 1873 tue railroad
has been the hands OF receivers, and " now held by
Abram Hewitt and John g. Stevens as receivers, ap
pointed by the United states Circuit Court In SUIT
brought for the foreclosure Of the first mortgage, The
main line OF the railroad has been IN operation since
August last and for the last few months has been
with great skill and economy by the receivers The
results attained far prove that the railroad has now
penses having behndhaRd since Sept Is about $50 600
In order to she safe and continued operation OF
mated at $4,000 should be expended in settling ques-
of right or way, &c There existed at the time OF
the equipment the value of about 100000 and there
labOrers $4,000 n results therefore, that
a OF about 81 100000 must be provided IN cash, be-
fore anything be realized IRON the property for the
first mortgage bOndhOders.
The following is more complete outlineo the Plan
OF reorganization:
and its property OF every kind he sold under
foreclosure of its st mortgages and that such railroad
and property be purchased by three persons snail
be the trustees OF the asserting bOndbolders for such
purchase. That such purchasers shall forthwith organ
lie new corporation under the namo OF the hewYork
Midland Railway Company, to whom such railroad and
property shall be transferred. That such company
Montcair Railway, paying rental she interest
the $260Oo0O of first and second mortgage
such Railway Company, and On such additional amount
OF securities shall be necessary TO the ooInp
OF the railway TO the Ne~YOfk State line and to
sla RtNnr IN md naB he
provide in order to make the leased property for
ever part OF The New York Midland Railway. aud TO
the control thereof TO the mortgage bondhoders
the payment OF this rental shall, In suen ar
counsel may advise, be secured upon e property OF the
shall then proceed TO make issue, and dsnose OF IT.
stock and the securities below named, IN the following
Irs: Seven per cent gold bonds TO DO known M first
mortgage bonds shall be Issued, secuted by first mort
Including the western extension, as 1t shall be built
That the amount OF such bonds shall never exceed
operation, except such additional amounts below
provided for preferred bonds and for terminal
That such bonds DO disposed OF and distributed al fol-
G To eI,h.,ge p. The ou,ndBs Aorirs. Bonds Of
All Indebtedness incurred BY the receivers; t provide Amoap
HeT the mortgage AID may nefbed r a. the rate Of IS
upon dollar present bOnda.r YOr aud
he'd .I h the tIa''rs. {. s ,.s 'Ds soHles
from Mddsorn ihe junction with the Mon.r RalraJ At The
Utica and Rome aud TO The payment Of The just charge, attending the
(d amount Of $4,000
nile Of railway upon The wsI9 Extension to be issued The Com
uesed and in operation W abe said mortgage PROVO.
future time the shall he needed
OO00UO par 20 D. applied
under the direction Of the uees solely securing suitable sem nsi
facilities upon the Hudson River.
second; Seven per cent currency bonds 10 be known
az Second Mortgage Bonds shall be issued secured by
second mortgage upon the entire line of railway
branches and property including the Western EXteI-
sion, as ID shall be built.
Tkd Preferred stock shall be issued To the holders
Il Eouf and ta.,.
Bonds 10 the extent OF 0neturd OF the first two and
One-hah OF the latter bonds at par
FOURTH All secured creditors holding bon OF the New
York aud Oswego Midland Railroad Company a. col
lateral shall receive In discharge OF their claims upon
the surrender OF the old bonds held by them securities
OF the new Company oil the same character provided
those who absolutely own such bonds.
RIM Common stock of the new Company sbaU he
issued 10 the stockholders OF the old Conpanv dollar
for dollar for full paid stock and, like common stock
AT the rate OF ny cents upon the dollar shall be ssued
for all outstanding nonlnterest bearing eonyertible
bonds OF the New-YOrk and Oswego Midland Railroad
Company aud for stock issued the version Of
such bonds, and also TO persons who may eouahIy
be entitled TO such convertible bonds