New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1874-01-16
\ RAILWAY REORGANlZED

MEETING OF THE FIRST MORTGAGE BONphoibtbS
or THE DPS MoINEs VALLEY BAILRoAD-A hfw
COMPANY FORMED
AT an adjourned meeting Of the bondholderS
OF the Des Moines Valley Railroad northern seofion.
about s5OOOOO Of the first land grant mortgage bonds
we're represented Messrs. Whitehead, Dana, biss ana
Smith the committee appointed last week 10 prepare
plan OF reorganization reported scheme winch met
with the approval Of present This section ws sold
under force osnre of mortgage time since and
was bid by c. W. Perry, who acted for the hiHn
mortgage bondhoders. The following are the principal
points of the agreement which adopted by ili"
meeting and which will be presented 10 a.! che birs
mortgage bondholders for approval:
We the undersigned do adopt the following articles
OF incorporation and for ourselves, our associate cue
aud assigns under and by virtue of rue a" or
Iowa. do create corporation under the following eit
The of such corporation shall DC the Des hOiu's
and Fort Dodge Railroad Company ....-
The principal of business Of the said corporation
shall be in the City OF Dies MOnes, In the State 81 Iowa,
and the object OF said corporation shall be me acqus
ton maintaining and operating 81 railroad rom some
pont i'm The City OF DcS MOines to point IN tha
City OF Fort Dodge in Iowa, and any extension
thereof that NAV hereafter lie Dullt or acquired.
The highest amount Of Indebtedness or Liability 10
which the corporation may at any time be SUBJECTED ~
The private property Of the members AMI soc khoders
OF this corporation is exempt lOn HdDiy loi oofi"-
rate debts.
The OF the capital stock Of said CORPORATION
shall be $iOO0O0o of ulpaid stock divided into rhae
OF 500 each. OF which 10000 shares rhall De priesr.
stock. and 10000 shares shall be common stock Tue
preferred stock SDall DE emitted 10
rst earnings OF the road after paving interest on i
bonded debt 10 amount not exceeding seven per cht
a wear before dividends declared on any other
stock and after dividends are declared on an other
the extent Of seven per cent theh II fhAl p~
| entitled q share equally in all further earnings.
TIE said preferred stock may be subscriber ana pau
for either in cash the holders and owners of the hsS
mort gage land grant bonds, having lien on tiso
railway property proposed To be purchdse' may taht
the par in satisfaction OF the pasdue ineres.
upon their bonds, and the interest 10 which they wont
have been entitled up jan l. 1875 The remainder or
the preferred TINS issued shall remain mo
property OF the Company 10 be issued only on resolu
zion of he Board Directors for cash. or for the paf
ment and exti guisIment OF debts and claims against
railway proposed To be purchased or on account OK
the purchase OF sand railway, its rolling stock &c
The common stock shall be issued Tor the purchase OF
said railway lin n manner specifcd AT lebctW ahu
the Board Directors shall have authority to cancer
thereof may not he Issued wlthb TWO ytas
from the organization OF this Company, or To distribute
the among the holders OF the nrst mortgage pohu
This Company its Board OF Directors, u authoizt
10 issue its bonds amount not exceeding $t oO
for the sum 81 EACH PAYABLE 10 81 year, WIN I-
terest the rate of six per cent per ahhun rrop Jan %
1875, interest PAYABLE semannuaily.
Twelve hundred az said bonds snail nave coupons an
ne xed and 200 shall registered Interest shall 80
maid on the second class OF bonds only after tue way
ent OF the and assessments upon all the property
Of road Its running expenses anu require """ w"
interest upon the INST series OF bonds
The said bonds to be paid and delivered 20 no
holders of the mortgage land grant bonds 10 Tho
ronortion of one Of each class Of the new bonds IN
place OF two Of the former bonds
Board OF DlrcctOrs snau nave power W "aeS no
road for a term Of years
The governing power OF the corporation shall Ia
xesrcd in of directors. five Of which shak
constitute quorum Toe following are designated az
the first Board: John l.. Ludum, T. Z. NJ Patton DAVID
b. Green, Charles Dana, George Bliss, George d.
sInvthe Charles f. Whitehead, all OF New-york; AID
john \. Elliott and c. c. Nourse OF Des Moines Iowa.