New-York tribune., 1875-03-04
RAILWAY INTERESTS.
PLAN TO REORGANIzE THE NEw-YoRK
MIDLAND.

A PLAN TO REORGANIZE THE NEW-YokK
MIDLAND.
THE PROPOSITION PUT FORWARD By SEVERAL YIRsr
MORTGAGE BONDHoLDERs-DETAHs OF THE sUG-
GEsrED READJUsTMENT OF DEBTS AND ISSUE OF
STOCK
A plan for readjusting the debts OF the
New YORK Oswego and Midland Railroad and for the
organization OF new corporation mas been proposed
n A. Cowdrcy with other men who hold the first mort
eaee bonds OF the Company, who represent the
holders OF such bonds. unite n suggesting this plan.
The Company owns 24s miles OF main hne anu ln mics
OF branch railroad It's earnings last year were repoo
at $4,000 gross about $500 per mile lts mortgage
debt is s2532j floating debt is o00oo0 and capta,
stock exclusive o. convertible bonds. s6soocoo The moss
important paris OF the plan Of readusment proposeo
are:
Sell the road and its franchises under decree 70 iore
The first Let the orst mortgage ooha
holders unite purchase the premises niortgaged AT
the sale for the benefit OF such hrst mort
bondhoders as assent to this plin ana naoa ."e
bonds to the Purchasing COMMITTEES alter degree GU
tered and before the day sale. Let the purchasers
form a successor railroad company, wbcn sna,'
Which shal be for the sum OF s6OOoO0-a little less than
$1,000 per mile. Let them Issue stock AS follow ooo ooo
Pst preferred per cent aeumui,dve dye soVooVV"
directors the Company bave earned sod paid
for erss ;SI Ses.'ve y'' ia upon 100000
cdnnOn stock limited IS to nsbt voting directors
until after .se & assG uoon sa5G % 1 sSs ord
DeS spefJT .Os ysis. 20 100000
ro,, ,o., o new s37 600 900
which is eSu1l TO 100000 per mile.
rol s"s nsS es,s Certificates and 600
For pureha OF af Of be bond. 4OOOCOO
op Da.a peOnTtg 70 Iu sS aer 100000
$4,000 900
The first preferred stock to be appropriated as
purchase ofh old d,, $1,000 o9 co9
For lAe entire Old mortgage " JaY - i''o'' 1'0"VVV
r.,., ....................... So oOO
10 IL
For purchase Of the old mortgage bonds principal
and interest to JuiY l. l675.... SoooVooo
Tue ccmmou stock 10 be appropriate as 0t. doow'
For PSsihn's S, hs' ' ~?..;t. GOO
For For ba5a Saaase Of e osss Bonds 0ooo
Tor purchase OF aosios eiclanz and
new company aud only just and equitable claims TO ~.
For S5sna.e o o'i cp. 'oa ...4n. 1000 oCo
Reserve tor coraeucie. sich reserve belong. to
and 10 be used FOR It's 0ebeh lo'ooOo
100000
Where bonds shares held collateral security
shares VII only be issued for either the collateral ortLo
debr, the option Of the holder he assigning TO the
new company both the debt and collateral upon reeelv
ing the securities for either Any surplus oi tDe
new bonds shares after the use OF all the same as
herein provided VIII belong TO the new eompanS a"o
will be used by 1t for It's benefit ,,
Tue new mortgage bonds and first preferred stock viii
only be given iu exchange FOR such OF the old hrst mort
gage bonds assent 10 this plan within the ime 70 to
limited by the committee hereafter TO bc appointed w
those who assent hereto the plan INTO elect or
substance ike it, and to those bOnduolders Tao,
having assentrd thereto, shall have deposited their
bonds with such committee when required 80 10 DO
they will he required to do af,er decree of sale IS
made and previous to the day OF sale.
The first bOndhoders asserting TO this plan
the right to alter, modify, or change 1t At any
time, in such manner majority IN interest snal ia
writing direct but III doing they Will TO
careful do no injustice to the junior creditors WHO
shall have previously assented hereto, and snail bayo
co6pera ed in endavorng 10 carry this plan INTO eIec
No second preferred common stock Will be Issued ex
cept 10 such holders old bonds aud shares shall
have co0perated to this plan utO effect ana snail
within such time as shall be limited by the committee
deposit bonds with aud transfer their claims and
shares to said committee The issue OF SECOND ple-
ferred and stock TO the junior creditors and old
shareholders is grdtuity aud the same IL upon afD
trary principles fixed agreed TO under thIs pan
or by The committee who endeayor 10 carry the same
into effect.
plan is assented 10 by maj0ntv OF nrst
mortgage bondholders before Apri l. lSI3 an al
tempt will bs made % carry out the same u1der tue
direction Of committee be selected hy such OF the
first mortgage Dondholders shall have assented IA
writing hereto