The New York herald., 1875-10-22
THE NEW JERSEY MIDLAND Road.

PLAN OF REORGANIZATION FINALLY ADOPTED.
The first mortgage bondholders of tho New Jersey
Midland Railroad held an adjourned meeting yesterday
afternoon at No. 81 Liberty street. Mr.. D. b. Hastead
presided The Chairman stated that the object of the
meeting to consider the various plans for the
ganization of the company.
Mr. Mcdowell offered very elaborate plan, which
was placed on Gle with the others.
Mr. A. J. Taylor moved that the trustees OF the road
be urged to press the proceedings for the foreclosure
of the first mortgage Adopted 1t also resolved to
present to the trustees written request, asking them
to go on with the foreclosure proceedings regardless of
any plan.
Mr.. j. wyman Jones moved that thirty days notice
be given the other bondhoders before the adoption
of any definite plan This created violent discussion
aud gave risc to numerous motions to adjourn, &c
The result that the plan proposed by Mr. Joseph
N Balestier and which has previously been published
in the HERALD, adopted with certain amendments
agreed upon by the meeting. 1t will suffice here to
give brief outline of the amended plan finally
adopted
l. After foreclosure the new company shall contract
first mortgage debt of $780, 600 for putting the road
in complete running order and for paying its prior liens
and the may be increased TO not exceeding
ST. 600 900 for improving its terminal facilities No bond
10 bo sold below ninety five per cent and the drec-
tors may provide for their payment by new bond.
2 New seven per cent bonds, running for thirty
payable gold, snail be issued the mort
gage bondholders They shall bear date February l,
1870 and the first six coupons shall be exchanged for
stock.
g. The past due coupons with interest and those six
coupons with the gold premium on February ], 1876,
shall be exchanged for the capital stock.
4 Income bonds shall be issued to the holders OF the
second mortgage bonds for the amount of their bonds
and unpaid coupons Whenever the net earnings shall
exceed the upon the classes OF bonds and
seven per upon the capital stock the income bonds
shall be entitled TO dividend not exceeding per
cent per Such scrip may be redeemable at par
in instaments of not less than ten per cent
g. Scrip No Is to be issued for the hquidated prin-
cpa Of the third mortgage bonds and for the
debts Of the company Whenever the net earnings
ceed the upon both classes OF bonds and
per cent upon the capital stock ana income bonds
scrip No shall be subject TO the regulations and
advantages as income bonds.
G Scrip No shall be issued TO the cap tai stock
holders forty per cent in exchange for their stock
certificates. Whenever the net earnings exceed the
interest upon the classes Of bonds and per
cent upon the capital stock and upon income bonds
and scrip No l. then scrip No shall be entitled TO the
same advantages.
T. All first mortgage bondhoders shall deposit their
bonds with the Central Trust Company before Decem-
Der l. with oneourth of per cent of their value in
cash for deayng the costs Of foreclosure The holders
ofhe second mortgage bonds who desire TO avail them
selves OF this plan shall pursue the same course.
The plan adopted by large majority and the
Chairman Mr.. D. B. Hastead was empowered TO ap-
point the permanent committee, OF which he shall be