New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1875-06-09
R1ILHAY CHANGES.

REORGANIZATION OF THE MONTCLAIR ROAD.
SCHEME ADOPTED BY THE BoSDHoLDERs - THE
PROPERTY TO BE BOUGHT FOR TIE HOLDERS
OF FIRST MORTGAGE BoNDs-rHE LINE TO BE
COMPLETED TO GREENWOOD LAKE AND cALD-
WELL.
meeting of the bOndholders of the Mont
clair Railway Company held yesterday at No 10
Broadway. Smith Ely presiding and William o. McDoweh
acting as Secretary. The meeting had to consider
the subject of the reorganization Of the road Inc io
lowing plan OF reorganization reported by the Bond
holders Committee and adopted, Sl,lO9OOO IN bonus
being voted in the affirmative:
First Push the pending foreclosure proceedings 10
speedy close A. the sa buy in the load hnas
holders Who unite in the areement, already signed ny
the holders of about million three hundred thOtah
thereof (who have DEPOSITED their bons and organlze
company take the wherein the interest OF every
suc bondholder shall be equally represented unless AZ
the sale the trustees, acting under INSTRUCTIONS Oh .e
bondholders committee, shall decide not to make sen
second: Issue first mortgage construction bonds
secured bY first lien upon the entire property LOT
100000, bearing seven per cent interest , Win na
yearly coupons the proceeds OF men small De aPped 10
complete the road To Greenwood Lake and Caldwell
equip it, pay for rsnt OF w ana a S Sr ffs ah
company NJ more OF these bonds to he Issued thh
Third: Issue mortgage bonds for 81 900 bearing
seven per interest with hafyeary coupons to the
present frs; mort gage Dondboders A. COZ eftl pro
lection for stock for Sl-OOOOO, when
shall be held ny the trustees OF said bonds IN trust Ir
each OF SAID bondhoIcs Shall be entitled to !oe at al
elections FOR directors Of said new companj III propol
ton to hi- then ownership o. bonds An executive com
mtfee OF five duly chosen by the board "a directors
from their sumber snail cas-, the vote for al SAID
bondhodcrs who shall neglect 10 vote az any snch cleo
ton. The holders OF said stock agree tiat sd sscA
shall have no other force or eject tnan rs coalefd 10
said bonds. except a. aforesaid.
fourth Issue stock for all the past due and
maturing coupons of the present first mortgage bonds 10
dnfc of the foreclosure sale and for the OF the
present second mortgage bonds To the Holders OF SAID
FIN All the net earnings Of the road To he applied
strictly the payment, first at the coupons OF the rst
mortgage construction bonds a. tn"y mature s.eonoy,
10 the payment of the coupons oi the other m"rg"ge
bonds herein provided ior ana tnny'l 10 tne ~
Of divid .nds on the stock Issued under section VI ,is
plan. II default shall he made III the pay ent oi the
coupons Of the mortgage bonds provided for III ctOn
" this plan, on account OF INSURGENCY OF eahgs d .l
ing five years part thereof after me uae
OF said bonds scrip shall be Issued ana received III eA
date Of ISSUE and ~ the end Of said five years unless The
be paid in cash all scrip 40 Issued during thaf t
with the interest thereon shall be funded into bonds OF
the validity and effect the said mortgage BOMBS
mentioned bonds shall BE- made IN the mortgage re
qured by section 3 aforesaid 81, a., o,t,o,, ho,a.
holders not as-enng 10 this plan the right Is resernea
which Will he due to the nonassening bondholiers and
TO take bonds which would have been delivered 20 theH
Sereufh All holders OF existing bonds, first and second
mortgage 10 pay an Of onehaf Of one per
cent par value % the bonds for expenses ot Tore
closure and Reorganization before securing the NJ stock
and bonGs herein provided iorthc assessment already
paid 10 he credited N payment Of ms amount ,o,
EighM The results above coneinpatelo be atfanei
by any method or plan OF arrangement when COUNSEL
adi i-t.
The following resolutions were adopted
Resored That the existing BOudholders Committee TO
wit W h. Leonard j. de Scufyile. A. b. Elliott, james
Yereancc NJ. A. Myers. e.. l.. Perkins, and j. Nymah
Jones he and the hereby appointed standing
committee representing the first mortgage bondhoiders
" instructions 10 carry the plan oil reorganization INTO
effect and full power. IN their names. hut To the use
- said bOudhOlders To do all necessary h'i5
and things for the most speedy contamination
OF said plan Of reorganization. and particularly,
slc Of the mortgaced property under the foreclosure
proceedings now pending in the Court or ChanceIy OF
Ncw,ersey; that they attend -nch sale when had ini
acting in motion with the trustee or trustees they
hid al sale such price 10 them snail seem most
condlcive 10 ~ the first mortgage DOndhold
err, and the property shall he struck Oh 10 them mat
they sign and perform rbr conditions OF the sale ana re-
ceive deed of conveyance the Court a ORDER ana
approve. ,r
csolrH That in anticipation ~ such sale and convey
anre the said Committee hereby required to take the
necessary Steps and proceedings 10 organize ne" cor
poraon conformity with the rcqulrenc MS ana uh'er
The provisions of the general laws OF NewJcsey 10 De
called thu NOntrlar Railway Company. Or AT tbeir dls
ere mn under old MOntcair Railroad charter. Ana
that the following named gentlemen DE requested tO Dc
come fnc corporaOr- and first directors thereof, 10 VIII
I T. Ranloiph. Stephen Cary. Smith Ely, IT., W H.
Power j. A. Packer, John r. Dewitt. Uriah Gilbert e. n
Jordan W. Il. Leonard. j. dc Nenfvc. j. Wyman Jones
james Yereancc, NJ ~ Myers, {. L. Perkins, H. b. erils