The sun. [volume] (New York [N.Y.]) 1833-1916, 1876-08-22
REORGlNTZTNG ERIE.


It's Dctn1ls are 10 DC tnrrted Uut
The amen ded scheme of reconstruction
for the Erie Railway Company has Just been
published Officially. The pamphlet Is n small
one Of five pages, and Is devoted entirely to an
explanation Of the method adopted for reor-
q nization. Under the law passed last winter
1t Is expected that no obstacles to a speedy re-
construction will be encountered.
The following named are the first reconstruct
tion trustees: For the first consolidated mortgage
ana sterling Morgan bonds, o. q. Miller, E.q.. and
II. Kawson, Esq; for the second consolidated
mortgage and convertible gold bonds, J. X.
Cross, Esq, NJ F., and J. westlakc, Esq, Q. c.;
for the preference and ordinary shareholders,
p. Michigan, Esq., NJ. p, u. wbitworth. Esq, NJ.
P.;independent trustees. not representing tiny
special interest, Sir T.. w. watkin, NJ. r.. with
a casting vote.) and r. w. Powell, Esq. ANY va
cancy among the indeuendent trustees shall be
filled up by the continuing reconstruction trus-
tees, and any vacancy In any Of the other sets
shall be 0l,d ty the continuing member OF tho
same set, II any, together with the INDEPENDENT
trustees. he holders OF the lrst consolidated
mort gage bonds are tu deposit forthwith with
the reconstruction trustees Xix altern tie cnu-
mons falling dus from the 1st OF September
1875, to the lei of September, lSig to be funded.
Tuev Will receive certificates representing them.
pending ibe creation of new coupon uonds Tue
other coupons falling due viii be . I'd IN sh.
PoId convertible bonds 4re to fund their coupons
as iOllOWss
The sec, nd consolidated must fund ten half
yearly coupons ffOm June l, 1875, to the 1t Of
Iecchibci, $40, tOth inclusive. he god con-
vcr'rie to fluid el-hieon aud two thirds quar-
teriy cuu on, VIZ: tiom the 4 oi Julv, 1919, to
the 1T OF December. 1879, UOtn inclusive.
Funded coupon bonus are to be is-Led for
these courous, hearing interest at the rnte OF
i've per cent. IRON tbs 1st Of December. 1917, TO
the st OF June, 1888. and there liter TX per cent.
lhe principal Oi the second cunsoliI tel and
40
new second consolidated bonds. learins interest
Il SIX per cent from the Isl Of December. 1879,
una maturing toe Isl OF December. 1869. The
FUNDED coupon Oonds also mature ut tue same
date.
Inc common shareholders are to pay go, gold.
FER shtre 10 he ieUdmitted, and the preferred
81 per snare. NOn-cumulative income bonds
viii be given to SHAREHOLDERS making these pay
ments FOR the amounts paid In. The bonds Will
matu ~ 1871.
sharehola,rs not Wishing to take these bonds
can come tn by iaying 81 gold per share on the
common stock. ana az gold ON the preferred.
Shares when are not paid ON VIII he wiped out
and new ones to an equal amount issued aud
sold IN the III .rket, us The teconstruction trus-
tees deem LIODer.
Que 90 Of ito shares Of the new company
Will Ue issued IN the names OF ono OF moro sets
OF trustees. WHO shall hold them To vo;e on, I'M
I'll a dividend has been paid upon the preferred
shares for three consecutive Years. The costs
OF foreclosure and reconstruction shan oe paid
out Of the moneys raised under the scheme as
the tIustces may ue efmine.
The scheme, u found iDipraCticable, may be
mUGih,J 10y the Redistribution trustees with
the unanimous consent Of those Interested in the
modification.
here is a great deal Of discussion in wall
street To tho likelihood OF the STOCKHOLDERS
UaAin IN the pros osed assessment. judging
from the histOr OF the road IN he past It Is not
UNLIKELY thtt ne stated sums VIII Le subscribed.
IT. 1870 tie cOIp"fattun, known b, the name OF
New York and Erie, b, came involved financially,
ino Was thrown INTO the hands OF receiver. IL
was rcorganzed a. the Erie X iwdy aud the
STOCKHOLDERS pai1 as re share assessment. The
sock walsh was selling at - aud a. per ST arc
IN The SlSJ.