The New York herald., 1876-02-04
MIDLAND RAILROAD.
ING OF FIRST MORTGAGE BoNDHo1Drns TO

MEETING OF FIRST MORTGAGE BoNDHo1DERs TO
REoRoANIzE THE ROAD,
In consequence Of the complications arising from the
failure OF the New Jersey Midland Railroad Company
and the variance of opinion among the holders OF varl
Gus securities as to the of its organization
discussion has been going for time past among
the bondholders One body Of the bondholders whose
plan for recognizing recognizes only the present rst
mortgage bonds and who protest against any mort
gage being placed ahead of their first mortgages claim
ing that the coupons should be drawn them
whatever the road is earned, held meeting
yesterday afternoon at No lib Broadway to elect
committee to carry out thor process of reorganization
The following are the principal points of the proposed
PLAN
FYrs-Afer the foreclosure and purchase by the frst
mortgage bondhodcrs the Board Of Directors OF the new
the rstmortgsge bondss be spsorlzed to make nrss
0 dsS nS " eese authorized by the Chan
ceor of Now Jersey il such certificates be issued to put
sary rolling stock but further amount OF said SSsOoo
actually issued or tue necessary expenditures ior wnch
s be issued to the holders of he present
nst mortgage bonds bonds for tho amount OF their
bonds and accrued interest to the date OF
having thirty TO bearing seTen per cant interest
payable smtannuay principal ann interest payable IN
FULL 1t shall be paid cash far earncd and the bal
ence in scrip entitled TO redemption with cumulative
dpSps sd ON Rex ss's" Osr S'" ''''' "' '""
the holders OF the present mortgage
bonds stock dollar for dollar to the amount Of their bonds
which stock Is to be attached to and not separated om sd
providing tcr the interest the prior heron-
before mentioned shall be entitled when
Mr. J. Wyman Jones presented preamble TO tho
effect that during the winter the road had been dong
large business that there prospects of an in
crease and that tho first mortgage bondholders sought
only for security for the principal and interest OF
their bonds and the following resolution adopted
Resolved That the plan Of reorganization be amended by
inserting after section the following -"Gve to the
holders the second mortgage bonds who shall deposit their
their bonds having forty years entitled
to interest thereon not 20 exceed cent
payable annually out Of such surplus of the net
income OF the road as remains after paying the interest
COUPONS ana scrip on 2or IN the
the capital stock hereinafter mentioned said income bonds
cep for the expenses foreclosure pay
able WITHIN six months after the sale OF the read" Also
income and Also strike the words
panyr in the second line of section l. down to and
Guiding the word bonds" In the third line.
The election of a committee to reorganizc the road
then proceeded WITH which resulted in the choice
CT the s1,is,v.vu A.
Potts, OF Huntingdon county, New Jersey; j. A.
Weed cashier OF the Quassaick Bank, Newburg N. Y.
Henry Marks, j. Warner, Jr, cashier Chicopee Bank,
Springfield, Mass J. Wyman Jones, J. w. Hammond,
treasurer Worcester and Nashua Railroad Company;
David Nichols, exSta.e Treasurer OF Connecticut;
Remington Vernam, David Pondleton, Bridgeport,
Conn. Judge John p, DaIIers, Paterson, N. j.; $. N
Alden Paterson. n. j. William Evans ex-presdent
First National Bank Middletown n y Robert e. Tay-
or, Recorder of Poughkee7sie; Benjamin Gilbert, Will
ton, Conn and Nathan r. Ivans, of Trenton, N. J.
The meeting then adjourned and tho committee met
Immediately after and elected Mr.. Henry Marks who
presided at the meeting OF bondholdcrs chairman
The other body of bondholdors OF which Rev. N p
Dcckert of No 13S Chambers street, is secretary,
OH road prior to the present first mortgage $500 OO0
of which issued positively and S500oO0 condition
ally and cuts off the coupons from the first mort
gage for three years TO come giving therefor common
stock 1t also recognizes all the junior securities.