New-York tribune., 1876-11-24
LOCAL MISCELLANY.
ERIE REORGANIZATION
THE AMENDED SCHEME PROPOSED by THE RECON
sTRUcTIoN COMMITTEE.

ERIE REORGANlLAllON'
TaE AMENDED SCHEME PROPOSED by THE RECON
sTRUcTIoN COMMITTEE.
The last amended scheme proposed py the
reconsruction trustees of the Erie Railway Company
consisting Of Sir E. W. watkin, B. whtworth, Henry
Rawson o. G. Miller, J. K Cross, j. Westake, r. MeLS-
ap and T. W. Powell has been sent from London under
date Of oct 23 and is substantially as follows:
There shall be no reduction in tie rate OF interest oi
the first consolidated bonds the coupons that ia uue
ON Sept l. 1875, 1877, 1873, and 1879 ana Marcn j.
1876 and 1877 shall be funded and those falling que
sent 1875 and March l. 1875 1879, and 1880, shall
be maid in cash. thereafter all coupons shall ne Pau III
cash rs they fall due The holders OF the sterS P
cent loan bonds shall entitled to the same rights as Il
the bonds were land for the purposes OF the scee 'ey
shall be deemed to have been EXCHANGED ior hrs' oOn
so,laated mortgage bonds Sept 1870 coupon Dohus
~, ~ ,ed in exchange for the funded coupons above
,entioped drawing per cent, and payable In gold on
Sept l. 1920 which shall be secured In the mean 'e
nv deposit OF the funded coupons these coupon bonus
10 hear interest their entire amount from sept
1877 that being about the mean date OF the 1unded
eoupone The holders the second consolidated bonds
sbo tnnd 10 balfyeary coupons from June l. 1S75 to
nec I 1879 both Inclusive and the holders OF the god
convertible bonds shall fund 1929 quarterly coupons
from July l, 1875. 10 Dec. l, 1879 tneso
coupons shall be funded at the rate OF per
cent making a total Of 35 per cent III tne case
Of the second consolidated, and 1929 per cent
amoun1s funded coupon bonds shall be issued bearing
per cent interest Dec 1, 1877 to jane l. 1882 anu
thereafter per cent The principal OF the secoho 0ou
sodaed and gold convertible bonds shal DC fepeseou
nv new second consolidated mortgage OOndS bearing
ner cent interest from Dec l, 1879, and maturing Dec
/ 1869 the funded coupon bonds above mentioned ma
trng Mt the same date and ranking equally with them
The six coupons of the first consolidated mort
gace bonds and the second consolidated anu @ golu
convertible bonds together .i VIII az ih rho pacnn
sholih he
The property of tne company it is further provided
frustces who shall the bonds ana coupons
with them as they may deem advisable III ooylng tne
railway after foreclosure, and II bought in new
company shall be formed to hold ana WOrk tne G 49,
such foreclosure to be obtained under sucn one VI
OF the existing mortgages as the recOnStrucol
may be advised will oest carry tho scaeS ] tS S"ccs @
One-haf OF the shares OF the new @ ~ ,tin
ferred or ordinary shall be issued in the names O t3S M
trustees, who snail hola ana yOe i @ shrs for three
dividend has been PAID on the % So m lie
consecutive years, such dividends 10 DC tueu
owners Of the shares Inc cnnsI amounts
conditional on the payment OF 20 gou iO er % aD ar
SSore Dec n 1876 the preference shares to carry dvi
dends at per per annum payable III currency anu
year. oncuuulatve income honds, without mortgage
security payable in gold June l. 1877 ana DeIIS Id 81
pendent upon the net earnings OF the company IN Vc @
year. be issued in lieu OF such pay mGns or d 5 nc
ing twO-thrds the above mentioned SDs III 6ou, llV
sharebOlder shall be readmted TO ms shares NlthO..t
Income bonds New shares may be issued 10 thc anOIt
of the present shares which there snail DC ucIa.
IN making such payments as above menuoheu, @ wnlCn
or otherwise dealt with the reconstruction trustees
NAV determine. s.....,, .,,o
The trustees state that the scheme Is based upon the
prncple of mutual concessions, and thaJ u Is Iecol
nended after consulting the representatives o te con
many and other persons interested IN America ana GS
ciay after personal conferences with the receiver n
Jewett, who has promised to prepare ana Submit 70 ny &
trustees forthwith, for their approval plORfdhIc any
estimate showing how the funds intended 10 DC
bv the scheme arc proposed 70 be expended ana ta e
whole of such expenditure shall be under the
of trustees, acting i'll concert Win cOhinItee VI w
board.