Burlington weekly free press. [volume] (Burlington, Vt.) 1866-1928, 1876-10-13

Tbs VERMONT CENTRAL kERMONT AND
CANADA ROADS The plan which Is prOpo,-
ed for the reorganization OF these two roads
with the view II the sale 10 the Central
Vermont; .the,taking of tn, imanagem Of the
property out OF the hands OF receivers and
placing IT on what 1t is believed will prove
to be sound and dividend paying basis. l.
substantially a. follows:
|. The Vermont Central and Vermont 4
Canada Railroads shall be sold to the Cen
tral Vermont Railroad Company and that
corporation l. to issue securities as follows
u be offered to the security hOlderS of the
Vermont Central and Vermont and Canada
Railroads in exchange for their securities
hereafter mentioned, for the space OF SIX
months after said purchase.
H. Registered or Coupon Bonds Of the
Central Vermont Railroad Company to be
issued, not TO exceed 1000 600, secured
by first mortgage upon the Vermont Central
and Vermont and Canada Railroads and
equipment apperialning thereto and pay
able in thirty 800 years from date, with
interest at the rate Of SIX per cent,
First, To return by exchange or other
wise the Trust Bonds, known as the
Equipment. " Income and Extension,
and Guaranteed" Bonds. bond for bond
according to their face S3.9l2 600.
Srond To pay tine Vermont and Canada
Railroad Company 81 100000 Ter their
road
And in order to provide for the retire
ment Of the floating debt Of the Receivers
/ and Managers, there shall be set apart ) -
90, 400 balance ofsaid 8 600 900 Of bonds,
which. while they shall stand equal a. 10
security with the whole OF SAID mortgage,
/ shall be entitled T. payment Of interest out OF
/ the net income OF said roads before any
/ other security Of the company up 10 July /,
/ lo79
And in order further to provide for said
i floating debt. and 10 facilitate and expedite
/ the payment Of the same, the interest on
said s. il2 Coo bonds up to July /, l-7J,
! shall be funded into a scrip payable IN ten
wears IRON the date thereof, OF sooner, at
/ the option Of the company. bearing interest
at the rate Of per cent. and all the earn
ings OF SAID roads alter payment OF InteTas
on said 81 So 400 Of boLd-. up to july l,
/ 1879. and Of expenses OF operating and
maintaining the same and paying the rent
OF leased roads. shall be appropriated up to
/ July /, 1879, 10 the payment and cance.la-
ton OF said floating debt.
! III The present stock Of the Central \ err
mont Railroad Company to be retired and
: ! 900 coo guaranteed per cent. stock u
J l.
trail Vermont stockholders, independent o.
the Rutland stock, 80 called. Tor advance
interest. etc.
". The Central Vermont Railroad Com
pany to issue s. 500 600 IS per cent. preferred
stock, s. 600 coo, to be used fO- the purpose
of retiring the First Mortgage Bonds OF tn,
| Vermont Central Railroad Company, anl
to the extent that the holders OF said bond
may be willing 10 exchange at Cog per cent
OF the face OF said bonds. and $500 600 i0l
the Vermont and Canada Railroad Com
yauY.
Y. The Central Vermont Railroad Com
| pauy to issue it, common stock to tn
amount OF 81 500 900, to be used for TN
purpose OF retiriug the second Mortgage
Bonds Of the Vermont Central Railroad
Company and % the extent that the holder
| of said bonds may exchange the same at =
per cent OF the lace value, and balance o
SAID common stock TO be issued to the pres
ent holder of the Central Vermont stock
independent Of the Rutland stock, so-called
This plan has been under consideration 70
a long time 1T has been submitted To th0s
most largely interested IN the property an
the different classes OF securities based upOi
it. and a large majority Of them have glyei
il their approval. The committee-I. Ii
Perkins, j. II. CouveTSl and Estes Howe
Of B0stOn-wbo have the matter IN eimrg
new call upon all Interested in the success
Of the plan to give their assent - 1t Ii
writing before the 20.h Of the curren
month. Ii They do not do so 10 an extcn
which will warrant the Court in orderln
, the plan to be carried out, the recelvershl
abolished, and the control and pOs~e>slo
of the property transferred to the Contra
Vermont Company. there is but one alter
native,-meesures will be at once taken !;
effect sale Of the entire property an
the proceeds Will be divided among tn
creditors.