New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1877-08-25


p.s,t ........................ .s255e75
Aftr referring 10 tie suits pending between the Com
pany ana the Barring Brothers, the report proceeds 10
state:
Much ms the non-paymeut Of interest is regretted,
there is some compensation m the resulting progress ht
has been uade The rcduc ion Of The pay I5s, anu .ie
Of the floating deb; nom - D. al Oh TIC 10
Of January 10 $G33V4o on thr Isl OF J9F'. , - ant,
The Cairo and Fulton income bonds O. per cents
have ncch i'InctI rom sd ne C,,Iso id9ted
bonds nave increased by sale aud conversion from
he bonded debit therefore the hr-t Of July, appears
70 have been 80 10000, and the idndng ocicatt"
And tie deferred interest coupons and the interest &C.
crued bonds ud funding certificates amounted IL inc
IL Vii be Seen, therefore thar the gross obligations
nj tfe coInugu, of aIl descrrtiOus over md above
the capitai -ocs liability amounted the 1st of JGy
1901 s5.643 TO- and that the assets as entered upo
The Dook md pendent o. ' ccots aIuonpfed 10
S5,5Ol 122 o.. The lands granted to ne company
sssets roIu the liabilities as above stated, have
the net Liabilities of The company Ju( lndcen0th Oh
stock S2I Gs4j-0 This is represented 10y raj "ay 90
miles long fuly equipped for business, ana ear9nS me
present year. according 70 es matt 1b3' l3ouOoo %
which 90 per cent is required 10 pay the operating aH0
general expenses
10 increase our difficulties labor strike occurred
about the 22d OF July which, although our men were moi
tiIue 10 WON Tor u regardless OF consequence
had tine effect 70 stop our trains Tor about Neek
money, accommodating for interest, to the payment
OF our laborerf, and to promise them "a preference
due on the first OF August on our first MORTGAGE
Iron Mountain bonds TINS money was not aPpl"
liabilities upon which any director or officer was ll
dorser. 70 avoid a great danger aud greater posi-
be loss The uonpayment of the August interest on
The day appointed Tor its payment, was reluctantly
submitted 10, VIII the full expectation ana determine
ton 10 resume and complete the payment as soon as pos
sibe. giving the preference over every thlns else cA
been ordinarily no difficulty N anticipating Sufficient Of
future earnings 10y temporarily bOiro"lnS upon 'Ht
the time supcraddcd The effect Of the lawsuits pend
ing aforesaid, chcctuiuy suppressed al transactions
OF that lIid.
The plan Of relief proposed by the arrangement Is
"to convert ala the consolidated bonds aud Cairo ana
Fulton bonds and coupons, aud deferred interest
certificates thereto belonging into simple unsecured
bond OF the company, bearing interest at seven per cent
per snnuIn, payable only when the company Shall
earn sufficient TO pay il, after paying opcia;-
ing and general expenses and current inter
est upon tbe present outstanding prior mortgages Also
r. fund into rit,cnye4r certificates, bearing seven yer
cent interest payable annually the lien Of the coupons
bng preserved az Their security. follows Three cuu-
pous on the "a NJ l. NJ boud-, three coupons or the Ark
branch bonds three coupons on the g., A. T. bonds,
two and han coupons ON the Cairo AMI Fulton bonds
The company would then pay III 1879
one coupon f. r. 81 N duc August ISL. sld9g02
one Years I'D r.t o. 81 81. l. NJ Crruaelt S. duo zoo
ore hsif coupon On Ark b. Boaos due December ..-.o
on. N Ran coupon on C., < T. Bons, due Deem.
one ~. - ,,t., on A!k BE- and c. a. r. oo,oo
CriIllrs!ea december !, 1877 tl-y
And - rolls spd floating debt J....----- G5oy'o
ro+i ............ ..-. q, 07t SIS
sis yot.d absorb about the total ~ the net earnings,
as estimated last SIX months OF the yea; 1871
This plan would make the interest payments loi TIE
year 1878, Tl7-79I4 Tie rcpor concud - "a rno" 81:
Tstilatp Che probable net earnings OF Tie ear
af Is, OOl.ouJ wc would then have g surplus ih rae
Jrea,uIr Alter Tia rcsJmpuuuoi t1e paw mcHt ui interest
in fuI january L. 1879. OF about @L@2'oJj 1hs SUN
Nyoud seeu - Doe u'erIY Euliclem I'd pay Oh.
wears interest upon the bonds 20 Dc Issued DID 't
az Consolidated ans Cairo ana IUltoI income
bOD,s and lu-Lt Doe so apped, prD1Weo the c.filhg7
OF fh yeas 1879 a. Is altogether probable womb DE
eIntiet witl1I. tlf O. pay ile interest Gpon III tAe
then outstanding .lge bonds and crFiineate. On
tlr Surii. It be isd alntlhE iuhd 70 icoctlh
lie outs landing deferred interest," oeguhcatos