New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1877-03-05
RAILWAY MOVEMENTS.
ErIF'S REORGANIZATION SCHEME.

EPIFS REORGANIZNT1ON SCHEME.
JUDGE DONOHUE's ORDER IN REGARD TO THE PAY
MESr or COUPOES-MR. JEwErTs HOPEFUL
VIE or THE REOEGANIzAroN PLAN.
As it has been denied that any steps have
been taken ~ M Jewct to prepare for issuing certi-
Gates meet the Etc Railway coupons on the mortgage
OF 1870 which came due September. 1876 that any
court order has been made with that object, there -
Given below actual wording OF order signed by
Judge Charles Feb. 20, 1877, the suits OF
the Farmers Loan and Trust Company and the SUIT OF
j. C. Bancroft Davis. This order is OF the printed
bAHks on which orders IN these suits generally made,
reclting notice to and appearance counsel II is AS
follows;
Iis ordered that the receiver be and he IS hereby
th0lzrd provide for The payment OF andto pay on me
ouoLs falling due on the day Of Septcmb 1876,
issued by the defendant, The EIie Railway COMPANY,
on the said Irst sy Of March nav be presented pay
m"n by or through the sand trustees III he pcto men
toned and il should become necessary Tor the receiver
temporarily 10 obtain loan for me necessary amount 0
money for this purpose The amount theIrOl VI" cos.l-
lien Ugon al and sin ular III" GOrtglge premises
PRIOR lien Of the mortgage under aud in pm nee
OF which -ucn bonds and coupons were saitd.
The order IS based on two petitions from Hugh J.
Jewcf Those are gubstantialy identical except that
each il IN one OF the two foreclosure suits These
petitions forth the visit ~ Mr. Jcwett TO England last
Summer; his efforts make s0mr arrangement with the
English bondhoidcrs; the meeting under The auspices OF
the Hon T. ". Wathin; the appointment of separate
trustees to represent the shareholders tn bondA9ldeS
OF the inortga II 1870, and the bondbodcrs o the
mortgage OF 1874; the final agreement among them
which was rendered to Mr. Jewett; the acceptance oi
that agreement Dy the Directory OF The Ere Railway ana
the terms OF thar agreement Al Of this has been IN
substance published before IN THE FGIEu"E
The essential points u this agreement were mat bp'h
the holders Of the rs CONSOLIDATED mortgage bonds and
oi tie second consolidated mortgage bonds End the
holders ~ the gold convertible bonds were 10 nd their
coupons the class TO und SIX ont of ten falling due
before $50 the second fund ten coupons from Jun,
Is7j 10 December 1879, and The third to iHnd thtr
coupons nearly for the time ~ the sccond. the
differ, nee between the being that tac Second class
wcra 10 fund 10 half yearly coupons aud the tId l3
quarterly bonds Mr. Jewctt further states IN the
petitions thar very important point t. Secure the
carrying ont this agreement that the rst coupons
Para lc under IT, those Of the first consolidated mortgage
~ 1870 payable September. 1916, should be paid The
payment Was ~, required ia December last. bi an
extension the OF payment To March l. 1871 was
accred TO- The scheme, he states. has been received
ID unusual favor Holders 81 SS,CrN,voo 81 one rf's
% nonds AMI OUOOnO OF ot1cr classes have agreed
"a the propositions but the railroad wai and BE unusually
heavy snow, pf The early Winter have reduced hi' net
receipts and ne English bOndhG,dcrS insist on tns nr
plyuent lie adds that the inventory 81 the road. now
nearly ready l, show that Il Is fall security IJl All