The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1878-04-25

NEW IN
Erie Railroad Company prior to the executed by
on he rs. day 81 September s7o and Known As tue ss
=, ah sesa ss sss s are the
p SssSs,ps vi s Interest .ass.a from The
9Th interest," thereon from the i, day Of March,
"a $50 600 q principal with Interest LIST
sa.ssioSo s'ss!s.i ,a..Ss:s .as,sss
'ss h
shsrson lrS% a, The iss day Of Pc Rse.msss s1a
existing vt tho time OF sale
morsssgs made the Ere RAILWAY ca%psSsy tho
p,insf In this sson :, Trustee bs.rng as.s September
issued bonds 70 the amount Of SIG uo gold including
.a'ss ~. sp
gold and interest slaO dus data.
BEFORE TIE BIDDING.
mr. Curtis, the referee, notice that the sshtsen
octave volumes inventory OF tho property were at
sops not bidders TO tall back. He also presented
schedules OF contracts with railroads. OF these two
ian.Ic and Great western and Erie railways, dated
May 1874 He had schedules OF all the records ana
books q the company and Of al the sasenolas Of the
holds were excluded, to wit--Ons dated November
8. 1871, with The Erie ana Gsnesse Valley Rail
lantic ana Great Western Railroad. Mr. Curtis
also said that no had lists OF the stocks
Company aud held BY receiver; also Of ali bonds
and coupons and executory contracts held by the re-
ject to NAHUM Of 100000, issued 10 certificates
ny the receiver, and which liability must DO assumed
by the purchaser.
A notIcc was read TO the effect that purchasers
would be required TO construct bridge over the Della
ware River at Matsamora, and there was also read
against the Erie Railway Company by the Chomung
Railway Company
Before the bidding began Mr. Frank Patt, on behalf
OF himself ana some others - stockholders objected
Construction Committee could mako an intelligent
bid and time had not boon given the oidaere 70 exam
.'Go on with tho sale" exclaimed the referee In
arm voice, and the auctioneer said:-
''How much am onercdf"
"Five millions, responded Governor Morgan
''Go on; shall not dwell. How much Tor this valu-
able property ~
"Five milIions and halrn said Mr. Plat.
'Five millions and hail. BID quickly or shall
close"
ak millionsl" came from Governor. Morgan, and
the vast properly, win lis indebtedness, sold.
Net puRcHAsExs
Governor Morgan heard his namo announced as
purchaser, when made 4 correclion, saying that
the buyers were himself, J. Lowber Weisn and David
sen,ed .ne Eneisn direction Tor the reform scheme.
and that II was complete and nnal victory Tor the
receiver the auction lees were said TO be $500 with
percentage II the largest single sale made
s1 rHs sxoLlsH RECONSTRUCTION BASIS.
The amended scheme, adoi ted by the trustees In
1876, includes the following provislons:-
First Consolidated Mortgage and six csnun Sterling
s"n N Of ho on the @
loan bonds to be entitled to the rights
shall be 70 have bssn exchanged for ss con.oi
sas WIFI carry an ha sa
centum to and inclusive Of that date and thereafter
the u .ns arss consolidated mortgage bonds
% coupon either the company or Of
any e. 81. I'm sxshnxe me
OF the first consolidated mortgage bonds the
u
In q. sosnn pr na per .Id 70 Dc Sc
bonds to bear on their entire amount from LIST
tember 1877 that oong about the date o the funded
: SECOND Consolidated Mortgage and Cold Convertible
eonSer.isis bonds their coupons =. o"~. S''1
from June isaS DscsnosT 1873 both in sisSss.
the gold convertible to fund eighteen twohrds
terry eoapons-viz. from July !. 1872 to December !.
funded At the pressn. rate osinteres
Of TIE binds Va seysn Pc, cen.um which will make
iased ihlry-.wo twothlrds per esnsum in the
Of the gold coavenoe tor when amounts funded
rats ii nvo per esaan from shs Is. Of Dseember s to
na con-
dated ID ~ ~ ps
from the 4. ls19 and mA.ur,nx the LIST q
y mature A the same aste aud rank ri With then.
The property tho company forecosod ~ or under
the aifesti"n y the reconsruc,on who shall
they may deem aay.s.oe the purpose q buying In the
work 1t.
One half Of the shares Of she nav company to be issued
or
the purpose OF exercising the voting power
thereon until dividend has been preference
Shares for three consecutive years. ceh ates being is
sued for the which shall entils tho holders
ceive from the trustees AL dividends declared of
the shares held in trust
The the present company
ted shares of equal preference for
ordin ordinary but
By certificates der tue last clause.
The aud any other
Tor the carrying this scheme
se
scheme rwise, AS the trustees may determine
The purchasing COMMITTEES, OF which Governor
Morgan IL chairnan WIN convoy the property lie
company, and Hugh J. Jewstt. the present re-
cever, expected 10 be tho president Tho ugc
the road Will be narrower ut once, he dong
this and making al the contemplated Improvement
IS estimated at $l4, 900, 900 Aiicr the saio Erie
sock advanced from on.-nail to nveeghths per