New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1878-02-26

nlan and of the statement showing the present con-
diion of the company, and estimating It's future re-
| CENTS. is given below. Receiver King mas ihaue
renort exhibiting the State of the Ohio and Mis-
sippi Railroads affairs at the close OF 1877.
JERSEY CENTRAL'S FUTURE.
THE PLAN ADOPTED BY THE JOINT COMMITTEES
THEIR VIEWS OF THE PROSPECTS OF TIE COM
PANY.
The joint committees of stock and bond
boders interested in NcwJerscy Central Railroad
o,, tho Iehirb and Wikesbarre Coal Company, have
adonted MAN FOR the reorganization OF the companies
The scheme does not differ greatly from hat adopted by
the committee Of stockholders OF the New-Jersey Cen
trail fun synopsis OF which was published In HE
TRIBUNE, January 10
The holders OF the consolidated and convertible
bonds are required TO surrender for cancellation two
and one-haf years interest including past due
coupons ard accept therefor a new per
cent TWENTY-FIVE years mortgage bond, OF an issue
not TO exceed Sj,550.O0O There shall be created
sinking fund purchase aud retire the funded interest
bonds. of $4,000 per annum after JAY, ISL.
aud Of all surplus income after raylns dividend OF
per cent upon the stock OF tie New-JeTsey Central
There are - 300. 900 blanket mortgage bonds issued
and held with other coateras, including tbs SGl1GoOO
OF Lehgh and Wlkcsbarre consolidated bonds, by the
creditors of the company, to secure about F4oOoooo OF
floating debt. Tie plan includes the payment OF tins
mortgage securing them. The holders OF the Sj3SiOOO
Lehigh ana WkcsbarIc consolidated bonds required
10 fund three years interest, including pasne coupons,
and 10 cancel the guaranty 81 the Central Railroad COM
pany thereon In lieu Of the thee years coupons they
are accept income bonds Of the coal company pay
able ten years from Nay 1875 bearing per cent in
tercs payable semlInualy, II earned ont OF the net
income Of the coal company, after paying exist
ing prior mort gage interest charges In consider
alton Of the cancellation Of the guaranty mentioned,
the companies TO give preference TO The T'3S'oOo
Of bonds. aud the income bond, over the dil6ooo of
bonds held by them far rs the interest uou tue So
10000 Is concerned, The coupons upon The $ill6,-
O0O OF bonds sha lie cancelled IN law they fail due.
without accumulation. respect 20 holders Of the -
Sd 900 uf bonds Who shall .igu and comply with tIs
agreement but shall have full force and effect as 'San
those who 40 not. snd against All otter Mons.
The holders Of The American Dock and In"rovem"ht
Compnuyr honda - the amouut ~ S'oon"'p. ~" re-
qIIod by the plan 10 heree to iHb'ai T." prosecute me
Central Railroad COMPANY, on account oi ,hcr }lt i
the t Of july 1888. and 10 constipation "t s'h
forbcarance the COMPANY Is To doposii VII" Tie ts1''
named III the mortgage S10Oooo oil The bonds owned ~
the company which shall ihcu hc 3i.t,i nj III' :" a
All AZ i unpaid M hy The Dock company
The occurred creditors of the New JERSEY Central Com
pauy, To whom - OWING about F'','"n"'' H"d S"'I
S9,JODcoO 81 co!iacraiS belonging - mo raj "i ana
coi c,mplnlcs. They have al. win the ~ cp'i9n
OF creditors for ahont >21o.0Jo, agreed To cAtM ne
same To- November l-~H upon c,rliou That tn ~
,br ,r mo nom IL VII require si9i7ooo to pa5 le
principal and interest OF This debt The Iccel'-
mise and scltlc the unsecured CLAIMS asai4-t the
company. amounting IN al to about S"pu",
id ,,. ~ ~, i'm. @, sul.Siring n, III agreement: or
uuc-luh of Tao amount 10 be TaiG can be pad oVcy
jhi,. months tGut extending the Payment "'cg hieru
months For tn. cash av.,pc 4. tie stockholders are
receive mortgage bonds ot the I7,Io provided
TO- tie landed cci oAs oi tr con " 'ted ANA 'nFrl"
bonds 1u'y are Also &" s,rrtn'e i"r eau. '' on.
oui 81 every shares OF stCc hold D.! them and receive
n eI thereof, Al p, an incomr no"d ,l .h' IA ini!
years, without morisa"'. win hi'i'rt ~ I'r''I''
mach hof0 OF as nay De- earned, palabir sinhI
nuais. ni.ros; not T." arrum.'.., ana ony :" ' ''I
PRIOR charge. The tut,' amount q iioonr bond. -
not exceed a. iJOCOo, AID u tn whole sur 81 >-'o
have the right d-uc. o OF said houd~ not iakeu
to stocshoi,i. who sIa have taken iher proportion"
said bands on their further surTcnd,luE Hiock ioi ID
bonds, aud atius me Hoftease bones at PAR IN
ccycr may disp0se OF Len 10 "y tiocAholuc'' on ihr
lie receiver Of the Central Railroad Company and
John =. Kennedy, joan L. John-on jacob 'an1iia ana
& , art ,orIt, 70 cxtrl,i The ,In, Tor the perform
an & Of the various acts 10 be pcii rnrd hnI 4" ru
lIr' and direct any matters of detail necessary 10 The
execution of tEc plan.
PRESENT CONDITION OF TIE CONPANI.
abatement has been prepared wbich will bee signed
and issued to-day by the member Of tho several commit
tees, Tine receive and the president Of the N"NJcSr!
Central giving bIiet account OF the present c"nd-
ton Of TIE company, aui stating what they believe
viii be te eject of Tie adoption OF tao new schclne
From TIN, statement The following j. taken:
Liabilities not affected by The plan and which have al!
vay- pea, and must continue 60 DC paid by tn Cchfu
Railroad Company
Annual interc. on LIT mortgage bond, t25oonl
Annual inter. on S,Sa ~ ~ ~ T. \ g,s' , 'Ni
hIIs rent IT 1"2 gfanc l;lnrai .......... atj6
Annual reui south Branch i;a!roal.......... "G@"b
so.9s.o
Making SG22 ,oio to be FIST paid out o. income.
Tor the YER ending c'nbcr 81. ISL the cIflues
Of the Central Railroad Company, lts branches ahd
leased llncr, were rs fuiiOWs:
central DIVISION earning s3?"34e2 e %, 20 50
Long Branch DIV iiainnta..-. $3.50 . -o,,,
Newark Ranch q %ps. i i: sd5 4 1l7oi Is
'>'"''N I1rcnses.... 52.o,1 " si,sIo2s
LEN. susl D!vElinnss 9S-siG r., ~, go, o,
ENpc1ses.... Hlf,'-U S., ojlf - y!
Various soarces-Net oarungs a''"I ~
Total net earnings, 1877. 81, Isl, $40 i6
Rental Ieh.S Su7. Div.
Ci3i cent Ct o..
Total net income. 1877 , $685., -
Uuder the plan the C"ntr Railroad Company Viii ne
relieved Of pay mems, exclusive Of dividends upon stock,
az follows:
Interest consolidated and c2nyert'bo bonds . ann ~,
tgo and years AT *l3JHolO prf Hnhur t33JJoOo %
IntrT,,i on American Dpck - luHoy .,ncni
H tr p',iI 90. $4,000 90
Per snnuro 81 jGs Ooo and half yrs 10000 90
TO pay OF iI.c secured debt Of si.j0oO0o rs .
Low GIr ne S T to :, h@ a"la in
INF r, Ilo the S.. 100 new mige 900 O0
Interest upon the 81 10000 Ne" nc'me bonds l'i1"o 90
Annual interest accouu; during ~ years sI794ls %
The annual net ncOme, ~ ABOVE, is.-.'''''' ''' IL
Which leaves the balance Of annual net III .,, 81,
N H. psy iS q e'c desl gl7gl5 50
be- received from SiOchhOdels-- -oJ'''o w
Total amount To be received basis OF
This Would iSt leave i%E 5a1nco S52 20
70 nav the secured debt AMI INIT above Of
when would require an increase OF annual net income