New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1878-01-15
EFT-JERSEY CENTRAL.
A NEW REORGANIZATION SCHEME.

NEW DECENTRALIZATION NtHGUr.
COMMITTEES REPRgsKSrISG THE VARIOUS INTERESTS
TO CONSIDER IT TO-DAY.
An important meeting OF committees inter
ested In the reorganization Of the NewJcrsey Central
Railroad aud the Lshsh and wllkesbsrre Coal Company
viii b. held to-day ut the Office OF tire NewJersey Cen
tral Company this city. These committees which have
been appointed ut different times siuce the companies
went into the hands Of receivers, as follows;
Commi,i.eo OF censoId,,el Bondhoisrs SswJsrsey Cen
johnson, hd"in d lewis and Ihsodots Dtsisr ..,
Georse ooe, Thomas Coehnns joan Kennedy and T. C.
Committee Bouahoders Iehizh pn1 wkesbarre-Jobn
\ Bar mes, p. A. Potts and George = lfasra
Maney. wsr,en Acseius,. Rufus story the Hon Jacob
NAnatta. aud Thomas CocsraEe.
Tho committee a-t named vas appointed at u meeting
of OF the leading stockholders % the company,
held January 1873. In this city, which \ schene Of
reorganization different In many respects that pre-
yously proposed by the bondhoiders' committed.
unanimously adopted. 7, was gwen out for publ
the time. but circulated among prominent
Stockholders aud the meBbers n the committee. givea
above and VIII be considered by the JOINT commit to
say
The scheme forlh that OF the 900 bonds ri
tho Lehigh and Wllkeshsue Coal Company, s6.l1GO00
are owned by The NcwJersry Central and 3d. 900 by
various ivduals the bonds being guaranteed by te
ScwJersey l. is proposed that the indy idual
holders shall cancel this guaranty aud the Cou-
pons for the next three years, II tho Coal Com
pauy will give IT. bonds bearing per cent int rest. and
PAYABLE years from March IL, 1873. q be Known
income bonds. IN lieu OF the coupons cancelled and
an equal anount the interest 10 be paid only in
the OF the Coal Company IN each Is sufficient
that purpose after payment OF the interest on
prior mortgage liens Both the New Jersey Central
and Company shall treat the &C. 5000 Lehigh
secondary respect 20 the original +57i 600
Lrhig and Wilkesbarre bonds aud - tine new Income
hpI a. btf he
benet OF the sinking hind provided In the mort gage
winch. except for the agreement would accrue to he
SG.llG.ODO
The loiers OF the bond. Of tue American Dock I'm
I,royement Company shall aErre not 10 pgoseeare the
July 1, 1853 provided the New1ersey Central nnd IL
Saa! deposit March ID. 1873. with tue
7oJ0OD OF the bonds o tBc Dock Company SECURED by
such MORTGAGE. and beou gEg 20 the rsTy Central
The bonds drposied shall he applied par, lar
necessary to the payment oi any interest that tue
Dock Company moi baye paid and i no, able to pay
July l~s the remainder to be returned 10 the New
Tie folders Of The NcwJcraey Central bic aud
consolidated bonds shall agrrc "a tine cancellation 81 the
year. on rcc,iylng New-Jcfs-y Central : pr
Tet' mr. t. I''' 500 500 sia be issnsd
lnd secured (onty with the original bOlds from which
III, coupons TAKEN 10y mortgage on the real estate
Of the NewJcrsey Central AT Communism aud Port
Johnston no, heto0re morigased. and on all the prop
c-ty lease agreements, ec.. - the oSmpany heretofore
morsaHet io secure the c"nV,rtlbe H9d consolidated
bonds. The be nds amounting 10 S3.3OoOUJ issued un-
fupfAENEt
Il pnia for witch pledged. and other bonds
e ss Il .S nsT ' tidend IN IT, spti stock for one
year the holders OF rs convertible aud consolidated
Boani OF Directors equal hind Of the ull Board.
The -iochhoi'cr, sIaiisurendcr 10 he cancelled ono
teu,h the total uHbcr ~ shares Of flock held D, ,hcm
respectively oi rctNhg pei ch income p'hd IA Il
bic ia twenty five years for equal amount tie interest
on vhich shall b. payable only ID ease tie cOmpany IL
t 10 yay after paying all prior claims due withm the
year: ma they shall further pay Sl0O nsalnIeHts
cont bond Of einal amount described IN The
preceding paragraph. The stockholders shall
continue surrender and pay in the proportion given
f, The hole amount oi the stock held by them Icspec
tiycly Tor which hcy shall receive bonds as stated pro-
nd he whole sum thus 10 be raised shall NOT cx-
ccrI lO3G soo. II ;h, sula l. not raised within thr'y
DAY, after publication 81 the agreement the receiver
man, of thc H2od~Go Ne" per cent bonds as may hJl
hay,. been taken hy the stockholders.
i"t "''' I i,r ~ 10 h, 49, by Marcb f. is-S ey1'
blgH the holders ~ ihc convertible and consolidated
bonds shal rot have ,ignel IT, The receiver shall
tlat WIN ne tJ-'n NJ VI 'i1 Iuut "a NutSty' 81 'rN-
fy he wifi carry Out the provisions oi the scheme in
uL.cr the agreement aut RON me lheom'
~ company, - a. - discharge It's liabilities Tor ~
hrionrng 10 The comPin} amounting 10 9eo oo,eVp
The creditors IN thai case have agreed to extend The
ihSt the Interest anl onetwritth of the plin.
cipsl ar pui every tlrce months The re-
mise and settle with The general creditors OF iae con-
ny WHO have unsecured oaims amounting 10 e7Oo.0OO
II II also ii'iN'lt'i Una lhN
(,,DDarv The North Pennsylvania and the Bound Brook
Rallroud Companies. shall agree that II the scheme -
carried into effect, they VII give hose interested In c
mortgage on their lease To the NeWJclscy Central al
the benefits a! such lease INTENDED FOR ne NewJersy
Chta those Interested ever come into possession of
The Ncw-Icrsey Central.
FINALLY the parties 10 the ,ehelue shall Interchange
abV acre that, II AL the companies mentioned the
ciy OF New Jersey Cent? al. the holders oi major
ity OF the SJ3sAO0O bonds and OF the Dock Company
nnud approve the scheme, ana II 100000 sta have
been paid reasonably expected by Match /, ISIS,
the agreement shal taAr eject and be binding oriy
such persons suhscrioe 10 the agreement by March
1875 and surrender tho coupons by March ID, 1873,
Shall b. entitled to share It's benefits Provision is
al ~ made for the receiver to extend the time Tor the
completion of the plan.
TIE ATNIENT OF 4 SECEDING CHURCH