New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1884-08-07
RAILWAY INTERESTS.
THE WABASH REORGANIZATION.

JAY GOULD RESIGNS TIE observation-disclosures r.
JOY ELEcTED-rHE PLAN SLIGHTLY MODIFIED.
After the directors of the Wabash, St. Louis
ana Pacific Railway Company at their meeting yesterday
had adopted the proDosed plan OF reorganization, Jay
Doud resigned the presidency Of the company which he
mas held about three years. He stated that his
many engagements would make it impossible for him
10 give the ne essary time the business OF reorganiz
uoh ana Tor this reason he asked that some one who
coud give u the r.qusi attention sh luld be appointed
II MS place He expressed willingness 10 retain his
po-i'on IN he board and he executive committee, and
promised to do 3i IN bis power to promote the
OF tie scheme. The resignation was accepted and
James F. JOY, ~ De r5t chosen his successor
II understood thar the president Will soon 20 to
Europe % confer with the ders Of general mortgage
bonds about The compauys affairs.
Inc plan Of re1rg3uzltIon proposed by the suh-com-
miI1e wa modified bv the directors only in the amount
o. Tue assessnen On the stocks. It voted to max
the levy - instead Of 80 q share The flow NJ OLE al
statement was made:
o1ti e' Of me plan are the amclbe foreclosure Of
e general ana collateral rust mortgages and the issue
ar new curtr- rs fOllOw-:
j. Qieo,ntre mortgage bonds Sc dependent upon ,
2. Fir't preferred stock ....... i 000O5O
Common Id t .,oa stock 5+0 0So ;0 ,5
49,, -------.------'-- .----------
me do nture bonds 20 De exchanged for general mort
80 pa, 10 tn amount Of SlIO00p0 aud TIE
M IT. 20 Dc eS" an-cd Tor collbter1 rust bonds Inc
H.r. OFT ie pre- erred aEd common stock Will nc III
S'u ' .lo-c be- 90 me 4 not crdng = -nar'
Ior ir mr. ore erred sock Aud this su05'rlp .IOn
aho I'D ing u 900 will produce thar SIM ID
money ne none u ne apOle 10 t1e payment OF the
Sou debt. The suit OF the >u-cc -fl Y car
"u VIII ne 10 eN'hA Ce mortgage ard -"cuT a. Il NJ
OF ao'li N2'O 600 FOR bent lr' IN 'rtga p bon
oepchden' anon income OF S2O,GOOOOO and lcuu,i IN
~ "" 'nnpu 80 = nyei argos 10 the amount OF aIou
Fl'1'V"p wear; tha L. To This am0 rat OF inter
est must depend upon iuco Al o. the scc1t o., ar
Pit.erf' d 10 the Orlr OF priority and IA stock is tp
ia az rralVr position except ~ the subs y pho or
Hhte Ia 10 protect. t by m issue 81 hrt pTeierreu
Stot" ID RE cNar t amount " th sum sub scriNrd.
M genera m rg re cccupi the same IA a. b.for'
~ N enlarged by r unit ut S3.OOOOoO, and this Is
-lp' ii tl Size ou cOnce,s n asked that m" t;tge
except tldt itntercs NUT depe I upon tne surp IA -
come " tie compal ana aboy cnterest n prlor
ems. me pror mortgages on which he court mas
ohef' Interest p3vmrn tom the etungs Of the road
ae ef untouc ed and al duesro in regard 10 leased
am ac lHrd Aar- ar" referred q tie new clmpan' "
when alone can have any power 20 uetouIte
II Is ind rst)od tat -yuiIrate OF cau-
ta = ha offered e, take al OF the stock dec ined or
forfeited by The ~to kholrrs and pay me "a su3+c -
to -'r or. nu ample tone viii be gtre1 20 .h' -'prk
h'l ers o subscribe nd D" suosc' iprol val r baby
ue ln q'4r - nat mcut+ OF - ~har'. y Is ella med
hV ihf ORIGINATOR. ~ ne ntD ft D. - n'rt"ctF rGu1
Die O. al concerned. That mo- recession s t-kri %.
any ui'ros winch uo co upcasltet 800 the event o.
cct>N by greater safety AMI bct ~ p oul'se.