New-York tribune., 1885-01-13
tier G. W. woolsy, NJ Collins Captain stssl, d. E.
A BORua.
RAILROAD INTERESTS
RAILROAU INTEREOINs
PLANS OF THE READING.
SUGGESTIONS. MADE BY TEE COMMITTEE ON hkoh'


GANIZATIoN.
pu,1ADELPHIA, Jan. 12.-The stockholders
NJ the PHILADELPHIA and Reading Railroad Company ned
their annual meeting to-day The attendance was not -
large as in previous years. President kem reao 'no
annual report Of the company. the most impor'ah'
abatement In the document was that pertaining 10 tne
relation of the floating debt to the net earnings
Of the company. At the close OF the year
the indebtedness was Floating debt Of railroad ncud-
ing receivers certificates, $12os6241 current babi-
ties S777Osl5 total debt, $19,s57,056 floating debt
of Coal and Iron Company. $2,OO3,253 current haoi'
ties 81 314 total $3 366O,567. Total OF both COM
panIes 623 The statement Of earnings and ex-
penses showed Gross earnings $47,450,s4s gross sx-
penses S34, ,654, ,314; net earnings, $13,306,534.
General Coils offered series OF resolutions. which
were adopted providing for the appointment OF COM
mtee Of seven stockholders to examine into the aars
of the railroad company. ascertaning what the hapi-
ties and assets OF the road consist Of and appraise all
real and other property belonging to and operated
by the company
The committee appointed to consider plan OF reor-
eanzaton presented a long report. 1t recommends the
payment in cash certain interests rentals and guaran-
tees the aggregate OF which will constitute the liked
charges These securities named. and ore followed
np changes are proposed various securities Of the
company, which full payment is not provided LII the
other fixed charges:
General mortgage: Defer half the interest for three
years for the unpaid half coupons beginning January
1885 give scrip in series A. and respectively one
able with at per cent from the average date OF
maturity OF the nnt payane oa' T .t no
embraced In the above fixed charges is PAID the surplus
earnings of any year not to be used for payments
series of following year. but in all to be applied
to the series of past year. II any be leit unpau te
Sinking funds upon delivery scrip the six coupons
affected to be stamped hair pad as the coupons n.e
received upon payment of the cash portion They are 10
be retained uncanceled by trustees AS security Tor the
payment OF the scrip. - =, ,..o
an absolute income bond, with interest reduced 70
per cent per annum payable only out OF the
proyidng all the or general mortgage
interest but cumulative. that al arrears or income
MORTGAGE shall s De smge ssG e
he stamped releasing the sinking fund ana surrender OF
of the right TO prevent dividends on stock Overdue
coupons to December l. 1881, TO be converted hto s
80 convertible adjustment scrip This scrip and all cou-
pons including January l. 1885, to be converted INTO the
above modified per ce these with arrears of
interest February 1888 into the new second series
8 per cent consolidated mortgage income bonds win
the right OF conversion into common STOCK as IL no"
exists . ,
Debenture bonds. debenture and guarantee scrip,
debeniure bonds of the Coal and Iron Company Con-
vert with interest to February l. 1ss3, into the new
second series per cent consolidated mortgage income
bonds. - -, -,
the committee recommends the incoming board OF
managers such notifications OF the lease as
will obviate the necessity of paying dividends beyond
what earned upon the line, after including IN the
earnings proper allowance Of terminals and car
service and for the detection or traic at BOnnu bfooh
Preferred stock: For all valid claims for dividends
ont of passed earnings give common stock and change
the form OF certificate so as 10 provide that hereafter the
per cent dividend shall not be cumulative.
The floating debt The committee IS OF the opinion
that any effort raise money for the extinction OF the
floating debt should be postponed until t Is ascertained
whether the creditors of the company by accepting the
recommendations OF the committee with reference 10
their several securities, will agree to aid in restoring the
pany TO credit. 49,
Separation of moneys In conclusion. the committee
recommends that there shall be absolute separation
the moneys applicable TO capital and income respect
ivcly and that money arising from income shall be
diverted to any capital account
The following ticket was elected without opposition
President George Deb. kcim managers, j. Il. Lppin-
cott j. " Williamson. Franklin A. Comfy Joseph Whar-
ton John WanuaDaker, Robert II Sayre secretary,
Albert II. Foster; treasurer, William A. Church.
Directors and officers elected also by the roads
operated controlled by the Philadelphia and Reading
Colupauy,