The Portland daily press., 1886-03-17
RAILWAY MATTERS.
THE READING RAILROAD.


A Philadelphia despatch ays the Reading
Railroad has finally agreed on their recon-
struction plan. The plan provides for ere
ating a new fifty year general mortgage at
per cent for 81, 900, 100000, and this is to be
used as follows: Reserved to cover the bonds
at maturity of prior liens, S33, AZ, 600; to pay
general mortgage, S24, 1856, 900; general mort
gage, scrip and coupons, $2,000,000; real es-
tate, 81, 100000; advances for four per cent
interest on general mortgage certificates Is
sued for bonds deposited 100000; to take
up shares or bonds of leased lines ana f0r
no other purpose, S15,000,0 600; to exchange or
redeem its coal and iron divisional mortgages
and Tor no other purpose, S1O,OOO,O ,OOOi total,
$40, POS, 600. This leaves SO, ,00e for use
hereafter by the reOrganiZed company as
reserve for the Improvement of the railroad.
No mortgage In addition to these to be plac-
after reorganization without the consent of
majority of the preferred stockholders.
For an additional means of reorganization
four classes of stock are to be issued, known
as preferred stock, income stock, consolidat-
ed stock and common stock. Old bonds are
to be exchanged for new certificates and
bonds at the face value Of each and bearing
the same rate of interest. MeSsrS. Samuel
Dickson, John Lowber Welsh, Henry A.
Dupont, Thos. Coehrane and Harry +. West
charge of the foreclosure proceedings and
purchase the property and supervise the re-
organization. The matter having now been
closed by the trustees, 1t will probably take
a few days to get the prospectus and other
documents in proper shape before q plan can
be formally presented to the Reading bond
and stockholders, and notice given them to
deposit their securities under it.
MINOR NOTES.
President Lord, of the Boston & Maine
railroad, who has been seriously i'll for sew
eral days, with pneumonia, is improving.
The Massachusetts House bill to authorize
and confirm a lease of the Worcester, Nash
ua & Rochester railroad company, by the
Boston q Maine railroad, was ordered TO
third reading Monday.
The Portland & Ogdensburg railroad has
six new iron bridges on its line, thus having
all its bridges iron but two, and those are in
good repair.
The statement that the Railroad Commits
sioners we're to inspect the Maine Central
and its branches this week, Is mistate, ac-
cording to one of the most prominent ON
cials. The inspection will occur about the
middle of April.
The Boston & Maine and Portland & Roch-
ester companies have decided to make 1t OPP
tional with their employees whether pay
ments shall be monthly or weekly, ON and
after July 1st. The Maine Central are dis
posed to grant their employees the same
thing.
There are four elegant new Pullman sleep
ers which have been placed on the Grand
Trunk line between Portland and Montreal.
The Salermo has seats of the newest pattern,
having the high back, which affords head
rest. Black walnut and mahogany compose
the wood work, rich old gold and green
bronze plush furnishes the upholstery.
There are elegant toilet rooms for ladies' and
gentlemen, and smoking ROOM. Every car
berth is provided with an electric annuncia-
tor The car is furni she'd with the improved
end ventilators, by which current of fresh
air can be secured throughout the car with
out danger of draughts at any one point.
of olive and gold groundwork, with a dado
of blue and gold. The carpet is of the best
RrusSplS