New-York tribune., 1886-08-04
RAILROAD INTERES rs.
WlSTAR AND FLEMING FAIL TO AGREE.

WISTAR AND FLEMING FAIL TO AGREE.
TALK or IHDtPENDENT TiXAs AND PACIFIC RE-
oRGANIZATION-TRE FLEMING PLAN.
The members of the Wistar and the Fleming
committees, interested in the reorganization OF the
Texas All Pacific Railway Company. had a long confer
at tho office OF tho Central Trust Company yester
day. They failed to agree upon plan for harmonious
reorganzaop and friends OF the Wsar party declared
ELL sequenty that they would proceed with reorgauza
tion procc csdings under the original Wistar plan, with
possibly some notifications The Fleming party say
they will ahead IN the execution OF their plan
OF organization At the meeting General Wisar re-
pudied tho insnuation that his committee was acting
in furtherance of the interests OF the Missouri Pacific
Railway Of Jay Gould. The plan submitted by the
Fleming committee approved In some features by
the Wsar people. bnt tney insisted that General Wlss
and his associates should be allowed to control tho pro-
cess OF reorganization. Tne Fleming committee de-
cined TO assent to TINS, but offered to unite the
two committees placing Gensral wistar at the head
Of the body. but putting the work OF o.rrJins out
the plan the hands OF subcommittee OF seven to DC
composed 0f three W.tar IN .mber. ana -FOUR fIcmihS
In-mb-rs President OcOtt, Of tho Fleming Committee
10 Oe chairman OF the 'ub. committee Ihe coDprou',
Wisiar declared that he could not accept tho propos
tion Of Mr.. Fleming 10 pay 81 AMI interest Tor the
par aLd interest The committees adjourned without
arranging for future nestior. hut some large security
Lo dcrs believe that eventually ahsrmonous settioheht
Ihs Fleming tommittce will submit Its plan OF reor
gsuIKAtiOn for slgnxtures August 3, the Central
Trust Company acting AZ a depository for securitea
Here a Official synopsis OF the main felturea:
Ihe State osu OF $4,000 and the first mortgage on
the Eastern vision 49, $4,000 will he left unchangeh
all other to De oreclosei and nrst mort
gags of S2j,UOOOO0 and second Of >2j.OOO.ooO ex-
rcutrd IN place Of them. This stock Is to be sJDoooooo
OF which only S32 81 500 10 be issued oD even terms
the present stock, upon the payment OF $40 per
share Second mortgage bonds are To be given Tor TINS
a..e,sneut Tho Eastern division consols are TO re-
c-ivr frat mortgages for prime pal and interest TO
December !, 1857 New Orleans Iacihc nrst. receive
for 90 ccnl ot principal and Interest 10
December |, 1857, and 80 per cent In seconds. Rio
Graude rs,s receive 40 per cent hrsts Tor face
value ami to December |. 1857 and 80 m sec.
Tcruinas receive % per cent In hrstS ana %
per cent seconds. Land grant Incomes rsceve M
lands ami 10 )nds. The plan IA sup
ported Ivy as,ndicaie composed of Kuhn. Loeb K Co,
DTsN-, Morgan * Co. ald othcrs who for > per cent
con a. cash or 10 per cent IN new seconds guar
an-c the OF the Eastern division consols
into securities This plan Will reG lire the issue
OF =, 3 62O nrs's ami s2lb32JOO OF the acc
on1, The nr-d charge. will he reduced 70 81 l23741l
Thr earnings years will give s-iOOOOO aud the
assess nent on the stock S32l6iOO t,tA II Sj6lG.
400 10 pay he N-sOur Pacific claim OF Sl3OOOOO aud
put ths prnuerfy good shape. Tno new company will
retain i,JsO nrsts ami SJ.JG1,1OO seconds In
tho treasury