New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1888-02-10
A SUHEME or EOxGANlzAfI0N
For THE CHESAPEAKE AND OHIO ROAD.
PRESIDENT c. p. HuSTINGToS OFFICIALLY AN
NnrNCEa HIS PLANS.

NOUNCEs MS PLANS.
The reorganization scheme OF the CHESAPEAKE a'"'
Ohio Railway announced officially Yesterday Inc
terms have been already outlined. Tho assessments
nm tho stock which have been In doubt. fixed at
"A I'm tho first preferred 80 tho second preferred
and "A ON the common. New first preferred SOCK
will be issued for the assessment. The SECURITIES VI
the new company viii consist OF si2'""ooo oAoh
of first and second preferred per cont. non cumnla
tive stock, about e,0,0oO.ooo common s,och Ill"
3OOOOoOO first consolidated per cent bonds'
The plan provides for tho building OF the hne
from Ashland to Cincinnati, which Is now "hder
construction The distribution OF tho new sccur',ics
10 GIVEN IN tho advertising columns. The following
I.ttor addressed 80 the holders OF securities ~a'
made public by President C. r. Huntington YESTERDAY
As a director and as president OF the ohes"peaAo ""o
Ohio Railway Company. have earnestly 'aooeo ~ ors
a mn m the noson OF first class line from the Aahue
caboard IN the interior valley that end have invested
largely OF my own and have In good faith asked tho
public 10 aid task by loans upon Its bonds o'sa
cradle progress has been made but dinen'es OF ono ~
or another have retarded its full development Tho oso
has been an expensive build partly from the ood
of its engineering and partly from the nature Vi ~
country travesed 1t penctraes one oil the richos. MIN
era regions the continent and VIII anord one vi 'c
shortest cheap operated outlets ron inc central
West 10 the coastwise and Europe The principal
link to unite It with the raroad system OF The west IS
nearly supplied and the prospect OF Improvement though
long deferred is apparently near Mt hand
i
letter OF July a. 1885, the holders OF Series bonds
10 accent two thirds OF tho specified rate OF Interest More
than OF the entire loan nave asseheo
TO the plan proposed and hoped that II msht nave
been CARR Ell out minority refused and threatened legai
proceedings Without discussing the motives for such OPP
poston Is sufficient % say that In order 10 ehect mar
mOnlOus adjustment in respect to CHESAPEAKE anu UNIV
securities and obtain the capital necessary 10 orhs
about the desired extension to Cincinnati 1t was sus
gested By those concerned that the better way 20
,iclr all
be allow foreclosure and 10 reorganHe the company oa
sound basis. To this was disposed 10 assent MI ''o
more r, Oily because 1t sencd the opportunity OF pos
the asserting bondhoders on Satisfactorily 'oo'"s 80 "
the extent OF their liens increasing their current IN
come. III,
Tbe nIan OF zaon as finally agreed upon VITA
syndicate OF bankers. provides that the ne" eo"p'
shall embrace the ownership OF the entire hhe 'o"
News to the union depot Cincinnati, distance Oh aou'
GO miles main line and embracing the M" ho""p'V'
river division OF 1l5 miles and the bridge and us IMPORTANT
anpoachcs a CovingtOn and Cincinnati, OF when ABOUT
mile IS elevated in the heart of the two clues inc
bridge and its approaches above the highest water As
was ever known. The securing the bonds Oh
1905 1900 600 In amount Il 10 be iorecioSeu' hNe
the smaller under prior and Independent mos"s
liens T. run TO maturity. Those holders who have received
% Der Of the Newport News ana MssiSsiPPi '"'
stock will retain the same.
The rlan Of reorganization will be ully set lor'h III 'o
circular OF DreNel Morgan & Co.. whose plan mas my
hearty approyaL L regret any necessity Tor turher
change in the plan forth in circular OF July "a
1856 10 the bondholders. but am satisfied that he
proposition made to Ieo game the company ana Suo
for IL the new and valuable line W Cincinnati Is orc oi
the interest OF all bondhOlders than the propositions
ousIy made being myself the largest hodcr vi
lnds have not tatcd agree 10 accept us terIs'
bcley ing thereby that the income OF oohdhpHcrs WI"
rraby increased and the security vastly ihproN'
would therefore like have 1t done as believe tn'e '
further sons win be asked after ths rorsH"
ITO, & nerfect.d reorganization 81 ay made necessary oy
the fact that Chesapeake and Ohio as en- ne
rrupcr connections with Western ROADS, couin ho' earn ~
interest upon It's great cost been able IN obtain
these connections only at the expense OF eohcesso's ~
had 20 be made in view OF roads 10 be DUH
A LUXURIOUS SLEEPING CAR FOR THE ERIE"
new. sleeping car which Is model of elegance ana
comfort has lust been delivered TO the Erie Hallway
Ly the Pullman Company. The Interior h'tlhg' a'o
snuerb Tho car is finished In walnut and mahogany,
and beautifully panecd throughout, ne man PErt3a
room easy chairs and dvans are upholstered
in Lace plush Special has been taken to make
are six double windows ON each side ornamented at
TOP with heavy embossed glass, while me clear giass
mt the bottom affords ample opportunity ior slSns
seeing Tho is called tho TrosachS.
CUTTING PASSENGER RATES TO THE PACIFIC
ono of the minor troubles OF the railroads has been de-
veIoned by tho Canadian Pacific reducing the second
class passenger rates the Pacific Coast, which IL
adoped on February l. Its agents have been authorzeu
to meet the competition OF all rival routes some
weeks the trauscOntlneuta roals ihtlo al hsieo-
ment on passenger traffic which secured to the Canadian
Pacific diferentia rate $40 first class and 50 on
second class under the by tho direct American
routcs Rates were advanced February to the
foowug basis: from ST. Paul aud Chicago to points on
uoet Sound Portland and san Francisco So % nrst
class: FROM New YORK TO tie ABOVE
mentioned points. SOL 10 and S62.15. The Cananiah
Pacific rates 81 and % respectively uueT mess
figures first and second class The tailauIan racnc
advanced It's rates on February had been arranged
hut II claims the American reads did not 40 so Inc
"Sunset Southern Pacific ronte ia accused or taklns
second class business to san FRANCISCO AT TO o "nu
evan OF allowing an 50 commission on that ra'o 10
boarinshou 20 keepers and other OF the usual agents
who drum up second class traffic. The Canadlan "a
cc after finding that for several days IL ala hoie vi
tins business TO ignore the February tarn inc
subiect will probably before the trunk limo pas
scngcr committee at an early date
! THE VANDERBILTS AND THE SOUTH Penn FLAN'
| PursBlRG Feb (special)-~rhe Chronicle iele-
rraph :" of which Ralph Bagaey one or the promoters
of the South Railroad part proprietor says is
eyenng: "A dispatch from New York says that Chaun'
cey NJ Depew denies that the yauderblts have signed
tho South Penn agreement This Is both true and false
They have signed agreement practically and for that
matter actually the the new one except I'D some
details which have been suggested by Mt Carnegie ana
70 these minor changes the Vanderbilss have agreed
fully what Mr.. Depew aludes To IL that some OF MT
Carneries friends did sign the agreement before IL
was sent East and will probably he returned 10 fs
burg for these before the Vanderbllts all sign IL
They I'VE made objections TO detail OF the new
agreement"
KEEPING UP THE FREIGHT WAR HERE
The Eastern ends the granger roads are keeping up
the freight here we'll they can The Chicago,
Burlington and Northern Railway made further low
R1nr and