New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1889-03-23
A PLAN FOR REORGANIZATION!
THE UNION PACIFIC Wilt COME TO THE RELIE
IN mn, r,,-,-,rr.r, nnfrrrf u AnR AMI pAr1F1c


OF THE DENVER, SOUTH PARK AND PACIFIC.
The bondholders' committee, consisting Of Frederick
d. Tappen, William IT, HOLSTER and Francis l.. Le.
land has perfected plan for the reorganization OF the
Denver, South Park and Pacific Railroad Company
II Is proposed to sell the property under foreclosure Of
the first and consolidated mortgages and TO organize
new company which viii issue new bonds at the rate
Of eli 900 a mile and s3,ooooO0 new stock The
plan contains these other provisions:
The Union Pacific Railway Company owns e. $50 900 Of
the s3T1Tooo outstanding consolidated bonds Of the Dem
yer Company and settlement and In full satisfaction Of
all claims held by f. including moneys advanced amount
ing to 100000 and upward The Union Pacific Company
will receive the 100000 capital stock OF the new CON-
pany, and agrees deliver bonds 70 be made by the
Union Pacific Railway Company amounting to s32454oo
maturing thirty years after dnte bearing interest at the
rate Of IL per cant pr hBnSm- These bonds viii
be placed end ussd In settlement with FIRST mort
gage bondholderG payment Of foreclosure and
organization expenses and in future betterments on the
property Of the company The So COZ S9t bonds TO
Do issued by the company win be delivered to the
Eew.EugiSnd Trust Company 81 Boston, a. collateral
security to the s32i54oo Union Pacific Company bonds
The settlement with first mortgage bondholders In
wolves an exchange OF bonds held by them for
the Union Pacific collateral trust bonds dollar for dollar
past due and unpaid TO be adjusted BY payment
therefor OF 500 so for each s9j upon the basis
Of 1-2 per interest per principal from
Muy l. 1885, to date Of new bond No assessment what
will DO made upon bondholdefs under the agreement
proposed.
TO MAKE THE PoUGHKEEPsIE BRIDoE USEFUL.
Boston, March go Tho Journal wll say to-
morrow: Massachusetts, railroads win do we'll
to watch the future actions of the capitalists who
have invested many millions in the Poughkeepsie
Bridge scheme. About June !, the result OF their
efforts, q new line viii DO opened direct from the
coal regions OF Pennsylvania; also. from the Penn
sylvRnia. Lehigh. Lackawanna aud Erie roads, to
Hartford, and within few months direct connection
With Springfield Will DO opened To stop at these
two points for their Eastern termin simply means
failure for the enterprise Several projects OF great
importance arc likely 20 be pushed, soon as the
bridge and It's immediate connections are opened for
traffic One of those projects is new railroad
between Hartford and Worcester The latter city,
soon 10 reach population OF 100000, Is one OF the
most progressive east Of the Hudson River. In
all probability the route VIII take In the rich and
poDulous towns Of Leicester Spencer and East Brook
field then follow the valley from East Drookfeld
through slurbridge, Fiskdale, RlmheId, Holland,
sbavvIlIe Wales Hydevilie, Stafford Hollow, Stafford
s,rings Rockville, to Hartford Conn., and probably
connection would be formed with the large manli
featuring towns Of southbrdge and North Brookheld
II Is claimed that the distance between Worcester and
Springfield can be reduced some fifteen miles in com
parison with the old way via Springfield. Engineers
have -ecentI made surveys for st another outlet
from worcester 20 Boston. The Hudson scheme =
sPOssd 70 be IN the Interest q the ,ShS p g.. road tS
Central Massachusetts,; as starting from South sud
Svy The survey EaS PaGs we sasOO'O and west
DECISION ON SPECIAL FREIGHT RATES.
washington, March aa.-The Interstate Commerce
Commission, by Commissioner Morrison, rendered its
dectsion to-day In the case Of the Northwestern
lowe Grain and stock shippers Association, against
The Chicago and Northwestern Railway Company
II states that
A railroad company making different rates for the
;ssag tss% b. On slowing that there is
In the cost Of carrying on the different branches
the Of y cS@Seoa % Other than squa
terms makes gives evidence that such rate Is NOS
toe low cannot 0S s%R Charge mo sSortsr
longer distance on ether Ssa can , carry nciEhs
r rcs1 e gE carry over branch road Win separate
equipment to and over rs main line. and where
wiz with another road from r. main line stations q, Re
rate on that branch estaonshes no erirenon TOT tne
rates 70 corn shippers IN Nebraska 70 point in
Illinois BY means q wnsn Wien NE s COMPANY dsned
ne ~ dld such special advantages TO corn shippers |
m Iowa. Il gave unlawful preference to Nebraska
slippers
AoayApIAN PACIFIC BRANCH TO BUFFALO.
buffalo, March % tspeclsD.-By the incorporation
of the Buffalo, Lackawanna ana PaolhS halroad w
Albany tonight the Canadian fauinc ro"o oD'-ns
Its u,sbed.for entrance Into Buffalo. The new
road ,vi run from Buffalo 70 the suspension Bridge.
eonnertire with the Canadian Pacific at that point
Il WIN cross the Niagara River BY bridge TO DO
buit on the site Of the old suspension bridge at Lewis
ton. ehayter for which sun exists meeting Of
tho ncorpora.ors was held here todhy. and the fol-
lowing ofeers were elected: President Joseph Richard
son, New.York; ylce-prosidcnt James Il. smith,
Bufalo treasurer. O. b. Gasl Niagara Falls; score
tary, c. N. Howe. Bulfaio general manager. Colonel
]. " McIntire, pufslo; directors, the officers, ex-
oaIcio Neal Macdonald brooklyn; Charles j. Pear
son, Nsw-Yort city; J. 6. snlth, New-York; J. d.
Ripley, Ecw.york; p. +. Pratt Buaao; william