New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1891-11-01
ROLLING STOCK AFFAIRS.
THE COMMITTEE OF FIVE REPORTS.

THEIR PLANS OF REORGANIZATION MOI hihN"
TO DE CARRIED OUT.
Tho holders of receivers certificates and nnsccureo
creditors OF the United states Rolling STOCK COMPANY
held their adjourned meeting yesterday I'd reooi'o .
report of the committee Of creditors appoih'eu ~ Wv
meeting on Friday The committee carci"'s
amncd the books and accounts OF the n.sN. ",
A. uegewisch, who spent yesterday morning "in ".o
members The committee reported In fav0r Oh .n'
nronoson OF settlement and more than half the cfeo
itors voted IN favor OF accepting H. There were h'e
CONSERVATIVES present who were not able to vote h,
thew received further instructions from their cnen's
who hold claims against the company. Inc coun'c.
NJ the reorga committee express commence '"
tho action taken yesterday will assure the successi
carrying out Of the scheme.
The plan OF reorganization contempiases the nSuo
nv the new company Of $1.75O,Oo0 first mortgage
q ncr cent ffty.year gold bonds, OF wnich
so75 600 bonds goes to the present reaA es'a'o
bondhohers and 81 200 600 to the present conSoios
bonds leaving 1915, 900 surplus There VIII be @1,OOv
600 new second mortgage bonds, Of which $1,looooV
goes TO the present per cent debenture ponoho'0e
and 100000 to stockholders who assent TO assess
meut leaving surplus OF $1o5, 900. For tile prosehs
collateral car trust bonds IN equal issue el,oOoo Oh
new bonds will be made. The new preferred stoch VIII
be o. $50, 900 and the new common the same r'eee'
stockholders, after paying an assessment Oh CIV iv
avery $50 share will receive $40 in new seconomort
gaeo EOnds, $2c In new prcleTrcu stoVn WIN ~-~ "
common stock. "A,
such Is the plan of reorganization proposed Dy tno
English stockholders represented by William D. Guonne
and Victor MOrawetz The other side OF the case -
presented by one who Was at the meeting III 'he III
tcrst of certain Of the unsecured creditors puts iar
different face ON the Whole matter Inc ihVeS"ssao"
into affairs of the company by the oornmtee I" nVe'
according to this authority disclosed state OF anars
that must entirely defeat the proposed REORGANIZATION
and prevent the listing of the oomPanys s1ocN oi o
London stock Exchange, as Is contemplated A"''
gentleman declares that the nominal assets OF the COM
nanv when It went into the receivers hands ABOUT
eleven months ago little less than @2'2x''
600 Today he says, the receivers DOCKS sio" u'A.
The actual assets do not exceed $s44,OOO, agalns.
tn nt ~ is nroposed to issue the first and second
moriraee bonds already mentioned. - -. o..
The items of this tremendous snrinkasp NJ W,a a TO-
ara given in part as follows Rolling STOCK ste9 ior
100000 worth $50 900; supplies on saGa d ono o NJ,
Standing accounts, estimated at $4,000, worth
Sooa DO bills receivable face value 81 600 worth
- 400 900 worth $50 900 securities, listed at par
~alne $3.50 600, worth 5000; cash on hand'
81 900 The net debt of the company Is about St,-
100 600 which will very eneetusuy WIPE oat t the
ss44 900 OF actual assets With the Affairs Oh the
somnMny in this wretched condition. as show by INC
receivers books and the report OF tne nYesssa,.ha
committee IL Is proposed to 80 ahead ana avempta
renrannzaon by levyirg assessment on the stocK'
holders and offering millions OF first and secoho mort
youchcd for by dissenting creditors IT Is more tniln
Hkelv that the foreclosure proceedings already oeenh
IN Illinois, Ohio and Alabama, where the comp1hys
works are will be pressed 10 co immediate ISSUE