The sun. [volume] (New York [N.Y.]) 1833-1916, 1892-01-27
NEWS OF THE RAILROADS.
REORGANIZATION OF THE NTFRNA-
yIOyxL AND GREAT NORTHERN
s- pou,d seems 70 Thiuk II Great Prop
.r,y. for He Readily Guarantees the stock
A...s.ments-NOw Earning N4,eoo.O0O
Au..ii..- Nth N furnlua for nlyldcnds.

a., cou,d seems to Thiuk II y Great Prop
.r,y. for He Readily Guarantees the stock
A.s.s.ments-Now Earning HA,ooo.Ooo
Annually, with Surplus for Dividcnds.
The reorganization of the International and
Grant Northern Railroad has finally been con-
,nmp,nted. Numerous conferences had been
h.d extending over months. and several
,Ions have been presented by the committees
nf,he frs, and second mortgage bondholders.
I'm, there was not simply the bondholdcrs to
,,tisty. A scheme had to DO drawn up which
wnn,d meet tho approval OF the stockholders.
A. il known Mr.. Gould. or the Missouri Ia
ciec. and tho Missouri. Kans and Texas each
avn half II tho stock. The plan that was
r,,lIv odopted indicates an eagerness on their
,nrt 10 retain control Of tho property ut any
cos,. for they willingly agreed to pay all the
a..o.smonts OF reorganization that might be
levied on tho STOCK.
The exclamation OF this Is that the lnterna-
tionai and Great Northern ia In much better
condition than is commonly supposed. 1t now
b,s average gross earnings OF about $1,000
mo- annually Tho receivers have put 1t in
c,mpl.t, condition. aud for years to come it
u.;li not need moro than tho ordinary repairs.
rhi,,y mar cert of the gross earnings will pay
"a, int,r,st upon all the securities under
IN, reorganization and still leave u surplus
for the stock. Tho mileage of the system is
.hout 80, miles Here IS tho plan OF reorSan-
tn",i,n as ilnnlly agreed upon by the commit
trrs vi the first and second mortgage bond
h'Tih ,. frat mortgage will remain rs IL is prn-
,in,I and interest and will receive for arrears
~ ,rcst and interest on the interest to
Tnyanher 1891, onc-huif in cash and one-half
Nv mnl.i interest bonds. secured by first
r,riruse couronS drawing five per cent in
taycst payable onc-slNtt each year. The see:
MD mortgage bondhoders will receive third
,nnrtrnrr thirty year four prr cent bonds.
with foreclosure penalties and rights. ~ or Sin
vnors for int crest accrued anu not paid UP TO
SORT |. 1871. inclusive. ,
INA ,irlt mortgage bondholders will receive
the rourors PAYABLE in May. 1907. In cash. and
tha second mort gnge holders will receive one
half Of the S.,tnMtcr coupons and all of the
March coupons Of 1891 in cash. The second
Mortgage from sept. !, j 'l. will draw interest
NJ l., per cent. until tho first mortgage IN
tercst bonds are paid OIL. and i've per cent;
the,na ;tcr until the end Of the bond. provided
liza interest," Is paid promptly when due. IL IL
araI default occurs the interest will return inn
rndiatnly to SIX per cent.
The ockhOders will furnish by interest as
sessmcn,s the money to meet the cash re-
ourements VI the proposed reorganization.
luis is estimated at between Sl3 and SD u
share. The stockholders refusing or not pay
ing the assessments vi IL be supplemented by
nthar stockholders. who have in advance
agreed t furnish the money necessary for the
reorganization. . -
mated. provided a friendly REORGANIZATION plan
is carried out. But. II necessary, the second
mortgage will be foreclosed by the Joint COM
mttee Of the first and second mortgage bond
h,llprs.