New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1892-01-26

mis- doveIopncnt has been brought about ~ INC "'o
OF bonds which We're provided at the tine OF Inv ~
i,a.ion and 10 some extent BY what might geh'ra"S
considered large increase in the percentage OF oper'e
expenses !, oo,
v. po,,d NJ Directors is confident that. " con
,rua,,on Of the present policy Of enarg ment OF ac
can IN, secured by adequate financial provision eN'
ravor,hle results can be shown in the future INV
roshuitIes for extending the business oil the cohP'
.,o,ttr unlimited The question be met IL no" 70
mako such adequat' provision IN way that ma"
Justly with the equities Of the preferred sVo.A' .
rcopirements Of the company only be me, w u'e
what /, earns or by mortgage taking preceuenco "a WIZ
,,,forred stocks or BIZ both these plans combimu
de, those circumstances your Eolrd has not hesitato
% ado,t aud to recommend for approval the f'ho"Ins
scheme which provides for an equitable 'ujusH"e'' W.
the preferred stockholders. a. wei ss lot Ve iu'"
Of the company. 100 ON
7, "a nrorosod n create a new general mortgage Oh
all the prom, rty Of the company (Which shall elso O
first lien properly hereafter acquired Dy use -
poIo-ed bond, far a. practcsOlc). To scc"i' w..
for the amount Of SO 100000 and bearing AZ per '
interest both principal and interest payable IN eou
NJ the United States OF the present standard OF "''N
ard fnenes,. the principal PAYABLE Mirch l. ''-'
interest On the ~ March and september IN e'0"
q, this amount about S33 900 900 will be reserved u
my on bonds issued be lssud uhdef d" 'N'''
marriages OIL the property and for equipment ho'e> oA
cent the bonds on the Richmond and AhcehanS "''i
which run until 1889. and bear not over V'' ~
interest ... - ., mar, ne
NAV he necessary will BE- used in adjustment win 'n'
frs, And second preferred stockholders ~ explained oeo
and about s24 900. 600 will be available Tor use ro ~
10 time (undcr proper restrictlofe) Tor rhP'of."
additions TO and enargemen's OF the company S'
recently made and az may hereafter be necessary '" w
pcdient. 49, ,o,,r,ye
In sddl,ion the above fixed amount OF inc 'O ~ -,
a. stated above. suitable provision VIII De MAUI ~ " ~
OF additional bonds at rate no. 49, ,r,cs
average Of s25 600 y mile for the purpo'' VI "o 81,
ING the lines Of e company may b. nerdeu i'o" 'o
time hereafter. 100, ,ha
So far a. the preferred stockholders are conccrheu' 'n
following adjustment is proposed -
The first preferred stockholders 10 receive '"'''"
~ the face value Of their in these bonds bearing
interest from July 1892 and onethird In common 7''N
trust certificates The second preferred sooh"o'u', 70
receive onehlrd face value OF their hVoch W I'm"
bond. and two.thrds In stock trust cctuhca"s
t-,on ,y IA. adjusted bv equitable cash settlements
For the purpose Of this adjustment ana oth'r 'eu' VI
The company. proposed To increase the common SA
by an not exceeding slo.oVoooo
with these arrangements for providing iuhuS ior INV
deyrlopmcnt ~ property there Is no DOUBT III th' oP
ION OF your Board 10 It's future.
When this mortgage l. executed and proper provision
made for the exchange Of securities public notice vi" De
given so that all the preferred stockholders may have OPP
ronnity b. exchange the company does not obgate
s.f IN make the exchange, unless twothrds IN amount
q each class delosl; their stock for that purpose
when notified to do So
or the bonds which are reserved for Improvements &C.
IL +. propo.ed % sell - coo for Improvements
recently made or about be undertaken. They VIII be
offered % tho common stockholders at 81 per cent and ac
crued interest a. they ready Tor delivery
syndcate been formed 70 purchase any bonds not ~
taken by the stockholders The proceeds Of these bonds
Will proyide for oil expenditures present required on
construction account and leave the company free Of noat
Ing debt
II the above scheme commends Itself n you, VIII you
Kindly sign the request 10 Voting Trustees, In whose
hands the voting power stock Of the company Is
yes:ed until Jan. |. 1894.
Such variations may be made in working out the details
OF this plan shall commend Themselves u the Board o
Directors but essential features will b. above sated
ANY further explanation desired will be- furnished upon
spncation 10 the Fiscal OF the company, Messrs
nRFXFr. MORGAN co. % Wast NewYork City
-, order Of tho Board OF Directors
The Chesapeake & Ohio Railway Co..
BY VI. T.. INGALLS,. President.