New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1892-01-25

~ ,.,.n, hos been brought about Dy the use
OF bonds which We're provided az ths ,ne Vi w IA
tza.ion and 10 some extent by what Mlgh' 10. -.
o,terea l,,ce increase in the percentage Of operating
expenses. 49, A.. 4, n con<
vov, po,-o Of Directors 10 confident that, II co'S
tnuaton OF the present policy Of enlargement OF tacs.
can be secured by adequate financial provision W T.
49,, nj, can be shown in the future Ih'
s,nn,,,,s for extending the business OF the company ar
practically unlimited The question to be met y nov
mate such adequate provision In way that 'lA" ~
ius,lv with the equities OF the preferred 'V'.A
o"trouonts Of the company only be met by usns
what II earns or By mortgage taking precedenc0 u WV
n,.,erred stocks by both these plans eomOiheu
, ,he,e circumstances your Board has nos hesitate"
. dnt and TO recommend for approval the following
cbeme which provides Tor an equitable ohlustHeh0 WIN
tho neferred stockholders as well as for the fututc 1
Of the company. .aooo on
all tive nropcrty OF the company (Which shall also De-
0r.t lien on properly hereafter acquired by use VI ~
proposed bond, far a. pactcaoe). TO srcui' ~,
for the amount Of $40 100000 and bearing AZ per cen"
interest both principal and interest payable In golu co
=, tho United States the present standard oil "es"
and nncness principal payable March J. 49, "''
Interest on first d March and september IN 'Soh
or this amount about s33.o00,00O VIII be fesc'Vu
nay of bonds issued be issued under al cNi'-
no-,cage. on the property and Tor equipment hoe', '
cent the bonds on Richmond and Allegheny p'V''O'.
which run until 1850, and bear not over Der ''"'
interest. ooo - .A mar, az
NAV b. necessary will used in adjustment win Wv
first and second preferred Stockholders as explained Oo,D
and about e24 100000 will be available Tor use lron
n time (und'r proper rcsrctlon) iof HnPo'
additions 10 and enargcments OF the companys system
recently made and may hereafter be necessary -
pcdicnt. -, or,c,ge
In addition to the above amount Of the moteasc'
a. stated above. suitable provision Will Or "auo " "
the issue OF additional bonds at rate not cN'''1.
average Of $4,000 mile for the purpose Of uouo" %
Inc the lines OF the company may be needed from 'o
time hereafter. .os Oh.
following adjustment is proposed: 49,.
The nrst pieerre% stockholders to receive -,
OF the face value their stock IN those BONDS OeN"S
ntees, from July /, 1872 and one'thFi IN common
-us, certificates The second preferred s,ochhode's 10
receive onehlrd face value o. their stoc" III i
bondi and tvo.thlrds in common stock trust c''"
Fractions will BIO adjusted by equitable ash se,eLe~
Tor tho purpose this adjustment and Other Heed' OF
tho company, IL Is proposed 10 Increase tAe ooh"'" W
by an Issue not exceeding sl5.OOOcVO.
WIN these arrangements for providing funds iof tn'
svenment OF the property doubt in the opl-
ion Of your Board a. 10 is future
Wh-n this mortgage Is and proper provision
the exchange OF securities puolc ho'ce VI" "
given 80 that preferred s;ockhodTs may have OPP
nortupity 10 exchange company does not obgate
Itself 70 make the exchange unless twotLiFd' IN anouh'
81 Zach class deposit their stock for That purpose
when notified to do 30.
or the bond, which reserved FOR Improvements &c.
II E rropo,ed TO sell 900 at 'or Improvements
recently made about 10 be undertaken lh'y VIII De
offered ~ tho stockholders at ~ per cent and s-
crucd interest as "a they are ready f'r delivery
syndlcat has been formed purchase bonds not so
eo ly the stockholders The proceeds Of these bonds
Will pr vide expenditure a; present required on
construction accoun: leave the company free II float
Ing debt.
II the above scheme commend, Itself Will you
Kindly sign the request Voting TrusteeA. IN whose
hands the voting power OF the stock Of the company is
yes;eG until Jan !, 1894
Such variations may be made In working ont the details
Of this plan shall commend themselves n the Board ~
Directors but III essential features will b. above stated
An, further explanation desired will be furnished
sppcston % the Agelt OF the company. Mcssrs
nrrxFr MORGAN & co. 90 Wall.st.. New York City.
Dy order OF the Bonrd of Directors.
The Chesapeake l. Ohio Railway Co..
By VI. T.. INGALLS,. President.