New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1893-06-02
THE PHILADELPHIA and READ
ING RAILROAD COMPANY,
NO. aa7 SOUTH FOURTH ST. PHILA
Summary Of Plan of Reimbursement.

The COMPANY proposes 10 issue OF Thirty.
yoor Collateral Trust .cr cont. cold Bonds OF the par
,algc Of $50 900 600 70 secured by shares aud bonds
coal and coal account, Welding present revenue q
- i.5 c36 ana after 1898. $3.50 80. or this so o.
will Dee i-ued the proceeds OF which Will take
M all Of Tie floating inicbtedncss amounting TO SO ooo
Ooo tbs issue conditioned upon reduction OF the
rentals and guarantees contracted since lSsS 10 the actual
4 properties l'a-ei and guaranteed and uoon
on by hoics o IA" general mortgage bohd'
to coupons they mature for cash, at var 70 a
trustee In earnings MT Sufficient 70 pay them
when they fa'l due De the basis OF issue ot
COUPON trust ,choates hearing per cent interest an
icdrcmable oon a, the company has funds sufficient
for the purpose layag interest on the ('en,la
Mortgage. II Is a!>O conditioned upon agreement by
the stockholer. uln,fr hr -harc' u Voting Trustees
Tor seven year- Subscriptions 20 the Colleid Trust
Bonds and Coupon Trust Ccth ates have been securd
f:on OUTSIDE p,rcs 80 stockholders and bond
hodr are merely asked TO THEN assent t. sail agree
without TIE oDtation to pay any charge o. a. e'
| n ent whatever.
y reference To plan and statement. II Will b. seen
tha: while the plan does not Involve any increase IN tn
pn, ual .nd-bj, dne Of the Company beyond TIE
discount the s2.c0o,Ooo of bonds no" is'uel 1t Will
eject saving ia the annual cost Of carrying the
Heating and that the floating Indebtedness thus u
bee taken W CONSISTS either OF claims for materials AM p
rcs and prior MORTGAGES Oi all OF whi,h r.
cc,c, Cetacatcs prior IN cn the General Mortsage.
might secured b' tie pledge Of the share,
and boni or coal and coal accounts aud roias stock.
worth mere than the borrowed them that
IL l., q which would have 10 b, provided for
under any sci Of rcorsaaIta alton.
A, 10 tn. of General Mortgage coupons, IL Is
also explain that the Com. covenants no, to divert
any earnings To any othcr purpo'' than tn pay
nent Of the operating "Npen,, and pror interest chare
tn, mans bound to pay the coupons on the General
Mortgage maturity IN cash. Il III fund, 10 do and
further bound 10 tax up the toupon Trust 'erhcats
and them out o. the is, Grlu, earnings after
the pay the rest the General Mott
gage holders General MORTGAGE Coupon, Will only
! sell 10 de a.
coupon. AMI the COUPONS Will only be kept alive
the earnings sufficient TO them. During tn
last year, General Mortgage BONDS
interest upon the noatin, debt. earned in
fun and rs i7.74j.iO paid upon the Income Mortgage
Bords
\, to leases guarantee, made after 1883 they
are all subject To the Income Mortgages. and The poni,e
of thu aiding Company therefore. OF no value, though
the connection with the Il aiding system i Of mutual al
vantage
The 9Th OF the Voting unusual. but the SUBJ
scrItOns the Collateral Trust Bonds ami Coupon Trust
Ccrtlncacs could only be secured by trust which In
surcd stable anG cons rNati>e manag ment. without
contest for that period
All existing rights and pilcr;cs of ali creditors
thu. preserved without change. sacrifice
IN, holtrr, of the shares bond, the
nent without baking any dlo-i,. So that their
coatci, viii he Interrupted intcrtegcd WITH anu
COUPON, are only to b, cold and detached at ma
turtv. tn cnds viii continue good delivery
Certificates OF stock shouli presented be stamped
with word "Assent,i the time signatures the
agreement taken. but the certificates viii not be trans
fcIrd the Voting Trustees General Mortgage Bonds
stamped unt tie plan IN, been declared operative
me L"hieh Na!l'y Railroad COMPANY ha' already
agreed make Ia, ductlon IN it. minimum
uNod renal IN ease the Plaza should he adopted Copes
OF the plan and explanatory statement of agrcc
mcnt- b" signed by the so kholders and boadoIers
b. obtained upon application at the Offices OF tie
company.
JOSEPH -. HARRIS,
President.