New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1894-06-03
N. Y. AND N. e. BONDHOLDRpo
A PROTECTIVE COMMITTEE FoRMrn :.
PRESERVE THEIR LIEN.
DECLARING THAT THE EARNINGS w.p,.
NO DEFAULT-AcTIoN TO PREVENT
REORGANIZATION UNLESS RIGHTS

a
REORGANIZATION UNLESS RIGHTS
ARE PROTECTED.
new element has been introduced into m. ,.
ton as regards the reorganization OF the yon We
and New England Railroad by the action tak. VIZ
terday at a meeting Of holders OF the 6 and
cent first mortgage bonds OF the companv =. W
office OF Redmond, Kerr Co.. az No Al w.u
The meeting was well attended, about $500 m, 49,.
being represented. The object was not on. a, ,
tility TO the Reorganization Committee bu, N, -.
protection. The bonds are in a somewhat nAc,
condition. because, according TO the morty,..
should default be again made on the neYt IT,
coupon. the principal OF the bonds will become dr..
or upon request of the holders OF one-ten,h n, 49,
bonds then unpaid and outstanding the trustee. a.
required 10 take possession Of the property a.
upon request Of one-ffth OF the bondhoders for.
closure proceedings will be necessary In ei,hs, ~
these cases the holders OF the first morteass 49,
Will receive par and interest for their bonds. Win.
at present they are worth a large premium and h.r
always ranged above 100 The bondhoders ba,Isv.
that the company has earned enough money 10 ma.
the first mortgage interest. II the receipts were nro
erly expended and that. II they permit a Juv =.
fault. they will be at a disadvantage in dealing NIT,
the Waterbury Cannon committee on the question a,
reorganization.
The committee appointed by the bondho,ders c,,
sists of Charles s. Fairchild, president OF the Na-
York Security and Trust Company: Henry s Rsa.
mond, OF Redmond, Kerr & Co.; Morgan @ Bulk.
ley Ex-Governor OF Connecticut and president os N.
Aetna Life Insurance Company. OF Hartford Conn'
and Solomon Lincoln of the Boston Safe Denosr
and Trust Company, of Boston The committee viii
meet tomorrow to organize. and early action viii
be taken 10 decide upon the best 10 preserys
the lien OF the bonds
The resolutions adopted al the meeting YESTERDAY
are appended:
Whereas. 1t appears from the official sworn sta,.
ment OF the NewYork and New-England Companv
filed in the State Department OF the State OF Masxs
chusetts, that the road has earned over and ANN.
It's expenses more than enough money to pay ths
January interest on It's first mortgage and per
cent bonds and 1t appearing that said interest IA
not been paid and Is still due and owing and there
Is reason 10 believe that the payment OF the JUN
interest will also be defaulted and
Whereas When the interest Of said bonds shall
be IN default for six months II may be Claimed
by the company that the principal and interest On
said bonds become due and payable according "a
the terms OF the bonds and upon the written "a
quest Of the holders OF Onetenh OF the bonds then
unpaid and outstanding trustees shall enter into
and take possession OF the railroad, premises etc
and upon the request OF one-ffth Of said bond
then unpaid and outstanding shall proceed to fore.
close and sell. and
Whereas said first mortgage and per cent
bonds possess value much greater than par and
interest therefore II Is
Resolved That committee be appointed 10 con.
slider the present interests Of the holders OF the
first mortgage and per cen; boniholiers under
the circumstances, and that they shall have ful
shall seem proper. and TO report to this meeting on
or before the 9th day OF June, 1884, the result Of
their action, 10 which time this meeting is id.
journed"