New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1894-07-04
financial.

~ WV A1VtN VI s"O
SECOND.
THIRD and
CONSOLIDATED
MOrtgdyc Bonds If the
NORTHERN PACIFIC RAIL ROAD co.
When this Committee organized in November last.
the earnings Of the Northern Pacific Railroad Company
justified the belief that the property could he reorganzed
the Consolidated Mortgage without disturbing the
Bonds issued under tho Second and Third Mortgages
Early spring earnings fe, 50 far short OF
meeting the the Second Mortgage without any
provision Mortgage bonds. that this Com
mittcc. originally formed a Consolidated Morsagc
Bondhoders Committee became by the force Of circum-
stances. by the authority OF the Agreement. Re
organization COMMITTEES. ny which title II will hereafter
be known Thus it that Agreement Of February
10 1904 prepared general protection Of the
Bondhoders deposit Bonds invited thercunder
the Company in the midst Of crisis the
character force OF which is well understood. no
definite plan reorganization could he safely formu-
lated until affairs for the better could be
distinctly recognized This condition made prompt CO.
operation for immediate seproecton on the
part Il the Line Bondholers and in preparation FOR
reorganization by foreclosure OF more OF these
! mortgages.
ny the Of the Agreement Of February IT, lS''
the Reorganization Committee was empowered
admit this Agreement any nfhdef on my Ni'~
obligations stocks 81 said Company. other thah inc
holders Of Consolidated Mortgage Bonds. upon such
terms ard conditions and at such times MS % me
Committee may judi"ions
In order that dcposiing Bondho!der might nave
freedom action IN declining any pan OF Teorean-
| zation thereafter presented II provided
any holder Of such Certificates Of D"pos" who
! agree 10 such plan Of reorFani7nuoh may
within twenty days the expiration II such pub
.ication adoption Of such plan. withdraw from
this Agreement
| and may receive back his Bonds upon payment % his
pro rata Of tire expenses the date Of with
irawa hut such expenses shall not exceed at that une
three dollars q 1O;hs of per cent? per Bond
The net earnings OF the Northern Pacific
Railroad system, including the branches Tor
the ycnr ending June 80. 1891 nrc "hi"i"'S
estimnte,I after providIng for prior charges,
I mt nboat onc-thtrd only of the interest on
the second Mortgage Bonds with n" pro-
vision whatever for the Third nnd '"nS"h-
+ dated Mortgage Bonds.
The Second Morgag. Bonds have been IN defau since
october las, two couponH and he Third Mortgage
Bonds since December las, dwo coupons
Default upon the First Mortgage bonds
would have taken pInce tho first of July
1891. but for the action OF this Committee
in providing n loan of 81 10000 to the Re-
ccfvers.
Adverse interests threatened enjon the payment Of
tn, July coupon after duo provision theTrfor
The conveyance Of lands Of Minnesota and
Dakota q Missouri River under the First Mort
gage, is subject
default shall occur IN some OF IN" pro-
visions Of the hereby secured 70 the right Of
the holders Of preferred stock u the said railroad
company 70 convert their stock into said lands. and
to application % the proceeds 'heref 70 the eN
tinriishn1cni II such stock"
The FIontns Debt Inclusive ~ Receivers Certificates
tut exclusive Of and current operating
liabilities.
, . -. .. ........ q. .3t434s
= I a. .,t,,,o, . .......... e. 81 I0cOt
q pa.,-duc coupons Tho Main Line MoTsarr Bonds
| Receiver Henry G. Rouse reports that S'S'O"o'
should he e1pcnded. the rat" of s3"o"H per hnnun
upon the permanent 70 rse II TO snch 'tnhd'f'
"a will enable Company 10 successfully compete VIII
tsriyAls.
There arc sI2355,OOO Of Collateral and Eqnipmen
Trusts secured b, stocks aud bonds belonging
the Estate IN charge u the Court, and maturing within
years.
TIE land department, Is burdeneh by expenses On
taxation withou, Commensurate incame.
Floods and strikes have caused injury 70 properly Hn
the loss ~ much necdei revenue"
The conditions, phi y-icni, commrrrin' "h'
financial. serious
yirrus and united 70 conserve h'
yss, estate resrrnnge rs capitalization - Ha 70 o'n
: i,s hxed charges within ;he net revenues - p'"'
the cash capital needed 90 restore the property 70 "
owners cpd 20 rr-cstabsh rs credit ani influence
Holder. OF bonds is.ued under tn" src""'
and Third. well ns the '"ns"h"h'r" wv '
= cages, should promptly deposit ther """"
- with the NERO ANTIEE TRUST toMPNNN
New-York. the D~positnry of the commute
or the "PENNsYLyANIA COMPANY" OF fhiin
JeIphin TO insure scif-protection and othe
= important n md Immediate advantages reS"''
z ing from such cooperation.
Y = oil classes reminded ua' 'hs " "
only Reorganirftion Committee organized ana a''n
solely in their n,cres' sni cautioned against b"i
v adversely Influenced by who claim TO repfese'
5 stockholders.
At N. last regular meeting Of the Governors o' u
Xey York stock Exchange prior To the Summer Ah)ou
r,cn. he Committee Stock List WINS suihorred 70 u
> the certificates. representing the d'p''nS 81 ~''
/. ,ho- mn ,ory II the listed bonds shn have been
-, ~, ,.se,,cd We now represent S1S,l31'oo
, -, .rcb ConsoI-, and require SS,7o1,ooo ~ ad'hoh
70 es,,s 81 asscnts Tho majority heo'''ny '
stock Exchange quotation of the Trust company "
% Deposit ,,,..
90 W. also repre.en s5,2i5,oOO Of the Thir" Mor's'
"a I,ond, under the Agreement and require S"'
da,l,nal - secure a ma ry. when Application WIZ
Z, Nd. o., Hitting It. the Ncw-Yor, stock Exchange
n T,ose Third Mortgage Dons nre deposited nd'' "
D. .,o,..,,epsi,n.i Agreement Of February 10 1871
TX We also have the active support OF S"'''"'"'"
n Second Mortgage Bonds now on deposit WIN N
A. in Berlin =. ....,
80, ,c,,o, nv tho three Of bonds represent
10 -, ,,s Committee viii result such control OF u
70 n,oner,v n. viii 20 all bSndhold"s me o's
O. talnabie results having due regard 70 "e' 'e''
,.gal nsons while Of course IN any co'npo"' so"'"
OF reorganization tho equities OF inc t'''A"''''' '"
: / u be disreghrced
t,r-.,ed certificates for the deposit Of Second NJ
-hi,1 Mortgage Bonds are ready FOR delivery
- EDWARD ID. ADAMS, Chairman.
Louis FITZGERALD, Nicc-Chairnnn.
JOHN &. BULIITT.
CHARLES II. GODFREY.
D. ID. PROBsT.
n JAMES sTILLMAN.
ERNST THALMANN
y denomination Committee.
&C. CHARLES C. BEAMAN. OF
Nm NELSON CROMWELL Counsel.