New-York tribune., 1894-01-06
finanrial.

with invite all holders u the mentioned lori.
lcosit same with with the lcns, possible delay
The Second Consolidated ,nds must the December
1879. coupon. tho which Will allowed for II,
cash at tirro Of delivery 81 the bonds
THE company. in rs circular makes reference 20 the
unusual conditions o the securing the ao-caei
"Secoal Ccrsoia:cd'' bonds Not only the bond
holders poweess 70 begin foreclosure proceedings until
SIX SUCCESSIVE coupons in dcfrult. but. even 4,
default should bc allowed occur. the remedies
under the uncertain that IN or opinion
would be irpracticnhle possible at ALL
could h" accomplished after almost, crIless della,
with the Ere Company provides that the
proposed mortgage shall h. satisfactory In all
provisions and do not hesitate say be-
Hove the rendastment offered by the Erie Company vii!
be clearly for the interests Of the bond
holders only because Will for Cundcr
nGvlce of courseD tn" Advantages OF n carefully pre-
pared with full rights Of prom2; foreclosure
of any default but also account OF a moicnte
but essential. provifon which will the I'M
pcra;ivc needs OF Company legitimate construc-
tion and equipment purposes in tho future \ lack of
provision .hc direct of the disasters which
Erie Company In 1884, AMI 1873.
both OF which occasions the Second Consolidated Mort
gage Dondhodcrs have had TO bear the burden of the
caamfy.
In v!ew therefore Of the position in which the Second
Consolidated Mortgage Dondhoders have found themseves
past and themselves again to-day have not
hssi'acd approve plan which FOR simple concession
per in the rnte OF interest pro !des by ex-
change purchase md which. in our Judgment. Is
inrnscally and commercially more reliable and valu-
able Investment than they hold.
The scheme which recommend has been agreed
upon only potractcd negotiations and has already
ho approval and ndors'ncnt of large American AMI
European holders of the bonds affected
the dscrcti power vested in us by the Erie
Company shall he prepared 10 declare the pln opera
tive aid the details of Its execution as soon "a
a majority In amount OF the bonds affected by 1t and now
called for shall deposited with under It's torms.
Negotiable receipts will he issued by for all deposits
Application will made have listed On stock
Iy hnnce.
II Is understood and agreed between and each de-
rostor as condition upon which hs bonds are received
that tho deposit acceptance OF the pro-
posed scheme In its entirety.
SuhscripO the bonds to be paid 10 US whom
over We are enGy deliver them Of which due notice
will 10 given b. publication.
4 form Of letter of deposit and subscription which
must accompany each deposit may be obtained at our
Office
We oserv" right declare tn" plan abandoned as
n Who'll. md. In thr' went to return bonds of the class
and am pn, deposited charge to depostors upon
| II receipt
We further the right - terminate at anT time
md wou, notice the privilege ~ deposiins hcreunde
IN sing We wish to recommend and urge prompt
nc,icn upon tho part Of holders tho securities affected
In our opinion result In tas.ag prop-rty * me
hands of the receivers avoid possible disruption o
tho sysern restore crei-ths without any present
increase Of fixed charges give t. tho security hp'fs
bond IN which their rights are protected and d"i"ns'be