The Wheeling daily intelligencer. [volume] (Wheeling, W. Va.) 1865-1903, 1895-03-04
THE vAhLEY CONTROVERSY.
Tho Now York Cominittse llns u Pinn
Favorable to tho II. g. o,


Tho reorganization committee OF tho
Valley Railroad Company. OF Ohio. tho
road now being fought for by tho BaIi.
moro & Ohio aud tho Wheeling K Lnko
Eric. OF which General Louis Fitzgerald,
Of New York, IL chairman, Announces It's
plan 90 follows:
Tho committee has to deal with tho
following bonded and other debls Of tho
Valley Railway Company: First mort.
gage IL, with intorost from Doconbor 10,
1891, 81. 100000 consolidated mortgage
o. In the hands Of tho public, Sl,59i 900;
common stock, Sl,2i0,S00; advances by
tho Baltimore & Ohio, $500, 900; rocoivcra'
certificates, sl,2J0,l25. In addition to
tho above, expenditures Of $4,000 Tor
terminals nre required, and moro will
havo to DO expended for equipments and
be:tcrmonts.
II Is proposed TO forecloro undor such
Of the mortgages as tho committed may
direct. Tho following now securities
arc to BIO issued: Ono hundred.yoar gold
first AZ, $5,500,000. secured by first mort.
gage on Nil tho railroad property, also
any that may DO acquired in Cleveland,
principal ind interest to DO guaranteed
by the B. & O.; preferred stock. s., 2O0.-
QUO, por cont non.cumulative, In 500
shares; common stock, s.. 10000, Ia $50
shares. The securities aro TO DO dis.
tributod aI follows: For each present
first mortgage bond with overdue cou-
pons. Sl,2l3 II new frat 10; for each
present consolidated bond with overdue
coupon, $500 now frat 4s, aud $3.50 now
preferred stock; for each $50 sharo OF
present common stock, $50 now com.
mon stock. af!or payment OF s. per
share assessment, which is at the rate
OF 10 per cent.
Tho other debts OF tho Valley com.
pany arc to be treated with as follows:
For $751;, 900 owed by the Valley to tho
Baltimore & Ohio there will BIO given
S4ll,000 now Is and SILL 900 new pre-
ierred stock. For interest OH this dobt
$4,000 new Is will DO given. For re-
ccivers certificates Sl,l50,59G new 4s
will DO rOaervod. aud for expenses and
cash reserves SOL ,49S Of the came bonds.
Tho cash received from assessment will
DO similarly applied.
The Baltimore & Ohio will be given
$4,000 preferred stock in part consid.
GRAFTON OF its, guarantee OF tho now
bonds. and Sl06,0O0 preferred stock will
be applied to cash requirements.
The amount OF new common stock to
DO issued to tho general public is $685..
700 upon payment oil S. assessment).
Tho Baltimore & Ohio will receive
S.504, 800 OF tho common stock upon
surrender OF the common stock which
it owns, and in part consideration Of its
promised guarantee Of the 4 per cent
bonds.
The new terminal property to be nc.
quired In Cleveland will cost Si49. 900,
and new 1 per cent bonds q! par are 70.
served Tor this purpose.
This plan does not appeal to the
Cleveland stockholders, as it contem.
plates foreclosure. which they have all
along opposed. A decision by Judge
Kicks in this case is daily expected and
then the battle between tho Baltimore
4 Ohio aud Wheeling & Lake Erie for
possession will be on in earnest. The
Wheeling & Lake Erie, it will DO re.
msmbersd, ia said to DO backed by the
Vanderbilt interest that is after this
road to form link, aud necessary one,
10 the proposed now trunk line that will
be competitor in this section with tho
Pennsylvania and Baltimore & Ohio.