New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1895-12-18

Tho foregoing percentages to bonds based
their principal amount Undeposited bonds must be de-
posIted with all unpaid coupons.
The - per cent in FOR ''unsamped' receipts and
for heretofore undeposted General Mortgage Bonds rep
resents coupons from July 1, 1893 to January l. 1896
and is payable before completion OF the reorganza
tion with interest per cent per annum from the
dates OF maturity the respective coupons until paid
-, means of this payment 'unstamped certificates and
heretofore undeposted bonds are placed upon the same
footing as the stamped certificates.
The new bonds will be $1,000 each. Interest will
start from January l. 1895 first coupon TO mature July
l. 1880 and will be per cent per annum
The assessments are 20 per cent. on the First
Second and Third Preference Income Bonds; 20 per
cent say $40 per share) the stock. and per cent
on the Deferred Income Bonds
The assessment is payable four equal insalmen -
at least 80 days apart The first instalment Of one
fourth Of the entire be paid or before
January 10Th 1896
A syndicate has formed which definitely under
writes the payment OF the assessments and all other
cash requirements the plan in all about $4,000 600
and also guarantees extension payment Of some
500 900 Improvement Mortgage Bonds and Coal and
Iron Company Bonds. most of which VIII mature withn
the years.
The financial requirements not only Of the reorganiza-
ton bu, Of the New Company as stated above thus
fully provided for.
Az set forth In the plan fixed charges OF the
reorganized system will be about $4,000 600 An almost
immediate reduction u nearly 100000 per annum in
these fixed charges will however be effected through the
refunding Of the various bonds shortly to
The net earnings system the past four years
terminating November 3Oth were:
lsG2 sl2 4I2 100 ca
1893 Hi'-~o %
1894 "s3"oh -
1898 ESTIMATED November 1924 1913 ~
The New Company will start without floating debt and
will be relieved from he embarrassment Of Car Trusts
which during FIVE years have absorbed upwards
Of sijGO.OCc It's net income. and which. unless
provided for part Of cornpreh' plan OF re-
organization will further absorb ~ additional
well within Of the system the past
Years Of extreme depression and the New Company will
start not only with substantial working capital
but power provide facilities for the
Of business.
Copies the agreement and plan Of reorganization
ready distribution. and all securtyho
invited to obtain them from They forth IN detail
many which IT IL impracticabe condense
this circular. but which Of much Importance ia
security holders as all deposi,ors bound thereby
without regard to this circular.
holders bonds and stock affected by the plan
deposit their securities with either Of us at ou
Offices receiving negotiable receipts exchange
able at any time for reorganization certificates.
Securities deposited with Will be entitled
participate In the benefits OF the reorganization.
Holders Of receipts Of the Central Trust Company o
New York for General Mortgage Bonds deposited unde
the existing bondhodes agreement Of May T. 1904 ar,
entitled the benefits OF this plan unless within th
tim be limited therefor. such existing receipts be pro
duceN Offices stamped by us as assent
Ing TO ,his plan.
Ioder II receipts heretofore issued by. tho Contra
Trust C6 sny OF New York Fret Second spd Third
PFsferene'Y Income bonds Deferred Income HanhA