New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1895-08-27


The new bonds deliverable above bear interest
from July 1st coupon 10 mature January l.
lss7) at $50 per for two years and 40 'he'e
after
The bonds to he exchanged bear all unpaid cou-
pons and no allowance will be made for coupons
The assessments on the stock OF the Ne~-fork Lake
Erie Western Railroad Company are fixed al sl- per
share on preferred stock SIS per share on common
stock prompt deposit Of the securities ana an
early payment considerable assessment fuhu ar I'M
portant deduction OF 81 per share on the preterru
stock and Sc per share on the common s'ocN wiz "
allowed on account assessments above mentioned
20 such depo~itors deposit their stock wthh so
period discretionary with the Committee ana aso pay
the assessment less such deduction within dates 70 be
fixed by advertisement such payment 10 be in FOUR IN
starnents at least 81 DAYS apart Such depositors VIII
thus obtain participation in the Reorganization upon e
payment OF the net sum OF
s. per share on the preferred stock
si2 per share the common stock
Stockholders who do not comply with all these condi-
lions pay the entire assessment WITHOUT ueu''
st the time Of deposlting their stock
The stock Of the New Company is to be held by voting
Trustees TO be named by for five years and here-
it, until the new first preferred stock shall have re-
ceved 4s cash dividend in year although the voting
Trustees may deliver the stock at earlier date. Inc
Voting Trustees Will. in the meanwhile. deliver Oeruh-
Gates OF Beneficial Interest. as usual
An Arrangement has been made with the New-lork'
pennsvlyana and Ohio Railroad Voting Trustees where
Nv subject ratification by their oenehcar"s 'nes u
consideration or securities i"''" ~
Man TO foreclose and deliver the y y T. o. properly
subec, only &c prior lien. equipment and leas~d-ne
securities Tor which reservation is made In the pan.
TIL. cash requirements Of the plan are s2)oooss' ~
follows oo,o
Collateral TrI-, Bonds tErie 10 be paid on at
10 uer cent pursuant the terms OF the
Trust Deed. "o'''"
REORGANIZATION FRS, Lien Bonds (Ere) TO be
Maid of -IoV''V
nd
expenses - -
Car trusts for three years 2ooo"o
s25oi5
A, Underwriting Syndicate has agreed TO purchase
AK oco ono OF the per Prior Lien Bonds also 10
guarantee the payment OF the assessments BY the H
stockholders thus providing the necessary funds
As fully set .orth the plan the fixed charges OF he
Erie system calculated all bonds which Will he OUT
standing on completion OF tho reorganization are re-
ced from 50 s. $4,000 annum and Tor 'he
frs, two years after reorganization further rsu"""'
OF abou, per annurn II msde. to an amount
nearly .qualled by the earnings OF the property III
1894 in the new fixed charge Is inc"ud
the interest on a large sum Of money intended TO ~
spent Immediately after reorganization IN improving ana
adding 10 the property This expenditure should enable
the Company o enlarge Its business and also TO uaSA
Il with greater economy than heretofore
The real net earnings the Erie from 1887 10
1894 inclusive after allowing for all crossentr-s
and worthless average surplus over the N"n
charQe
ooo r.r annum A sufficient for the full per cent
dividend on the preferred stock and nearly per cent
on IN. second preferred stock While not intend
,y 10 implv that former earnings
can b. Immediately realized. make the foregoing
statement TO show the securities Of the new com
rv will have intrinsic and that the reorganization
is sound and conservative
Al our slgg~stion Messrs G. H. Coster. Louis fitz-
s,als and Anthony Thomas undertaken 70 act az
committee the purpose Of carrying the reorganiza
lion into effect We have agreed 10 cooperate IN ana
.,,.,,,.e the work Of reorganization.
Comics OF and plan OF reorganization are
NOW ready distribution and all security holders are
invited obtain Them from They forth In deta
many which impracticsble condens- INTO
this circular. but which Of much Importance to Sc
cuy-hoIders. all deposors bound thereby WIN
out regard 10 this circular.
Referring the lists OF securities OF the New fof
Lake Erie Railroad Company and OF the
/ Chicago a Ere Railroad Company affected by the pan
notice Is given all holders OF such securities that pu'
the provisions Of the plan. they may now ne-
post their with either Of us our ofoes re-
negotiable exehangeabe at any
time for reorganization certificates
Securities deposited will be entitled %
Dsr,s,pAts ssnsots Of reorganization.
1As hssAS u New yssk 1aks Erie ~ wasssss