New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1895-08-29

1oOO
The new bonds deliverable rs above are TO bear interest
July LIST, 1896 FIRST coupon January /.
$3.50, go per for years and 40 there
after.
The bonds to be exchanged bear all unpaid cou-
pons and no allowance will be made for coupons
The assessments the stock Of the New York. Lake
Erie & Railroad Company fixed at Sl2 per
preferred stock and SIS per share common
stock but prompt deposit Of the securities and an
early payment considerable fund i'm
portant deduction OF 81 per share the preferred
stock and SO per share on the common stock will be
OF the above mentioned.
such deposors deposit their stock within short
period discretionary with the Committee and also pay
the assessment. such deduction. within dates to be
fixed by advertisement such payment to be in four in:
stalments 30 days Such deposi,ors Will
thus obtain participation in the reorganization the
payment the Of
s. per share the preferred stock.
si2 per share the common stock.
Stockholders who comply with all these condi-
pay the entire assessment without deduction.
at the time depositing their stock
The stock the New Company In TO he held by Voting
Trustees named by for five years. and there
inter until the new first preferred shall have
ceived so dividend In year although the Voting
Trustees may the stock at earlier date The
Voting will. In the meanwhile. deliver Ccrtih
Gates u Beneficial Interest. as usual
An arrangement has been made with the New York.
Pennsylvania and Ohio Railroad Voting Trustees where
by subject ratification by their bcnencinrcs. they
derak consideration OF securities forth In the
plan and deliver the ~ Y. H. .. property.
subject only the prior lion. equipment md iensedline
securities for which reservation IN made In the plan
The cash requirements Of the plan s.S0i3.Oss.
follows:
Floating debt receivers certificates tc.....ti. 10000
Collateral TruS, Bonds dsriej 10 be paid on ut
10 ncr cent pursuant - the terms Of the
Trust Deed 3.GIS 400
Reorganization FRS, Lien Bonds ,Ere) TO be
paid 100000
Early construction requirements tsystem) and
expenses h3'2Ns
Car fer three 20O0o
s2soi50s
An Underwriting Syndicate has agreed TO purchase
SIS 900 Of the per Prior Lien Bonds also
guarantee the payment Of the by the Eris
Stockholders thus providing the necessary funds.
As fully :orth thc plan the fixed charges Of the
Erie system calculated on all bonds which will be
r., ndng on completion Of the reorganization are
duced 100000 to s7s5ocoo and for
years reorganization further reduction
Of about $@0.Oo per annum Is made TO amount
nearly equaled by earnings OF the property in
1894. Furthermore In the fixed charge Is included
the interest a large sum Of money intended he
spent Immediately after reorganization In improving
adding property. expenditure should enable
business and also to
1t with greater economy than heretofore.
The real earnings OF the Erie system. from 1857
1894 inclusive. show after allowing for all
and worthless items) average surplus the fixed
charges under the plan Of reorganization OF about 81 800
coo per annum. a sufficient for the full per cent
dividend the first preferred stock and nearly per cent
the second preferred stock. While intend
Ing imply any to former earnings
be Immediately realized. make the foregoing
statemen, show that the securities OF the
pany and that the
is sound and conservative.
At our suggestion Messrs c. H. Costcr Louis Fitz-
gerald and Anthony Thomas have undertaken act AZ
committee for the purpose Of carrying the rcorganza
ton into effect We have agreed TO cooperate and
supervise work OF reorganization.
Copies Of the and plan Of reorganization are
ready for distribution. and all security holders arc
invited to obtain them from They In detail
many It Is Improbable condensc into
this circular. which Of much importance to
curty holders deposiiors bound thereby with
out regard to this circular
Referring 10 the lists Of securities Of the New York
Lake Erie a Western Railroad Company. and OF the
Chicago Err. Railroad Company affected by the plan
notice all holders securities that pur-
the provisions Of the plan. they may now de-
post their securities with either Of Offices re-
ceving therefor negotiable receipts exchangeabe at any
time for reorganization certificates.
securities not deposited with will entitled 10
participate In the benefits Of the reorganization
The bondJ Of the New York. Lake Erie and W-.,ern
Railroad Company already under pursuant To-