New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1896-03-17

rursnnn, 10 the announcement Il The Committees. Of
which Mr. Edward y Adams ani Mr.. Drny'on ives, re-
spcrtivey Charnon plan has been prepared Tor an
indcpen,-n reorganization - the Northern Pacific Ran
road system On u fair treatment TO si classes -
security holders ~ nXed charges the reganiz"
.-, ,ciuc.d u, an amount believed be well within
~. demonstrated earning capacity This plan has been
prepared by the Reorganization Committee with our JOINT
approval and coopcraon and In conformity with an ar
Engagement with the Committees. We have undertaken 10
act In carrying 1t into effect
Tn. MAN also has received the approval of the repre-
scn,atiyes Of a majority Of the mortgage bonds now In
course and upon which the reorganization
| is based.
To carry out the plan the following securities VIII pe
created:
Firs,-PRIOR LIEN ONE HUNDRED YEAR =
PER CENT. GOLD bonds FOn xi3o.OoO,O"O.
These bonds be secured by mortgage upon the
main line branches terminals land grant equipment and
other property embraced In the reorganization an carried
ont, and also all property thereafter acquired by
the use bonds he issued under this mort
gage or the General Mortgage hereinafter mentioned
Tl,e proceeds 81 the applicable 90 these bonds
after the retirement Of the General First Mortgage Bonds
fas provled further viii be applied. one half. but
not In any year exceeding 100000 to the purchase
OF the prior Lien Cent Bonds at not exceeding ITO
Der cent and cancellation: and the remainder under
carefully guarded rcstricons will he used for heeicns
and additions to the property pledged security for the
bonds.
Whenever these bonds cannot be purchased at the
price. the unapped lana proceeds Tor mat year
will he used purchase the General Lien Per Cent
Bonds al not exceeding 100 cent and their cancella-
ton. ,
seconl-GENERAL LIEN I5O-YEAR THREE
PER CENT. GOLD BONDS, limited In amount, 10
SEQ 600 Co., addition reserve for the lD year four
Der cent Prior Lien Mortgage Of $i30cDOoO
These to be secured by mortgage second In
lien 20 tho Prior Lien Mortgage end covering the same
property
Th,rd.-pREFEnnED STOCK. FOUR PER
L. umf ted In rr
the Plan TO not exceeding s75GOOo0 which amount can
be increased only with the consent Of Preferred ana Com
mon stockholders. provided In the Plan All tn" Pre-
fered Stock will registered and transferable. at the
option Of the holder. either In New York or ut the
Deu,schc Bank Berlin Dividends stock registered
in Berlin may collected there the rate Of 20 marks
per dollar.
Each share OF this Preferred Stock Will be entitled to
non cumulative preferential dividends Of surplus net
earnings the extent Of four per cent per nnnnm Win
out deduction any United States state or Municipal
taxes which the Railroad Company may at any time De
required pay retain hereffon In any fiscal year In
which peg cent dividends shall have been declared on
both Common Preferred stock. all shares. whether
preferrrd or common shall participate equally In any
further dividends for such year.
After the termination the Voting Trust hereinafter
provided for Preferred Stock VIII have the right to
elect a majority Of the Board Of Directors OF the new
Company whenever for successive quarterly periods
tho full ami regular quarterly dyidends Mt the rate OF
four per cent per annum. not paid In cash
tire this stock whole In part at par. from time To
time upon any FIRST day Of January during the next
twenty years.
Fourth-COMMON STOCK to the amount of not ex-
ceeding SsOOoOOOO
In OF the Independent reorgnnyafion ana
tie administration Of the property and It's securities bo'h
classes Of the Company except such shares
~ may b, disposed Of TO qualify jrecors to be vested
in the following Ave Voting Trustees viz; j. Perpont
Morgan Ocorg siencns August Belmont. Johnston l1v-
ngston Charles faner. FOR five years. although IN
their discretion the Voting Trustees may deliver inc
stock earlier date. In the meanwhile the voting
deliver their certificates In usual FORM
The PRIOR LIEN bonds to be appropriated mp
proximately as follows:
To retire equal amount OF General First ... o.o
Mortgage Bonds S4loVV"
To provide for the conversion and. far as
necessary for the Sinking Fund " the Cen
era First Mortgage Bonds tany amount not
used be added the for new
construction. etc.,. i4oo'o'o
For the payment OF Receivers Certificates and
Equipment Trust and for the conversion Of
the Collateral Trust Notes and the General
Second Mortgage Bonds. Observation-Disclosures. 4OO4o.3oo
Total present Issue under tho Plan ss-