The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1896-03-16
N. p. Reorganization plan.

The reorganization plan of the Northern
Pacific Railroad Company has been complet-
ed. and a circular In connection Herewith
appears in this mornings New York papers
in the form OF an advertisement over the
signature of J. p. Morgan & Co. of New
York; Drexel & Co.. of Philadelphia, and the
Deutsche Bank, of Berlin. The circular. as
Following new securities: First, prior lien
OBSERVATION-DISCLOSURES 4 per cent. gold bonds,
Sl30, 100000; second. general lien one-hundred,
and-ffty-year 3 per cent. gold bonds, limited
in amount to SEC, coo, 900. in addition TO reserve
for the northumberland 4 per cent. prior
lien mortgage OF $l30.OO0, 900: third, preferred
amount. under the plan, to not exceeding
SO. coo, Goo. which amount can be increased
mon stockholders, as provided in the plan;
fourth, common stock to the amount or
not exceeding sSo.o0o.oooe In furtherance OF
the independent reorganization and the adj
ministration OF the property and its Sc
~curities. both classes OF stock OF the new
company Except such shares as may be
disposed of to qualify directors) are 10 be
vested in the following five voting trustees,
viz: j. Piermont Morgan, George Siemens.
August Belmont. John Livingston and
Charles Lanier, for five years, although, In
liver the stock at an earlier date. The gem
eral first mortgage bonds now outstanding
are at tne rate OF ABOUT $3.50 per mile.
those reserved for the 81. Paul and North
crn Pacific bonds, will amount to about
$2.s1S per mile. 1t is estimated that on the
prior lien bonds the annual fixed charges
will amount 10 $3.50 per mile, as compared
with $.6lS under previous arrangements, A
syndicate of $45. c00.0o0 has been formed to
provide the amounts OF cash estimated as
necessary TO carry out the terms OF the
plan or reorganization, to furnish the new
company with cash working capital and
with a sum estimated at S5,o00.000 for early
use in besterment and enlargement OF its
property. ~
No More INTERCHANGEABLE Mileage.
Yesterday was the last day that agents
OF the Cincinnati. Hamilton & Dayton. the
Louisville. New Albany & Chicago. the
Pennsylvania lines. the Baltimore & Ohio
Southwestern and the Big Four. under
mileage. and only mileage issued prior to
March Is will be honored by conductors
OF such lines. The only Interchangeable
mileage which viii be honored is on
through lines, ike the Cincinnati, Ham
ilton a Dayton. the Louisville. New Al
bany & Chicago. the Panhandle and the
Vandalia. and the movement OF the above
named lines bids fair TO become general.
There seems TO be a growing sentiment
among through lines TO do this, and II is
thought that II will not be long until a
general movement of this kin will be in
augurated. Passenger men are not saying
much on the subject at the present time.
but they are doing a good deal of think
future When. that day arrives brokers
had Just as we'll 60 out OF business, as they
now depend largely upon the sac OF these
books for their support. II is claimed the
the sale OF this lind OF transportation
Persons desiring to travel q few hundred
miles when necessary for tea. to go over
two or three different ,oads. I,xtead OF