Pullman herald. [volume] (Pullman, W.T. [Wash.]) 1888-1989, 1896-03-21

/ to provide at their maturity Ior al
equal amount of bonds of the st. Pau
/ &, Northern Pacific Railroad Company
| IS 423. 900: estimated amount to be re-
served for new construction, better
ments equipment, ETC., and to the eX-
tent of not exceeding $l,5O0,OOO per an
mum. S25, 600 900; total authorized issues,
$3.50 100000.
The general lien bonds are to be APP
propriated approximately as follows;
For the conversion Of the general thlrd
mortgage bonds, dividend certificates
and the consolidated mortgage and
branch line bonds under the plan, $685.
600 600 Estimated amount to be reserV-
ed under carefully guarded restrictions
in the mortgage for new construction,
betterments, equipments, etc, $4,00O,OOO
Total issue in excess of prior lien bonds
estimated at $60, 900 900. Reserved to
provide for the prior lien bonds at
their maturity in 100 years, Sl3OO00,OOO.
Maximum amount of both mortgages,
$500 600, 000.
The preferred stock is TO be appro-
priated approximately as follows: For
conversion and adjustment Of various
main line and branch line mortgage
bonds and the defaulted interest there
on and other purposes as provided in
the plan, $72, 900 900. Estimated amount
which may be used for reorganization
purposes or may be available as
treasury asset of the new company,
s., SOC, 600.
The common stock is to be appropri-
ated approximately as follows:
For the purpose Of reorganization, as
provided in the plan $75,500,0 900; estimat-
ed amount which may be used for reor-
ganization purposes or may be aVaila-
BILE as a treasury asset of the new COM
pany, $2,500,000
The basis of exchange of existing
bonds and of sale Of new stock is as
follows:
General first mortgage bonds, cash
. per cent. PAYABLE April l, 1896, repre-
senting the coupon due July /, 1896; new
prior lien mortgage bonds 1876 per
cent.
General second mortgage bonds, cash
4 per cent, payable 60 days after the
plan shall have been declared opera
tive, new prior lien, 1875 per cent; pre-
ferred stock trust certificates, 80 per
cent.
General third mortgage bonds, cash
8 per cent, payable 60 days after the
plan has been declared operative; new
lien mortgage bonds. 1872 per
cent; preferred stock, SO per cent.
Dividend certificates, cash per cent
payable so days after the plan has been
declared operative: new general lien,
118 per cent; preferred stock, so per
cent.
Consolidated mortgage bonds, cash
IL per cent, payable 60 days after the
plan has been declared operative; new
general lien, 66la per cent; preferred
stock, 621a per cent.
Collateral trust notes, cash per cent
payable so days; 4 per cent January
1897; new prior lien 100 per cent; pre-
ferred stock, 20 per cent.
Northwest equipment stock, cash 100
per cent, payable at any time in the
discretion of the managers before COM
pletion of reorganization, with interest
at per cent per annum from June l.,
1896.
Interest on new prior lien bonds is
sued for present general first mortgage
bonds will start from July ], 1896, ana
will be paid quarterly. Interest on all
other bonds will start from January
l, 1897, payable on or before completion
of the reorganization.
The present general first mortgage
bonds mature in 1921, but are redeem
able by compulsory drawings at any
time at 10 per cent from the proceeds
from land sales or the fixed annual con-
tribution by the company to the sink
ing fund.
A syndicate of $45,0OO,OOO has been
formed to provide the amounts of cash
estimated as necessary to carry out the
terms Of the plan of reorganization to
furnish the new company with working
capital and a sum estimated at $4,000
900 for early use in the bettermeht and
enlargement of the property.