New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1896-03-16


system basis Of fair treatment 10 all classes OF
security holders and OF fixed charges on the reoganzed
property reduced amount believed 70 be wei WITHIN
IT'S earning capacity This plan has been
prepared by Reorganization Committee. with our joint
approval cooperation and in conformity with an ar
rangrment the Committees, have undertaken 10
act carrying 1t into effect.
The plan also has received the approval of the
een,atives Of a majority Of the mortgage bonds now in
course foreclosure and which the reorganization
IS based
To carry out the plan following securities will be
created:
First-fRIOR LIEN ONE HUNDRED YEAR
PER CENT. GOLD BONDS FOR $13OOOO,0OO.
These bonds are secured by mortgage upon the
main line branches, terminals land grant equipment ana
Other property embraced the reorganization as carried
out and also all other property thereafter acquired ny
the the bonds to be issued under TINS mort
yare or the General Mortgage hereinafter mentioned.
The proceeds Of the lands applicable to these bonds
after the retirement the General First Mortgage Bonds
,as provided further will be applied one-haf but
not IN any year exceeding s5O0Op to the purchase
., rho Prior Lien Per Cent Bonds exceeding 10
per cent cancellation: and the remainder under
carefully guarded restrictions will be used for betterncns
and additions the property pledged as security for me
bonds.
Whenever these bonds cannot be purchased al the
maximum price the unappcd land proceeds for that year
will be used purchase the General Lien fer cent
Bonds exceeding 100 per cent and their cance'a
ton
PER CENT GOLD BONDS, limited in amount to
500 in addition TO reserve for the l"year FOUR
per cent. Prior Lien Mortgage Of si3oooooo.
These bonds are secured by mortgage second IN
lien N the Prior Lien Mortgage and covering the same
property.
Third-PREFERRED STOCK. FOUR PER
CENT XON-CI MULATIVE. limited in amount, under
Oh. Plan 10 no, exceeding s75 10000 which amount can
b. increased only with the consent OF Preferred and Com
mon stookholden provided in the Plan All the Pre-
,.-~d Stock Will registered and transferable. al the
option Of the holder either in New York or at the
pouiach- Bank Berlin. Dividends upon stock registered
IN erlla may he collected there the rate Of 40 marks
per dollar.
Each share Of this Stock will be entitled to
non cumulative preferential dividends out OF surplus net
earnings OF four per cent per anhun WIN
on, deduction for gny United state Municipal
t,xss which Railroad Company may n, any time be
REQUIRED 70 nay or therrfrom. In fiscal year In
which per cent, shall have been declared on
both Common and Preferred Stock all shares whether
preferred common shall participate equally IN any
fur Their dividends for such year.
ln,r the termination Voting Trust hereinafter
provided for the Preferred Stock Will have the right TO
elect majority Of the BOARD OF Directors OF the ne"
Company for two successive quarterly PERIODS
the fun regular quarterly dividends at mo rate oi
,,ur n,r cent per annum are paid In cash
tn, right rcserved 20 the New Company 10 re
tire this stock whole IN part, a. par from time 70
time upon Hrs; day OF January during the next
twenty years
urth-COMMON STUN 70 me amount Oh no' ~
c.eling 100000.
In f,rtheranc- II the independent reorganization and
In. the property and It's securities ho'h
classes u stock Of Company except such shares
~ a. ,sp,seI ~ 10 qualify dlreciors) be vested
In the following nys Voting Trustees. VIZ j. ierpont
Morren G~osE August Belmont. Johnston iiv-
n.s,on and Charles IAnier for five years although IN
,her discretion the Voting Trustees may deliver the
s,oc, q, any earlier date In The meanwhile the Voting
7.rees az 20 deliver certificates In usual form
The PRIOR LIEN bonds are to be appropriated aT'-
rrot'ms'"ly as follows:
To an equal amount of General First "a, .-a 600
To pa Tor ~. s,SSa F sna e. z n. 1I a AS
eral Firs Mortgage BONDS ANY amount not
50 used Z, be aided 90 the reserve for ne" e.-..o
construction. etc).---t-.- '''''''''''.
For m. paym.n, ~ Receivers Certificates and
EquiPri,n Trust, ana ioI 'h no. eI ~. ,n.ra
second Mortgage Bonds ..........'.'.'''' '"V7o'''
Total pr-en, issue under the Plan. es- Goa ,-- ooo
minated s''"'''''
Reserved 70 provide at their maturity for an
northern rscihc Railroad Company .......... s42'o"
Estimated amount TO he reserved Tor new con
sirucuon. h-i,errnenis. Equipment &C. unls'
e.rstuy sgar, re,,rs,on n, M N the esc.sn.
3i.5scOcO per annum. -""'V
r,,,, su,,or,,.s ,ssu. $3.50 ocooo
Tn. GENERAL LIEN tonds are to he appropriated
approximately a. follows
For the Of the General Third Mort
Sonson ,,as. ,b Mo pls anu $50 oooooo
Estimated amount TO be reserved under care
fully guarded restrictions In the mortgage
for construction. beterments equip ono ooo
ment '-'V'
.,nai iss"e IN excess Q, SEQ 900 900
Reserved provide the Prior Lien Bonds - -. ~.
their maturity IN 100 years i'""oV
Maximum amour, OF both Mortgages $3.50 600
m. PREFERRED STOCK Is TO be appropriated
approximately follows:
For conversion and adjustment OF various Main
Idne and Branch Line Mortgage Bnnds ana
defaued interest thereon and other pui- .oo ooo
poses. provided In the Plan ...'.'..''' s'-'""""
Estimated amount which may be used for re-
organization purposes lie As -oo ooo
Treasury asset OF the new Company..... sZ""Uo
81 900 900
The COMMON STOCK is to be appropriated approx
mat-ly follows
For purposes Of the reorganization as pro 49, ,o oo
Nided In the Plan. s'''oV"
Estimated amount which may I've used FOR
organization purposes may he available Us o,oo oo
Treasury asset Of the Company. 2op'VN
SsOOO.OOO
The basis OF exchange OF existing bonds and OF sale OF
new stock Is as follows: ----
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