The sun. [volume] (New York [N.Y.]) 1833-1916, 1896-03-30

NEW YORK. PHILADELPHIA, and BERLIN
March 10. 1890.
Pursuant to tho announcement Of the Committees
OF which MIR. Edward D.. Adams and Mr.. Brayton Ives
respectively, are Chnirmen, a plan has been prepared
for an INDEPENDENT REORGANIZATION OF tho
Northern Pacific Railroad System on a basis Of fair
treatment to all classes OF security holders, and OF
fixed charges on the reorganized property reduced to
an amount believed to be well within It's demonstrated
earning capacity. This plan has been prepared by tho
Reorganization Committee with our joint approval
and cooperation; and. in conformity with an arrange
ment with the Committees. we have undertaken to
act in carrying It into effect
In addition to the two Committees above named,
the plan also has received the approval Of the repro
s%entatives OF a majority Of each issue of the mortgage
bonds upon which the reorganization Is based.
The conversion OF the General First Mortgage bonds
upon tho terms set forth In the plan IL recommended
by Messrs. J. p. Morgan & Co.. August Belmont & Co.
and Winslow, Lanier & Co.. who originally issued
those bonds. as well as by the German Committee Of
General First Mortgage Bondholdera
All holders of the above described bonds, notes. and
stocks are notified to deposit the same as required by
said plan.
Securities not so deposited will not be entitled to
participate in tho benefits Of the reorganization.
Holders OF receipts OF the Mercantile Trust Com.
pany OF New York for bonds deposited under the ex.
isting Bondholdcrs' Agreement OF Feb. 10. 1894. are
invited. with the least possible delay. to signify their
approval OF this plan by producing their existing re-
ceipts at one OF our ofnces, in order that we may
stamp such approval thereon. Under the terms of
the plan. tho Managers have the right. which at any
time hereafter. in their discretion. they may exercise,
to exclude from the plan any holders OF such receipts
who shall not conform to the request to present their
receipts for stamping, as expressly asserting to the
plan.
Copies OF the agreement and plan OF reorganization
are now ready for distribution, and all security hold.
ers are invited TO obtain them from us. as all depos-
itors are bound thereby. They set forth In detail
many features which arc OF much importance TO So
curity holders
We believe that the prompt contamination Of tho
plan viii result to tho best interests OF all security
holders. and Will place this vast property on q sound
and conservative basis
Any further Information connected with the rcor
ganization, which may be desired by security holders
will be furnished on application at any OF our onlcea
Holders OF the bonds issued by tho following Com
panies are requested to communicate with Messrs. J.
y. Morgan & Co. New York. or with tho Deutsche
Bank. Berlin. giving the amount OF their holdings
and stating whether held m bonds or certificates OF
deposit:
Central Washington Railroad Company.
Cnur d'AIcno R'way and Navigation Company
Duluth and Manitoba Railroad Company
minnesota Division.
Duluth and Manitoba Railroad Company
Dakota Division).
Helena and Red Mountain Railroad Company.
James River Valley Railroad Company.
Northern Pacific and Montana r. X. Company.
Northern Pacific and Manitoba R'way Company
terminal bonds.
Seattle, Lake Shore and Eastern r. r, Company
Spokane and Palouse Railway Company.
In order to deal equitably with the holders OF these
Branch Bonds II Is deemed necessary to consider each
case separately, and upon Its own individual merits
After hearing from a large proportion OF each class
OF these bondholders, steps will be taken TO arrive at
som fair basis OF adj for which General Lien
8 Per Cent. Bonds and new Preferred stock Trust Ger.
tlncates have been reserved under this plan.