The Anaconda standard. [volume] (Anaconda, Mont.) 1889-1970, 1896-03-16

Ia I4O4t4N44NOs 11A1bO4
which amount can be increased only
with the consent of preferred and COM
mon stockholders, as provided in the
plan Each share of this preferred
stock will be entitled to non-cumulat-
tive preferential dividends out of the
| surplus net earnings to the extent of 4
per cent. per annum without deduc-
ton. In any fiscal year in which 4 per
cent dividends shall have been de-
clared on both common and preferred
stock, all the shares shall participate
equally in any further dividends for
such year. After the termination Of
the voting trust, the preferred stock
will have the right to elect a majority
of the board of directors of the new
company whenever for two successive
quarterly periods the full and regular
quarterly dividends at the rate Of 4
per cent. per annum are not paid in
cash The right will be reserved to the
new company to retire this stock, in
whole or in part, at par, from time to
time, upon the first day of January
during the next 20 years.
Fourth-Common stock to the
amount Of not exceeding $50, 900 900. In
iutherance of the independent reorgan-
fzation and the administration of the
property and it's securities, both classes
of stock of the new company Except
such shares as may be disposed of to
qualify directors) are to be vested in
the following five voting trustees, viz:
]. Pierpont Morgan, George Siemens,
August Belmont, Johnston Livingston
and Charles Lanier, for five years, al
though in their discretion the voting
trustees may deliver the stock at an
earlier date. The prior lien bonds are
to be appropriated approximately as
follows: To retire an equal amount of
general first mortgage bonds SAL, S79,-
900; to provide for the conversion and,
as far as necessary, for the sinking
fund of the general first mortgage
bonds, s14,657, $50; for the payment of
receivers certificates and equipment
trust and for the conversion of the COL
lateral trust notes and the general sec
ond mortgage bonds. 0.040,3 $50: total
present issue under the plan estimated
at 500, 577, 900 reserved to provide at
their maturity for an equal amount of
bonds of the st. Paul & Northern Pa
cific railroad company, $S,423 900; esti-
mated amount to be reserved for new
construction, betterments, equipment,
etc, and to the extent of not exceed
ing 81, 100000 per annum, $25, 900, 900; to-
tai authorized issues, $3.50, ZOO, 900.
The general lien bonds are TO be ap-
propriated approximately as follows:
For the conversion of the general third
mortgage bonds, dividend certificates
and the consolidated mortgage and
branch line bonds under the plan, $751;
900, 900; estimated amount to be re-
served under carefully guarded restric-
tions in the mortgage for new con-
struction, bettterment, equipment, etc,
81, 000,0 600; total issue in excess of prior
lien bonds estimated ait $50 900, 900; re-
served to provide for the prior lien
bonds at their maturity in 100 years.
$3.50, 100000; maximum amount of both
$3.50. 900, 0O0
The preferred stock is to be appro-
priated approximately as follows: For
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, $72,000000; estimated amount
which may be used for reorganization
purposes or may be available as a
treasury asset Of the new company.
~, 500. 900.
The common stock is to be appro-
priated approximately as follows: For
the purpose of reorganization, as pro-
vided in the plan, s75,500,00; estimated
amount which may be used for reor-
ganization purposes, or may be availa-
bic as 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 mort
gage bonds, cash 8 per cent, payable
April 1, 1896, representing the coupon
iue July 1, 1896; new prior lien mort
gage bonds, 135 per cent; general Sec
md mortgage bonds, cash 4 per cent,
payable 60 days after the plan shall
nave been declared operative; new prior
len, 1852 per cent; preferred stock
rust certificates. SO per cent; general
.hird mortgage bonds, cash per cent,
payable go days after the plan has been |
declared operative; new general lien !
mortgage bonds, 11Sh per cent. pre-
erred stock, so per cent; dividend GER |
ificates, cash per cent, payable 60 |
lays after the plan has been declared |
operative; new general lien, lis per |
.ent.; preferred stock, so per cent: |
consolidated mortgage bonds, cash IL |
Der cent. payable 60 days after the |
,lan has been declared operative; new |
general lien, 661a per cent; preferred |
took, 62IA per cent; collateral trust 7
totes, cash Z per cent, payable per
ent., May 1. 1896; per cent. January,
1917; new prior lien 100 per cent; pre-
erred stock 20 per cent; Northwest .
Equipment stock, cash 100 per cent. 4
payable at any time in the discretion of |
he managers or before completion of .
with interest at per /