The Houston daily post. [volume] (Houston, Tex.) 1886-1903, 1896-03-16

both mortgages. $3.50, 100000. The preferred
as follows ''
For conversion and adjustment OF varl.
Sus man lines and branch line mortgage
Donus and the defaultcd interest thereon
aiW other purposes as provided in the
nian' S2.Wq,go Estimated amount which
may be used for reorganization purposes
or may be available us treasury asset
oi tie htw company, Se,5Q0c0e The com
mon stock Is to be appropriated anproxi-
macy as follows; For purposes OF rcor-
SANITATION as provided in the plan. s75,a00,-
Wv. ESTIMATED amount which may be
used Tor REORGANIZATION purposes or may
, ue HNallahie as treasury asset OF the
new company, S2,o0l 600. The basis OF ex-
ohange bonds and of sales OF new stocks
"a follows; General first mortgage
ponds. cash per cent payable April /,
~, representing the coupon due July |,
lnso' new prior lien mortgage bonds, lSi
per cent general second mortgage bonds.
cash per cent. payable sixty days after
me plan she'll have been declared opera
i've, new prior lien, liSts per cent; pre-
ferred stock trust certificates, 50 per cent.
General third MORTGAGE bonds, cash
per cent payable sixty days after the
plan has been declared operative. new
general lien nsortgage bonds, 1lSis per
cent preferred stock. 30 per cent
Dividend certificates, cash per cent,
payable Co days after the plan has been
per cent: preferred stock 50 per cent.
Consolidated mortgage bonds, cash liz
Per cent, payable sixty days after the
plan has been declared operative: new
h2i2 per cent.
Collateral trust notes per cent. paya
bic : per cent May /, 1895, per cent jan
uory !, 1871: n-w prior Hen 100 per cent
preferred stock 20 per cent
Northwest equipment stock, cash 100 per
cent, payable nj any time. IN the discre-
of reors aaization. with interest at per
cent per anuum from June /, 1886
Depositors cf preferred Stockton pay
ment in sum equal to $40 per share;
stock, 70 per cent
Depositors of common Stockton pay
ment of sum equal 10 Sl5 rer share;
common stock. 100 per cent
The percentages rs to bonds are based
upon tho principal amount of deposited
securities. The payments by dep1sitors
Of preferred and common s.ock must be-
rnade in net less than three installmenis,
at least thirty days apart
rho new bonds will be IN coupon form
$4,000. Interest on new prior lien bonds
issued for present general first mortgage
bonds will start July !. 1885 aud viii he
paid quarterly. Interest on all other
bonds win start from January l. 1871, pay
able on or before completion Of the reor-
gari2ation.
bonds mature In 1921, but arc rcdccmable
by compulsory drawings at any time at
Ito per cent from the proceeds of lana
sales or the fixed annual contribution by
the company TO the sinking fund.
In some years these retemplions nave
required, it is explained, large eontrlou-
lions from the operating department, even
to the extent Of the entire annual interest |
of about 100000 of prior lien bonds as
now proposed. 80. I,
4 conversion on the basis set forth II |
Is also explained viii relieve the holders !
Of general first mortgage bonds rom these |
calls for redemption rs well ns the com |
pany from the sinking fund requirements. |
The general first mortgage bonds now |
outstanding are at the rate of about /
800 ls5 per mile. The proposed prior Zen /
honda. Including those reserved for me |
81 Paul snd Northern Pacific bonds Wlli /
amount to about s223l per mile. IL Is
estimated that on the prior lien bonds the /
annual nxed charges VIII amount TO %5S
nor mile. as compared with SlSis nnder
previo,is arrangements syndicate OF
yi5,ooN0oO has been formed 20 proylds me
amounts Of cash estimated as necessary
10 carry out the terms OF the plan OF re-
to furnish the new COMPANY
with cash working capital ana with u
sum estimated Mt 10000 for early use
in betterment and enlargement OF us