The Seattle post-intelligencer. [volume] (Seattle, Wash. Terr. [Wash.]) 1888-1914, 1896-12-02

sson scheme Of the syssem OF railroads.
Ao.ks and steamships and other vast
eronarty interests OF the zig corporation.
The subject Of reorganization has been
pres4sted before 70 the holders 81 Oregon
Improvement securities. but has met With
eoG1cicnt opposition 70 block any effectsvs
operation in that direction until aos. The
pressnt scheme OF reorganization. which.
from a financial point OF view, Is entirely
practical has been presented ~ COM
mites authorized to perfect a plan. OF
which r. q. Eaaston. president OF the
Garmsrs Loan and Trzist Company. i
chairman. ard Henry Amy. banker OK
a Wall street. and Henry X. McHarx, OF
~ Wall street, are members. with Michael
H. raxdozo as counsel.
This plan provides for the issues OF the
following new securities, viz.
Z. First mortgage per cent nf-
fy-year gold bonds ...-........s..t5,eeo.p oo
& Second mortgage 6 per cent ff-
fy-year gold bondx interest for
first eiEbtsan months. payable
only II earned ..-&........-......s. l.o1e,so
y -Four per cent non-cumulafive
preferred stock. no additional
mortgage 20 be created without
the previous consent OF three
sourtas OF such preferred stock. 100000
Z. Common stock ....-..........s.--- 5ys9a70
py the terms % the plan first mortgage
which mature up 20 and including June l.
1897. ard 10 per cent. Of the principal OF
such bonds In new per cent first mort
gage gold bonds. bearing interest from
June : 1891.
The row nrxt mortgage bonds not used
for The present flrsts are 60 he issued ~
nc greater rats than at the rate OF 500. 90.
par value OF bonds. per annum. and only
Sor the purchase OF new steamships and
other needed property which IL TO be add
ID to the security for such bonds.
Holders Of consolidated mortgage bonds
who pay 10 per cent. OF the principal there
Of 10 wit: One hundred doliare on each
eisgO bond. in -four eausA instruments. the
first payable as soon as this committee
shall declare the plan operative, and sub
Esuueut instainsnts AZ intervals OF not
less than ninety days upon the call OF the
eommittse. receive for each 1900 bond
800 in new per cent. second mortgage
Eoid bonds. 20 per cent. In new preferred
stock and % per cent. In now common
stock.
Holders of PREPARED stock who pay 10
per cent. Of the principal thereof, to wit:
Ten dollars per share. IN Ike instruments.
fecsive for each Sen shares OF preferred
stock 500 in new per cent. second mort
gage gold bonds. 20 per cent. In Bew pre-
ferfed stock and 20 per cent In new CONF
mon stock.
Holders Of common stock. who pay per
cent. of tbs principal thereof. 10 wit.
Five dollars per share IN like instruments.
receive for each ten shares OF common
ssook so In new per cent. second mort
gage gold bonds ard 90 per cent az par In
new commoa stock.
Holders of said bonds and stocks are re-
quesfcd 10 Immediately deposit the same
with the Farmers Loan and Trust COM
pany. No. I William street. New York
rfsy. ana reeeipts viii be iHsued by said
company Therefor. which may NO ex-
changed for negotiable reorganization GER
efficates as soon as they ara prepared.
Tho Farmers Loan and Trust Company
will also receive on deposit certificates OF
TIE Nanhsttsu Trust Company. OF New
York. and of the Old Colony Trust Com
nany. OF Tsossnn for bonds and stock here
tofore deposited With them.
All surplus cash and securities are 10 he
owned by the new company.
The compensation OF the committee ~ 20
he determined by the presidents OF two
trust companies carrying on business IN
shA city or New York
The reorganization scheme. as outlined
unsana the giving 40 OF securities that.
while worcestershire. are also mar, -prs.st.--
tive. There would d. iittle sacrifice ia
fhe exchange of tho aid stocks and l,ans.s
sor fhoss Of a new issue that would ba
interest bearing frosa the first. and even
finally dividend paving. a feature of me
present issue thar the most optimistic can
rot hope FOR. The present stocks and
bends OF the company that have been
foated aggregate possibly 81. esa coo. and
while the anticipated issue OF Yefssnptian
hands il baf Sic eco. Ii Il desired that
The present holdings as securities shau
Ne turned IN at a figure that viii allow a
balance, after the issue Of new bonds has
heen made. 10 carry cat proieetea Inn
pfovemenss ~ anticipated IN me rees-
sauissticn plan. I'm which Il Ia stated tha I
the new first mortgage bonds not used for
the present fir@sS aru 10 % issued ar no
greater rate than n the rate OF sieo coo.
par value or huitas. per annuna. ana only
Ter the purchase Of aew steamships ard
other needed property which - 10 he adj.
eli 20 the security FOR such bonds
The feature OF she paragraph whirh adj
alta Of improvements aud = Possible Fx-
tension Of service r. covered 6v the state
rsent ahant The purchase ~ steamshfrss
ard ''cther needed property" Thnro has
been deal on between the Oregon Ip,
prcsement cenipany ard the Northern
Pacific which viii probably enter into the
calculations Of the Northern paeiae r4N,r.
eaptnasion Coz the Nerthefn raefn,. Rail-
way Company for the hattermant az th>
service Of The sranscontinental road that
VIII shorten sts western division sistapaa
ebcuts thirty seven miles art iia tirsa
nearly ono hour and "a hair In rearAin =
Seattle.
The scheme coateFnasates fsrst a stand.
asSirlng az the Columbia 4 Puget Sound
scad and shen extending e eeyema fsraak.
Nm - Palmer on tho tine OF the Northern
racifc The extension and risht~ss- " Az
a. the NertAera Pacific mean a usaEter ~
an hour and half IN overland west
eeund business that BON Egss around ~
TayaNur.
Another Of the improvements thas ths
Oregon Improvement Company has fanx
ssaa In view. that would vnaonsteisv cene
en- na.ssr the head az purchases ara tn.
sfeyements. Is tsse extension 81 tie Ocean
dock 30 she outer haraoT line and the
Building 81 additional warehouse
nne II the r&iisuad properties sow listed
ssnonx SAa oregon Improvement Ccsa-
vanyts possessions IA TIRE Part TNwnxsa 4
Sous bern railroad. which. according IL the