The herald., 1896-08-20
THE ENTIRE PLAN
The Pull resolutions and Preamble Presented
at the Meeting

at the Meeting
The following is the entire plan as
embodied in the resolutions and pream-
BILE that were presented at the meeting:
Whereas, A proposition is now pend
ing between the bondholders' commit
tee and the owners of the Fifth street
line and of 50 per ceNt of the capital
stock of the Main Street and Agricul>
tural Park Railway company, and Hen
ry A. Buffers and his associates, for the
sale to said Buffers and his associates
of the 81 per cent of the capital stock of
the Los Angeles Railway company to
which the associated bondholders are
entitled, together with the 2S43 bonds of
said railway company to which said as
sociated bondholders are presently en-
titled no coupons detached, together
withstheir interest, amounting to so
bonds of the remaing 157 bonds that
make up the authorized 5000, together
with all the property and franchises of
the Fifth street line, so called, and at
least 95 per cent of the capital stock of
the Main Street and Agricr1pural Park
Railway company, substantially on the
following terms. to wit:
Said properties to be withheld from
sale to other parties until November l,
1896, and on that day said Buffers to pay
as bonus or consideration for such
Withholding the sum of 100000, and,
upon such payment being then made,
contract to be entered Into with him
which shall provide on behalf Of the
bondholders for the sale to him of said
81 per cent of the capital stock of the
Los Angeles Railway company, and of
2843 bonds and said so bonds, or their
equivalent for the price of $2S23, 900, of
which $685. 900 shall be payable February
/. 1897, and the remaining 900 Aug
ust 1, 1897, with interest thereon from
February 1, 1897, at the rate of per cent
per annum, said Buffers to take said
stock subject to all debts and liabilities
of the company, and to agree to carry
out the unfulfilied provisions of the con-
tract entered into between said associ-
ate bondholders and M. H. Sherman,
dated March 16 1895, it being understood
that said bonds and the deed of trust
securing the same are subject to GER
tain special certificates specified in said
deed of trust.
Such contract to further provide on be-
half of the owners of said allied roads.
for the sale to Mr. Buffers of at least
80 per cent of the capital stock of the
Main Street and Agricultural Park Rail
way company, and all of the property
| and franchises of the Fifth street line
| for the price paid by the present holders
| therefor, plus all disbursements made or
| to be made by said holders for account
| of said roads up to date of delivery of
| said stock to Mr.. Buffers, with interest
| from dates of payment at the rate of
per cent per annum, plus 10 per cent as
| a profit to be realized by said holders.
| said stock to be taken subject to all
then existing debts and liabilities of
said company. The sales of said stock
| and bonds of the Los Angeles Railroad
company and of the stock and property
| of said two allied roads to be interde-
pendent, and one not to be made without
| the others.
Such contract to further provide that
upon the payment of said $s23,0OO said
Buffers shall have the privilege of nam
ing one member of the board of directors
| Of each company, and said stocks and
bonds shall then be placed in escrow,
| pending the consummation of the con-
tract; that until final payment the road
shall be managed and operated as here
| tofore, according to the best judgment
| of the directors, and as though no sale
were pending; but that all net receipts
will be applied only in reduction OF in
debtedness or in payment for better
I ments or improvements.
| Such contract to further provide that
| all payments shall be made in United
! States gold coin of the present standard,
| and that time shall be of its essence.
Resolved, That such proposition be,
and it is ratified and approved, and said
committee il hereby authorized and re-
quested on behalf of said bondholders