New-York tribune., 1897-07-23
RAILROAD INTERESTS.
RAILROADS MAY FIGHT STEAMSHIPS.
NO AGREEMENT REACHED BY THE coNFERREEs

RAILROADS MAY FIGHT STEAMSHIPS.
NO AGREEMENT REACHED BY THE CoNrERREEs
OVER SOUTHWESTERN FREIGHT TRAFFIC.
The committee Of the Southwe Freight Bu-
rcau and the representatives OF the Mallory Nor
gan and Cromwell steamship lines continued tneir
conference yesterday at the Holland House Inc
object of the meeting endeavor to end the rate
existing In the steamship trace pet"eeh
Galveston and this port The three steamship hnes
form the New-York and Gulf Steamship Associa-
tion and the present condition Of things Is the re-
suit Of the recent cutting OF rates by the Lone
Star Company. 1t is said that this company has
attempted to get into the pool without success
and that the rate-cutting is result The company
was not represented at the meeting.
The conference was In session for three nours
All information about its proceedings was Will
held but It was understood that before the arrival
Of the steamship representatives the railroad men
held an informal meeting and that a proposition
was framed which was to be submitted by Mr.
Yoakum, general manager OF the 81 LOUIS anu o"l
Francisco Railroad From 1l:3o O'Clock uni"
o'clock the railroad and the steamship men
considered the question of stopping the cutting vi
the rates which was diverting so much business
from the railroads and upsetting all the freight freight
schedules OF the Southwest Mr. roakum retusaa ei @
said TO be An overture to the Lone Star Steamship
Company, which was unpalatabe to the lines III
'ne All nu' care TO say said Mr. Yoakum after the
meeting ''is that we failed to reach a conclusion
as to rates. and that is all there Is to H." Mr;
Yoaum asked whether the & railroads % r, wEue Sone
It YET but ' the rail- roads Southwest are bound
to protect themselves ~, 80, ,oLa nar,
in the meeting said aferward that the sda"G'
would would nei 5ssu be IN raroad against y railroad but
roads against steamships Another 81 rairoaG i n ana
yho holds high bowevsr ON sne The South
west railroads have to much trouOle OF thelr own si
in getting business to permit tne & phir
steamship company TO interfere with their 'rai'c'
PLAN OF REORGANIZATION ADOPTED.
ACTION OF THE BoNDHOLDERs' COMMITTEE OF
REORGANIZATION OF THE COLORADO
MIDLAND
A nlan Of raorganization was adopted yesterday
nv the Bondholders' Committee OF Reorganization
~ the Colorado Midland Railroad Company. Ihe
plan has been approved by the London committee
The plan contains a provision for releasing any
claim of consolidated mortgage bondhoders upon
the guaranty Of the Atchson, Topeka anu oa"'a
Fe Railroad. Under the plan the properly can oe
rehabitated by providing sS92,5OO and IN view Oh
the concessions to be made by the first mortgage
bondholders who will consent to reduction OF
interest from per cent to per cent, the owners
Of the tunior securities looked to to furnish
the needed fresh capital. A proposed cash assess
ment Of Is per cent on the par Value OF the con-
solidated 4 per cent mortgage Donds, lot "Hc"
assessment per cent first mortgage bonds VIII De
given at par. will yield s732,9Oo. sum which Is
thought 10 be sufficient for the new capital ana the
cost Of reorganization.
The properties and assets Of the Colorado MID
land Railroad Company will be sold under the de-
cree Of the Circuit Court filed May 4. 1897 and II
purchased by or in the interest of the committee
will be conveyed to a company to be organized
under the laws Of Colorado New securities VIII then
be issued by the company as follows FIRST
Ten million dollars Of per cent one-nundredy
first mortgage gold bonds IN the aenon,rai'h nd hv
81 900 each with coupons attached, secure4 Dy d
mortgage to the Central Trust company oI Vow VOW
York covering all the property OF the new company
On S. 900 OF these bonds interest sha De paya
as follows From July l. 1897. 10 July iSv a. aaoo
ner cent in cash; from July !, 1900 to July j. 1907
) per cent in cash. and thereafter per cent IN
cash IT. after making due allowance Tor neces-
will permit such earnings shall during the period
OF five wears from July l, 1897, be applied 10 mako
up the cash payment OF interest to full per cent
Holders of such bonds shall be eh.iteI 70 sucS
part OF the per cent interest as snaii not oe pan
in cash On all the remaining bonds interest shaii
be paid at full per cent in cash. Inc mortgage
shall reserve to the company the night to issue
prior lien cent bonds, having priority over tne
first mortgage bonds to the amount or not more
than 100000 OF principal such right TO be exercised
the first mortgage. and In no event anter July l.
1909 III prior lien bonds are issued like amount
of the first mortgage bonds shall be set aside Tor
the redempton OF the prior lien.
Second-Six million dollars non-cumulative per
cent preferred stock divided into $4,000 shares OF
800 each. - . !,
yided into 10000 shares of 800 each
The Committee on REORGANIZATION consists OF
Frederic p Ocott. Charles F. Aver. James y
Jarvie. George Mosle, william g. Rathbone and