New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1897-03-26
THE NEWS OF BROOKLYN.
IN A RECEIVERS HANDS.
THE BROOKLYN ELEVATED RAILROAD
COMPANY TO RE REORGANIZED
SECURITY HOLDERS WILL HAVE CHANCE TO
COME IN on FAVORABLE TERMS-ANoTHER
MOVE TOWARD STRENGTHENING OFT


COME IN on FAVORABLE rERMs-ANoTHER
MOVE TOWARD sTRAIGHTENING OFT
TANGLED FINANCIAL AFFAIRS
The Brooklyn Elevated Railroad Company has
into the hands Of receiver. and its president
Frederick Uhlmann. has been appointed temporary
receiver by Justice Van Wyck. The recevershp
was established the application OF Butler, Not
man. Joline q Mynderse. counsel for the Central
Trust Company, OF New-York. The Trust Com
pany representing the mortgage bondholders, de-
mdnds sale OF the property and franchises or the
Brook n Elevated Railroad Company. the Union
Elevated Railroad Company, and the Seaside and
Brooklyn Bridge Elevated Railroad Company.
The application for the receivership il recog-
nized as a preliminary step In the reorganization
Of the company. and /, is believed by many persons
in business circles that the appointment OF the re-
ce.yershlp Will prove to be one OF the first move
ments in a general scheme for the consolidation
of all the elevated railroads in New-iork ana
Brooklyn. |, may be remembered that some time
ago the Kings County Elevated Railroad went into
the hands of a receiver. and that its president Cen
era James Jourdan. was appointed TO the receiver
ship.
The announcement is made that the new company
viii issue securities follows:
s1G.NOooO first mortgage bonds. bearing interest
al 4 per cent until 1898 and ) per cent thereafter.
principal and interest payable in gold in 1850; this
mortgage is 10 cover al the property and franchises
5000 600 of preferred 5 per cent non-cumula,ive
sSOOOOc OD of common stock
The present capitalization Of the company is
sl3 2SS 600 stock.
s5500.G0 per cent bonds.
Sl2J0.000 per cent second mortgage bonds.
@l50,cco per cent fist mortgage bonds OF the
Union company
S206s. 900 ) per cent second mortgage Union in
comes.
Sl,365.O00 Seaside first mortgage per cent bonds.
Asserting security; holders Will be emitted 10 cash
and security according to the following SCHEDULED:
$50 cash. for each coupon maturing after April !.
1897, pending reorganization: 81 900 new hrst-mor-
gage bond $3.50 OF new common stock 49,
Seaside frst-mortgegc bonds. contributing TO the
committee 500 cash for each bond $50 in cash for
each coupon maturing pending reso org
ierred stock for such cash contribution.
Brooklyn second mortgage bonds, contributing 10
TIE committee 500 cash per bond. for each bond:
$14 in cash for each coupon aturng pending reor-
ganzation; 800 in new frst-mortgage bonds; $500
new preferred stock; also 500 new preferred stock
for such cash contribution.
Union second-morteage bonds. contributing to the
committee 800 cash for each bond. $500 in pre-
ferred stock 500 in new common stock: also slD
new preferred stock for such cash contribution
Brooklyn stock. contributing TO the committee so
cash for each share of old stock: SIS in new
stock for each share of old stock; so new pre-
ferred stock for cash contribution.
The holders of outstanding first and second mort
gage bonds and stock requested to deposit their
holdings with the Central Trust Company. OF New
York. in accordance with an agreement made with
that company. Negotiable receipts will he issued
in return for deposited securities. When suh!-
cicnt amount Of bonds shall have been deposited
the plan will be declared effective. New securities
not required for the reorganization arc TO be held
for future requirements under certain conditions
and restrictions.
The appointment: OF the receiver is friendly pro-
ceeding and was done in pursuance OF the reor
ganizaton agreement issued YESTERDAY by the Cen
trail Transit Company. The Reorganization Com
the Contra, Trust Company: James Woodward,
Of the Hanover Bank; Charles Parsons. of the
Ernest Thalman and Leonard Louison