The sun. [volume] (New York [N.Y.]) 1833-1916, 1899-01-06

20 wall Street
New York, January Z. 1eee.
Columbus, Hooking Valley and
Toledo Railway Company:

Referring to our circular Of February 20, 1897,
we beg to inform you that, after n protraoted eI-
animation OF the affairs OF the Columbus, Hooking
Valley and Toledo Railway Company. we have pre-
pared a plan and agreement for the reorganization
of the said Company. Copies OF same may be OBJ
tanned at our ONCE.
Our examination satisfies us that any reorRaniza-
ton must BIO based upon n large reduction Of nIed
charges.
The plan provides. in substance. for the Issue Of
the following securities;
1. SEQ, OOO, coo First Consolidated MORT
gage 1OO-Year 4 LIZ Per Cent. Gold Bonds,
to bear interest from July 1. 1890.
These bonds are TO be secured by mortgage and
pledge of all properties and securities now belong
ing to the Columbus. Hooking Valley and Toledo
Railway Company and embraced in the reorEaniza-
ton as carried out. and also Of all other property
which thereafter shall 10 acquired by use OF any
of these bonds. They are TO have the beneht Of az n
first lien on nil, or substantially all, Of tho
coal lands from which the bulk of the
Company's business Ia derived, estimated
at 20, 1915 acres; and tR) n lien on all tho
railroad and equipment, subject only to
67,155, 900 exiRting bonds, until such time IS
the anne shall have been ultimately retired By an
equal amount Of the new consolidated bonds re-
served expressly for that purpose out of said au-
thorzed total issue of $40, 900. 900.
These Consolidated ~ Per Cent. Bonds are 10 be
used as follows
U) To make ultimate provision for eI.
istinE nndisturbed bonds, which;
their present dates OF maturity. 80. s7.Ibs.ooo
(b) To be used in partial exchange for
disturbed bonds. .....,....... 5000. 900
n) To be sold for cash ...,.u".",... 100000
(d) Estimated amount TO be reserved
for the acquisition Of new property
and for .~bettermonts and enlarge
brought under the mortsasej. ...... S.e45.ooo
$40, 900. 900
g. Preferred Stock. 4 Per Cent. Nom
Cumulative, limited under the Plan to an az.
gregate not exceeding $4,000 900, which except as
stated below can DO increased only with the con
sent of Preferred and Common Stockholders. rs
provided in the Plan. All the Preferred Stock will
be in shares of 500 each. and will be subject to
the statutory right of the Company to redeem the
same at.par.
3. Common stock to an amount not exceed
ing 5000. 900, in shares OF 800 each subject to
increase as stated below.
Whenever four per cent. dividends shall have
been declared on both Preferred and Common
Stock. for any fiscal year. any further dividends for
such year shall be equally for the benefit Of all
shares, whether Preferred or Common.
The above amounts OF stock may be increased by
5000. 900 Preferred Stock. 5000, 900 Common
Stock, for the purpose of acquiring interests in the
Toledo and Ohio Central Railway Co. and Columbus.
Sandusky and Hooking Railroad Co. or successor
companies, il at any time thought practicable and
desirable.
The plan makes suitable provision that no add
tional mortgage shall be put upon tho property TO
be acquired under the plan. nor shall the amounts
Of the Preferred Stock authorized under the plan
be increased, except with the consent of q majority
of the Preferred stocA given at a meeting. and also
the consent of the holders of a majority of such
part of the Common Stock as shall be represented at
such meeting.
The basis for exchange Of existing bonds, and tho
oHar M IA I priutipy Gtn,khp1Jora 80 ma Totla-+,.