This historic book may have numerous typos and missing text. Purchasers can download a free scanned copy of the original book (without typos) from the publisher. Not indexed. Not illustrated. 1908 Excerpt: ... 1896, out of the undivided net profits of the Company, whenever, in the opinion of the Board of Directors, a dividend might be declared. The second preferred stock was entitled to no dividend, except when there should remain a surplus undivided net profit after a dividend on the first preferred stock had been paid. ...
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This historic book may have numerous typos and missing text. Purchasers can download a free scanned copy of the original book (without typos) from the publisher. Not indexed. Not illustrated. 1908 Excerpt: ... 1896, out of the undivided net profits of the Company, whenever, in the opinion of the Board of Directors, a dividend might be declared. The second preferred stock was entitled to no dividend, except when there should remain a surplus undivided net profit after a dividend on the first preferred stock had been paid. Dividends on the common stock were payable out of the surplus only that might remain after both the preferred stocks had been paid full dividends from the profits of any fiscal year. Under the plan of reorganization a mortgage or trust deed was given to secure two series of bonds, known respectively as prior lien bonds and general lien bonds. The authorized issue of the former series was $35,000,000, bearing interest at 4 per cent., and of the latter issue $140,000,000, with interest at 3 per cent, until July i, 1896, and 4 per cent, thereafter, interest and principal of both series to be paid in gold, the life of the mortgage being one hundred years, or until January, 1996. The prior lien bonds, as their name indicates, had priority over the general lien bonds in regard to payment of principal and interest, and the rights of their holders could not be affected by foreclosure of the lien of the general lien bonds. Out of the $35,000,000 of prior lien bonds, $15,000,000 were issued at once, and the proceeds, together with the cash received from assessments of stock, used for reorganization purposes and for taking up outstanding obligations of the New York, Lake Erie and Western Railroad Company, as follows: Reorganization First Lien Bonds, issued under the Mortgage of October 5, 1878 (Principal) $2.500,000 Collateral Trust Bonds, secured by Trust Deed of November i, 1882 (Principal) 3,344,000 Equipment Trust Obligations to mature within three yea...
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