A Compilation of the Laws, Deeds, Mortgages, Leases, and Other Instruments, and Minutes of Proceedings, Affecting the Pittsburgh, Fort Wayne and Chicago Railway Company, Together with a Prefatory Statement by the Chairman (Paperback)

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. 1875 Excerpt: ...been actually made, and to revoke this consent as to such further issues. Secondly.--That the total issues for the year 1864 shall not exceed $3,500,000; and that no issues for any future year shall be made, except upon the detailed estimates submitted by the Board of Directors of the amount of money necessary for the work of the year, and after the adoption of a resolution authorizing the same at the annual meeting of the stock and bondholders. Thirdly.--That this consent shall not take effect, except cotemporaneously with the agreement hereinafter specified, between the said Company and the said First and Second Mortgage Bondholders, and as part of one entire financial system. Whereas, the said first and second deeds of trust each contain substantially the following provision: "Article Sixth.--In any six months, the first such period commencing on the first day of January, 1862, in which the net earnings of the said railway shall exceed the amount necessary to pay the interest upon all the bonds of the said i r" Company, secured by these presents, or by either of the two several trust deeds, bearing even dates herewith, and then outstanding, including the contribution to the special sinking fund for the six per cent, bonds herein pros'ided, and a dividend of-three per cent, upon six millions and live hundred thousand dollars of capital stock, such surplus shall be reserved, and shall, within sixty days after the expiration of the said six months, be paid over to the trustees, as a sinking fund for the redemption of the bonds secured by these presents. Provided, that after the redemption of bonds amounting in the aggregate j to two millions and five hundred thousand dollars, the said sinking fund may be limited to the application of not less than...