Show TIE SHORT LTXE Plan Agreed Upon For Reorganization Reorganiza-tion to Be iHsued Todaj NEW YORK March 9rhe plan for the reorganization of the Oregon Short Line and Utah Northern Railway company com-pany agreed to by all the contending interests in-terests will be officially issued tomorrow I calls for foreclosure and a new com i I pany to be known as the Oregon Short I Line Railroad company I preserves the entire system and also control of a block of the Oregon Railway and Navigation Navi-gation stock which secured 13000000 collateral col-lateral trust bonds the new Short Line company paying assessment upon Navigation Navi-gation stock There are 1480 miles in the Short Line system A prior lien of 21 775000 upon about 1180 miles will remain undisturbed but the total indebtedness will bo onjy about 33000 per mile The annual fixed charges of the new company will be 1833270 a compared with 52788576 for the old company This reduction in charges is accomplished by converting half of the present 10SW000 consolidated 5s into 5 noncumulative A income bonds likewise half of 3 7460 Utah Southern mineral and extension exten-sion 1 per cent mortgages The other half gets new 5 per cent bonds and by converting 13000000 collateral trust 5 per cent bonds into noncumulative B bonds to receive interest if earned at 3 per cent for three years and 4 per cent thereafter thereafer Tho B bonds have two directors In the company and an income from Navigation Navi-gation stock to secure their own 3 or 4 per cent income and no lease of then the-n w company can be made without their majority consent or guarantee of their income No lien ahead of A and B bonds can be created without a majority consent of each The present 26150200 common stock pays 1 a share in four Installments and receives therefor new consolidated 5 consoldated percent per-cent old bonds and SO per cent stock pr the new companv the other half stock going to the holders of 14370000 consols and Utah Southern bonds in ratio of a hundred per cent of their holdings making the total stock of the new company com-pany 27450100 = 1 |