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Show WESTERN PACIFIC TO BE JREQR6ANIZED Holders of the Present Issue of $50,000,000 Bonds to Take Over Company. Bj International News Service SAV PRWCISCO. Dec 21 fter securing the unqualified approval of pract eally even banker of prominence in California and the east the committee in charge of the affairs of the Western Par f r Railway company made public toda the full details of the plan of re I organizat on of this system . Br eflv tfai holders of the present is sue of .i0 000 000 first mortgage bonds will take o er the company and its as sets in their entirety and the holders of j the exist ng common stock the creditors of the com pan and the second mortgage bondholders w II receive nothing Prao tieall the onlv creditor of the com panv is the Denver b Bio Grande ra I wav however as it also is the o v hoi ler of the second mo tgage bo ds The Western Pa flc s to al ndebted nes to the Den er & Rio Grarde wh ch will be wiped o t f the rorganization plan goes into effect amounts today to hS"i 500 000 In other words. It u contemplated that the holders of the existing 3i 000 000 ot first mortgage bonds w II bid the companv in for that amo nt at a fore closure sale to be held in the near fu ture The reorganization plan propose that all the property and assets of the ores ent Western Pn if e railwa shall be transferred to a Californa corporation, referrc I to as the operating comi a ' cai ita ied at .010)0 di irled ( to 0 0 of prefer ed an 1 $4 S00 000 mn on stock Thi tock is to be t an forrrd to a second holding corpora t on capitalized pon the same basis The nanking sjrnd rate wh eh will act . as guarantor is omposed of the En it able Tr st companv of New Vork Uol 1 11ns Sons Blair Co and William Sal I omon i Co These hanks will receive one half of one per rnut for guarantee ling the funds neccssarj to carrv the jlan into operation |