separately, and were to be paid either in general mortgage 4s of the additional issues (over the $96,990,582) mentioned, or in the new prior lien bonds. If in the latter, the general mortgage bonds which would otherwise have been issued were to be held for the ultimate retirement of these bonds. Provision was made for future construction and additions by the allowance of $3,000,000 general mortgage bonds, to be issued each year to a limit of $30,000,000, and then of $2,000,000 adjustment bonds, to be issued each year to a limit of $20,000,000. Additional new general mortgage bonds, up to $20,000,000, might be issued and used in such amounts respectively and in such proportions as the Joint Executive Committee might determine, for the acquisition of the Atlantic & Pacific, the St. Louis & San Francisco, and the Colorado Midland; and for like purposes $20,000,000 preferred stock. The lien of the new general mortgage was to cover all properties which should be vested in the new company, and also any other property which might be acquired by use of any of the new bonds, but the Joint Executive Committee might, in its discretion, except from the new general mortgage the stocks and bonds deposited under the existing general mortgage, representing branch lines, the operation of which should be found to be unprofitable and an unnecessary burden to the system. A voting trust was considered, but was rejected as unsatisfactory; and the committee confined its efforts to the securing of the best possible management. The proposed fixed charges amounted to $4,528,547 Net earnings according to Mr. Little had been in 1891 5,204,880 1892 7,853,173 1893 8,085,608 1894 5,956,615 Thus the new charges appeared well within the earning power of the road. The plan made the following, provision for cash requirements: Assessment on Atchison stock at $10 per share $10,000,000 Assessment on second mortgage and on income bonds at 4 per cent 3,567,644 ----------- $13,567,644 The estimated cash requirements were: For receiver’s debt, preferred or secured floating debt of the Atchison Company, estimated as of January 1, 1895 $7,793,875 Leaving for receivers and floating debt, accrued interest and undisturbed securities, etc., 773,769 ----------- $13,567,644[445]