The Sun.
London, England, 1870-05-25 00:00:00

EVENING EDITION.

TO THE BONDHOLDERS, DEBENTURE_
HOLDERS, AND CREDITORS of the ATLANTIC and
GREAT WESTERN RAILWAY COMPANY.
The accompanying programme for the reorganisation of the
Atlantic and Great Western Railway Company, having been
already agreed to by a majority of the creditors holding first
charges, is now presented for acceptance to all classes of cre-
ditors.
It is probably known to the creditors generally that suits for
foreclosure and sale have for some twelve months past been
pending in each of the States through which the railway runs,
the result of which must ultimately be a sale of the property fpr
the satisfaction of the First mortgagees of each section, and the
subsequent creditors willhe completely shut out unless some
arrangement be previously-come to between them and the holders
of the First mortgages.
The present plan has been prepared with a view to such
arrangement, and is believed to offer to all parties interested
the most substantial justice. While preserving the general in-
tegrity of the prior mortgages and asking for them, in considera-
tion of a prompt and harmonious settlement, such concessions
only as they may reasonably allow, it provides that the prospec-
tive increase in the resources of the Company shall be available
for the benefit of those creditors behind them. The total ca-
pital of the reorganized Company, as proposed in this scheme, is
deemed to be quite as large in amount as it can safely be made ;
a fact which will be evident upon comparison with the accounts
of other well-organised and conservative American Railways.
Upon the Ist of January of this year there were liabilities yet
unpaid of the late Receivers to a considerable Amount. These
must in the first instance be met, and it is assumed that the
entire revenues of the current year will be required to discharge
this indebtedness. The bonds to be issued by the reorganized
Company will commence to bear interest from lst January, 1871,
by which date it is hoped that the reorganization will be com-
pleted.
-The payment of interest and Sinking Fund upon the New First
and interest upon the New Second Mortgages Bonds will require
an annual net revenue of 1,220,000 dole. gold, after which the
earnings. of, the line will, ber:aTplicable to the payment, either
partially or
in—full, of the int-erest upon the third Mortgage
Bonds which it is proposed to issue to the Consolidated Bond-
holders in the proportion of 75 dollars for every 100 dollars prin-
cipal sum of their present holdings. It is not anticipated that
the revenues of the line will at present suffice to pay the full rate
of seven per cent. upon these Third Mortgage Bonds, and they
will therefore only draw such interest as may be actually earned
in any one year. This provision is essential to protect the under-
taking from future embarrassments, and was adopted with much
success in the reorganization of the Pittsburg, Fort Wayne, and
Chicago Railway Company, the most successfully reconstructed
railway in America. Mr. Meyer, one of the Committee named in
the present plan, took a very prominent part in the Pittsburg,
Fort Wayne, and Chicago reorganization.
As regards the Share Capital, which it is proposed to apply in
settlement of various open claims, its value must depend upon
the future increase of traffic, and it cannot be expected that any
dividends thereon will be earned for some time. Inasmuch, how-
ever, as the Bondholders will have voting power, the control and
management of the road will, in the meantime, remain in their
hands, and the creation of this Share Capital will not prejudi-
cially affect their interests. To leave the control of the road in
the hands of those having only a very remote intererest in its
welfare would be manifestly unsafe ; but to leave to these remote
interests a certain prospect of sharing in the future development
of the undertaking is, as a matter of justice, not objectionable,
and, as a matter of policy, advisable.
Creditors desiring to participate in the benefits of this re-
organization are requested to send in full particulars of their
claims to

Lombard-street, 1
THE LONDON AND CO2I7I,NLYmBbAaNrdIK-, in London,
FREDRIII W. OEWEL,
or } in Amsterdam.
WERTHEIM AND GOMPERTz,
The United States Trust Company, in New York, on or before
the 25th June, 1870, in London and Amsterdam, and on or before
the 9th July, 1870, in New York, and the varios usecurities will be
hereafter collected and exchanged at the same places.
The trustees for the reorganization will include in the benefits
of this plan such bondholders and creditors only as shall signify
their assent, and send in their securities to be stamped, by the
date named. Non-assenting creditors can only have their simple
legal claims for dividend out of any fund remaining in Court after
foreclosure and sale. FRED. W. OEWEL,
Agent and Representative of the Dutch Holders
of First Mortgage Bonds.
Amsterdam, 24th May, 1870.

PROTOCOL FOR REORGANIZATION OF THE ATLANTIC
AND GREAT WESTERN RAILWAY COMPANY.

NEW FIRST MORTGAGE,'

MISCELLANEOUS TOPICS.

t FENIAN ATTACK ON CANADA.
The I'enians have after all commenced the raid
which has been threatened, believed in, and dis-
believed in again and again. Very cleVerly the
Brotherhood have managed their enterprise, what-
ever success it may have. When the reports of an
attack grew serious, the Canadian authorities made
every preparation; they sent troops to the frontier,
and suspended the Habeas Corpus Act. Now that the
precautions have been relaxed, the "invasion" has
been attempted.