The Democratic press. [volume] (Ravenna, O. [Ohio]) 1868-1901, 1870-10-20
From the LondOn Railway News, Sept. al

GFrom the Lcndon Railway News, Sept e41
Atlantic and Great westerp---C --ConpIete
-Succcs' of the PIan-of Reorganization.
We are glad to besin position 10
Fanhounee the complete success of the
preliminary steps which have been ia
ken for she foreclosure and reorgaiii-
zation of tie Atlantic.and Great West
ern Company. On Satarday-last
when the time fixed for receiving the
bonds and debentures expired, Messrs
BischoHsheim had in their actual pos
session about f7,000,00O of tie seeu-
Yritiessof the company, and yassents to-
the scheme on the part of persons who
had not deposited of upwards OF Gi.-
900, COO, sterling. The whole amount.
of securities of the company out
standing, Including the overdue cou-
pons, according to the official scheme
for the reorganization, of the comDa-
my, is 5S,372,910 dols.,. or. Ell, 1,674, $50.
Messrs. Bischoffshein and Gold
schmidt possessed therefore about
four-ffths of the whole of the seeuri-
ties of the company. A small section
holding a majority of the first Ohio
bonds, about 100000 dolls, and held
almost exclusively in Holland. have
hitherto opposed the plan, and pro-
posed a, counter scheme by which the
consolidated bondholders were to be
cut down by 80 per cent. instead of
receiving payment in full as contem-
plated by the plan which has now re-
ceived the sanction Of tn e majo rityof
holders of other securities. The rep
resentatives Of this party in America,
finding that holders of bonds prefer
red payment in full to reputation,
and. that all their attempts, aided by
the Erie directors, failed to. secure as
sent 10 the principle of confscation
which they pfopounded, have now
withdrawn their opposition, and a
large portion of the;certifcates issued
by. the Dutch committee, as we'll as of
I the first Ohio bonds, have already
been sent in for conversion. For the
purpose of affording time toithese and
other. holders who have not ayet sent
in their securities, the books are to be
reopened next week, when it is ex-
pected the whole of these bonds will
tlbei deposited: Messrs. Bischohsheim
and the trustees will therefore have
/ obtained practically III the assents3 and
! deposits the. unanimous approval of
the creditors TO the plan Of conver-
sion and reorganization. dF5ii"s
b,. We may now, therefore, fairly con-
gratuIate the bond and debenture
holders nponlthe prospects of speedy
resumption of thdseieoupon payments
/ ofsWhich for nearly four years they
have; been undply and .yexatiouslF de-
| prived. 1t is unnecessary now to re-
Ifcouht all the various struggles through
which the company has passed. or the
manv unprincipled attempts which
have been, made byoyarieus parties to
secure the control and possession of a
railway which properly conducted
should occupy a position Second to
none in the. United States Il Suffice it
to say, that all,,ther deep1laid schemes
of the Erie and adjoining railways to
lbrfiig disctedit upon the undertaking,
to annoy and disgust the fbondhold-
erss and induce them TO 9tErow away
their, property, have. been frustrated,
and the railway viii now in a, few
| months pass into the absolute posses
| sion. and control Of those who have
provided the means for its construc-
ton, and, maintenance When reor-
ganized, as it will be before the close
of the present year, it will have at its
head Que of the best and most expert
enced railway men of America-4iz.,
General MaoClellan, and he will be
ably assisted by board in-whom the
most implicit confidence. may be
placed. 3hA -1fiileIi t4 Ill i''''a 'i'oo-'
sisAssaming that tleicompany obtain
|, possession of tile. road, as anticipated
and there is now no reason to, doubt
! that the plan of foreclosure and reorl
? pganization will be carried out-it may
beuseful to point TO a few facts show
/ ing the Yalae0 of the Atlantic and
Great Western property, 5Atii the
present time the line is worked by the
Erie under temporary arrangements
until the foreclosure is obtained and
they pay to the receiver.of the linefthe
paltry sum Of 100000 dolls. per month,
alleging is, palpably incorrect
that this sum represents the net
earnings of 507 miles of railway rum
! ming through the best portions of the
| thee prosperous States of New Y ork,
Pennsylvania, and Ohio, and forming
a most important link in the commu-
I nication with Che west. This ridicu-
ileusly small sum is stillg however,
suficientto. pay the Z per cent. Inter
est on the, whole of the first and Sec
'ond mortgage bonds of the company
Ne returns deserving of the slightest
confidence have been received from
the, Erie Company during tlleu three
years that they, have usurped the con-
troll of the undertaking. From all the
accounts which reach us the road is
now in, excellent condition, and the
traffic. which is noMi and has for some
time past. been offeringfar exceeds the
crooked and unsatisfactory returns
madeaby the Erie Company There
is one fact which, even upon the show
i ing of the Erie Company itself, affords
evidence. that =. the earnings, -, are
greatly. understated. The Atlantic
and Great WESTERN for instance own
1851 cars, and according to the figures
given in the last return they earned
on an average only 1,4S7 dolls, while
Oh the Ohio and Mississippi, which is
tGcontinuation Of this road Beyond
iCincinnati, the average earnings per
car were 1902 dolls. J, on the Cincinnati
Hamilton and Dayton, which is con-
tfnuation Of the Atlantic &. Great
i'Western from Dayton To the Ohio, the
laverageg earnings sawere a,759 dollars
T9lIhl The character of the Giraffe is labso7
IutelY the same, upon. these three
7 roads, tie rates and fares are the same
Pupon thesthree roads, and yet we are
asked to believer that the cars of the
| Atlantic and Great Western earn ] y
200 dollars to. ] 300 respectively less
than upon their neighbor's reads:
Assuming the earnings per car to be
4 the same as the aVerage9of these
i two fJlines, the gross earnings of
the Atlantic and Great Western
would exceed the amount now.
actually paid ovei! BY the Erie by
more athan 100000 Idols, which
amount would alone enable the com,
papy to. pay within 81, fraction of +
per cent, upon all the first, second and
third mortgages, as well as upon the
.E,whole of he'shareeapital of the eom-
papy.9 These figures. are of SO start
ling character that they may well
excite incredulity, but at the, same