, 1870-12-06
Tho Atlantic & Great Wextern
Railway.

From liz ci,einndti Commercial
The Atlantic l. Great Western Railway Is
1bout to be taken from its financial grave,
and its aiFaira placed on sonud basis. Mott
known that efforts were being E11de in Eng
laid TO pe1sua6s stockholders thsra to come
forward AID rescue the property. This schems,
hitherto, has been kept eecret only Few Of
the ciscutars tesued In England having found
tneir way hither. The following ars ita prin-
cipal p@ lntn:
Tho Atlantic L Great Western Railway Com
pauy scheme Tor EeorEAoisaoon, foreclosure.
iud sale Of line 10 Trustess-forsclosure IN
Ger the consolidated mortgage to BE- psose-
cussd, md decree for eale obtained. and tho
railway, with lta rolliDg stock, lenses, Ac., to
be eold, and to be bought BIZ General George
.. Mcclellan, William Butler Duncan. Esq,
and Levi P. Norton Esq, aa Trustees aud
| agents for the purchase Of the property on
behalf OF The creditors, and for It's reorgani-
| zation u1der the acheue herewith. During
tho time required to complete the 1eorgau,zA-
ton the Trustees may appo'nt man.
aecrt. and appoint provisional Bokrf
Of Directors. until the boasa Of the
cu17lies are 10 be i.aued in the following or
der: Fiat mortgage bones for go, 500 900.
Thtse are to be sterling bon1s, bearing per
cent interest, payable IN gold half yelrly. for
thirty yt srs, with option of paying them At
any time after ten years; but default OF
| na3G4H0t Oh EMU GoutcCulfd uAA-4EAlAy GuA>
nons ahalt render the whole Of the bond aud
iut.rest due and payable. These bonds are
10 be exchanged Tor the present first division
al bonds and overdue coupons. Second mort
. gage bosds for 81, ,01o, 200. These 1re to be
ike the first "a 10 interest, time and poFe,
! Of foreclosures they are to be iss1:d II
plsce Of the second divisional bonds aud over
for SO, 500 00a. secured bY third mortgage OF
the whole line Of rolling stock And f1xtures
these bonds have also thirty years to run. at
per cant interest, payable half yearly In gold
they are to be exchanged for the conaolidstet
bonds for Is per cent Of tho certificates OF de
benture Of 1864. and for Is per cent Of tn
r certificates Of debenture Of 1865. The futur
mAusHemfn nj is to be vested in not more thai
+ nine Directors; Geuera, George Mcclellan l
to bs President, and to retain the otac
8 retire annually, but TO be eligible for re.slec
tion, thee Trustees, who shall be appointe
bv the shareholders, to aid In the conyersio,
a OF securities and give genetl ii protection to .
j, classes OF creditors. Present Indebtedness
F,rtt divisional mortgage bonds, and oyeFdt.
and overdue coupons. a7,777,ss3; oonsol
dated mortgage bonds and overdue coupons
52l .2s5. .25G; coupons due prior to January i
4 1867, Sl.409 1856. Total bouda and oferdu
c coupons. s9l .s72 9lo, Certificates q debs.
h ture, 1865, els, ,000, 900. Total Indebtedness
- S5a. .s72, $40. Proposed capital Of the ns
company; First general mortgage bond
$40, 800, 100: second general nortEAe
IA lend, $1,000, 900; third general mortgss
n bonds, eel. 4.343,600; s per cent 'prefcsent
"a ehares. s6:9ll, $50; Ordinary shs5es' Sl6' ~
a. and second general mortgage bonds, atnoun
j. ing to s1i,500, QUO, will require st I P
y cent net revenue Of $1,250, 600. The
l. | per cent preference shares are for overdC
- coupons of the consolidated bonds, and &
Is per cent Of the certificates Of d
h tenure OF 1861. The interest is to be pal
ii within tho year, il earued, or should Il
!. fourth mortgages be hereAftsr created the
II preference shares to be included therein; Il
~ ~ ordinary shares are to ba issue1 for
a. per cent OF the certificates OF dnbentn
20 Of 1864, and 50 per cent Of the ce.tif1eaf
RI OF debeutu1e Of 1aG9. .-
~ Among other provisions Of this scheme a
~ to cauee to be executed new mortgages to
Ia trust company in America- AL extstl
'fy bonds, coupons, certificates, securities, q
4. are to be lodged. II required, witn rna ager
- Of the Trustees in Epglaad, Who are to s.
~ certificates acknowledging, their receipt;
o a., TO recognize theee certificates, md pendi
r. their exchange into new securities VII
-, ready for iseue. An agent Of the prsn
~. nal American holders Of Atlantic Grt
!. Western securities has been in England ast
H. July last, having returned last week, aad
Il. leading capitalists in the project hsva been
la conference fo. two or three days u the
~ Western ee,uEities. representing httT rnt'l't
~ OF dollars, have given their assent 70
aboye plap. aud Il it il 2dopted they will r.
~. tbirty millions more to build m extens
rr from Salamanca, and also to establish An
NO dependent through line to Now fork.