Alexandria gazette. [volume] (Alexandria, D.C.) 1834-1974, 1880-03-30
atlantic, mississippi and Chic Rail.
road Company.

OF the Norfolk and Petersburg, the Vreiuia
aodTennescc and South Side rcais and branches
-ln ali 42S miles. Tho State OF Virgioia owned
controlling ittsrtst 10 th9 ab;ve railroads.
which was suli out to the tie ucW company for
$4,000 600 In 81 cond mortgage bonds. Default
having been made 90 the consolidated bonds 10
1873. two receivers we're appoin:c!, aud The
road is now 10 process Ct foreclosure. Tho ia-
lsrest is paid regularly by tho rec ivers Oh the
sectional bonds (NorlOlk aud Petersburg, Vir-
gInls aud Tennessee, and South Side bends.
Tho Commercial and FlraDcial Chronicle states
that "a report has bo1n Issued 10 London To
the bondhOldcrs If the Atlantic, M s,issirpi
and Ohlo railway, stating that q q, c:eo for the
sale Ut tho road had been tbtainoG, .ho Uai;ad
States Circuit Court agreeing 10 appoint the
master com missioner to sell the property 4
statemoot OF accounts is given. from ~hioh j,
appears that the rcot liver has $500 OOO Of funds
on hand. Th" net revcnun from July to De-
cember 81, 1879. is stated at $475 Go. The
estlmsto from tho lSt ct January to the l.t of
July Of this year is S36O,7GS. Tie report
says that probably tho final expenses Of
the foreclosure aud sale may absorb the
net earnings ai;er payment OF tho divis-
ooal interest. Perdipg tho arrangements
Tor sale under foreclosure, application
has becn mado 10 the Court to saoo.ion the
payment OF an interim dividend of 81 per cou
pon 90 oil tho ever duo coupons of the copsoli.
dated bonds" The scheme for reorgapzpg
tho Atlantic. Mississippi and Ohio railroad is
as follows: At the sale Of the road the purchas
ing committee will purchase the rropertv. A
new company will be organ z,d ard bonds will
ho issued as follows: First mortgage 6 mr.
cent. gold bonds for $4,000 OOO having thirty
years to run from the frat of January, 1880.
will be issued and delivered to the purchasing
committee in trust. These bonds will be issued
10 exchange for the divisional bonds Norfolk
aud Petersburg-Virgiuia and Tennessee, and
South Side bonds) All ofthe divisional bonds
funded are to bo held 10 trust uDcsnccl!od, for
the security of tho holders CT said bonds, aud
shall only be cancelled WHOM all srch divisional
81 curltes shall have been funded. If anv sur
plus OF bopds remain IN tho hands of the pur-
chasing committee, after all the divisional bonds
are funded, such surplus of bonds shall bo cau-
celled. or the surplus proceeds CT bonds sold,
shall be paid over to the new company. There
arc to be issued second mortgage boLds for the
prlrc pal of the consolidated ! per cent gold
bonds at par, tho new bonds having ffy Years
10 rnu irom the first of April, 1879. these
bones TO bear interest as the rate cf 4 par
cent. tor The first five years, sud per ce2t.
thereafter. This second mortgage is not to be
fOrec!oscd except by request of at least ono 9Th
OF tho outstanding boLds cured by tho mort.
gage and not then uuless The Htc,ud mortgage
| trustees shall deem such procscdpps Judi.
c,ou' aud sdVan'ageous t. such boudhold-
| CTS. There shall be issued first iucono prr
| cent. currency BONDS, to represent at par the
| ever due lotercst on the consolidated bonds 20
the first Of April, 1879, the difference bet0 een
| the interest secured hy The consolidated / p5r
| ceut. gold bouds. aud the interest secured ty
the uew second mortgage gold bonds ospa.a-
| 'zad from tho first of April, 1879 to tho first
OF October. 1901 Inclusive. There ore to be
| issued second income per cant. curraucy bonds
to settle tho claim for the State of Virginia for
$4,000 900. These bonds will be eubordiusts
10 all respect 10 point Of Obligation aod interest
to the first iDcomo bonds. Tho new company
| will create aud issue, from time to lime to ,he
purchlDg committee, such an amount ct reor
ga1lz,tlon stock IS tho purchasing committee
may deem expedieDt and as may be couicrma-
BILE to .aI The purchasing committee sha
consist Ct four members iLc!uding chairmGn,
al! OF whom shall bo nominated 10y thc COM
miItee of consolidated bord holders. There is
a project for tho consolidation OF the Atlantic,
Mississippi & Obio railway, after foreclosure
sale With the East Tennessee. Virginia !; Gecr
Ala, aud the Mississippi IL Charleston railrosds,
thus i1rmlog through line from Norfolk. W.,
to Memphis. Tepn. -UImLieton t. Co.. BID.
timo1c LWcuior.