Alexandria gazette. [volume] (Alexandria, D.C.) 1834-1974, 1892-03-17
Railroad 4Rajrs

Important msesings Of the Richmond Ter
ninal and Richmond and Danville roads
we're held in New York yesterday, and the
development, which have been expected
FOR aoms tina trsnspired. John 81. Inman
resigned his position as president OF the
Terminal and Danville companies; B. T.
Wlleon resigned as diraotor of the Rich
mond Terminal, and g.. N. Inman resigned
as director of the Richmond and Danvilie.
Then Water g. Oakmau was elected presi-
dent OF the Richmond Terminal and Rich.
mond and Danviile Company. John q In.
man was elected to succeed 3. L. W.leon
as direct u OF the Terminal, and II. @.
Fabnestock, the vice president OF the First
National Bank. was elected director OF the
Danvile 10 place of g. NJ. InmaD. Alter
these changes had been made, the report
of The reorgan'z .t!on committee was read
and adopted. Tbs reor2anIz alton commit
tee, oonslst, ofFfsderiok P. Olctti, Oliver
81. Payne, Frederick D. TAppen, William
q. Perkins and Henry Bridge; and, also.
these gentlemen, who have been added ::
Messre. q. O. Fahnestook aud J. Kennedy
Todd.
The committees plan OF reorganiz alton,
which was edooted, provides for an issue OF
four per car t. first mortgage thirly-hve year
gold bonds, interest from March, 1892 ecu
Dons qus:tariy, March 1, June 1, September
1, ten millions Of which are not to BIS useo
for reorgsnlz alton purposes, bat only for the
etq1islliou of additional property, total OF
$l70 OOO 900; preferred five per can't. etoak,
non-cunualive, $40 100000. A vote OF the
M ,rity Of preferred stock ia req1is!te to
ausnofizs an additional mortgages Oh the
property covered by Grst mortgage; common
capital stock, $4,000 600. making total
capitalization OF $3.50. GOO. 600. This total cap
ilazatien is 10 cover ths securities of the
Terminal Company, Richmond and Danv!'le
AND East T, nnessee,iD the hands OF thu Put.
iic and owned and oort:olled, amounting TO
1894 SOB 10l, exclusive of Car trusts. The
plan provides for the retirement OF existing
car rusts amounting to 50 369 564 scd the
Fl ,sling deb's amounting t, $3.50 GOO The
present fixed charges, inducing car truss 2,
amoue t 70 50 474 1877. sgaioes net earnings
Of s. 744 1856 The fixed charge, under tns
proposed pan. when carried out, will
amount to Sc 400 600 to which should be
added the reciss of the Cincinnati South
srn Isl, 600 000)and the North Carolina Ball
road 1920 0O0). making total fixed charges
% ,OUU,UUU. ulS ltafoS uPpptEbu'k V4,4OOg
coo 10 aigat for 6iVdend6 on the new i've PEI
cent. preferred stock.
The committee calls attention to the fact
that, IL view of the neudlng litigation Affect
Ing the Central Railroad and Banking Com
pany Of Georgia, and OF he questions which
are bsiore the courts, and Undetermined. re-
speotipg the existing lease, and considering
the iega. difficulties attending the consoida-
~ ROT ik hoc fNnnA IT. ad Uiap.
bic to make no provision for the present FIR
taking up the outstanding stocks and seen
rites Of the Genital Rsiroad and Banking
Company, of Georgia F; but the interests #
the Richmond Terminal Company 10 those
stocks and securities will vest In the nav
corporations, aud form part OF the security
for the new fret mortgage bonds. 1t Ia con-
temp ated by tte plan That the righ;s and inter-
ests OF tho East Tennessee, Virginia and Geo gia
Rsilr Dad Company in the securities of the Ala
bama Great uthern Railway Company, ilmitsd,
the Alabama Great southern Railroad snd the
Cincinnati New Orleans and Texas Pacific Bail
Way shall bs subjected to the lien OF the new first
mortg .ge, that the satisfaction and discharge OF
the Richmond Terminal collateral lruss six per
cent mortgage will b, deferred until the collat-
eral deposited to secure bonds issued Hereunder
may, in thu Judgment Of the C: mmittee, bs di.
rectly subjected to the lien Of the new first mort
gage.
In the opinion OF the committee, the concentra-
t,n of the numerous corporations under ole
mara sement will re- ult in large r-duction in
the expsnses and corresponding incrosss In the
nes arniDgs The plan makes due allowance for
REQUISITE Improvements and betterments or the
Mt ks two years, the additions of which will re- ut
in material reduction Of operating expenses. The
commil toe is to name tt first board Of rectos of
the new corporation, which will DO csllei The
Southern Railway Company" In determining
the basis Of OLD securities for new, the committee
has endesvored to exercise absolute impartiality,
tnl has 1e,cicd this conclusion alter careful
study o. tho merits of each security.
An important !ea'ure Of The plan is the rights
which arc given to tho holders OF Terminal com
mon and preferred ssocss ard Collateral trust i've
per cent bonds to subscribe to the securities of
the new company. Each holder OF 100 share3 OF
those stocks and OF a 81 600 bond is entitled to
subscribe 81 GEO TO The cash fund Of $l4, $685..
$40, which is neves cry to meet the cash require
ments OF the plan. For slch subscriptions OF
ST. 600 "a h will receive So, 900 of new four per
cent bonds aud $7O0 OF new preferred etock
Holders OF less amounts than 100 shares OF stock
and 81 900 bond may subscribe to the now secnri-
ties in the same proportion.
Asynoicate, headed By Eallgarten Co, has
b sen formed to provide $l4,5SS, 600 cash necss.
sary to inlure the success Of the plan, but the
stockholders and bondholders will be given the
privilege to subscribe for the new securities on
ter ns that will make the rights very valuable.
MEETING AT FALLS CHURCH The SEQ.