Richmond dispatch. [volume] (Richmond, Va.) 1884-1903, 1892-11-09
RICHMOND AND OANVlLLE SYSTEM.
Address from the Committee of Under
lying Bondholdcrs.
fRv .eiegranh IN thu DaDatrh

BALTIMORE, Mn, November s.--Tho Committee
Of Underlying Bondhoders in the Richmond and
Danvilc system have issued an important ad-
dress 70 tho underlying honihoiders, ~ follows
AFTER careful Investigation and most thought
ful consideration, the committee appointed 10
look after III. intc:e' IS Of the underlying bond
holders in mo Richmond and Danylile system
has concluded that II II absolutely ne 'essary
that tho holders of UNDERLYING bonds, aud more
especially % those upon which there hRs
been default Of interest, shall Join TO-
gether for the protection OF their mu-
tual intcrcsts and tho enforcement IL their
luat aid legal claims. The 10 lev Of tho parties
heret9 fOre controlling the hcbmond ana Dan
willie company clearly Indicated On interest III
tho bonds and stocks Of the Richmond and West
roin, Terminal and Warehouse Company para
mount o any they may have held IN the s'cur-
ties ~ the Richmond ana Dauyilir Company or
Of such underlying bonds and shares AS may be
endorsed or Otherwise guaranteed by the Rich-
monJ and DsnVile Company.
The securities deposited "a collateral for the
bonda and profoired stccS Of the terminal Com
pany are almost edurely subordinate ana junior
heni 90 EACH ana eVory endorsement aud qua
r1ntee Of the Ri'hmoud ana panylle Railroad
Company, ard csunut be enforced until your
prior claims age satisfied.
Tho Richmond aud Dsuville Underlying
B0ndhoiders' Committee has adopted tho follow
ing genera plan Of operation, which shall guide
il I'm ia future work:
al. 1llt this committee proposes 70 net TO-
an the divisional hondholders of the Richmond
ana DanFlue FYrltID. 0INliliE u0Nt ana tnol II
viii call Tor the pooling 81 the bonds Of the var-
ous divisions only whon, IN The judgment OF the
committed, IL may be necessary IN ordor tocitry
out its general purpOee.
80. That IN the Judgment Of this committee
II is tor the best interest Ci the bOndholders of
the roads in the Richmond and Dnnyille system
that the integrity Of the system should be pre-
served, and that IL 10 stall become necessary TO
sell the property for the payment OF It's
debts IL should be sold as an entirety; but
should tho committee deem II Wise, or snOuld q
majority in interest Of the securities In default
on anv OF the divisional properties which NAV
o deposited with the COMMITTEES so request
tucu tho committee will endeav0r 10 secure
separate sale OF sLch divisional property, and
II need be, 10 mature plan for the purchase
AMI separate reconciliation OF such divisional
property.
"a Iuat the committee will undertake 10 re-
present in the pending litigation the interests
of al the bondh Jlders whose bonds may be de-
posited with tnem and will take Whatever steps
II may deem noce ssary TO protect their rights
ami secure the payment Of interest according 10
legal pri0riiios.
directed and confined solely To the protection
and observation of the Interests OF the holders
Of such bonds Of the various issues called iof a.
may he deposited with the committee.
ain pIrsuance 81 this plan the committee
hereby invites the holders OF bonds IN the fitch
m "a and Danvillc system now IN DEFAULT 10
deposlt the same with tho Mercantile Truss and
Drp0sIt Company. Of Baltimore, on or after the
ION day u November, under the terms aud
pr1visi,rs Of an agreement prepared 10y tho
N,hmonI and Danyille Underlying BondhOlders'
Committee and lodg ii with the said trust COM
panv, from which, or from any member OF the
committee. COplos can be obtained
"The bonds AT present In default are rs tOi-
lnva. Georgia Pacific Railroad Company con
solldates second m )rtgage On, Columbia ana
Gfceuville Railroad Company second mortgage
Gs. panvi.le and Western railroad nrsi mort
eago rs, AsAcyiLo a1d Sp1rtanburg FIRST mort
g4ee Us Giarasylue and North Carolina Rau-
road COMPANY FRS mortgage IS, oxford and
Ctgrksville Railroad Company first mortgage u =,
Rich,nond ana panytlle consolidated mortgage
,,olt tys. Richmond aud DAnyiLe doDonturc mort
yaye d's aud hiypmOGd and Danville cOnsoh-
dated MORTGAGE o.
Tho pqyineLt OF 81 per bond VIII be required
a. the time OF deposit ol pOnls Tor the purpose
of meeting DE incidental expenses OF the com
mittec.
Tho committee earnestly advises and recon-
mend. the holders q tho above bonds 20 unite
with them 10 tins action. Your claims are EN-
fOfceable ana can be maintained. IL you are
urm and at together the securities guaran-
teeI ry endorsement or otherwise VIII
doubtless be protected IN any plan OF reorCan-
nation which NAV be proposed, or II not You can
protect yourselves. L.! on tho contrary, you are
Indifferent and neglect this opportunity, be
assured that your claims will, AS far rs possible
be Ignored. -
Tine comiaittee reminds allunderlying bond
holders whether their bonds have been deiaulted
ON or n T. OF the fact that the very best bonds IN
the system we're attacked IN Tho Oicott plan, anu
mai ali Indications point to an EFFORT 10 force
r0n ,essinn from an underlying bonds for the
benefit OF the hOl1ers of Terminal bon Is ana
etoskgh