New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1892-05-25
NEW PLAN FOR TERMINAL.
THE COMMITTEES RECOMMENDATIONS.
FIXED CHARGES TO DE KEPT WITHIN NET EARN
INGs-How SECURITIES WOULD
DE- EXCHANGED.

General Samuel Thomas. OF the committee Of Rich
mond Terminal security holders. yesterday discussed
the plan OF reorganization which the committee
earnestly recommended 70 the meeting OF security
holders Monday. lie said that 1t was not proposed
to pay any banking house million dollars u receive
the money Of the security holders under the pan
Such commission would doubtless be exacted II the
plan placed IN the hands OF large banking house
and then II the stockholders did not pay the necessary
the plan would be declared imperative
The security holders proposed 90 carry out the re-
organization through their own committee. IL Is con
sidered certain that the Central Trust Company Will
be selected the depository for securities under ue
plan u adopted now presented. II Is not yet Ger
tain. however that the strong-Thomas plan will go
through
II was learned from undoubted authority yesterday
that the following Is the basis of reorganization who
the committee Is working for The use OF the char%
OF the New Southern Railway Company. with power
TO issue 800 100000 nov bonds for the purposes OF
consolidation and future reorganization. Tho com
pany would have s75, 5000 common and $4,000
900 preferred stock The exchange Of securities womb
be made follows S5,50O,0O0 Richmond Tef7hlha'
to receive l6G 30 in preferred stock, equal 10
s0.166.OOO: Sl0.O65.O 900 Richmond Terminal os ana
preferred stock TO got preferred stock. equai 10
s16O63, 900; Ss 900 900 caD the lenders to get
preferred stock at 60, equal 10 *l33'F53 f%i>'
Tennessee. Virginia and Georgia securities In the Cen
s377I 2ss he left In the treasury $GGi,37o. making
total of $43. 100000 Tho company would have
the Richmond and Danvllle system OF $3.50 miles OF
road. Tho not earnings this year are estimated III
over s4,G73o0O. The total bonded Indebtedness
would be 500 ,O24 $50. which the fixed charges
would be Si,1Ij,62O. The preferred s'ocAho"'rs
would also own 81 200 900 Georgia Central Railroad
stock and S4l 100000 out OF the IS, 100000 OF inc
East Tennessee. Virginia and Georgia Railway stock
A NJ tho behind the rOang GcDt anu
various trusts and all the securities belonging to Tie
Richmond Terminal Company would be In trust lot
the protection o, the preferred stock. when WOMB
elect twothrds Of the board Of directors unth h'e
consecutive dividends OF per cent each had pee"
paid upon the preferred stock.
This ls the report which lad before the security
holders by the committee:
We recommend that the committee, propose 10 tue
plblle an S-Uooooo loan to se eHoSc'VI T 'o sua
10 DO uEed in purchasing the floating Indebtedness {"
The Richmond 'ferniml Richmond and Danville. and
East Tennessee. Virginia and Georgia Railway com
panies 70 be secured by all the collateral, on which
these loans now bnsct. and any other 6ol''rIt
that the company may have TO ohci TINS iolh
TO bear per cen, on demand Of committee but the
committee may extend 1t Tor two years NJ their opuol
negotiable certificates 10 BE- issued for the same
Preference 10 given the subscription 10 TINS loan
In the following order: X. !. common ana pnriciteI'
first preference on the amount that may be- subs nbcd
pro rata: the H. T. ; per cent bondhodcr- pro rata
On any remainder; Il. I. ii per cent londloder, pr,
ths, may have subscribed After tn, has bo'n
complisINl the committee to organize new railroad
comn,ny with $1,000 600 OF common stock. and
$4,000 900 Of Il per cent cumulative preferred a''"
this company to have power 70 cica" Ne" motl-nEr
bond ~ such amount ~ may be neS"s'atN. bcalnE 4
low Of interest with which TO refund hc s'ouilu"
Of the underlying comp9nlG. nnl ts G G ," :,
have any lieu NJ any 81 tho securities u'poshed 10
secure stock under this plan
Authorize IN. committee 90 act rs rcorganifa
ton comge ana to proc ed on ,G viii, lit b o c
foreclosure and distribution OF the proceeds under ne
ttttSf moi. 4reA an
ter,st. with the new preferred stock Al 80 GEMS "n
the dollar all the = G'coo9 i|n dcp .td a. at pF
IS and H. T. preferred stock 10 be- paid par ana inicc
In preferred stock AT par, The Holders oi lh'
ssOoOoO0 loan TO receive new common stock ~
n bonus all the securities under the new loan OF
&sOOO.ooO and all the other trusts 10 be Preserycd
intact behind each class Of securities to which thrl
bclong duing the foreclosure and salc Of sccnrIics
authority being given TO the committee In fore,osgr
and sale OF securities TO pay over 10 those not subsrtb
Ing 10 the scheme their pro rata share mat NAV be
due them under the sale.
Authorize the committee TO dispose q the new
preferred stock at 90 20 ralsc the Necessary funds
With which to pay of ut foreclosure and s,lc thpse
security holders who refuse 10 become parties TO tn,
agreement. In such sale notice OF the opening Of
subscpuons to be sivc9 and In allotment prcicrchSe
may have become parties 10 the agreement
Provide In the new company that the new preferred
stock .hall nave indoiscd the certificates tiat
Genital stock and all TIE East Tcnn',scc. Virginia
and Georgia stock In trust for the benefit pro inia
Of the preferred stockholders. and that such stock
holders may vote upon such stock al all elections
excrI- all the rights of ownership ihercoi' and
NAV Withdraw the demand on having such
Withdrawal ,inmPd ni-on ne cerilncai". ,...~,.
Allow he Fa,l Tenne,s@e vrslnia and I;eorSi ,,
r1cott plan TO subscribe "a the new prrirrr~ stock
on the following basis Fort hve for their preferred
for their common stock. 10 receive new preferred
The new preferred stock to elect two liri. Of IT,
board until such time rs the company may nave paid
five consecutive dtiicnds.