The times. [volume] (Richmond, Va.) 1890-1903, 1892-04-27
RICHMOND AND West POINT
TERMINAL
Railway and Warehouse Co.

To the Bondholders of the Richmond and
Danvile System and the East Tennessee,
Virginia and Georgia System:
The plan Of reorganization of the Richmond
and West Point Terminal Railway and Ware
house Company. dated MARCH /. 1892. pro-
vides for the retirement of your bonds and the
issue of certain securities in place thereof. The
plan is not coercive. 1t contemplates the pre-
yenton of receiverships with consequent
bankruptcy and disintegration of the proper
ties. Your cooperation IS necessary 10
preserve the integrity OF this large system
of railroads. and you are invited 10 become
parties to the plan by depositlng your bonds
without delay with the Central trust COM
pany of New York. AS recited in the reorgan-
ization plan. some of its advantages Will APP
pear by comparing the results Of the present
system of operation and of the one proposed,
bearing in mind that the apparent net earnings
OF the existing properties are not and have not
been available to their full extent.
PRESENT STATUS.
Gross earnings last fiscal
year Excluding Alabama
Great Southern $2S,33S, 800
Operating expenses 1888, 16f
Net earnings S,344, $50
Fixed charges 9,474,s 37
PROPOSED CONSOLIDATION.
Fixed charges Excluding
$10,000,000 first mort
gage bonds, to be issued
only for additional prop
ertyl 100000
Rentals Cincinnati South
ern, 81, O00,OO0; mort.
gage \. c. II. r., $780,
OOO) =. 100000
Total fixed charges $7,6GO,OOO
Concentration Of numerous corporations
under one management will largely reduce
the expenses and increase the net earnings.
The plan makes due allowance for any inn
provements or betterments which may be
found requisite during the next two years,
with a view TO material reduction III operating
expenses. Provision has also been made for
all car trust obligations (S2 1868. 56i) and to
pay off existing floating debt s6. $4,000. since
the publication of the plan Increased to about
a. $40. 000). The committee Is TO name the
first board of directors of the new corpora
ton, which will be called The Southern
Railway Company In determining the
basis of exchange OF old securities for new.
the committee has endeayored 30 exercise alb
solute impartiality and 10 treat all interests IN
fair and equitable manner. Over IS per cent:
of the aggregate amount OF the Richmond
and West Point Terminal Railway and Ware
house Company securities have been deposit
cd. together with stocks and bonds of Aux
iliary Companies, the details OF which have
been previously published. The time for the
deposit Of all Terminal securities and all
classes of stock Is extended until and includ-
ing MONDAY. May 2. 1892. The time for
the deposit of oil underlying bonds is ex-
tended until and including FRIDAY. May g..
1892. After the dates above named stocks
and securities will be received only upon
such terms as the committee may then I'M
pose. The right of subscription to the cash
fund offered under the plan to the deposIta-
ries of stock and per cent. bonds will be ex-
tended to such date as may be hereafter ad-
vertised by the committee. Copies OF the
plan of reorganization may be had at Office OF
the Central Trust Company Of New York.
New YORK. April % 1892.
FREDERIC L. 0LC0TT,