The sun. [volume] (New York [N.Y.]) 1833-1916, 1892-03-17

Railroad TO be Consolidated.
Arailwsy reorganization that surpasses all
nrsyious ones was formally launched late yes
terday afternoon. whom tho committee ap-
noIntod three months ago By q majority OF tho
stockholders Of the Richmond and West Point
Torminal Railway and Warehouse Company
Aligned its plan of reorganization. and through
rs agent. tho Central Trust Company. began
70 furnish security holders with copies OF the
ame. The nearest approach to the present
undertaking was the reorganization Of tho
Atehison company which. by the way. cclipsed
that OF the Philadelphia and Rending Railway.
The amount Of securities involved In tho Ter
mipal reorganization 10 S304.527.101. ex-
elusive OF car trusts, and they represent to-
tai mileage OF $3.50 miles.
The purposes OF the reorganization are to
virtually consolidate the several companies
composing the Terminal system. to reduce
operating expenses by contralizing the man.
sreu,ent, to pay OF tho car trust and floating
debts Of the companies. which aggregate
sae7o584 to put the entire property in first
class physical condition 80 the system can DO
operated at minimum cost. and to reduce fixed
charges to an amount which It is reasonably
certain the aggregate mileage can pay.
Tho committee charged with this work con.
IL
Central Trust Company. Chairman: Oliver II.
Payne. Frederick D. Happen. President OF the
Gsllstin National Bank: William H. Perkins.
President OF the Importers and Traders
National Bank. and Henry Bulge. the head Of
the banking house OF Hallgarton l. Co. Within
tho last few days ce-President Harris C.
Fshnestock Of the First National Bank and J.
Kennedy Tod Of the banking house OF j. Ken
nedy Tod l. Co. have been added to tho COM
mittee. Mr. George 8. Ellis 10 the secretary
OF the committee. . place he has filed with
alargo number OF other reorganization COM
mittees. notably the Missouri. Kansas and
Texas, the East Tennessee. the Nickel Plate"
and the Cotton OIL
The plan provides for Q total issue OF $780,
100000 OF securities. Of which $l7O.000OOO
will be + per cent first mortgage 35-year
S sen isa9 a'e5 81 5S
but . ets aside Tor the Acquisition Of aditionai
RsRsrlsd stoeE Viii ISSUED to the amount
oiS70OOO.OOO. II will bear 5 per cent divi-
S:S eSn viii 1o TSes 81
he he Terminal COMPANY: the Rehmond and
sns ana deSsss kar rs that sre tie
tcaa ss Gr
porstions paid on out Of the cash which It is
proposed to raise through the cooperation OF
. trans. ~ s.1a,Ss. FL Ss
Spssf eHs D!sH
ths YOU'D ooSe 81 1919 essnpHs
dssnds on the new 8 Per cent Ifeierred! stock H..
the Central Railroad and Banking Company q
Sis%s B. ss Sl,s,s e. sf E f tSs
outstan ding, stocks and securities 81 that com.
panyi but the Interest Of the Richmond Ter.
part Of the security for the new 6rst mortgage
and intsre.ts q Tie Est Tsnnessee. Vlrsinis
I'd 9e9Ess kfro.d II the sseuri
COMPANY. Limited. ne AIaba%a Great
N.Y. N.Y. o;n' be and sub ssts P.' H. H sn
Of he new FIRST mortgage. and that the. salts:
isstion and dischaIGe OF the Richmond
ssss b deisr1s ua. Il. Is. 0se Ssa %9
posted 70 secure bond. Issued hereunder
si e sSe len 81 Tn nss rss
IN tho opinion OF the committee the concen-
81 Vii rss R rsaas
S 10 ns a1S ssp %
SeIIerea viii result nef IN TS se@fsi
ssssGn n SRs'ss s Erst Of as
so asH hSn VII fs called sSd
s9onpittee hHs endeayored 70 exercise abso-
!qte impartiality apd has reached its conclu-
:.sss s. ssa hi tho.s p r. ss% se%
su%n az 10 Those W aS Witch 'a asa pa6
H.issss Y g H s
saus snount n the COMMON staat q tbs .S new
Ss%DsDy And receive besides 10 per
amount Of new arst' mortgage four per
s ss1t eSads ana EecsISs r. PER cent
cent. collateral trust bonds are to receive 100
%. cent; In new first mortgage A. and forty
e. isn s r. III bonSs
ss S. Is. and receive ton per cent in preferred
"a! Eat Tennessee. Virginia. and Georgia Rail-
ssS II nsv r.s STICK VII 1esSys 80
per cent Of new preferred and Us per cent Of
sscaied to 10 per cent Of new common. Tho
s H mortgage 7s will receive 100 per
xllI Tsoeivs los per Me cent. Hi in new -
n nnd, % par cent. In preferred stock; The
sesm, new p ss osa nTs
tsSLed. and Is per cent 10 common stock. The
alst extension mortgage 5s are entitled to an
NV SIu.a amount OF first mortgage ~ and 70 per
ssat 10 common stock. The. improvement
sm Anu eGGti Z, % are Sntitled to an equal
, ,s stock. The Cincinnati extension IS Will
se saw, per cent in new 40 aud 70 per cent
, "a lQ3 different securities are treated in the
~, III nave TO secure q COPY OF the plan II he
wshes to know how no Is to fare.
~tn important feature Of the plan is the rights
WI mhiich are given to the stockholders Of Tcrmi-
s IA common and preferred stocks and collat-
~ trust hys per cent. bonds to subscribe to
MA securities Of the new company. Each
noIder Of 100 shares OF those stocks and OF
ScS Sl.OOO bond Ia entitled to subscribe
EsuO 10 the cash fund Of $14.5SS04O which
thneeessaEy to meet tho cash requirement OF
u Iii pan. For such subscription OF 81 800 they
III receive $1,000 Of new four per cent bonds
NAS amounts than 100 shares OF stock and
NTo pond may subscribe to the new secuii-
die.tinn me same proportion. A bankers syn
T S'cCc'e has been formed by Messrs. Haligarten
sos;a. whlch mas guaranteed the entlro sub