The western sentinel. [volume] (Winston-Salem, N.C.) 1887-1926, 1892-03-24
THE SOUTHERN Is THE NAME.
The Richmond Terminal Railroad Com
pany ReOrganized at Last.


man Resigns the Presidency of
Both the Terminal and DanvilIe
Companies-The Olcott Plan Adj
opted.
NEW YORK, March 1.-THE direc
tors of the Richmond Terminal, the
East Tennessee, and Richmond and
Danville roads, met this afternoon
The principal business transacted
was the resignation of Samuel Thorn
as as chairman of the board of direc-
tors of the East Tennessee, W. C,
Oakman being elected his successor
Mr.. Oakman represents the old
Danviile party, or the First Nation
al bank party, as it is generally call
ed. and his election is the first step
by that party toward assuming com
plete control of the entire Richmond
Terminal system.
There was no other announcement
made of any changes, and the direc-
tors of the three companies adjourn
ed until tomorrow afternoon when
the designations of the Inman party
will pr obably be received.
The plan of reorganization, which
! was expected to he given out
tonight, was again postponed, but
is expected to be issued tomorrow
night. Thomas remains in the direc-
| tory of the East Tennessee compa-
ny.
The Post says: The new party
uyhI aG of hn inh
mond Terminal makes the interests
of the company with that of the
Reading combine seem very close
Baker and Fahnestock ara looked
| upou as leading interests in the COM
mission which carried through the
Reading deaf, and John g. Moore,
who have been active in Terminal af-
| fairs lately, was also interested in the
movement in Reading since the DISC
luton of the Philadelphia, (Pa.,)
syndicate.
The plan at first proposed to the
! effect an organization of the com
pany, known as the five hundred mil
lion dollar plan, has been definitely
abandoned by the committee, and
| the scheme to organize a syndicate
with $34, 100000 has also been
dropped. In place of the old plan,
it is stated by a Wall street publica-
tion that new company with a cap
ital of $40, 100000 will be formed
including $165, 100000 first mort
gage bonds, $55, 100000 preferred
stock and $11O,OOO,OOO common
stock. No issue of bonds is provided
for in the new plan. 1t is now be-
lieved that the plan will be issued
within day or two.
| ALATER ACCOUNT.
NEW YORK, March 17.-Import-
ant meetings of the Richmond Ter
minal and Richmond and Danville
roads were held today, and the de-
| velopments which have been ex-
pected for some time transpired.
John Fl. Inman resigned his posi-
ton as president of the Terminal
and Danville companies; R T. Will
son resigned as a director Of the
Richmond Terminal, and S. M. In
man resigned as director of the Rich
mond and Danville. Then Walter
G.. Oakman was elected president of
| the Richmond Terminal and Rich
mond and Danville companies; John
b. Inman was re elected to succeed
r. T. Wilson as director of the
Terminal, and 81. C. Fahnestock, the
vice president of the First National
Bank, was elected a director of the
Danville in place of Mr.. S. M. In
man. After these changes had been
made, the report of the reorganiza-
ton committee was read and adopted.
The comm ittee's plan Of reorgani-
zation which was adopted provides
for an issue of per cent first mort
gage thirty-five year gold bonds, in
terest from March, 1892, coupons
quarterly, March 1st, June 1st. Sep
tember 1st, and December 1st; ten
millions of the amount not to be
used for reorganization purposes,
but only for the acquisition of addi-
tional property-a total of $780,
600, 900. Preferred per cent stock,
non cumulative, SIC, 200. A vote OF
majority of the preferred stock is
requisite to authorize any additional
mortgage on the property covered
by first mortgage. Common capital
stock, $11O. .OOe, 900, making the to-
tel capitalization $500, 100000.
This total capitalization is to Gov
er the securities of the Terminal
Company, the Richmond and Dan
vile, and the East Tennessee, in the
hands of the public, and owned and
: controlled by companies, amounting
to $780,, sos, l01, exclusive of car
I trusts. The plan provides for the
retirement Of existing car-trusts
amounting to $2,369, ,564, and Of
floating debts amounting to $6,310,
: 600. The present fixed charges, in
cluding car-trusts, amount to So,
474, 1897, against ret earnings O.
$8,744, ,730. The fixed charges under
the proposed plan, when carried out
3 will amount to Sc, ,400, 900, to which
: should be added the rentals of thu
: Cincinnati Southern ($1, 900, ,O00) ane
! the North Carolina railroad 1920,
l 000), making the total fixed charges
, 81, $3.50, 900. This leaves apparentl,
!, 81, ,100, 900 in sight for dividends OF
: the new 5 per cent preferred stock.
9 The committee is to name the frs
!. board of directors of the new corpo
b ration, which will be called th,
Southern Railway Company.