The morning news. [volume] (Savannah, Ga.) 1887-1900, 1893-06-13
DANvILLE's SECURITIES.
Drexel, Morgan & Co. Invite Holders
TO Deposit Them.

New York, June 12.-The reorganization
committee of the Richmond Terminal
Company request holders Of securities of
the Richmond and Danville and East Ten
nessee systems to deposit them at the
Office of Drexel, Morgan & Co, No 2S
Wall street, New York, receiving there
for their negotiable receipts, exchange
able at any time for reorganization certih-
Gates, countersigned by the Central Trust
Company of New York, which company
will act as custodian of all securities de-
posted for the purpose of reorganization.
Securities not deposited with DreXel,
Morgan 4 Co. will not be entitled to par
ticipate in the benefits of the reorganiZa-
tion.
Drexel, Morgan & Co. announce that
about 30 per cent. of all classes Of stocks
and bonds of the Richmond Terminal
Company have already been deposited
and that outstanding stocks and bonds
will be received up to June "a, but only
on payment Of penalties of so cents per
share on the common stock, 81 per share
on the preferred stock, and $50 each on
the 5 and per cent bonds. They also
announce that the first call of 81 80 per
share on account of the assessment on the
deposited common stock is payable at
their Office June %, 1893
The following circular regarding the
limit of time for depositing Richmond and
Danville and Georgia Pacific securities
has been issued:
Pursuant to the provisions Of the agreement
dated May |. 1898, for the REORGANIZATION Of
the Richmond and West Point Terminal Rail
way and Warehouse Company and Its subordi-
nate companies, notice is given that the COM
mittee therein named has limited to June 27,
1898, at3 o'clock p. m, the time of the accept
ance Of said agreement by holders of the con
hOnGE q
Richmond and Danville Railway Company,
ana bonds and stock of the Georgia Pac1hc
Railway Company. Under the provisions of
SAID agreement, the outstanding consolidated
mortgage per cent. bonds Of the Richmond
and panville Railway Company, the first
mboFg@ge mo per Pao,eo cent 64nas co,0 OF
pany, the income mortgage bonds
Of the Georgia Pacific Railway Company and
the stock Of the Georgia Pacific Railway
Company must therefore be deposited at the
office of Drexel Morgan Co, p Wall street,
New York, not later than June q, 1898, ut
O'Clock p. m. Deposits after that date, II ae-
cepted, will be received only upon such terms
as the company shall deem proper.
In lieu Of per cent. in preferred to the
stockholders Of the Richmond and Danville,
5 per cent. consolidated bonds deposited under
the plan, the company will allow per cent.
on the completion OF the reorganization.
A READJUsTMENT.
The basis of adjustment has been deter
mined upon in respect to the income bonds
and stock of the Georgia Pacific Railway
Company, which, under the plan in IT'S origi-
nal form, has been deferred for future action,
and In connection with said adjustment ana
rs part thereof the provisions of the plan In
respect to the first and second mortgage
bonds Of the Georgia Pacific Railway Com
pany have been altered, pursuant to an ar
rangement made with the holders In q
majority amount of first and sec
ond mortgage bonds. The complete
modified adjustment proposed for securities
of tho Georgia Pacific Railway Company is as
follows:
The first mortgage bonds are to receive In
terest at per cent. In cash and per cent. in
preferred stock for five years from Jan. l.
1893 and per cent in cash thereafter Their
present mortgage lien to remain undisturbed
(eXceptas to interest as aboYe) or II to carry
out this arrangement foreclosure is found
necessary, new bonds Of equal lien TO be sub
stituted.
The consolidated second mortgage bonds re-
ceive l25 per cent. in preferred stock Of the
new company.
The income bonds are to receive 3b per cent.
in preferred stock In the new company.
The stock Is to receive 80 per cent In com
mon stock OF the new company.
copy of the plan Of reorganization, with
the additions and changes inserted therein,
has been filed with the repositories. Ad-
ditions and changes are subject to right Of
abandonment by the committee If objected to
as in the agreement provided