Richmond dispatch. [volume] (Richmond, Va.) 1884-1903, 1893-05-24
pIclINOND TERMINAL
.-.,i7a,ion Undertaken by MeSSrS.
pr,lcl, Morgan & Co.
,.r IAN AGREED UPON
s,,tems 10 Bo Brousht Under
>,w hallway CompAnS-so"e
sinking Features
,..,r-,rh 10 the Dlspatch.l


3D., thie afternoon issued q cir
... -.rur.tv-holders OF tho Rich
...t Point Railway and Ware
..ry and Richmond and Dan
tI-t Tennessee, Virginia and |
..-esv companies. in which they |
...layo decided 10 undertake
atom II tho system and have |
.. 3,rqte % undertake the plan.
-...tolders who have deposited
... IEconditionally desire 10 !
... can DO so on OF before May |
t1 securities withdrawn will |
..... tac organization.
.taios tnat tho Richmond
ELL. ana East Tennessee systems
.r-rr.lc value but must be re-
..l = dislntogration Is TO be
mo absolute fixed charges OF
.... Company amount annually
whiic the entire net earn
,. ascal ycar ending june 30,
,srwatcd at S7C00,0O0, a
1000 600. As for the
....k q the Terminal Com
OIL. several classes OF stock of
.,1rassee Company deposited
.U.rv. participation Is further
.r tho paVment of assessments
...f instruments when called Tor.
r. forfeits tine right to par
sim. reserve rs a privilege 10
..... tae -ieht 40 any time to de-
r..~ under the plan. The de-
.0ue follows:
1HE DETAILS.
.ld Terminal Company.
.rI Uauyiilc system. and East
.t.,.m o. be reorganiZed. about
railway IN all. Tho Georgia
included. although the in
... ... -y-'cm must be protected.
.u.lltipu proposes 10 bring
.l miles under one new rail-
..... preserving, however. local
,u an matters relating 20
.aI traffic and to reduce the
.... O. ~D.1S 900.
a. Df the new company out
th. completion OF the reOr-
..- expected 10 be about 500, 600
I.- milo sf railroad owned or
aLolt $1,000 in preferred
'. of railroad owned or con-
...t $4,000 IN common STOCK
railroad owned or controlled.
.t..n.W fixed charges uucluding
.IIgC. \. q. and I. +. are estI-
......',r ~l.i5OO00 per mile. The
.... % be IA follows: Tli0,O0J,-
+.-t consolidated mortgage b per
-IJGl0.OJ0 m per cent. non
preferred stock. and SltO, ,OJO.-
...n stock.
r.. ufTITHNENrs. ErC.
.. .-rm4tcd that ont o. this total
.u bonds Will be reserved by
uuauy. under proper restrlc-
.. .a used only tor new constrnc-
.tt.rlents purchase OF rolling
and tho extension If and additions
... ..-.rm Lot over g 800 600 TO be
auy one calendar wear. except that
-..l 10 thls annual appropriation "A
s.. 800 900 in bonds NAV be specl-
..,rrpriated, with the unanimous
4 tine stock trustees, Tor
..'ung If branches or exten'
q undertaken within three Years
.i. creation of the new mortgage.
.u.rtv ACQUIRED with the g bonds or
lr.co,ds 10 be brought under the
the mortgage Bonds may be l.
Old ACQUIRE the Cincinnati southern
.. now rented, or additional inter
r the Georcia Central. There VII!
., ar.-arye Of about Slj, 600 out
le preferred STOCK.
rrr rDr4t>I1Hhs' Co>TENsATIoN.
.H. Morgan d Go. take their com
..uu. except ~lOj,0 ,000 10 cover their
..n.u.c-. entirely IN the new com
-..t 10 >l5per share.
bond, h- are earning their interest
netulhcl at all. Enough new
r.lhuou 10 the So, ,jS3. .O0Ol VIII
.,..,i o. pat them all al maturity.
..mcut on Terminal common
-.-.ll y,r share. East Tennessee
.-. ALSO assessed.
.>.Ovr ANp ENrESDITuRE.
I'D. rr,Nies cash from
on Terminal siorN
frtf Company hold
.u.uI aud DauVlte
.nI.-erN riocA AI..... ...S h,fAO,UDt
900 East Tennessee
.r fuc lahii"........... H,1OO,Ool
1000 new common
............. I.VVN,NIl
5000 new bonds. o,NO0,OO'
........................s1&a5O.OO .OOC
,tpen litures are estimated at
...,- aud equipment
fuatsi January l.
.I.l ma equipment on
..1 U.uslll" aud East
-y.t"ll- estimated
rrlrs--1Y ........-... S,UOU,OUt
vale fur expense OF
and for any cone
surplus 10 Dee avniia-
r.urrIl purposes OF
sf.NN ~
............................S23,2j0,0O ,2j0, 90,
.NN1tTING SYNDICATE.
l... .t.oiSIJ.0O.Oo has been formed
..... descriptions 10y security
-u 200 ~ common stock o
H.tly az = lj per share, and toi
I.. now Company's per cent
r.r cent. and accrued interest
ft- place aud u succeed Z
.. any holders Of the Rich
70. common stock and EaS
.t.cs who shall not deposl
aul pay the assessments
.r' of the plan is the large
4-A 70 raises so, $50. GOO
~Jp. 900 comes from selling
t I'D, rest Is from stock assess
tt. sale of new common stock
a- ior carly dividends on th'
...fI s.uck. The earnings OF 1872
.. g per cent on the pew pre-
...'. light million dollars aetna
.e -pCut az once for new con
t.luucut. &c.
-.Ihlu- feature OF the plan 4
s.ic- amply for all future needs
..ft.- Wi. have 10 be- tOrecloSed
.1.Gfe suits VIII be vigorous
.'rr yALUT or SECURITIES.
., r-ant with the reOrganiza
.Iuspccts figure the new pre-
90 900. The syndicate guaran
5000. 900 of the bonds at =
.nl Il ~33. .333. 900 in common
-.. pcr share. SO the minimum
,ecurties is fixed. tlgurln.
r rr,ed stock as low as so pc
raj securities are worth 10
d. per cent. for the 6's. 80 pc
t'c b. - per cent. for the pre-
a,aui per cent. for the com
aie application will be made &
'.'f- f-4uizstlOn certificates. Th'
NNAA w wv
.. NH.n 0f Drexcl, Morgan & Co.
.emmittee consisting of Messrs
., George Sherman. and A. >
g. tir. Coster Is member OF th
iieAel, Morgan 4 Co. and Mr.. A
.A' has close relations with tha
''. Sherman Is yico-president o
70 in,t Company, OF New York
.. ,.r stock Of the new company i
.... oaIer avoting trust. the votInl
3, bt named by Drexel, Morgan 4
9Hr ADJUSTMENT.
i',,, Airs'ment with Terminal security
,., ' a. follows Holders Of 6 pc
t-, terminal bonds 10 receive IS pc
s,.-. h'" per cent. bonds. bearing IN
la ',.ia july /, 1898. and 80 per cent. il
s., ET.'e'fed. stock holders Of pc
s.. lGmual bonds 20 receive 20 pc
at, i'" preferred stock and 80 pc
l~~..'- lew common stock holders o
t,t .@' preferred stock 10 receive 35 pc
90