The times. [volume] (Richmond, Va.) 1890-1903, 1893-06-17

4 New Agreement by which Cutting Rate.
WI be Stopned.

NEW YORK. June i6-The annual
meeting OF the Southern Railway and
Steamship Asst citation was continued to-
day at the Fifth-Avenue Hotel. the ses-
sion beginning az 10 o'clock The discus
sion over a new agreement was imme-
diateiy begun.
The various roads did not agree 10 sign
the document with the alacrity that had
been anticipated. The subcommittee
which was APPOINTED az yesterdays ses-
sion 10 act on the matter OF the new
agreement reported no progress, and
asked that the matter be referred back
TO the meeting and that the committee
be discharged. At noon the discussion
was still going on, no action having been
taken.
There has been a general cutting Of
rates by the various roads. and there
is clause In the new agreement for the
purpose Of putting a stop 20 the practice
Few Of the roads have BEEN able 20 re-
sist the temptation thus 10 secure busi-
ness that would otherwise go 20 rival
roads. and strong opposition has been
developed against the changing OF the
old agreement in this particular. II is
this clause in the new agreement that
has made the trouble and the executive
UNhfu anu Aiif hNdAA WA hlNNEk iilfflI nave
teen unable 20 smooth matters over
The other point which has been turned
over 10 a subcommittee f. the exact re-
lationship TO the association Of the ex-
tension OF the Norfolk and Western 10
Columbus. .. This extension was for
merly known as the Scioto Valley road.
Its situation gives IL little in common with
other roads I'm the association other than
its connection with the Norfolk and West
ern system. 10 taps a large business In
the neghbOrhood by other roads I'm the
association. and comes into competition
with lines not affected by their rules
and regulations. The complication is one
not easily disposed Of.
The meeting continued In session until
i30 o'clock without arriving at a settle
ment Of any Of the questions involved.
The discussion was lively, and at times
warm.
Finding n impossible 10 come TO any
settlement OF the questions involved, the
meeting was adjourned. to meet July
18th. AZ Manhattan Beach. At that time
the subcommittee I'm charge Of the main
questions for consideration will render
reports. The most important questions
are the dlfferential rates from the sea-
board. and the relationship 10 the as
sociation Of the extension Of the Norfolk
and Western road. After the adjourn
ment Of the meeting the executive COM
mittee went into executive session for
the purpose Of acting upon points coming
within their province.
At the close OF the meeting Commits
soner T.. B. Stahlman expressed the
belief that while some OF the roads We're
not inclined 10 sign the agreement, they
would all come I'm az the meeting July
1lth. other members OF the association
were not so confident.
Richmond Terminal Affairs.
BALTIMORE, MD, June lG.-Drexel.
Morgan q CO. have appointed the Mer'
camille Trust and Deposit Company as
their agents I'm Baltimore 10 receive Rich
mond Terminal. Richmond and Danvilie
and East Tennessee. Virginia and Georgia
securities TO be deposited under the re-.
organization plan.
The Richmond iand Danyllle Under
lying Bondholders' Committee here has
decided 10 recommend 10 the holders of
the Georgia Pacific securities TO accept
the amended plan Of Drexel Morgan q
Company, and 20 deposit their holdings
as required.
Drexel. Morgan & Co., have consented
to amend their original plan so far as
II relates TO the Columbia and Green
vile holdings by granting concessions
10 this road. The first mortgage skies
will be given terms accorded 10 the same
class Of bonds Of Georgia Pacific.
NEW YORK, June 16-The reorganiza-
ton committee of the Richmond Termi-
raj Company have offered 20 the bond
holders Of the Columbia and Greenvile
the same terms as 20 tire bOndh0lders Of
the Georgia Pacific railroad. The first
mortgage bonds Will receive an equal
amount Of Richmond Terminal first mort
gage bonds, ard the second mortgage
bonds will receive rs in preferred stock.
The new first mortgage bonds will re-
ceiye as interest per cent. I'm cash and /
per cent. I'm preferred stock for five years,
and thereafter per cent In cash.