Richmond dispatch. [volume] (Richmond, Va.) 1884-1903, 1894-06-19

The Reorganization Of The Old Rich.
mond and DanVille Perfected.
OFFICERS And DIRECTORS CHOSEN.
cordcd-No Change IN the Op-
Grating Force.

The successor to the Danville railroad
was organized yesterday under the char
ter granted by the last legislature. and
the name now is southern Railway
Company"
The special masters ana receivers de-
livered their deeds to the new corporation.
and Messrs. Coster and Thomas. OF the
Purchasing Committee. ana their associ-
ates, Messrs. Spencer, Ana Aews, Stetson.
and Even executed the aGicles Of asso-
citation. The deed was adr4tted TO record
in the Chancery Court at u o'clock. noon,
and the articles Of associanon at 1880 Il.
NJ. The corporators coEs ttuted Messrs.
Spencer, Coster. Andrewf Stetson, and
Even to be directors. and Samuel Spencer
to be president of the net company.
A THREATENED HITCH.
Mr.. Stetson made application TO the
Office of the Secretary OF ehe Common
wealth to file copy OF o. articles of
association therein ard ~ certain GER
tihcates under the seal offthe Common
wealth. Mr.. LawlesS declifed to comply
until he could consult the kttorney-Gen-
eral. and there was a thre4tened hitch In
the proceedings Major Scott decided.
however. that 1t was comsetent to give
the certificate. and the matter was ar
ranged.
OFFICERS AND DIRECTORS.
The Board of Directors. OF the new
company met at the general Offices OF
the company in the Times Building and
Immediately proceeded TO the election of
officers. as follows:
Samuel Spencer, prcsidentl
n Il. Andrews, second yke-president.
W. II. Baldwin, Jr., third Gice-president.
Francis Lynde Stetson, general counsel.
w. a. G. Even, secretary
John ". Hall. treasurer.
George ). Hobbs. auditor.
a permanent Board Of Directors Will be
elected later
The above officers will assume their
duties on the morning Of July lst, when,
pusUant to the COirt's order, the prop
critics OF the Richmond and DaDvile Rail-
road Company Will be turned over BY
the receivers to the new company
THE OPERATING FORCE.
1t is also understood that Captain
Green will be continued as general mana
ger and Mr.. sol Haas general traffic
manager. Indeed. IL is believed that there
will be no material changes in the
operating force OF the company.
The Southern Railway Company as
sumes the leases Of the Atlanta and
Charlotte AIRLINE, Western North Caro-
lima railroad. Washington. OHIO and
Western railroad, Piedmont railroad.
North Carolina railroad.
Under the plan of reorganization OF
the companies embraced in the old Rich
mond Terminal system other lines will
be brought in later. as the several legal
foImalIties are carried out
AS 70 THE BONDS.
As previously stated, the gold mortgage.
the debonture mortgage, and the equip
ment mortgage bonds are not disturbed
by the settlement The whole proceeding
Of foreclosure and sale was taken under
the third general mortgage and fOr these
bonds the new company viii issue their
obligations. The road will be run under
the supervision OF Drexel. Morgan * Co.
for FIVE years unless other arrangements
are made All dead wood Will be Topped
from the system, and only such lines in
corporated into 1t as III. new company
believe viii pay. In this connection a'ten-
tion Is called 20 the feci IA ,he same
parties who control the Chesapeake and
ono railway control this new corporation.
Yesterday afternoon Mr.. Joseph Bryan
gave out the statement that an agreement
as to- the Richmond and Mecklenburg
road had been concluded. and that a (
per cent dividend would be paid on July
9Th on those bonds which accept the
terms.
A GOOD DAYS WORK.
The officers Of the new corporation put
in big days work yesterday attending
to details. and most OF them left last
night for Washington. They give as
surancc that the road Will be run on
business principles.
The fact-above referred to-that the
same interest practically controls both
the Chesapeake and Ohio and the new
corporation gave rise to a rumor Satur-
day that General-Manager Stevens. Of
the former road. would have a prominent
place i'm the Operating Department Of
the latter. II is now said tnat there is
no foundation for the rumor. and that
Mr.. Stevens will continue with the Chesa-
peake and Ohio. towards the building up
of which he has contributed 50 greatly.
Mr. Stevens took Mr.. COster down 10
Newport News 10 show him the place,
but 1t s understood that Mr.. Coster
visit was more as the representative OF
the Drexel, Morgan interest In the
Chesapeake and Ohio than as the repre-
sentative of their interest In the new
company. In railroad circles the question
Of the new company's going TO Newport
News is already being discussed.
EAST TENNESSEE. VIRGINIA AND
GEORGIA.
IL was said last night that the officers
Of the new company would 20 from
Washington TO Knoxville to settle up the
East Tennessee. Virginia and Georgia
road, and that IL was in order to facilitate
this that they procured the seal of the
Commonwealth to certain papers. Attor-
ney General Scott said there was no
statute authorizing the papers to be filed
with the Secretary Of the Commonwealth.
but no harm could come from that be-
ing done.