The Washington times., 1894-10-17
SOUTHERN RAILWAY MORTGAGE
II Covers s16o. 900, 900 Worth of Railroad
Property and Is to Be Paid 100
Years from Now.

Property and Is to BE Paid 90
Years from Now.
Gold, of the fneness required by the United
States Treasury, is the coin in which the big
blanket mortgage of the Southern Railway
Company, of Virginia, is to be paid 100 years
from now; and gold, exactly the same, is to
be paid as interest and principal OF the bonds
which the mortgage secures.
The mortgage was fled here yesterday,
and covers Sl60 600, 900 worth OF railroad
property and is given to the Central Trust
Company, OF New York. Ii is to secure the
issue OF $12O, 600, 900 OF consolidated first
mortgage bonds of the Southern Railway
Company. She property mortgaged has been
gradually gathered during the past year and
more into the hands OF Samuel Spencer, Of
New York, and his associates.
The system of roads controlled by the
Southern Railway Company traverses the
States. OF Virginia, North Carolina, South
Carolina, Georgia, Alabama, Tennessee. and
Kentucky. 1t embraces the properties OF the
Southern Railway Company, Of Mississippi,
and the Southern Railway Company, OF Ken
lucky It's holdings include the Richmond
and Danyille, all or parts OF the Georgia Cen
tral. Cincinnati Southern, East Tennessee,
Virginia, and Georgia. Knoxville and Ohio
and Atlanta and Charlotte Air Line. It's
lines run from Washington to Darville, from
/ Orange to Gordonsyille, from Manassas to
Harrisonburg. from Charlotte, n. c.. to At
lanta, Charlotte to Augusta, Atlanta to Bir-
mingham, including belt roads, and termi-
nais at both Places from Bristol, Tenn, to
Louderiale, Miss, and from Atlanta to
jesup, Ga.
Among the terminal properties are those OF
the Richmond and Danyiiie in this city, in
Guiding the fine Office building at Twelfth
street and Pennsylvania avenue northwest.
and the yards at Twelfth, Thirteenth. and
Fourteenth streets on the river front. These
are already under incumbrances of $75, 600
Tor money duo the Penn Mutual Life Iusur-
ance Company, Of Philadelphia, and So, 600
receivers certificates issued under order Of
the courts.
The issues OF the bonds are TO be five in
number, Us fol!OWs:A 5Zi,J1 ,GZ7 to bcissued
az Cnceto the company Tor It's use in better
ment OF the equipment. new construction,
payment of debts, and such other PURPOSES IS
shall be iroper; 3. '.G9, ,l24.I9) to be issued
later Tor retirement OF the bonds OF the Viz
g.u.a Midland. Knoxville and Chio and
other lines: G, 20, 200 600 not now to issue. 70
acquire the stocks OF the North Carolina EaIi-
road Company and the Charlotte and 81 anita
Air Line. aad other purposes; ID, e3.zl3.6I3
not now 10 issue. Ior use IN retirement or ac-
QUESTION OF equipment bonds and certificates,
and Z, 80. J.0o0,Jo3 not TO issue Delore January
/ j. 1886. OF which 4.UOJ,C3O may be issued 10
/ Charles H. Cosser. George sherman, and An
+ tnouy j Thomas, who have been made trus-
I tees Tor 1ho 100000, 600 worth Of property
( aggregated ia the hands OF 5Ir. Spencer auI
/ bis associates Tor the purpose it IS supposed,
/ Ol ho.a-ng the balance Of. power.
The bonds are to be issued to them upon
/ demand certified in writing by the trustee
company. They are 10 hold tie bonds jointly
I and in no sense separately. The rem aiming
llG,G-3.C0J aOgs to the company Tor ac.. .GI5I-
( tion or construction OF branch lines. IuT-
( chase of rolling stock and bettermeut o.
equipment
The bonds ars 10 be OF the denomination of
I 51.GjG AID such OtLer Gs may lg found de-
sicaJie, and are to bear interest," PAID semi
annually. at s per cent. per amman. 9l3 30 lc
payable Jul l. 1854 Both principal AID in
I te-ess are 10 be iaid ia god.
the issue is Eaer authority OF resolution
of the hoard o5 directors Of tAe company.
/ passed at q meeting he!d Uc.oacr2, 1883. The
iiauiit.rs 10 be replaced and retired hy this
issue alauaEt TO 80, ,a5-. TIE Mor.Eg-c e
/ Is signed - Spencer, pg,s.-el.t. and by be
+ treasuIer Of yhe cOmlaay. whose signature
caa be read only by an expert. The consider
alton is II.