Richmond dispatch. [volume] (Richmond, Va.) 1884-1903, 1894-03-02
NEW TERMINAL PLAN
REORGANIZATION AS ALTERED IN
VIEW or THE HARD TIMES.
Notifications in the Matter Of Payment OF
essnenss-Notifications OF
Importance.

NEW YORK. March 1.-The amended
plan Of reorganization OF the Richmond
Terminal Reorgan iEation Committee was
made public to-day by Messre. Drexel.
Morgan & Co. the repositories under the
Man. which is signed by G. II. Coster.
Gorge 5. Herman. and Anthony j.
Thomas as the Committee OF Reorganiza-
ton. The original plan excluded the East
tennessee Virginia and Georgia. the Gin
cinnati extension. the Memphis and Char
lesion. and the Mobile and Birmingham
railroads and the new plan excludes the
chester and Lcnoir, the Cheraw and
chester. the Spar hamburg. Union and Co
l.,,nbis. the Richmond and MecklenburR,
mo Northeastern OF Georgia. the Ashe-
,.lio and Sparianburg and the Macon
and Northern roads.
Tho committee says that although about
a. rer cent 81 the Richmond Terminal
stock has been assessed. ana the assess
mont 50 Ear as called has been paid. and
lie, though TO lesser extent on the
East Tennessee. Virginia and Georgia
stock. n general feeling has prevailed that
In view ~ the change in financial condi-
tOns the committee should fairly IN
d.ayof TO tighten the assessment and TO
allow bonds for some portion thereof. II
los therefore reduced the assessment on
redmond Terminal common and East
tennessee common by 20 per cent. IN
amount. and instead OF allowing therefor
,,lv preferred stock. II allows for the
amount OF all assessments on the new
l.rsls-one fourth IN bonds bearing interest
f.,fu January !. 1906, and three fourths IN
nr.ferrcd-stock trust certificates. As the
,...- smcnts on East Tennessee first ana
second preferred originally fixed were
c.p,parattvely light. they are not reduced
Il, amount. but, like the others. they are
Flowed one fourth In bonds and three
r,.,rihs in preferred-stock trustee certii-
cafcs.
The reduction In assessment represents
yearly the amount OF money which mas
been received from earnings ana apphe1
a. the payment OF claims which matuTe1
,.rior 10 the receivership. and which had
20 be-, provided for out Of the assessment
money. That portion OF the floating debt
which Is fully secured will be paid or
purchased. principal and interest. In full,
and the emergency loan Will be purchaser
ar exchanged principal and interest, IN
tho new bonds.
As the stock 4 the Richmond Terminal
and East Tenf4ssec Companies already
,r deposit and on which assessments TO
the extent already called have not been
midi the amount Of such former calls
with interest at per cent. per annum
ff,rn date Of Call. must be paid on or be
f.rc March ~. 1891. or such dcfaulted
.tocls will likewise be excluded from the
Ul.n ne now modified.
~ the uncalled assessments. as now
Modified. a further and additional cal
g. now made for SIS per share on hich-
i7ond Terminal common stock; $lso per
STARE Of East Tennessee common stock /;
g. - t.r share Of Fast Tennessee second
preferrel stock. - cents per share.
ON East Tennessee first preferred
stock. and the sans must De- paid at the
office of Messrs Drexel. Morgan Co,
40 p Wall street. New York. on or be-
fore March -. 1884,. such payment to be
r,cs'pted for on the reorganiz ton Ger
f.ncltes. which must De presented for the
rs-rosr rhe rcmainccr of the assess
uent will b. called IN two equal install
fp.nts. payable on May y, 1894. and July
81 1856.
In cnso ~ nou-acccptance Of this modi-
TIA plan by tho holders of securities al
feCtcl 10y IL 90 an extent deemed by the
c0mmittee sufficient to warrant II In pro
Viling further the reorganization VIII be
.aiunIore,l except az To the securities OF
a., Richmond and West Point Terminal
Hallway and Warehouse Company. In
such event the Richmond and ljanVille
and tn East Tennessee securities VIII be
returned 20 the RESPECTIVE" holders of re-
organization receipts therefor. The assets
acquired by The committee at the recent
sale by the receiver Of the Richmond Ter
miual Company will De deposited In a
trust on terms similar to the other trusts
above mentioned. bat for the equal pro
rata benefit according 10 the par value
az holdings of the holders Of reorganiza-
tun receipts for Richmond Terminal pre-
f.rrcI and common stock. but without
reference or priority between holdings
uf these two classes OF stock as to the
Termination Of the provisions OF the
l.---t nr nih.iA lsa.