The times. [volume] (Richmond, Va.) 1890-1903, 1894-06-19
hHE REORGANIZATION.
o,rurxy xhrLWAY COMPANY NO"
IN woRKING TRIM.
oncers Elected and the Control Of tho
panv,ne System to be Assumed on the
JuIy-Tbc New President.

ITO PARTIES who represented the kich-
- and Danville Reorganization COM
Ice and their associates who were
IN. AT the sale Of tina; road FFiua'
I.,,rnea to the city yesterday ana or
cd the Southern Railway Company.
rich takes the place OF the klehi''o'N
.oA Danvile after July LIST
7-,o snecial masters and receivers deeuS
we're executed and delivered 10 the new
CORPORATION. and Messrs. Coster anu
Thomas. the purchasers OF the i''.,''''S..
and Danville. and their associates 49,
Spencer. Andrews, Stetson ana h"ei'' S''
scrihea 20 the articles Of assoc'a'iD"'
1nc decd Of the special masters ana
Noco,,,ers and the articles Of ASSOCIATION
ere printed in pamphlet FORM win
,i,,ks left for the signatures OF the IN
corporators.
The deed occupies twelve pages OF
- namphlet. and the charter, with the
o o., ~ fhe General Assembly authoriz-
- the same occupy seven pages.
me deed was filed and accorded IN
~oon and the articles at 1890 Z. NJ. the
s,,orporators constituted Messrs.. Spen-
- FOSTER Andrews, StetSOn and Even
-. no directors. and Samuel Spencer TO
10 pres.dent Of the new company.
TIE NEW COMPANY.
The charter provides that the Southern
railway Company shall enjoy all the
trsrchlses and privileges OF the Richmond
sri Danvine Railroad Company; that
ne capital stock OF the Southern Ran,
aav Company shall be one hundred ana
eighty million dollars tSlSOWO,VOO, dlvloed
-. s.N alFfa nf
dred dollars 600 each. Of which shares
six hundred thousand (6O0.0O0) shan pe
preferred shares. and the remainder shaIi
be common shares: that the southern
Railway Company from time 10 time may
issue bonds to the amount of one nun
bred and twenty million dollars NlW.W'-
90 secured by a mortgage or moItgages
az the property and franchises OF me
liens thereon. assumed. extended or re,
newed. or any subs.itutions therefor ana
subject 10 further increase as provided ny
the said act of Assembly; that such
necessary. be delivered from time 10
time hereafter in settlement for the pur-
chase Of property In conformity with the
plan and agreement of reorganization IN
franchises have been or shall be bought
by the said purchasing committee or corl-
pany.
THE MEcKLENBuRG RAILROAD.
Mr.. Joseph Bryan and Mr.. c. H. Coster
the chairman OF the reorganization com
mittee. have finally agreed upon terms
for the settlement of the Richmond ana
Mecklenburg Railroad Company's hIst
maturity bonds.
The traffic agreement, which was one
Of the main sources OF revenue Tor
the payment Of interest. and when Wrs
terminated by the foreclosure OF the
Danville railroad is to be substantial ~
al
the Southern Railroad Company. rms
being in addition to the net earnings OF
the Richmond and Mecklenburs railroad.
The two past due coupons are to be
surrendered upon payment Of per cent.
cash on July %.
THR OFFICERS.
Immediately after the organization Of
the new company the board of directors
held their first meeting and elected the
following officers:
Samuel Spencer. president.
A. b. Andrews, second Vice-@resident'
w. II. Baldwin, Jr.. third vice-pfeslbeht'
Francis Lynde StetsOn. general counsel
W A. G. Even, secretary.
John w Hall treasurer.
George s. Hobbs. auditor
A permanent board Of directors Will be
elected later.
The new officers will assume their du-
ties on the morning OF July lst when,
to the courts order. the proper
ties OF the Richmond and Danville Rail-
road Company will be turned over by
the receivers to the new company.
The general offices OF the new company
are established in The Times building,
corner Of Tenth and Bank streets, Rich
mond.
The Southern Railway COMPANY as
sumes the leases OF the Atlanta and Char
lotte Air Line, Western North Carolina
Washington, Ohio and Western
Piedmont railroad North Caro-
lima railroad, and the Virginia Midland
Under the plan Of reorganization Of the
embraced in the old Richmond
Terminal system, other lines VIII be
brought in later. as the several legal
formalities are carried out.
The officers of the new system or rail-
ways. which Is the most important in the
South, and scarcely second TO any In the
United States, are selected from among
the most prominent railroad executives IN
the country.
NE PRESIDENT.
Mr.. Samuel Spencer, the president OF
the Southern Railway Company, Is
southern man, being native OF Column
bus Ga, and is now forty-Seven years
old. He commenced his railroad career
IN 1863 Immediately after receiving ms
degree as civil engineer at the Univer-
-ftv az VIRGINIA 49, 2" % "- t'1ar o. an
engineer corps on the Memphis and Sa-
vannah railroad made the first step in
his rapid advancement as railroad man.
lie was advanced gradually until in
81 he was made first assistant engineer
IF that road. In 1872 he resigned 10 take
he position of assistant 70 the superin-
endent of the New Jersey Southern rail-
Dad.
In December OF the same year he left
hat road and entered the service OF the
Baltimore and Ohio as assistant super
-isor OF trains May. 1873. and served In
hat capacity until January, 1871, when
ne was made superintendent OF trains on
he Virginia Midland railway.
Ever advancing. he went at the end OF
)ne year as general superintendent OF
he Long Island railroad. lie resigned
hat position In October 1879. 10 20 back
10 the Baltimore and Ohio as assistant TO
he president.
From December, 1880 TO July. 1881. Mr.
Spencer had charge Of the trains OF the
Baltimore and Ohio west Of the Ohio
liver. and in July. 1881. was elected third
Of the road. In 1882 he
became second vice-presilent; in 1881, first
and In December, 1883, was
placed as president at the head OF this
great line.
RrGArNxD IT'S Iossys.
Under his vigorous management the
Baltimore and Ohio regained all that II
had lost through the illness Of the unfor-
iunate Garrett. and his work in that posi-
ton put him at once in the front rank Of
railroad executives.
When under his wise management the |
road returned from the control OF the
10 its stockholders, Mr.. Spencer |
was invited TO enter the house Of DreNel, |
Morgan & co.
Mr.. Spencer owes his position in this
great American banking nrm primarily
70 the need Of the house for railroad
man who knew all about railroads. ana
VINO knew all about them as an expert
authority and whose Judgment In great |