Richmond dispatch. [volume] (Richmond, Va.) 1884-1903, 1894-10-03
READY TO IMPROVE.
ACTION or THE SOUTHERN RAILWAY
STOCKHOLDERS YESTERDAY.
The Mortgage 10 Secure the efeo.ooo.ooo
Issue Of Bonds Authorired-l Immediate
Expenditurcs-Mr. Spencer

The Southern Railway Company is now
in condition TO spend money for the i'm
provement, building up. and general de-
vclopment OF the system.
general meeting OF the stockholders
was held at the offices OF the company
in this city yesterday morning. at which
were present Mr. Samuel Spencer. presi-
dent; Colonel a. B. Andrews second vice.
president: Mr.. w. a. c. Even. secretary;
Nr. +. l.. Stctson. general counsel. and
Mr.. c. II. Costcr. chairman Of the
Drexel. Morgan q Co. Reorganization
Committee.
These gentlemen arrived here on the
$40 A. NJ. train over the Richmond Fred
erfcksburs and Potomac railroad and went
back North at noon. There were repre-
scented in the meeting 100000 OF com
mon and s,Nooo,Coo OF preferred stock.
THE OBJECT.
The object OF the meeting. MS set forth
,n the call. was 10 secure the authority
OF the stockholders--
to execute and deliver mortgage or
decd Of trust by the railway company to
the Central Trust Company. Of Now
York. as trustee. upon ana covering the
railroads properties. privileges. and fran
chiSeS of the said company, 10 secure an
issue OF bonds in the aggregate principal
sum OF sl20,oVo,e0 payable july l, 1896
In gold coin OF the United States. with
interest at the rate OF per cent. per an
mum, payable scmi-annually ia Ike Coid
soin: and, also. TO authorize the execution
and delivery Of a mortgage or deed OF
trust upon parts OF the railroads ana
properties Of the former East Tennessee
lrt ~ MI f-Agvrr.4
10 secure bonds for the principal sum OF
$4,000. payable September !. 1883, bear
Ing interest at a rate not exceeding
per cent. per annum principal ana inter
est payable In gold coin
This authority was voted. ana after
The perfection OF the necessary papers the
meeting adjourned
The annual meeting Of the company for
the election of directors VIII be held here
Oh Tuesday, October 23d, at $50 J.. NJ.
MILEAGE AND FINANCES.
The milea &c Of the southern railway sys-
TEN. embracing lines owned and merged
absolutely into the company, hncs opera
ted by reason OF owning a controlling
Interest. lines leased. lines operated under
various arrangements. and lines in which
tie company is interesie ed "a bondholdcrs,
but which are operated Independently, is
$50 Sc. The outstanding mortgage and
the issue OF 2e.oDAO0O Of first consolidated
gold SIS the above amount viii be re-
served 10 take up the outstanding obliga-
lions including all bonds stocks. &c,
81. 81. 627.S. including 100000 for new
construction will be issued now. making
an immediate obligation Of $lp,Vo0D0, ana
s20.0 co. will be reserved for new con-
struction on and after January. 1896. but
not over S2.opo.oo0 OF this viii be issued in
any one year.
CHAT WITH MIR. SPENCER.
When Nr Spencer was asked what the
company proposed 10 do with the imme-
diate issue. particularly the 100000 Tor
new construction. he said there would be
plenty Of places TO put 1t. The company
vas not prepared 10 get on "a stump and
proclaim that this much would be eX-
pended in this thing and that much in
that. The fact IS" he remarked. laugh
ing!y. eve have been too busy getting the
building under roof 10 think about de-
tailed plans. But" he added. new
bridges. new depots side-tracks. repairs.
&c. VIII call for money. and II viii he
used wherever il is necessary for the
conduct Of the business. As TO the ques-
ton Of the roads going TO Newport News
and uniting with the Chesapeake and Ohio
in building a union depot here" Mr..
Spencer said. 40 plans OF that sort had
been formulated. The reorganization would
involve chang in traffic arrangements.
and the beet arrangements that could be
made ia the interest Of the Southern
railway would be- made" Touching the
working personnel Of the road. Mr.. Spen-
Ger said all The changes in this respect
hai letn effected.
sol THERN DEVELOPMENT.
Auent southern development as a re-
.f-rr.
remarked that having the larger part Of
rs transportation-l.nes put In solvent con-
u.tion was Obliged to benefit the South.
but he could not predict a millennium. The
only thinE the company could 30 was
20 build W the largest railway system
n the South. ana n that was successful
Z ought 10 help all other interests IF
we Uhc company do our part and other
Interests do their parts. the South viii
develop" II was a mistake, said Mr.
Spencer. TO suppose that the Southern
Railway Company was rich. The system
was solvent. that was all. This sOlVency
had been brought about'by the poor
stockholders quitting up money 10 place
!he system upon a solid basis. They
could not he asked 10 make an overflow
ing treasury. The stockholders came to
he rescue To save themselves. The COM
2any was IN position 10 pay operating
expenses and the interest ola its bonds,
and would. with proper management,
grow stronger and stronger.
SOUTHERN RICHNESS.
Incidentally. Mr.. Spencer referred 70
the bOunuful southern yrops and the
material resources Of this section. When
questioned regarding the location Of the
general working Offices In Richmond. Mr.
Spencer replied that that question had
not been considered as a practical one
yet He could not tell what would be
done. The company still had the Wash
lngtOn building ON hand. the receivers
were located there, and their accounts
had no. yet been settled.
Another officer Of the company. when
asked whether the Richmond Locomotive
Works would be given any orders. said
ho expected they would, as the works
build good machines.
An outsider, who IS a leading fnancler
and In touch with the offices Of the COM
pany. said that there was no doubt that
the Southern Railway Company and the
Chesapeake and Ohio would build JOINT
depot here and that the heavy traffic
OF the former would so 10 Newport
News.
The new bonds Of the company will he
signed right away. The preferred stock
is quoted IT i2Ni3 and the common at Is.