The Atlanta constitution. [volume] (Atlanta, Ga.) 1885-19??, 1894-11-05
RIILEO1D NETS.
of the Georgfa Central

II IS announced that the plans for the
reorganization of the Georgia Central are
ready for operation and it is thought that
TIE road will soon undergo the change that
has been so long in contemplation. The
property is to pass into the hands of the
Southern railway by virtue of the holdings
the Southern will have in the bonds OF the
Central The Central viii be thus under
the control of the Southern without being
a part or parcel of it.
The New York Herald has printed in adj
vance a copy of the papers by which the
deal Ia to be made and from The Herald's
report the following points are taken.
81 Seven million dollars of 1irSt mortgage
fifty FIVE year per cent gold bonds "hlcn
shall be first lien on the main line from
Atlanta tc Savannah and an equity in the
ocean Steamship Company.
80. Thirteen mi ion dol-rs Of consolidated
fifty year per cent bonds, which shall be
second lien on the main line and lien on
the leasehold securities owned by the Cen
trail, subject to all existing liens; Il hrst
lien on the Montgomery and Eufauia, ana
a second lien on the Mobile ana Glrard.
| The mortgage may be increased $Z,JVJJvO'
| but not more than SlO3,OoO a year. ana Sole
| " for improvements and betterments.
| 49, Ten million collars general fifty year
| first mortgage bonds, to De q first lien on
! the Savannah and Western, Chattanooga,
| Rome and Columbus and Macon ana North-
| ern and q third lien on the main line ana
| second on the Ieasenoia and securities, 10
bear interest at the rate of 2ia per cert Tor
| the first two years from January ], 1870,
| and to increase thereafter at the rate or
| onc-half of l per cent until per cent Is
| reached.
al Seven million five hundred thousand
! dollars A income bonds and $7,5le050 Is in
come bonds. each issue to bear per cent,
non-cumulative, to be Of equal value, ana
| me y bonds not To draw interest until >
per cent has been paid on the \ bonds
as Five million dollars of common stock
to be delivered to the Southern Railway
| Company.
20 The Ocean Steamship Company's ST.
600 900 first mortgage Gs, $i,SS0O0o coilaterai
trust IS and the Mobile and Glrard 'l'OV''-
600 Is to remain unchanged"
| Here in Georgia it VIII be inter esting Z
know what is 70 become Of the roads ma
have heretofore been a pare OF t1e Central
such as the Southwestern over Wn'c'
| there has been considerable amount
dickerng lately among the stocNhoiaeI9
The plan OF the adjustment as puolShea
gives the following information bearin;
upon these Interests:
| s.'Tne Southwestern railroad VIII be re
! leased from its Obligations on the tripar
tite bonds and also its endorsement OF IN
Montgomery and Eufaula through the pay
ment of the latter, and il viii be leased j
| perpcLUify at l-le isLc " d" w. 800 -
annum. The Augusta and Savannah Wi
be leased at the same rental
"Of the 81 5G0.tJ0 \ incomes betWee
s4.0OOoO0 and S5,oooQ0O VIII be given in e.
charge for the old certificates Of debt, an
most of the remainder as part payment 10
| the Savannah and Western first moriaas
vi.r. -. r'ha- Sayauuah and Western five
$lo.o00,00O issue and Is per cent in \ in
| comes.
THE Chattanooga, Rome and Columbu
will get so per cent in the new $luGJ3. aa
issue and % per cent in y incomes, and Tia
Macon and Northern 20 per cent in In
general mortgage and 50 per cent in \ in
| comes. The Savannah and Atlantic an,
Columbus and Rome bonds viii receiy,
par in a incomes"