The morning news. [volume] (Savannah, Ga.) 1887-1900, 1895-03-18
NEW PLAN FOR THE CENTRAL.
THE PROPOSED NEW SECURITIES
FOOT Up sf0,5OO,O 900.

Those ON which Interest Must Be Met
Consist of S7.OOO.OOO First Mort
gage 5s, ei3.OOO.OOO Consolidated
IS, and si,OOO.OOO General Mort
gage 4s-The balance Made Up of
First, second and Third Preferred
Income Bonds and 5.OOO,OOO Com
mon. StocIS-Thc Basis of Exchange
I'm Detail.
Washington. March 1.-THE New Yorlo
Sun to-day publishes the following: THE
details Of the plan for the reorganization
OF the Central Railroad and Banking
Company Of Georgia have been agreed
upon and II is expected that the plan will
be officially announced this week. II will
provide for foreclosure under the tripar-
tite or the consolidated mortgage, or pos
sibly undor both
"The purchasers at the foreclosure sale
are to convey the properties 10 a new
company to be called the Central OF Geor-
gia Railroad Company. The new COM
pany will be authorized to issue 100000
Of first mortgage 50-year per cent bonds.
which win be a first lien on the main
line from Atlanta to Savannah, including
the Mnledgeville branch. and on the equity
In the steamship properties; Sl3,0O0.OO0 con-
solidated mortgage per cent. bondss
which VIII be a first lien on the Montgom-
cry and Eufaula and a second lien on the
Mobile and Girard railroad; A,000OO0 gen.
eral mortgage per cent. bonds, which
viii be a first lien on the Savannah and
Western and Macon and Northern roads;
5000 900 first preference non-cumulative
8 per cent. Incomes which will be a
lien on the Savannah and Western, Chat-
tanooga, Rome and Columbus, Macon and
Northern and Savannah and Atlantic, a
third lien on the main line, and a second
lien on the lease holds, securities and
equities acquired by the new companys
ss.500000 second preferred incomes; Sf.O00,-
600 third preferred incomes and S5.O00,oOQ
of common stock.
1.-THE new company will acquire title to
the properties covered hy the FIRST mort-
cages on the Savannah and Western.
Chattanooga. Rome and Columbus; Macon
and Northern. Montgomery and Eufaula,
Columbus and Rome and Savannah and
Atlantic railroads 1t win also endeavoP
to procure leases at per cent. on their
capital stock OF the Southwestern and
Augusta and Savannah railroads and ad-
just the arreares OF rental as to these
properties.
I'm case Il should not be necessary to
issue S7,O00,O00 first mortgage bonds. then
the issue Of consolidated mortgage bonds
may be increased to S20,O0O,O00, with an
additional S2000O00 at the rate OF S500,00
for betterments. An additional $l,000O0O
OF the general mortgage AZ may likewise
be issued for betterments on the roads
covered by the mortgage.
"Of the existing securities OF the sys-
TEN the Ocean Steamship Company's first
mortgage bonds, S,0oOOOo. and the collat-
eral trust mortgage bonds, S4,8s0,0O0. are
undisturbed The Mobile and Gerard first
mortgage OF $lOO0,OOO Is 10 be increased or
renewed so as 10 fund all past due In
terest thereon.
THE Savannah and Western bond
holders are to receive for every $1,000
bond, $500 in new general mortgage
bonds, $3.50 I'm first preferred incomes, and
$3.50 in second preference incomes
"Chattanooga Rome and Columbus
first mortgage bonds will receive $500 In
first preference incomes and $500 in second
preference incomes.
macon and Northern bonds will re-
ceive 1850 In new general mortgage bonds,
$500 IN first preferred incomes, and $3.50
in second preferred incomes.
Columbus and Rome firsts Will receive
$500 in first preferred incomes, and $500 in
second preferred incomes.
Savannah and Atlantic frsts will re.
ceive ST. 900 in second preferred incomes.
par in third preferred incomes will be
given for the $500 shares OF stock of the
present company held by the public. and
second preferred incomes at par Will be
given for the certificates of Indebtedness
of the present company.
THE Savannah and Western and Chat
tanooga, Rome and Columbus roads Will
be released from any claims of the Cen
tral Railroad and Banking Company OF
Georgia.
"rhe underlying bonds of the Columbus
and Western. $500 00O, and Rome and Car
rolton. $l50.O00, are TO be paid Off. and
also the secured floating debt and the
tripartite bonds with interest"