The times. [volume] (Richmond, Va.) 1890-1903, 1895-06-07
GEOgGfl CBNTKdL Plan.
Launched With the Backing OF Strong
Syndicate.

SNUHi'tt
The New York Sun OF yesterday says;
Messrs. Thomas +. Ryan and Samuel
Thomas made an official announcement
,,cster3oy of their plan foc the reorgani-
cation of the Central Railroad and BANK
ing Company, OF Georgia.
The details of the plan were printed In
detail in the Sun some weeks ego. IL
provides for the sale Of the properties
,adsr foreclosure Of the consolidated or
tripartlte mortgages on both, and the sale
of the securities pledged for the noauhg
debt The purchasers vii organize
new company, % be called the Cen''di
Railway Company Of Georgia.
The new company Will be authorized
10 issue 100000 first mortgage oo-year
rer cent. gold bonds $l3,W00W CONSOLIDATE
ed mortgage 5O-ycar per cent. gold bonds,
$4,000 900 J0-year per cent. general mort
gage gold bonds 100000 first preference
Income bonds. ss5O1.OO0 second preference
income bonds. 100000 third preference
income bonds, and S,50oJ.OJ OF common
stock.
The ocean steamship first mortgage
bonds. amounting 10 100000. and the
collateral trust mortgage Of NSSO,y0 VIII
remain undisturbed The Mobile and Gil
rard mortgage Is to be foreclosed, and the
bonds exchanged at par into five per cent.
OF the securities of the new company
the Savannah and Western first mort
gage bondholders are TO receive for each
$1,000 bond $500 in new general mortgage
bonds $3.50 in new first preference in
come, and $50 in second preference in
come bonds. The Chattanooga, Rome
and Columbus first mortgage bondhold-
ers are to receive 800 in first preference
incomes and 500 in second preference
incomes for each $1,000 bond The Macon
and Northern firsts are to get $3.50 IN
new general mortgage bonds. $3.50 in first
preference incomes, and $50 in second
preference incomes.
Columbus and Rome first mortgage
bonds are to receive 500 in first prefer
ence incomes and 500 In second prefer
ence incomes. Savannah and Atlanta first
mortgage bonds are TO be exchanged at
par for second preference income bonds,
and holders OF debentures known as GER
tihcates of indebtedness will receive par
in the second preference incomes. For the
$500 shares Of common stock in the
hands Of the public, third preference in
come bonds will be given at par.
The purchasers under the foreclosure
sale will agree 10 free the property Of the
savannah and Western and the Chatta-
nooga, Rome and Columbus from any
Central and also to pay the underlying
bonds issued by the Columbus and West
ern Railroad Company of 10000 and the
Rome and Carrollton bonds of $4,000
They will also pay all the expenses OF
the reorganization, all of the secured fioat-
ing debt of the Georgia Central, tripartite
bonds with interest and the ascertained
debts of the receiverships.
The Mercantile Trust Company of New
YORK VIII act as the common sgent Tor
the deposit and exchange OF securities In
carrying out the plan.
The plan has been underwritten by a
strong syndicate, and its success is there
by considered assured. 1t is Furthermore
approved by the holders of majority OF
the capital stock Of the company. by the
committee of the holders OF certificates
of Indebtedness. by the underwater OF
the proposed first mortgage bonds or the
new company, TO be used in taking up
the present tripartite bonds. and by the
committee representing the first mortgage
bondholders OF the Mobile and Girard
Railroad Company. Under the plan the
fixed ch1ges will be reduced TO l.Sl5.. $50
a year, and will not increase, except from
the small additional issue provided for
bettcrments. If such issue should be
made.
Judge W. ID. Harden, of Savannah. VINO
represents the holders of certificates OF
Indebtedness, and is chairman OF that
committee, is now I'm New York. and
says: Il have no doubt but that the plan
will meet with the appreciation or every
one who has not an axe to grind In adj
dition to the mere redemption of the
property have talked very extensively
with holders OF the six per cent. certin-
Gates OF Indebtedness. the minority stock
- ..L 49,
of Savannah and Western bonds, and.
with the exception OF such holders of the
latter as are bound by their agreement
with the pooling syndicate. l have heard