The Norfolk Virginian. [volume] (Norfolk, Va.) 186?-189?, 1896-04-03
THE PLAN MADE PUBLIC
Reorganization of The Norfolk and Western
Railroad System Including Other Roads.
MERCANTILE TRUST co. THE DEPOSITORY
The Plan Provides ror the Issuc of
e62,5OO,OOO First Consolidated
MorfgaEe per Cent. Gold Bonds,
of Which Saa,3aa,875 Will BE Used
To Provide for Certnin bonds.

New York. April 2.-The annourcemnn,
Is made for the PLAN for the rcorganl.
zation of the Nog folk and Western ,nti-
roaa system, Including the Roanoke and
oouinern railroad and the Lynchhui p
ana Durham Railroad Company. r'hn
New York committee under,ak!rr 20
carry Ihe plan into enec. consists of
Louis Fitzgerald, ]. Kennedy Tod Gen
Soppe.l. y. II. H. Boisscva;n Rohn~t
flemins, +. Sligo De 'Pothonier and i,
IL. Hub;ech;. They havs secured the
cooperation of influential committees IN
Lohuol and!AniSterdam. The Mercan-
Tile Trusi Company will act as the de-
posiiofE Of all securities Deposits win
be received on April and security hoII.
ets are requested to make Their dsnosttv
not later than April 20
The plan provides for the issue of SEQ
uVU,0oO itrst consolidated nortuncc for A
per ceni. gold bonds. Of which S93. 1922 81 !
VIII lie used TO nrov,de for certain di.
iuroed bonds. S25. .9SG. $50 Will be reserved
10 take up or pay und.stu; bed bonds of
.he Norfolk and Western ComDanv on1
theremainder Will he used for future i'm
pToVemeni.s and new acuus lions. The
capitalization of the proposed new conn
pany VIII consist Of $23 600 coo psr cent
'loH-cuihu.ntiVe adjustment preferred
stock. to be distributed among the hold
crs of disturbed bonds and $50 900 0OD
common stock
The Nas!s of exchange OF the disturbed
bonds Tor new securities is as follows.
Norfoilz and Western RAILROAD Com
pany one hundred year mortgage bonds
81: per cent. in frs; consolidated mort
gagged bonds and 10 par cent. in adjust
meht preferred stock: Maryland and
Washington division bonds 70 llar cent
in aist consolidated bonds and 67lh per
cent. in adjustment preferred stock:
C-inch Valley division bonds, so per cent
in first consolidated beads land 10 per
cent. in adjustment preferred stock:
equipment mortgage bonds of 1855. 100
pc? cent I'm first consolidated bonds and
iS per cent. In adjustment pioferrod
stock: per cent. debentures of 1892 loo
per cent. in adjnstnp Mt preferred stocks:
Roanoke and Southern Railway Conn
pany bonds 80 per cent. in first con-
s'NNdated bonds and 81 ncr cert. In ad-
Jus;ment; pri fe:rei stock aL,n hburg AMI
durham Railroad Company bonds. 80
per cent. in first consolidated bonds and
To per cent. in adjustment preferred
stock
The Norfolk and Western Companys
adjustment mortgage seven per cent.
bonds will receive seven per cent, cash.
130 per cent I'm new first consoli' led
Bonds and twenty per cent lin adjust
ment preferred stock. In addition TO
the foregoing depositors will receive at
the time of deposit sum In cash equal
to three months interest on the new
first consolidated bonds to be received
by them under the plan. Depositing
stockholders of the respective COM
panies will receive common stock in
the new company To the following
amounts in consideration of the pay
ment in instalments of $3.50 per share
deposited: Norfolk and Western Rail-
road Company. preferred. 1l2Is per cent.
do. common stock, % per cent: Roanoke
and Southern Railroad Company stock.
40 per cent. and Lynchburg and Durham
Railroad Company stock, 75 per cent. 1t
is understood that the underwriting
syndicate is almost entirely made up in
London and Amsterdam. where all but
a few thousand shares Of the stock were
held. II is. therefore. expected that
there will in comparatively short time
be at least s5.oo0.000 of exchange avail
able against this syndicate operation.
lnasmuch as all the money realized will
nave to be used here. 1t is stated that
the floating debt is nearly all held in
this country.