The morning news. [volume] (Savannah, Ga.) 1887-1900, 1896-04-03
NORFOLK AND WESTERN.
The Proposed Plan Of Reorgaaiza
ton Announced.

ton Announced.
New York. April Announcement is
made of the plan of reorganization of the
Norfolk and Western Railroad COmpany's
system. including the Roanoke and South
ern Railroad Company, and the Lynch
burg and Durham Company.
The New York committee undertaking
to carry the plan into effect, consists OF
Louis Fitzgerald, J. Kennedy Todd,
George Coppell A. II. II: Boissevan, Rob
ert Fleming c. Sligo de Pothonier and
f. r. Hubrecht. They have secured the
cooperation of influential committees in
London and Amsterdam. The Mercantile
Trust Company will act as the depository
of all the securities. Deposits will be re-
ceived on April g. and security holders are
required TO make their deposits not later
than April 80.
The plan provides for the issue of SCI .
800 600 first consolidated mortgage per
cent gold bonds, of which S33. 1921 75 Will
be used to provide for certain disturbed
bonds, $25, 1856, $50 will be reserved to take
up or pay undisturbed bonds of the Nor
folk and Western company, and the re-
mainder will be used for future improve
ments and new acquisitions.
The capitalization of the proposed new
company will consist of S23,000Ot0 ( per
cent non-cumulative adjustment pre-
ferred stock, to be distributed among the
holders of disturbed bonds and $66 900 600
common stock.
The basis of exchange of the disturbed
Norfolk and Western Railroad Company
100 year mortgage bonds, 62la per cent,
in first consolidated mortgage bonds. and
20 per cent. in adjustment preferred
stock. - .--s4t ...
Maryland and Washington division
bonds 20 per cent, in first consolidated
bond an. and 671R per cent. in adiustmen,
Clinch Valley division bonds. 50 per
cent. In first consolidated bonds OF
1888, 100 per cent. in first consol bonds ana
no adj e..
Five per cent. debentures of 1892 100 per
cent. in adjustment preferred stocks
Roanoke and Southern Railway Com
pany bonds, So per cent. in first consoi
bonds and 65 per cent in adjustment pre-
ferred stock.
Lynchburg and Durham Railroad Com,
pany bonds, 80 per cent. in first consoi
bonds and 65 per cent. I'm adjustment pre-
ferred stock.
The Norfolk and Western company's
adjustment mortgage, per cent. bonds,
VIII receive per cent. cash, 100 per cent.
in neW first consol bonds and 20 per cent
in adjustment preferred stock.
In addition to the foregoing depositors
| VIII receive at the time of the deposit "a
| sum in cash equal to three months in
| terest on the new first consolidated bonds
to be received by them under the plan.
| Depositing stockholders of the respective
companies will receive common stock in
| the new company to the following amounts
IN consideration of the payment in INSTALL
ments Of $3.50 per share deposited
pany ppefefrad stock, il2ls per cent; do
common stock. ~ per cent? 81
Roanoke and Southern Railway Com
pany stock, IS per cent.
Lynchburg and Durham Railroad Com
pany stock, Is per cent
The underwriting syndicate is almost
| entirely made up in London and Ans
terdam, where all but a few thousand
| shares Of the stock were held. 1t is
| therefore, expected that there will in a
comparatively short time be at least 49,
100000 of exchange available against this
| syndicate operation, inasmuch as all the
money realized will have to be used here
1t is stated that the floating debt is
| nearly all held in this country