The times. [volume] (Richmond, Va.) 1890-1903, 1896-04-03
THE N. & W. REORGANIZATION.
A Pan Prepared by a New York Com
mittNG.
THE SCHEME PROPOSED IN DETAIL.
burg and Durham Roads Are Also In
cluded in the PIan-The Movers in
the Proiect-Foreclosure suit.

NEW YORK, April 2.-The announce
ment is made Of the plan Of the reor-
ganization of the Norfolk and Western
railroad system, including the Roanoke
and Southern Railroad Company and
the Lynchburg and Durham Railroad
Company. The New York committee
undertaking to carry the plan into ef-
feet consists Of Louis Fitzgerald, J. Ken
neiy Tod Geo. Coppell A. II. II. Bois-
sevaln. Robert Fleming. G.. Sligo dc Po-
thonier. ana h. r.. Hubrecht. Iney have
secured the cooperation OF influential
committees in London and Amsterdam.
Tho Mercantile Trust Company Will act
as the depository OF all securities. De
posits will be received or April 6th and
security are requested TO make
their deposits not later than April 5Jth.
PLAN or REORGANIZATION.
The plan provides for the issue OF s52,-
$4,000 first consolidated mortgage per
cent. gold bonds, Of which S23.3Z2,6,5 viii
be used To- provide FOR certain disturbed
bonds, $Z59s5.NS9 will be received TO take
up or pay undisturbed bonds OF the Nor
iolk and Western Railroad Company.
and the remainder will be used for fu-
ture improvements and new acquisi-
tion.
The capitalization Of the proposed new
company Will consist Of sl3WOcW 4 per
cent, non-cumulative adjustment pre-
forred stock, 10 Dee distributed among
the holders of disturbed bonds, and S6j,-
100000 common stock. The basis OF ex-
change Of the disturbed bonds for new
securities is as follows: Norfolk and
Western Railroad Company onc-hundred-
year mortgage bonds. g. II per cent. IN
first consolidated mortgage bonds; and
IS per cent. in adjustment preferred
stock. Maryland and Washington division
bonds. 70 per cent. in first consolidated
bonds and g. II per cent. in adjustment
preferred stock; Clinch Valley division
bonds 80 per cent in first consolidated
bonds and 20 per cent i'm adjustment
preferred stock; equipment mortgage
bonds Of 1855. 100 per cent. In nrst con-
solldated bonds, and IS per cent. In ad-
tustment preferred stock. per cent. de-
bentures OF 1892, 100 per cent. In ADJUST
ment preferred stocks; Roanoke and
Southern Railroad COmpay bonds, 30 per
cent. in first consolidated bonds ana %
per cent. I'm adjustment preferred STOCK
Lynchburg and Durham Railroad COM
pany bonds % per cent. IN nrst con-
solidated bonds. and g. per cent. IN ad-
iustment preferred stock The Norioik
and Western Companys adjustment
MORTGAGE per cent. bonds will receive
: ner cent. cash. 130 per cent. In new hrst
consolidated bonds, and 20 per cent III
adjustment preferred stock.
INTEREST IN ADVANCE.
Tn addition 10 the foregoing, depositors
viii receive al the time OF deposit a
sum I'm cash equal 10 three months IN
terest on the new first consolidated bonds
IN be received by them under the plan.
Dep0siting stockholders of the respec-
tive companies will receive common STOCK
I'm the new company 10 the Following
amounts. I'm consideration OF the payment
i'm instalmeuts of $3.50 per share de-
posted: ,,..., 49,
many. preferred stock. IL IL per cent;
DO. common stock. % per cent koahohe
and Southern Railroad Company Stock
- Der cent: and LynchDurg ana Dur-
ham Railroad Company, stock, 80 per
cent. .-.,.-.,..,,,,,,,
II is understood that the underwriting
syndicate IS almost entirely made up lh
London and Amsterdam, Wnere an pu1
a few thousand shares OF the STOCK WeIe
held. 1t is. therefore. expected lnaO
tbere will in a comparatively short time
Inc at least s.. .0000 900 Of exchange aFallaple
AGAINST this syndicate operation mas
much as all the money realized N4l nay e
to be used here. IL Is stated mat lhe
Noatinc debt Is nearly all held IN thiS
country
Norfolk and Western Earnings.
PHILADELPHIA April 2.-The re-
mort of the Norfolk * Western railroad
dnctudinc tcased lineD for February,
lSqe shows gross earnings OF SS91.s0i' and
nct earnings Of Sl99.i16. For February
1895 the net earnings were SSy.SVs FOR
the first two months Of 1896. the sioss
earnings were Sl.S73,isj. and the net $50
407. For the same months OF ls''' the
net earnings were SlzriS4'
No Securities After April 10Th.
NEW YORK. April 2.-The reoreaniza-
,tiou committee of the Memphis ana
charleston Railroad Company, Adrian
Iselin. Jr.. chairman, announces tlLl
three-ouarters of the seven per cent.
bonds and OF each class of bonds having
been DEPOSITED under the reorgamza-
lion plan. the committee had fixed April
ION as the last day when holders or
bonds and stocks Of the Memphis ana
Charleston railroad company Will be en-
titled to deposit their securities aad that
no securities viii bee received after that
date except upon such terms ana condl-
tions as the committee may deem proper
Ascertain L. Value.
WILMINGTON. n. c., April I'm suit
Of foreclosure Of the Cape Fear ana lad-
kin Valley railway opinion OF United
States Circuit Judge G. II. Simonton,
filed i'm the United States court here to-
day. the Court decides that the road
should be preserved as an entity and
should be sold as such unless IL appears
impracticable to make such sale aiter
certain preliminary questions are con-
sldered and passed on by the court the
main questions being the values of the
discussions and branches and the distri-
button OF the proceeds Of sale among the
respective holders of the different classes
of bonds. The court therefore orders Il
reference 10 special master +. ). Martin,
this city. TO take testimony as 10 the
values OF the different divisions and
branches and cerain other statistics and
TO report the facts 10 the court for
its conclusions thereon.