The times dispatch. [volume] (Richmond, Va.) 1903-1914, 1908-08-03
NEW FRANCHISES
NEEDED TO MEET
NEW CONDITIONS
Continued From First Page.)


Circuit Court for the Eastern District
of Virginia, has filed his report on the
various classes of obligations and their
nrecedence. and the court is now
ready to order the sale of the prop
critics and the discharge of the re-
ceivers. For more than four years
now the properties have been managed
Jointly by Messrs. Henry I. Wickham
and William Northrop as receivers uh-
der the order of the court.
During TINS time many extensive I'M
provement, have been made in the
physical condition of the properties.
much of the trackage being relaid,
while the rolling stock has been large
ly replaced and extensive additions
have been made at the power houses
in this city and in Petersburg.
Authority of Committee.
For the protection OF the holders Of
the various classes of securities the
committee will issue to-day to the
holders of all classes of stocks and
bonds, a complete plan for reorgan-
ization which already has the indorse-
ment of the protective committee OF
the Richmond Passenger and Power
Company consolidated bondholders, and
OF a similar protective committee rep
resenting the Southside Railway and
Development Company bondholders.
This plan will provide for reor-
gani2ation committee to be vested
With the usual POWERS and discretion
of committee OF this character, in
Guiding among others, authority to call
for and receive deposits Of securities
with n depositary and to cause certl-
ficates of deposit or receipts to be
issued therefor; to purchase or ac-
quire the various electric properties
at present Involved in the receivership
Or such of them rs the committee may
deem to be to the interests of the
depositors to acquire at foreclosure
sale or otherwise; and to use the Sc.
curities deposited with the committee
for this purpose and for the purpose
OF CARRYING out this plan as provided
IN deposit agreement to be signed
by the committee and by the various
noiders OF securities on the deposit OF
'he stocks or bonds; to organize OF
, cause TO be organized new company
" Jake mold and operate the propertie.
so acquired, and Ito provide for the
issue and disposition of securities OF
tnis new company; and generally Il
eAercise such powers and to perform
sucn acts as may be set out In the
| ueposit agreement or may be neces.
i5th o proper In the discretion OF
ne committee for the successful exc.
eulioh or the plan and the protector
j., .he parties involved. subject on,
~ suGh express limitations as NAV be
p' a', IN the deposit agreement
lne holders Of the outstandin -
LINUS stocks and securities who ma,
ueuoi'e parties to this plan Will sub.
leot TO the terms and conditions i'm.
posed N The deposit agreement, deposit
sueh securities or certificates repre.
sentlhs same to the order of the com.
.mll.ee, with the trust company agreed
u'oh as the depository, for which de.
poslt theS VIII receive receipts as pro.
INiFded in the plan,
capitalization OF New Company.
new company Is to be organized
under the laws Of the State OF Wiz.
gina to take hold Of and operate the
propertles so acquired, 1t Is proposed
that thls company shall have a present
authorized capitalization of s12,500,0 900
divided INTO shares OF par value OF
sloo each. of which there shall BIZ
10000 shares OF non-cumulative pre-,
4 ferred stock, entitled to dividends a
4 MOI exceeding per cent, per allnun
4 up to January 1 /, 1914, and thereafte1
lat arate of not exceeding 9 per cent
,lper annunl, being of an aggregate pa