OCR Text |
Show THE RICHMOND TERMINAL. A Hallway Scheme of I'nprecedentedAlHe-nitutle I'nprecedentedAlHe-nitutle Completed. Wjb-J( New York, .Ian. 13. A local papeS night printed the main fact's regardtlH railway scheme of unprecedented mB tnde, tin- details of which wlil not bo imftB public for some time. It is a financial an physical reorganization of the Richmond .V. West Point Terminal Railway St Warehouse company, as arranged by Olcott, reorganization reorganiza-tion commissioner. Brielly stated, the new company will be formed with a charter j empowering it to act as a general pro. prletory company like the present ! terminal company, but with the ! power to operate and manage its own line It will issue securities in exchange for those of the present companies composing the ter-niinal ter-niinal system. The terminal securities,' as representing the control of the subordinate roads, will also be exchanged. It Is est!- j mated Unit the complete exchange can be affected by the Issuance by the new company com-pany of 1189,000,000 bonds" and ll6,6OQ,t00 i stock. Those figures at first seem stagger-j ing. but when the capitalisation is adjusted ! to the mileage, it will be seen that it is at : the rate of less than -t(l,(XI0 a mile. No othej section of country can show a similar proportion, as the figures vary from $l'.'l,iliio per inih in the middle states to $4S,iKK) ii the northern states. It is believed that th-scheme th-scheme ill go through with as little friction fric-tion as can be expected of a plan of such i magnitude. |