New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1886-11-20
RAILROAD INTERESTS.
CONTROL OF RICHMOND AND DANVILLE.


THE RICHMOND AND WEST POINT TERMINAL CON-
PAXY SECURES Ir-A RAPID ADVANCE.
Control of the Richmond and Danvillc Railroad CON-
pany has been secured In the interest OF the hichho
and West Point Terminal Railway and Warehouse .or
pany which was organized in 1880 to acquire raHo"u
and other properties which charter of the Hchnohu
and Danville Company did not permit 1t to hold Dher
have arisen recently between the two companies "
consequence OF which the Richmond and Danvine ooii
papy lost its control OF the terminal company speo
meeting OF the stockholders Of that company was 10 po
held in Richmond yesterday and the presen'
directors were to be deposed The meeting was
adjourned for week In consequence OF 'nc
successful termination OF the negotiations for the p
chase of controlling interest in the Richmond ana pan
Vile Company. Onehalf Of the capital Stock ZoVoo
shares has been bought in block at price estimated
225. The cash payment is to be S5,Oooooo' OF ~
the rate of 200 and amount equal to about 80 per
cent be paid in securities of the Terminal COMPANY
The agreement was concluded late Thursday night
but the fact not made known In WallsL unu
after noon yesterday The $4,000 shares were sod ny
George s. Scott George F. Baker, II. c. Fahncstock
william p Clyde and other prominent holders and the
buyers are understood to be Alfred Sully, General
T. NJ Logan, George F. Stone, j. B. race
| and other persons lar gey interested III "'c
Terminal property. The Rockeeers and other standard
Oil Company officers said to be interested IN INC t. Ir an
saction they have not taken active part IN ,o
negotiations. The success OF the scheme was arge% % o
John g. Moore dretoI e oh 10 inc made director in the
Terminal Company. The sellers OF the stock VIII nave ny
the terms the bargain interest In the Iernli 'oh
| pany and will he represented in the Board . -, -,
The plans the issue of securities by the
Company with which for its purchase nave hOt ue
COMPLETED certain that there VIII nc oina
consultations for there may be legal obstacles Ill le way
oft the Terminal Company may issue prcleren
and hold the Richmond and Danyc stock in It's treasury
IL expected that plans for and adjustment OF securities
made necessary 10y the purchase, Will he prepared III I
for the spccal meeting of the stockholders ofthc Icra
Company Friday. The immediate enect oI ulc
purchase, however. Is tac complete restoration, ol
| harmony bctwee; the two companies, which VIII pe
c,, te more closely than before one system
person largely interested both companies SAID yester
| day 80 -. ,.,,.o ,,,o
am perfectly satisfied with the results. because the
two properties pcrnanty intcrlockcd ln1rc
will be quaI1cls and the entire system Will nc
harrnoniolsy worked in the interest OF all the stoch
| holders" H..
| George 6. Scott remarked at do not know the
| plans OF the owners. but 40 hhon
that they have excellent bargain In the Richmond a
Danvillc road The company has large amount OF c9h
assets in treasury and does not owe dollar III is IN
good shape every way and dislike on many accounts 10
part with the control ,.-.. l.,
The announcement caused considerable excitement IN
Wall Street. and Richmond and West Point Iernlhal
stock attracted great deal OF attention. The STOCK
opcned over per higher at 81 and rapidly advanced
0 80 where halted for short time, but the upward
movement quickly resumed aud the stock closed AT
highest point, with net advance OF IFS per een
from the Thursday The transactions in the Stock
amounted TO about 100 900 shares than 0ne-tn
| of the entire business at the Stock Exchange.