Richmond dispatch. [volume] (Richmond, Va.) 1884-1903, 1886-12-16
DANVILLE-T TERMINAL
STOCKHOLDERS OF BOTH THESE CON
PANIEs TO MEET HERE TODAY.
Furry In the Vow York Stock Market
Yesterday-How II Affected
Our Folks.

Toa certain extent the "bears got pos
session Of the New York stock market yes
tCrday, and were able TO force down the
rriees OF number Of prominent stocks
among them the Terminal. The Richmond
investors did not seem TO feel any alarm, and
it was said by their friends that at the price
at which Terminal closed those who were
in the Pace-Logan syndicate can lose
nothing OF money paid-that, at the worst,
they will lose only what may Oe regarded
a. profits but their expectation is that, Il
soon a. the market resumes its natural toue,
Terminal will 20 back % its old position.
Further, IL is asserted by those who claim
to know that the Richmond gentlemen
paid cash down for their shares, and are,
therefore, not In the position OF persons
who buy on "margins."
MEETINGS TO-DAY.
The stockholders meeting OF the Rich
mond and Danvilie Company will be beld
to. dav at 12 NJ. General Logan and other
rairoad-men from New YORK will be pres
ent. 1t is understood that Mr.. Allied
SuIIy will be elected president. Colonel
Buford, who has served the company 80
ably for more than twenty years, il not a
candidate for reelection, and Mr.. Pace, to
whom the position was offered, declined on
account Of other large business Interests
d, manding his attention at tins time.
The Board OF Directors have been chosen
BY the stockholders Of the company at a
meeting in New York, and the selection
will bc ratified to-day.
An Giourncd meeting OF the Wcst-Point
Terminal Company stockholders will be
held at O'Clock to-day. At a recent meet
ing Mr.. Sully was elected president and q
board OF directors was selected. There are
other important matters doubtless with
reference TO the consolidation and working
together OF these two lines under one sys-
TEN 10 be considered.
The worst Over " est Point and Fer.
miDal Holders Not Alarmed.
A special telegram from New York to the
Dispatch received last night says: The
Richmond and Danyille and the Rich.
mOnd and West Point Terminal Company
stock followed the general breakup in the
market to-day I'm the decline that was IN
augurated yesterday by the bear raid.
When the market opened this morning
there was feycrish, almost panicky, feel
irg after the hammering Of the preceding
weakness, and the decline went on until
there was almost Il stampede. The bears
put the screws to the money market, and
money ruled at high rates--at one time !
per cent per diem, equal to lSS per cent.
being asked. Just before the close
prominent bull house offered money
freely at 6 per cent, which served 10
strengthen prices, but only fora short tim.
! per cent. per diem being the price at the
close. Richmond aud West Point lrrnIuIl
we're not specially singledour bu' went Tn"
downward way OF an the rest. aud holders
Of the stock were very nervous. The
transactions were enormous, the total le.
corded sales Of stocks aogTegating 1 .l9j.4i0
shares. the largest amount I'm the history of
the Exchange. OF this Reading and luck
awanna led the list, with 1880 and III so
shares respectively, with Western Union
third and Il. Paul fourth. Opinions vary
A. to the outlook, bu' many prominent
operators believe the worst is over. and
that after a few diys Of feyerlshness the
entire market will begin 10 react. The
tremendous decline is credited TO JAY
Could and Addison Cammack, the latter
having lcen especially active in bidding up
the price 0i money. 1t has been a terrible
experience. and Wall street has not had
such 2 violent shaking up in or out in
ms1y wears. while 1t is hoped that to.mor-
row will show IN Improvement the feeling
Is sull very uncertain. and there Is by no
means any confidence that the demoraiza-
ton will not continue. Richmond Termi-
nal people, however, do not seem to feel
much alarmed. and view the situation with
all the cOmpo,urc possible, when their Sc
curities are dropping IN value at a startling
rate. \ member Of a house that has been
prominent in handling the stock Of thl,
company said toyour correspondent to-day
that they did not consider that these
securities would be ultimately effected by
this bear movement; that they believed the
property TO be good one and worth just
As much As II was some days ago, but that
nothing could stand up in the face Of such
"a assault aS has been made upon the
entire market.