Richmond dispatch. [volume] (Richmond, Va.) 1884-1903, 1886-11-21
DANvILLE SYSTEM.
yu.rxxp INFORMATION CONCERNING
FuR PACY.L0GAN PURCHASE.
rhs Richmond View Of the Situation
Terms Of Sals-celonel
Buford, &c.

General T. NJ. Logan and Mr. j. B. Pace
are still In New York, but the latter will
probably return here tomorrow. Colonel
A, 8. Buford, president Of the DanvilIe
Company, who left New York on Thursday
afternoon and stopped In Washington
Thursday night, reached here yesterday
morning.
The date for the regular annual meeting
OF the stockholders Of the Richmond and
Danyille Company Is December the sth, and,
while no one here Is authorized to speak
officially on the subject, II seems hardly
probable that any scheme of Reorganization
will be put in operation before that time.
AS TO CHANGES.
While Messrs. Sulv, Pace, and Logan
will probably he prominent IN the control
Of the line and exercise great intiuenc
there, il is known that the heaviest in
vestors are northern men. like the Rocke-
fellers. Ii Is very probable that they VIII
desire Reorganization. but TO what extent
they may want 10 go II is impossible now
10 say. Colonel Buford has been the head
of the enterprise twenty-0ne years. lie
has treasury OF information concerning
the company, which exists else where
neither in the records nor in the memory
OF man. II will, Of course, be possible, but
not very practicable, TO run the TO ID with.
out him. As shown Dy their action, That i
the opinion OF the northern capitalists who
have Just sold out their interests in the
company. In addition 10 these qualicl-
tions, Colonel Buford is wonderfully in
dusirious worker, and enjoys great popu-
larity--sll OF which render it unlikely thlt
the new purchasers will care to dispense
with his services. Still, OF their plln-
nothing is accurately known. They my
want the presidency for one Of their own
| number. They may be forced by circum
stances to make changes against the iudg-
ment Of the wisest OF their number.
WILL THE OFFICES BE BROUGHT BACK!
The fact that Mr.. Pace and General Loo.
gan are now so influential in the conlpany
justfies at least the hope that the ollires
will be brought back here from Washing
! ton. Certainly we have now far better
chance OF securing their return to Rich.
mOnd than before the sale. II has all al)ng
been understood that Colonel Buford re-
garded that move as exceedingly imp0litic.
and so il was. and the owners OF the road
will find 1t so to their cost n ever they
should happen to want legislation from
the State of Virginia OF city OF Richmond
again.
Mr.. PACE.
As to the wealth OF Mr.. Pace. the State
says: While Mr.. Pace does not talk much
about his business matters, it Is believed
| that his fortune il close on to $4,000, 900.
| Ii is well known that ne has made a great
| deal OF money in the last twelve months.
| lie cleared, it is said, 100000 on his Men,
phis road alone, and he has made some big
| hits since then.
THE TERMS OF SALE.
The New York Tribune OF yesterday
saws: One half OF the capital stock, $4,000
shares, has been bought in block at price
| estimated at 225. The cash payment il TO
be S5 200. 900, or at the rate Of 200, aud an
amount equal to about 80 per cent. is TO be
paid in securities OF the Terminal Com
paDy. The agreement was concluded late
on Thursday night, but the fact was not
made known in Wall street until after noon
| Yesterday. The $4,000 SHARES were sold
hy George 5. Scott, George +. Baker,
II. {. Fahncstock. William i. clyde,
and other prominent holders, and the
buyers are understood TO he Alfred Sally.
| General Il. NJ. Logan, George +. Stone, j..
| i. Pace, and other persons LARGELY inter-
| estcd I'm the Terminal property. The
Rockcfelers and other Standard-Oil Com
| pany officers are said to be interested in the
| transaction, but they have not taken an ac-
| tive part in the negotiations. The success
| OF the scheme was largely due to John g..
| Moore, director Of the Richmond and
| DanyilIe railroad. who is likely To be made
| q director in the Terminal Company. The
sellers Of the stock will have. by the terms
| OF the bargain. an interest in the Terminal
Company, and will be represented in the
Board.
The plaus for the issue OF new securi-
ties by the Terminal Company with which
TO pay for its purchase have not been CON-
pleted. II is not certain that there will be
a formal consolidation, for there may be
legal obstacles in the way Of it. but the Fer
mInal Company NAV issue preferred stock
and hold the Richmond and Danyille stock
in its treasury. II is expected that plans
for and adjustment of securities, made uc-
cessary by the purchase. will be prepare
in time for the special meeting OF the stock.
holders Of the Terminal Company on next
Friday. The immediate effect OF the pnr-
chase, however, Is the complete restoration
of harmony between the two companies,
which will be operated more closely than
ever before as one system. a person largely
interested in both companies said yesler-
day:
IL am perfectly satisfied with the re-
suits, because the two properties are now
permanently intCrlOcsed. There will be no
more quarrels, and the entire system will
be hal moniously worked in the interest Of
all the stockholders"
GEORGE :. Scott remarked: al do not
know the plans Of the new owners; but
do know that they have an excellent bar.
gain in the Richmond and DlnyilIe road.
The company has a large amount of cash
assets in its treasury. and does not owe
dollar. 1t is in good shape every wsy, and
| dislike on many accounts to part with
the control"
FLUCTUATIONS IN STOCK.
The great activity and remarkable adj
vance in New York OF Richmond Terminal
was the chief subject OF discussion among
the stock specul2lors in Richmond last eve
ming. The big buyers Of the morning
famed the excitement. AT the Windsor
Hotel, New York, % was bid for 5000
shares Of the stock. while at Delmonico's
CS was offered for 5000 shares Of the same.
A New York telegram says: Insiders
clam that the stock will sell at so before
Mondsy ni2ht, but there are indIca-
tons that they will endeavOr to mar
kct part Of their holdings tomorrow
while the excitement is at its height.
There Is some talk Of organizing a new
stock company. with capital OF twenty
millions on which a dividend Of per
cent. might be paid.
The largest BUYERS yesterday OF Termi-
nal were The Standard.Oil Company people,
sully, Wormer & Co., and Moore & Schcy.
Some Of them will go into the new Board
of Directors.
At the opening yesterday morning Ter.
minal, Reading, and Western Union were
the stocks most largely dealt in. Terminal
opened at 10, jumped to IS, and dropped to
G7-all In few minutes; then steadied and
hung around 20. 1t remained quiet the
rest OF the day and closed at 70t. The
large dealing in Terminal will probably
make other southern stocks active.
Ne. organization OF she Terminal Com
pany.
Especial telegram TO the Dispatch.l
NEW YORK, November 20.-Another
step-which was an important One--was
taken to-day in tho combination that bac