Evening star., 1886-11-22
A HUGE SOUTHERN SYSTEM.
UnificatiOn OF ALI Important Lines.
THE RICHMOND AND WEST POINT TERMINAL
CoMPANY'S BIG ENTERPRISE GREATLY EX-
CITES WALL STREET.

WALL SEAEET.
The sale of the stock representing the control
of the Richmond and Danville railroad for
So, 1000, 900 cash and 81 800 900 in stock of the
Richmond and West Point Terminal and Ware
house company was consummated in New York
Saturday. The old board of directors of the
Richmond and West Point Terminal and Ware
house company resigned in the afternoon and
n new board, consisting OF Alfred Suly, Eman-
uel Lehman, Isaac Rice, Thomas Logan, George
F. Stone and ]. A. Rutherford was elected in
their place. The new board Immediately Or
ganized by electing Alfred Sully presi-
dent and L. NJ. Logan vice president, MI
counsel to the board and Col. w. w. Gordon, OF
Virginia, general counsel in the southern states
A committee was appointed to issue a notice to
stockholders for subscription TO the S5.Oo0,o
cash required to acquire control of the Rich
mond and Danvile railroad, each stockholder
to be entitled to subscribe to an amount equal
to one-third OF his holdings in Richmond and
West Point terminal stock and receive common
stock therefor equal to One-haif the amount OF
for the cash subscribed. The capital stock OF
the Richmond and West Point Terminal COM
pany will be increased accordingly.
EXCITEMENT IN WALL STREET.
The New York Sunday Times says: Excite.
ment ruled all day yesterday ON the Stock En-
Change. The opening hour witnessed such a
scene as has seldom been known on any occa-
sion other than big panic. The public all
nouncement of the big deal by which the con-
troll OF the Richmond and Danyille railroad was
obtained by the Richmond and West Point
terminal company had practically set the pub
ilc crazy. All interest in stock exchange deal
lhgS centered in the Richmond Terminal pool;
there was, when the hour for business came. q
hurly-burly that seemed to have every broker
In In; W Wall street in it. There was no opening
price Tor the stock; or, rather, there were a
dozen opening prices, all different. AT the
same moment, in the same group of brokers,
stock sold at 90 aid 70 in cOncert-the same
sneered at as belonging to the seats and dogs
contingent The Stock Exchange has a few
incidents that may be quoted in comparison
with the project, whose rapid execution has
worked this wonder. AS the day wore on there
was somewhat OF a subsistence in the excite
ment, but dealings continued active ana splr-
1ted and quotations remained stiff, with
tendency that seemed to lend color to the as
sertions Of insiders that par was sure to be
To Il representative of the Times yesterday
one OF the highest authorities to be quoted on
at hand: The unification of all the important
railway lines of the south in one great CONSOLE
dation scheme is to be accomplished, if there
be no miscarriage of the plans that are formu-
lated. Back of this big project, which has
brought about the Terminals control of the
Richmond and Danville road is a project bigger
do with motives and influences of which, ac-
cording to those in authority, it is not yet ad-
visable to speak definitely. But-this is IAN
guage practically observation-disclosures have been
pledged, ON the basis of the unificatiOn OF the
Danville road with the Terminal property
which guarantee the Terminal company a
power which will be simply enormous over the
entire southern railway system" From the
same high authority vouching tor the above
ambitious project the Times gains this
knowledge of what the Terminal company
forthwith proposes to do as to the management
of its own property and the Danville road: Pre-
fcrred per cent stock will be issued by the
Terminal company, to secure dividends on
which the entire control of the Richmond and
Danvillc will be placed in trust. The Terminal
company's common stOck-now $4,000, ,OOO-
will be increased to $24, 100000, and bonus
of so per cent of this new common stock of the
Terminal company will be given TO its present
shareholders on their subscribing for the new
preferred stock to the amount OF one-third Of
their present holdings OF common stock. Thus
a holder of 81 900 worth of Terminal stock, on
subscribing for 1888 OF preferred stock, will re-
ceive as a bonus $500 of the new common
stock. This privilege on the stock is estimated
to be worth from $50 to $50 share. An i'm
portant meeting Will be held in New York early
the coming week, at which measures OF import
ance in their bearing on the Terminal COM
pany's future will be determined. Hosts OF in
fluential financiers and railway men shOwered
congratulations on Alfred Sully yesterday ior
his splendid victory.