The morning news. [volume] (Savannah, Ga.) 1887-1900, 1888-10-27
A HITCH IN THE BIG DEAL.
THE MATTER FINALLY SETTLED
BY A PAYMENT.

An Issue of $4,000, 900 in Per Cent.
Bonds on the Part of the Terminal
Authorities Probable-What w. P.
Clyde Has 30 Say About the Trans
action.
New YORK, Oct. 6.-For the last forty
eight hours the contracting parties TO the
big Richmond Terminal and Georgia COM
pany deal have been repeatedly and forci-
bly, reminded that "there is many a slip
twixt the cup and the lip" There have
been series of bitches in closing the trans
action that at times made it look like "the
fat would be knocked in the fire." AT a
late hour this afternoon, however, the last
finishing touches to the affair were given,
and the matter was absolutely closed. ALI
the purchase and sale papers were signed,
sealed and delivered, and the certified check
of the Terminal company for $25O,0O0 was
given to the representative of the Georgia
company, that being the cash payment re-
quired by the terms of the bargain.
BOND ISSUE.
1t is rumored tonight that the Terminal
company will very soon issue S16 900, 600 Of
5 per cent. collateral trust bonds, and with
the proceeds from their sale retire the out
standing So, 100000 Terminal preferred
stock, and likewise all the outstanding 6
per cent. Terminal bonds (amounting to
about S6,000,000, and with the balance
realized from the sale of these new
bonds pay what remains due on the
purchase of the Georgia company stock.
1t is said that Messrs. Drexel Morgan Il
Co., (who it is very generally thought will
in the future be the fiscal agents OF the
Terminal company, and also of the Central
Railroad and Banking Company of Geor
gia), have expressed perfect confidence in
being able to float the new loan promptly
and on excellent terms for the Terminal
company.
MR.. CLYDE'S VIEWS.
w. P. Clyde, originally one of the leading
spirits in the Terminal company, ana who
practically controlled it at its organization,
was seen to-day and asked for his views on
this weeks enormous deals. Mr.. Clyde
said: "Everything that has been done will
be found copper fastened and beyond the
reach of interference, by reason of the
wonderful powers embraced in the Termi-
nal company's charter. l got that charter
myself, and when | was having it drawn in
Richmond, nearly ten years ago, the lawyer
acting under my instruction, repeatedly
stopped short in draughting it at some pro-
vision which | wished him to embody, and
said that such thing could not be gotten
from any legislature on earth. / would
simply reply to him: "All ! ask of
you is to look to it that
hand will hold in any court provided the
Virginia Legislature should pass it,
GOOD FOR ALL TIME.
"Hence when the document was ready to
go to the Legislature it was framed 50 that
its legality could never be questioned. The
legislature passed it just as my lawyer had
drawn it, and there is nothing in the whole
range of railroad science and development
that cannot be accomplished under the pro-
visions Of that charter.
1.-THE deals lust made by the Terminal
company in leasing the East Tennessee,
Virginia and Georgia road to the Rich
mond and Danvilie, and buying the
coptrol Of the Georgia Oeptral are the best
things for the south that have happened
since the war. The policy thus adopted in
sures all the advantages that are to be had
through concert OF action, harmonious re-
lation and consolidated power. 1t is to the
railroad situation Of tho south what our
national government Ia to the various
states. Every separate line will be pro-
tected in its individual rights and inde-
pendenU operation, Wnlle ab Inc same Jlnle
there win be greater strength, greater
efficiency and greater prosperity to all by
this harmonious consolidation of interests
and hearty cooperation of management" !"
THE OPPOSITION.
It is no longer a secret that steps have
already been taken to test the validity of
the lease of the East Tennessee, which was
made the other day, to the Richmond and
Danville Several enterprising attorneys
are reported to be now engaged in hunting
for vulnerable points of attack. This
attempt at interference is said to be inspired
by parties connected with the Norfolk aud
Western in retaliation of the blow that was
given that road by the closer alliance
effected between the East Tennessee,
Virginia and Georgia and the Rich
mond and Danville by the lease.
Gen. Samuel Thomas, president Of
the East Tennessee, said tonight: 1--WE
are fully aware OF what is going on, and
feel no concern about it. 1t viii simply
prove flash in the pan that will expose
the spirit of its projectors without accom-
nlishinp their spiteful Durposen