The times. [volume] (Richmond, Va.) 1890-1903, 1891-11-19
DOWN GOES TERMINAL AGAIN.
The Company'S Affairs Believed 10 Be Ap-
preaching Crisis.
THE PROPERTY TO Be REORGANlzED.
An Application by Railroad Company for
Right 10 Build a Tunnel Under the
Hudson Riyer-Sew York Notes.
NEw YORK BUREAU RICHMOND TINES,


In Wall street to-day Richmond Terminal
stock declined Il. 10 1919, and the preferred
6 70 4s<. The stock is almost down to a
figure where it represents no value except
the company's right 10 assess holders The
bonds are selling at prices which would be
simply ridiculous if any number Of persons
believed that the interest would not be de-
faulted on. The decline in Richmond Ter
minal securities was due to reports that the
Richmond and Danville. whose stock forms
the principal portion of the Richmond Ter
minai property, will discontinue dividend
payments IN January.
The Preferred STOCK.
The Richmond Terminal preferred stock is
secured by an agreement placing the majority
OF Richmond and Danville's stock IN trust.
and the dividends on this Richmond and
Danyiiie stock provide the dividends on Ter
minal preferred
The. question has been discussed semi
officially whether the trust agreement
gave the preferred stock foreclosure
right, and the counsel 10 whom the
question was submitted decided that
foreclosure was not provided for by the
agreement. This leaves the Richmond Ter
minal in control OF the Richmond and Dan
vile whether dividends are suspended or not.
80 far Q dividend on the DaDvlle stock has
not Deen OIclauy discussed, out the Ouly
proposition % be considered Is whether IT Is
bette. policy 70 apply available funds to tho /
payment of a dividend OF 70 the reduction of /
the floating debt.
80 DIVIDEND EARNED.
II is very evident from the official figures at I
hand that no dividend has been earned on the .
preferred stock. and inasmuch as the asst
Tennessee directors so publicly proclaimed .
that they would not pay dividends which
were not earned. and inasnuch as the zane
directors are ia control of Richmond Ter
minal. they are not likely 10 act differently in
allied properties.
Richmond Terminal affairs seem % be 3D.
preaching a crisis, the extent of which will be
known at or before the annual meeting next
month. Perhaps by that time q strong BODY
will have accumulated "a sufficient amount Of
securities at these prices and will be willing
TO see them 90 up.
TO REoRGANIZE THE PROPERTY.
IL is now known that efforts will certainly
be made 20 reOrganize the property When [
u was made public that the floating debt had
been provided for many thought that the
companys troubles were over. But those at
the head of IL see the difficulties of contnu-
Ing on the present basis. Hence an effort
Will lie made TO reOrganize This will proba-
bly, include scaling of the bonds and the
passage OF dividend on the preferred. Pos
pibly 1t VIII include an assessment on the
stock. {
NEW YORK NEWS NOTES. '
The New York and New Jersey Terminal
Company have filed an application in the j
Land Office for right Of way to build tunnel a
lnder the Hudson river. to have its New York 0
terminus NJ Fourteenth street I
IL was authoritatlvey stated to-day that at p
meeting OF the directors OF the Union Theo- Il
ogicai Seminary late yesterday afternoon G