The morning news. [volume] (Savannah, Ga.) 1887-1900, 1891-11-26
TANGLEOFTHETERMINAL
A COMMITTEE TO EXAMINE INTO
ITS CONDITION..

They VIII Also Aid In Perfecting q
Plan for the Permanent Adjustment
Of It's Affairs-Insbility to Dispose
of Securities to Meet the Cost of I'm
provements the Cause of All the
Compsny's embarrassment.
NEW York, Nov. 25.-Wall street is
famous for finding out whatever It wants
to know, and consequently secrets are hard
to keep in the stock exchange district The
average stock operator appreciates fully
the value Of early information aud he uses
every means to get it. II he can't beg 1t,
he will buy 1t, and price is no oonsidera-
| tion II the information is important. In
spite Of this general rule President Inman
has succeeded very thoroughly in keeping
Wall street in absolute ignorance Of the
| plans he has recently been maturing for the
betterment Of Richmond Terminal affairs
and revival of confidence in
Terminal securities. In fact, SO ignorant
has the street been of what has been going
| ON that of late it has been openly charged
| that the Terminal president and directors
were utterly unequal to the task of extri-
eating the company from its reputed tinan-
| ctal embarrassment, and that sooner or later
the so-called octopus would inevitably drift
into bankruptcy.
ANmAN hQOAL TIE OOCAblONs
All the while that babblers, both inside
| and outside the camp, have been constitute
ing themselves prophets of evil, John II.
Inman and his closest allies in the Terminal
board have been planning wisely for the per-
petuatlon of the Terminal system and the
preservation Of its credit. The desired end
has been achieved. and it means much more
than a Wall street coup d. etdt or a st ock
| jopbing deal. The plan which President
InF kfN "a
era is straightforward in its character and
eminently wise in its intention. 1t must
commend itself to every man who has the
real interest OF the property at heart. It
| will prove sure preventive against the dis
| ruption of the system, and thereby pre-
serve one OF the most powerful factors in
the continued material development and the
| industrial progress of the south. There has
been so much mystery and thimble-rigging
| In the Terminal councils heretofore that
public confidence has become well-nigh ex-
| hausted.
WHAT IS WANTED.
What Wall street wants and what the
| public deserves is an honest and intelligent
| exposition Of the exact condition Of the
Terminals internal affairs, and reason
able assurance that the future policy and
management of the company will be
| directed by men thoroughly competent for
ton was adopted at the meeting of the
| dire ctors Of the Terminal company held to-
| day:
Resolved. That John H. Inman, president of
| this company, Is hereby authorized, and di-
rected, 70 send the following circular TO the
stockholders and request them TO send their
/ proxies to him for the annual meeting of the
| stockholders to be held at Richmond, Va, on
| Dec. s.:
| To the stockhold ers of The Richmond and West
| Point TeTynf nal ENfLrdN and Warehouse
Company
"In view Of the attacks which have been re-
| Gently made on the management and credit of
this company. the following named gentlemen,
who will have power 10 substitute others, or
add to their number. Eckstein Norton, William
sok,9Imon: sokIns Of Of sPeysr & CO.; Jaco6 H.
presidentl OF the Central Trust Company;
| Charles 6. Fairchild president of the New York
Security and Trust Company; Louis Fitzgerald,
| president of the Mercantile Trust Company,
having consented to carefully inquire into and
| examine the condition of your properties and
| TO aid your company In perfectlng the plan for
| the permanent adjustment Of its affairs, the in
closed proxy, if signed and returned
! to me, will be voted at the annual
meeting so as to secure the action
| OF the above named gentlemen in the
| present president and board of directors. The
| present directors desiring to cooperate in an
| adjustment OF the company's affairs have con-
| Sented to serve If reelected pending the formu-
| the plan shall have been adopted by the COM
| mittee and board, it is intended to invite the
stockholders to approve and ratify the same
and hold an election for a permanent manage
ment."
To the above named committee George
| f. Baker, president of the First National
Bank. will probably be added. The pros
| gramme, as outlined by the circular letter,
is an excellent move in the right direction.
THE STORY AS TOLD BY THE PRESS.
By the associated Press.
NEW York, Nov. 25.-At meeting of
the directors of the Richmond Terminal
| Company Eckstein Norton, ex president of
| the Louisville and Nashville; William Solo
mon OF Speyer & Co., Jacob II. Schieff Of
| Kuhn, Loeb & Co., Fred P. Olcott, presi-
| dent Of the Central Trust Company; Charles
| S. Fairchild. president of the New York
! Security and Trust Company, and Louis
| Fitzgerald, president OF the Mercantile Trust
Company, were appointed a committee to
| inquire into and examine the condition of
the properties and to aid In perfecting the
| best plan of permanent adjustment OF its
affairs. Pending the adoption of this plan
| the present board Of directors will be re-
| elected at the annual meeting on Dec. 8,
but whenever plan is adopted 1t is in-
tended to call general meeting for the
purpose of ratifying the plan and electing
| permanent management.
Mr.. INMAE's STATEMENT
| President John H. Inmau after the meet
| ing made the following statement: 'The
| general financial conditions of the past year
| and the attacks upon our companies have
| depressed their securities. The result is that
| the railroad companies have been unable to
| sell securities based upon engagements they
| had made prior to the period of depression
| and to pay for the necessary equipment and
| improvements. A large floating debt has
been created in this way, but each Of our
| railroad corporations ia solvent and they
have in their treasury a large amount of
| securities. The Terminal company owes no
floating debt whatever.
THE ROADS ALL VALUABLE.
"After maturely considering the whole
| situation we felt it wise to invite the gen.
tlenen who form the committee TO aid us in
perfectng the best plan fer permanent
from careful study of the
railroads comprising the Terminal sys-
| tenn that they are very valuable,
| and that under a wise and conservative
| plan for paying their floating debts, pro-
| viding a sufficient fund for equipment and
betterments and Of more perfectly consoli-
dating their operations, their earnings can
be increased and a higher range of values
| established for all lines OF securities
| George F. Baker, president Of the First
National Bank, has been invited to act on
| the committee.
|