New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1891-11-20
RAILROAD INTERESTS.
RICHMOND TERMINALS STATUS.
40 MORE RELIEF FROM BANKERS UNTIL TIL

no MORE RELIEF FROM BANKERS UNTIL THE
CAPITALIZATION rs CUT DOWN.
The statement I'm The Tribune TO the need Of re-
organization Of the Richmond and West Point Terminal
Company asd the lines upon which 1t would probably
be carried ont accepted as semi-ofncal In Wall
street yesterday There remains little to add to the
exposition. An effort made to dispute inc posi-
bllity OF assessment the common stock on legal
grounds but this position not taken by persons
who best know the company's affairs There may be
numbers of objections raised TO any plan OF reorsanlza'
ton that may be formulated but the essential facts are
that the Richmond Terminal managers are confronted
with the exhaustion Of their borrowing ability, and that
They seeking the advice and services OF bankers
who will not consent to any scheme OF RECONSTRUCTION
which does not involve radical reduction In the cap
Itaizaton. There have been conferences since the
arrangement OF the floating debt of the Central Of
Georgia, Of the constituent companies OF the Ter
minal system, between the large holders OF Iermnai
securities and prominent banking houses, looking to
broader adjustment OF Terminals affairs In these
conferences the position Of the bankers may breny be
summarized follows: 1--WE satisfied that the
Richmond Terminal cannot be sustained with Its presens
capitalization we will not advance money for the needs
which you feel and which we believe will be pressing
later on. until there has been reorganization and we
will not cooperate in any reorganization unless sacr
foes made by the stockholders and bondholders'
The question Of change In the control Of tho Rich
mona Terminal system VIII douDtlcss DC cois0cfcu ao
the negotiations make progrcss 1t Is generally 10
leved that the Interests of John II. Inman and MS
friends in the securities Of the system larger than
those OF Calvin 5. Brce, General Samuel Thomas and
their friends. Jay Gould Is understood to have largely
reduced the holdings which no formerly had Bankers
who have investigated the matter have been satisfied
by legal counsel tt the preferred stockholders OF Rich
mond Terminal cannot prevent the application OF all
assets to the payment of tho claims Of creditors In case
their enforcement attempted, Nor can the col
ateraltrust bondhoders derive aught but injury rOm
any partition Of the SYSTEM which would doubtless
grow out Of legal proceedings to enforce their claims
1t that there has been default yet on any OF
the obligations OF Richmond Terminal but the prices
OF the companys securities reflect growing realization
that the present position Of the c1mpanys finances
must be materially modified. Tle Introduction OF
new boodp into the Terminal management Is not be
lieved to he possible while the present capitalization is
maintained. Between now and the December meeuns
OF the Richmond Terminal and Richmond and Danvine
companies some plan that will unite all interests or
eliminate all those opposed TO reduction OF capitalize.
ton may be prepared. Not until this Is carried out
can the foreign Interests be relied for support or
services Ecksten Norton formerly president OF
tie Louisville and Nashville be secured