New-York tribune., 1891-12-17
TERMINAL LEFT TO THOMAS.
THE BANKERS COMMITTEE OUT.
IL ISSUES AN ADDRESS TO STOCKHOLDERS CHARG
ING BAD FAITH-wILL PRESIDENT

Thomas party Is widening. The acuon oI uio
directors a the Terminal in ignoring the requests OF
ths Adjustment Committee, of which Eckstein norton
is chairman has been accepted by the committee ms
= rejection of its assistance. There was meeting oil
the Norton committee yesterday, at which IL was
decided TO prepare an address to the stocShoiuers
That address is given below. 1t Indicates emphau
caly, the retirement of the committee from all con
necton with the reorganization plan TO be conducted
by the committee appointed on Tuesday, OF wmch
Frederic r. Olcott, president OF the Centrsl trust
Company, is chairman. The responsibility OF iuture
happenings Is thrown upon the Thomas party.
II is not impossible that Mr.. Inman may resign from
the presidency of Richmond Terminal He declined to
discuss the question yesterday, but 1t Is believed tha'
be Is considering IT, 1t will be an interesting point az
20 whether General Thomas will be heroic enough TO
take up the task that Mr.. Inman may lay down.
The address issued by the Adjustment Committee
TO the stockholders Is as follows:
Tho undersigned members Of the committee, ap-
pointed az the election held in Richmond, December
5, herewith respectfully submit the following report
II is proper TO direct attention at the Outset 10 ile
@oS The ssHeS ot he VEST Point
disturbed al the outlook for tie adjustment of the
financial affairs OF his company, about two months
such aid as he could by advice and Otherwise In the
establishments Of the credit OF the comP@y' or IN IN
company, which, by common report, was In critical
condition.
Of information 10 the general situation OF the COM
pany's affairs.
Upon consultation with some Of the members Of our
committee in advance Of the formation thereof II was
believed that the affairs OF the company cond be aa
justed, and an improvement obtained 10 the Values
OF its various securities, well as OF those OF most
OF It's controlled companies.
In conference with the president OF your company,
conceded that such an Improvement might neoes-
sarily Involve infusion of new elements into the
subsidiary companies furthermore the president of
youf company furnished general statement TO OF the the
financial situation of your company, ana OF the con
trolled companies and Of their obigauoss and IN te
view Of your committee the figures Furnishes m M 9y MN
and involving disprOportonate burden on any, ana
d which M would snd n 3 saeh % plan Would
confidence in your securities and those OF your con
trolled companies. and effect an Improvement IN the
AS a result. conference was held between
your president and the gentlemen c%9mpCsng co s 50 com @
in consequence Of which you forwarded your proxies
to the s PRESIDENT d bSacS Of %S a %ne @ G and tbs
committee invested with authority TO act IN the
ADVISORY and Gher capacity indicated IN and the epe S IT,
first acts is expressed In the following resolution:
that the meetings for the election Of directors Of
the various companies controlled by the Richmond
Company be postponed Or adjourned frOm Zine TO
time when practicable. without an election, the present
Resolved further, That the chairman be requested
to confer with the president Of the Terminal Com
going resolution, and TO inform him that the commlttee
WIN he pleased TO have his views in reference thereto
of your COMPANY was followed by an invitation to
Messrs Thomas Brlce and Wilson to appear before this
committee and TO give their views rs to the situation
and the remedies. such meeting was held between
ycur committee and the gentlemen named - At that that
would give no Information TO this committee In
respect to the affairs Of the Richmond Terminal
month for directors OF the East Tennessee, Virginia
present Board should be reelected, and that il this
was DONE the efforts of this committee on behalf
NJ ~.
No adequate business reason was given why the
committee, the only claim being that their support
for the appointment of your committee was not gwen
until after an agreement with your president that
such an election should take place on December 16;
Your president was then invited to meet the
general way declared that he was inclined to yen yI
did not however adequately show how your interests
would be better served by the reelection OF the present
Railroad Company in advance OF the examination OF
The affairs and condition OF your property when yGn
after due deberation. your committee adopted the io
Whereas, Tie circular which the Richmond and
West Point Terminal Railway o and S Msreho1se en- h ION
pony dated November @ % TO- lsYt M sae1 ttsc W Which g ad
recently been made on the management and credit OF
sened TO carefully inquire into and examine the cond.
ton Of the properties and aid the company IN perecng
the best 1 plan for the nreT ts e pTeen do G f M
desiring TO cooperate In an adjustment Of the com
panY's affairs. lad consented 10 serve, IL required
and that whenever The plan shall have been adopted
the stockholders will be requested TO approve and
ratify the same, and to hold an election for per-
manent management a.. r.., .,
West Point Terminal Railway and Warehouse Com
pany did therein recognize the probability that the
ectua Of majority OF the stock OF the com,
pany might desire change in the management of said
company, and that such change in the management
Whereas. The committee is convinced that The
promise contained in the circular should have equal
tie Richmond and West Point Terminal Railway and
Warehouse Company has controlling proprietary IN
whereas The committee hold that this end will be
attained by the present boards Of such conI.ed CON-
time OF the present directors OF such boards upon
reelection for the full term without regard to posi-
ana West Point Terminal Hallway and Warehouse
Company will be Inconsistent with the promise above
this committee, il does not in fact render Its work
Resolved. That this committee rearrm the resolu
tou adopted on December o, 1891, and COMMUNICATED
g n Mr. RSE3 and 9 we dmpsn nna S
letter such resolution being in the ioowinG s ttsc
that the meetings for the election Of directors
OF the various companies controlled By the Rich
onse co@pS"y san be postponed or adjourned from time
time when practicable without an election, the present
We are informed that your Board at its meeting held
yesterday dsfegarded the advice given In the before
nuoted resolution of the committee and furthermore
laid upon the table resolution OF your committee
requesting that provision be made for the expenses
10 be Incurred through the employment OF an expert
or experts the examination OF your properties and
Of their accounts. - u.
A majority of your directors. to whom At your last
eectfon YOU committed tbs temporary custody OF your
nropeTfy pending the investigation and report OF this
c0umitfee we are compelled TO believe That any
good rsuIt from further action by 1t is manifest I'M
possibility.
While there is a majority in your Board which, as
Is obvious to your committee. Is both inside and out
aide your Offices in attitude Of expressed resistance
70 your committee we regret that we must feel that
we are physically unable 10 perform the task ntrusted
10 us and do nothing further than direct your
attention to the power y0 possess 10 require new
election OF directors
She circular was signed by Ecksten Norton, Jacob
"A. Schif, william Salomon, Louis Fitzgerald and