The morning news. [volume] (Savannah, Ga.) 1887-1900, 1891-11-03
TIE TERMINALS AFFAIRS.
President Inman Not st All Likely
to Go Out.

4
The djspatch in the MORNING NEWS Sun
dav gave the situation relative to Richmond
Terminal affairs pretty accurately if what
the New York papers Of the same date con-
tain about the same matter is anywhere
near correct.
The Tribune says: Friends Of the Rich
Inond Terminal Company ridicule the idea
that any cOsrcion respecting a change in
management accompanied the proposition
! Of Spever q Co, Kuhn, LOEB a 20. and
other bankers 10 buy s4.51O,OOO Central
Georgia per cent bonds, which the Irib-
uas announced had been accepted by the
Terminal officers. The fact that n. W.
Snithers, a London promoter who is now
ia this country TO look over available in
| vestments of British capital, Is likely to
I be interested Ia the Central Georgia
transaction has given rise Co report that
Eckstein Norton, a warm friend, formerly
president OF the Louisville and Nashville
would force Mr.. Inman out Of the presi-
dency of the Richmond Terminal Mr..
Norton and Mr.. Inman, however, are also
the warneSt Of friends, but the formers
name has not been discussed by the direct
or5 or large stockholders.
There Is no prospect Of the dismember-
ment Of the Richmond Terminal system.
Its financial stress was acutest in Septem-
Der, when the bankruptcy Of Union Pacific
was averted only by the floating debt credi-
tors, VINO were largely banks and trust
companies, extending the debt for three
years. The uneasy feeling created by this
led 10 calling OF many loans to the Ter
minal company, and for q few DAYS the
management was hard pressed TO make new
loans The floating indebtedness, however
has been arranged, so that there are no EN-.
barrassing obligations for the present.
There Is small doubt that the Central
Georgia transaction will be completed, and
the friends OF the company believe that
this viii facilitate the adjustment of the
$3,OOO,OO0 floating debt OF the Richmond
and DanVllle. 1t is denied that any disa-
gTeements exist in the Terminal board
beyond those disputes which occasionally
arise where politics are occasionally dis
cussed by men OF positive character. Mr.
lnman was authorized TO arrange FOR the
Central Georgia loan by the executive
committee two weeks ago.
The possibility of Mr.. Norton's entering
the Terminal board does not involve radi-
cal changes. In fact, a well-known di-
rector, who is thoroughly informed as to
the situation, said yesterday: SIT is doubt
ful whether any Oh nges at all will be made
at the nesting on Dec. s. Certainly, il the
election were held next week, every d.
rector would be reelected. Mr.. Inman
holds too large an interest in the company
to retire.
The New York Sun says: Probably Mr..
omlthers does not care to turn out the en-
tire directory and replace ie with his
friends. There is no reason why Mr., In
man should not remain a director, on ac-
count OF his large interests in the concern,
Alr. Smithers could effect his purposes by
having bare majority of the board, or
even with nobody to represent him except
MT. Norton at the head. 1t has been sug-
Eested that Mr. Smithers. in order to spare
hr. Inman's feelings. might modify his de-
clslon and agree 10 make Mr.. Norton chair
man OF the board of directors. This would
be creating a new office, after the manuer
Of the Atchison, in which the chairman is
the chief executive and the president is
nothing more than an assistant to the
chairman. Mr.. Norton, as chairman,
would be as much the dictator of the COM
panY as he was in the Louisville and Nash
vile.
Illuminating as it Is to turn over the COM
pany to other hands, friends of Mr.. Inman
say that he thought it would not be SO bad
TO let Mr.. Norton take charge as some one
else. Mr.. Inman and Mr.. Norton are life
long friends. They used to be cotton mer-
chants together in Memphis and the former
could easily have trumpet up some reason
Tor getting out, concealIng the real facts Of
the case. VI hat effect tho exposure of the
negotiations with Mr.. Smithers will have
remains to be seen. II MIR. Inman can find
any other way out OF tue difficulty he will
probably adopt it. but some think that this
is the last resort