New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1892-03-18
ERITS OF TERMINALS PLAN
PROMPT DEPOSIT OF SOME SECURITIES.
CHANGES IN THE EAST TENNESSEE AND DAN.
VILE COMPANIES IN LINE WITH THE

CHANGES IN THE EAST TENNESSEE AND DAN
VILE COMPANIES IN LINE WITH THE
PROPOSED REORG ANIzATIoN.
Considerable interest was shown In Wall Street
Yesterday In the published plan for the reorganization
and consolidation OF tho systems controlled BY the
,Richmond Terminal Company. Banking houses sP
piled for copies OF the plan at the Central T11st
Company, which acts for the Reorganization Com
mtcc In the receipt of securities to be deposited uuder
the scheme. Many Individual holders also made ap
pCatsn, and before the day was the trriSt
company distributed 900 copies OF the pamphlet
The great number Of securities covered by the scheme
renders II sry for te holders Of each particular
issue personally to examine the pan. Various sorts
OF hgGllng out Of the probable value OF the new
securities to be issued indugcd In BY brokers
and some of tho bears who attacked the market upon
the announcement Of the plan concluded that the new
4 pcr cent consolidated bonds would be worth 10, and
the new per cent preferred stock 30 per cent. The
bankers back Of the scheme laughed mt these figures
and there was some figuring done which placed tho
valuc OF the bonds at 49, the new preferred stock at
a and the new common stock at 1G These figures
represent present value without regard TO the future
development business and the economies resulting
from The consolidation.
The salient features Of the reorganization plan were
presented in brief by one authority ms follows %
III
proper,ics s44 900 600. While the common stock OF
fine new company larger than the Richmond Term'Iai
common stock, The excess Is used 10 take up 9c'o"'
OF separate parts of the system CD Ihe hSeo cHso'
arr, reduced 81 ,e37 which In Itself Is cquai ~
"A dividend of over per cent on the new preierei
stock ON the basis Of last years earnings Ihe A'"
charges Of the new company would be exceeded by
~ o. 900 (J) The charges and preferred dVidchds
,beod nf tbe new common stock are many millions
Ices tlou the charges and dividends now ahead OF
Richmond Terminal common stock ~ The pan VIII
clear of floating debts car trusts etc, ana leave ue
new company with t1O,O0O0OO bonds In the treasury
to be used 10 acquire new property, on the consent
Of the preferred stockholders
The decentralization Committee, It Is understood Will
use the charter Of the Washington, Ohio and western
Railroad Company for the consolidation Of the Terminal
comuanlcs John H. Inman has offered his resignation
rs president Of the Washington, Ohio and Western ana
Walter G.. Oakman, the new president of terminal
will succeed him. several changes we're maze yeslcr-
day In pursuance Of the consolidation scheme Sauei
f. FELTON, resigned the presidency and embarrassing
Of the Board Of Directors to allow the election OF
Mr. Oakman. Mr. FELTON, made a vlcepiesiueh'
# the East Tennessee. Virginia and Georgia Company
and will remain as vice president Of oil the subordinate
compauies In the ~ stem lie will remain president
Of the Cincinnati, NcwOrlcanS and Texas fcihc ana
the Alabama Great Southern companies Nir. fei''h
has been president Of the East Tennessee ABOUT TWO
years and his retirement from that post was
necessary part OF the Olcott plan, and In no way
dimiuiyb,s the efficiency of his services to the company
The following new directors Of the East tennessee
were elected H. c. FahnesOck, George = SCOTT ana
W F. Glide. General e. NJ McGbs', VINO re>ished
temporarily on Tuesday, reelected. The r''lgiia
lions that were made ~ provide seats for the ne"
directors are also understood o be temporary nnu
complete Encouragement Of the personnel of the Doar
can be effected. The director Of the Richmond ana
Dnnvilc Railroad also met and elected ueorse :.
scott a director In place Of james Sw;ln VINO rY'lIta
some If the inside" Interests made heavy icpVi,s
II secun ir, with the Central Trust COMPANY uhues
the reorganization plan YESTERDAY Tne prUrrea vi
receiving deposits fOm the general pnbIc VIII nc.
r.,urlly be- slow one. The fun list OF tue syhdlCt'c
which guarantees m, cost requirements OF t'e pial
vii probably be completed and made public TO-DAY