The times. [volume] (Richmond, Va.) 1890-1903, 1892-04-15
OLCOTT PLAN A SUCCESS.
IrLoOKsyERY MUcH That WAY WOW.
A Large Majority OF Each Class OF Terminal
Securities Funded--Mr. Olcott's
Condition.

NEw YoRE. April 14.-lSpecial. Late this
evening the Central Trust Company stated
that the amount OF Richmond Terminal Sc
curities deposited under the Olcott plan Of
reorganization was as follows:
Common stock. S47. .2OO, 900; preferred stock
s.. .O0O. O0O per cent. bonds. 5000 00O per
cent. bonds, 81 100000. The total amount is
sued OF the respective classes of securities,
beng Common stock. S1O.0OO.0 900, preferred.
s5,oOO,OOO; per cent bonds, S11. 900, 900, and
per cent. bonds. s5.50O,0l0.
Enough OF the various stocks Of the East
tennessee railroad were deposited by outside
stockholders % give the control TO the COM
inlttee winch already neld the Terminals IN
terest IN that road. The committee will e1-
tend the time for further funding till the 18TH
Of April
1t will be seen that large major
iiy OF each class Of Terminal Sc
curities have been funded except the 6 per
cent. bonds but the fact tha. they still stand
ont can hardly prevent the contamination OF
the general scheme. The extent OF the fund
ing Will undoubtedly prove great surprise 10
the street. as IL is about double what some
usually well-inf0rmed persons estimated.
1t seems now that the OlcOtt plan Will IN
general prove q success after all. although
SOllD IlOlllchlllI- OF llo Ntlillr lilil1
IN order 70 get III the underlying securities
of which the Central Trust Company make
no statement. There Is no good reason 10
belief that the guarantee syndicate VIII De
released. but the necessities OF the company
will not require any heavy calls upon them
for cash.
MIR. Olcott WAS very Ill recently in Albany
for a week OF more. but Las returned TO New
York. He is not yet able however, TO come
down TO his Office lie Will be much missed
if he should remain long absent.
STATEMENT by SECRETARY ELLIS.
fBy United Press
Secretary Ellis, Of tho reorganization COM
mittee made the following statement to a re-
porter to-day.
large majority Of Richmond Terminal
securities have been deposited with the Cen
trail Trust Company. There are enough Sc
curities deposited TO insure the plans being
carried through by the committee. There
have also been large amounts OF securities de-
posted to-day.
In addition there have been largo amounts
Of underlying securities deposited. We un-
derstand that in all probability the time Will
be extended for underlying securities. Upon
what terms there may be an extension Ior
Terminal securities We are unable to learn.
II ls question if the company can receive
all the securities that will be offered to-day.
In Justice TO parties who desire TO deposit
their securities the committee should allow
the deposit0rs to send IN their securities on
Saturday and Monday.
The capital stock of the Richmond Termi-
nal is go 0.O0J0 600.
Secretary Ellis on being asked to state the
value of the securities deposited answered, a
large majority"
Fifty millions ~ asked the reporter.
81 said large majority" was Mr.. Ellis
reply.
Richmond Terminal showed no increased
strength on the market to-day. however. The
stock closed yesterday at TO- and at the open
ing to-day was quoted at lO1s. Il rose to lO4,
but shortly afterwards returned to the open
ing price. but moved up again TO l0ll.
In this connection it may be stated that it is
stated on Wall street that bond experts were
yesterday buying Richmond Terminal SIS for
the reason that il the reorganization plan be-
comes operative the bonds will be greatly in
creased in value Options for the new securi-
ties. it is said. are not likely to be exercised
with bonds much below Is.