New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1892-03-16
MR. INNAN STILL PRESIDENT.
DELAY ASKED BY BANKING INTERESTS
THE ISSUE OF THE APPROXIMATIONS PLAN DE-
FERKED-A CHANGE IN EAST TENNES-
M 80
SEES CRAFTSMANSHIP.

FERKED-A CHANGE IN EAST TENNEs-
SEES CIAIRMANsHIP
There a general expectation yesterday that
the revised plan for the reorganization OF the Rich
mond Terminal system would be made public 1t
was finally decided that the plan should be withheld
until the changes in management could be completed.
There were meetings Of the board of directors Of the
Richmond and Danville the East Tennessee Virginia
ard Georgia ana the Richmond Terminal companies.
No action Of decided nature was taken By any Of
the boards. The East Tennessee directors received
the resignation OF General Charles VI. McGhee, and
elected Walter G. Oakman In his place rs director.
General samuel Thomas resigned chairman of the
board OF directors, and Mr.. Oakman chosen to
occupy the place. 1t is understood that Mr.. Nc
Ghoe's retirement temporary and that other
changes will be made which will renstate him in the
board. At the meeting of the Rchmod Terminal board
1t was expected that the election of Mr. Oaknan As
president would be effected President John II. Inman,
however had in the meantime received a request
from Speyer Co. and other Of the banking interests
who were concerned in the loan which was made
last November, for the purpose Of providing fE the
floating debt Of the Central Railroad of Georgia, to
withhold his resignation president of Terminal for
a day. lie laid this fact before the Terminal board
and said that the request not unreasonable
and he had been Instrumental in negotiating the
Loan he felt it only proper that he should defer
to the request and wait another day before placing
Inman's position recognized by the other d.
rectOrs. and they adjourned until 80 p. IN. oday
After the meetings Mr.. lnman said that he was In
entire harmony with the plans for the reorganization
and his friends secuted the idea that he was lending
himself 10 any purposes Of obstruction. Mr.. Inman
las performed many services in the financing OF
Richmond Terminal, and he has been ready for many
months TO surrender his place head OF the company
whenever the majority Of the Interests involved c'ua
agree upon his The president proposed
was urged last autumn by Mr.. lnman - take the
place. The recent appointment Of temporary re
ownership for the Georgia Central has introduced
complication In the situation which Mr. inman could
not ignore when he was requested 10 walt day before
he resigned by the bankers who had carried the
Terminal Company through the Immediate chDlfHisS-
mcnts of last autumn. The syndicate which protected
the floating debt OF the Georgia Central was conpo""
of speyer a. co.. Kuhn, Loeb & CO., l.. Won Holman
ana co., IIalIgarten ~ CO., and other houses. l''
syndicate advanced So 100000 the Georgia Central
Company on pledge OF the cOmpanys > per cent
bonds at so The loan for one year from
November l. 1891 and an option was gwen I" purchase
the pledged bonds outright After the making "i
the loan a committee of bankers was aPpo'hbu /"
provide a plan Of reorganization. II resigned us
functions subsequently, the ocott committee Wa
formed and the Iatters work was Interrupted by the
Georgia Central's receivership Within the Est We'"
there was a Encouragement Of the reorganization
scheme and it is now said that the uhucr"'l""e
syndicate ha, more than secured the $l1,oOo'ooo
which has been decided upon A. desirable TO nave
pledged for the carrying out OF the plan
Nothing could be learned yesterday from tl@ bHc's
interested In the Georgia Central loan ~ to the reason
for the request that Mr. Inman should withhold rs
49,. irnatinn a. pre, dent Of Richmond Terminal. niT
I"nan /, ready to resign to-day and 10 allow VI.
Gakman 10 be- elected in his place LII accorii'r WIZ,
,,,.tt"1ts arrangements. Friends Oi tho hl,hihp,n
!r.rmn.l do not See how the Georgia C,hti1I par!
can accomplish anything benehchl 20 w. P'Op,,'Et
r attempting 10 obstruct the rcOrSanlLitloh' anu ~
j. NOT known that any such purPDsc J. III SicM. -,
foc IL is asserted by some Wen lIi'imcl P ,a.,,,
Iot the delay over night will lead % hhrnoila''D
~ Interests which will be beneficial 20 me pun "a
cn,.nlIda,ion I'm proof OF this IL Is pointed Out lI'
The explanalion OF Mr. nman's pnfkp,c 10 i" ,s
nrssident another day was received irlhhiS Ill Wv
llnrit An which II was offered