New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1892-03-17
RICHMOND TERMINALS PLAN.
THE SCHEME At LAST LAUNCHED-A NEW PREsI
DENT

y
DENT
The delay in the presentation OF the resignation OF
John II. Hnman president Of the Richmond Terminal
Company proved yesterday to be no part of any
obstructive plan by hostile interests. The directors
in the afternoon received Mr. Inman's resignation,
and chose Walter G.. Oakman in his place. according
to previous arrangements. The president Of the
Terminal is only -ofco' member Of The Board OF
Directors and K. #. Wilson resigned director 10
enable Mr. Inman to be selected as a director. The
directors OF the Richmond and Danville also elected
Mr. Oakman president succeed Mr.. lnnan. Mr'
Oaknan resigned a director OF the company, ana
III. c. Fahnestock, representing the First Natl0haI
Bank interest. elected in his place. = NJ lnman
Of Atlanta. Ga, retired from the board ana MS
brother. John H. 1nman was chosen as his successor
These changes do represent all that will be accom-
pshod in the boards Of directors Of the Terminal ana
It's constituent companies. but they Indicate re-
establishment Of cordial relations among several M
terssts.
After these changes had been formally completed,
the plan for the reorganization OF the Richmond Ter
mnal system was made public by the committee, con-
siSng of Frederic F. Oco. president OF the Central
Trust Company; Oliver IL. PAYNE, Frederick ID. Tap
pcn president of the Gallatin National Bank; Will
IAN H. Perkins, president of tue Bank I'd America
and Henry mdgc OF HaIIgsrten & Co. To the COM
Initee have been ADDED II. c. Fancsock and j. Ken
pedy Tod The plan has been undcrwrttcn by
syndicate
guarantee fund amounting 10 S15oOO.Ooo. The list
OF members could not lie obtained yesterday but il IS
understood that II will include The First National
Eank or representatives. WinslOw, Lanicr & Co, j.
Kennedy Tod a. CO.. and John H. Inman, besides tho
men who are now largely concerned In the manage
ment Of the system.
The plan ignores the Central Railroad Of Georgia
In its provisions. account OF the pending blGh'o'
II proposes the creation OF "Thc southern Railway
he
and DanyiIl, and The East Tennessee. Virginia and
Georea systems OF railroad now controlled by tho
terminal Conpony The interest ~ the Terminal
COMPANY in the stocks and securities Of the Georgia
Central will be vested In the new corporate" ana VIII
form par OF t,c security for the new hrstmortgaee
bonds II IS contemplated that there shall he an is'h>
az pcr cent first mortgage gold bonds TO run thirty
five years bearing interest from March, 1902, to the
amount OF Sl7oCOO,OoO. 10 he exchanged Tor mo
vorioI. existing securities. There VIII be new pro
tcIrcd } per cent nOn-cumlatve stock u the amount
OF 100000 900 and $llO,0oJ,oo0 common SUCK
total capitalization OF s3oooOooo, cover
ing present securities amounting TO s3s4572,-
1O1 exclusive of car trusts. Provision Is made
for the retirement Of the existing CIR trusts
amounting TO s2SG0,5C4. and the floating debs OF inc
systems amounting TO sG,3lo,ooo The present hN'n
charges including trusts, amount TO So'4'feo',
AGAINST net earnings OF Ss IA 736. When tie proposed
plan is carried out liked charges will be Sd40o-
COO Adding the rentals OF the Cincinnati southern
Z, 600 OOO and the North Carolina Railroad lS2oo-
oOoi the total fixed charges will be S1.odo'ooo On
the hask Of previous earnings this would leave about
81 100 600 In sight for dividends on the new per
cent preferred stock
Under the plan the rights and interest OF the East
Tennessee Virginia ard Georgia IN the securities ol
t,e Alabama Great southern Railway Company
1imitod) the Alabama Great southern Railroad ana
rbe Cincinnati New-Orleans and Texas Pacific KAN
uay are to be subjected TO the lien Of the new hfNt
mortgage The discharge OF the Richmond lcrih''h
collateral trust per cent mortgage Is to be defeHcd
mill the collateral deposited 20 secure bonds iNsuc1
hereunder NAV in the judgment OF the reorganization
committee be directly subjected TO the Hen OF inc he"
first mortgage. -
The terms under which the present securities arc
IN lie exchanged for those Of the new company arc
n, forth I'm detail in an imposing pamphlet issued py
Tho Olcntt Committee. An important lcdtIiN " uio
nan I, Tie rights offered TO Terminal security holuer7
E.ch holder q 100 shares Of Terminal STOCKS anu %
~ 600 collateral trust per cent BONDS may s'DsVIpo
81 900 IN the cash fund Of Sl4.ooS,o1o Whlch II
nrcessary Ia meet the cash requirements III ue pull
zach eutecrpiion carrying 70 900 new per cclt piu
eud 200 new preferred stock. lioldcre OF HNuola
nte ~ stock and bonds entitled 10 snOsCbc 10 INC
ncu ecruItes IN the same proportion IL j liz
uhecriptions which the bankers syndicate uhuerlAcs
tn