New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1892-05-28
DREXEL & MORGAN'S REPLY
TO REORGANIZE RIC IIMOND TERMINAL
TIE BIG BANKING HOUSE WILL UNDERTAKE
THE woRK-LITrGATION IN THE SOUTH.


taOn Of the security holders to examine inc cJ"ulon
Of the Richmond Terminal system with view 10 pre-
pairing scheme Of reorganization. The assurance ot
cordial support from all the factions when nave Uc"
prominent at times in the management OF the company
has Influenced the big banking house and there Is a
growing disposition among all interests 10 ihr'hcr ~
speedily as possible the work Of placing this great
system upon a stable financial basis. The different
interests which have been in conflict ore now pedSeh
10 facilitate the labor ahead. and, while 1t VIII require
considerable time to fornulac scheme, II Is pf0ohDe
that the delay will not Dc excessive Much Pfepa'H
tory work ha, been done bY the OlcOtt committee even
though its specific plan failed in concentrating the
holdings NJ securities whose owners will bs appalled,
TO- and the suggestions which the Strong Thomas COM
mttee elaborated at recent meetings have doubtless
helped 10 clear the situation.
The committee OF fifteen, representing largo
amount OF Terminal securities. Yesterday received the
report Of the committee of five. which addreSsed Drexe
Morgan a. Go. on the subject ana was formally as
charged The general committee Of fifteen was en-
I,r-ed 10 seventeen members, and General Samuel
Tborn1s and W. T.. Clyd, among those selected
in fiji vacancies The committee now consists ol VIII
lam f. strong Samuel Thomas, William T. CBde, D. u
Mabcn IIcman Clark. Simon Wormer' George Foster
Peabody John II. Davis Samuel baron' "taht b.
,chlcy Thomas l.. Manson. Willam Lanman BuI'
W. H. Goadby J. G.. Reif and John A.RutherfnNl.
The reply Of Drcxe Morgan & co. TO the conmuni-
cation Of the committee OF five WAS aS follows:
Ncw-York, May -. 1-02
w. f. strong. 90, Chairman. ....,,.. ~, ,bc
Dear sir: We beg acknowledge receipt of the
esteemed favor OF yourself and aSsoda'eS ol the IDI
committee appointed hy holder of stocks ana bodS
II the Richmond Terminal and allied c9mpame' u.i,cu %
10th Inst. inviting II. L" examine lD WIN -
to undertaking the irarcnl rehabilitation oi '"''0
~ The same ilmc We received n request signed by
Mc,,rs. Ks,>er & co: Spencer, Imsh a GO. ana many
In view Of your assurance OF the assent and co.
operation Of large majority Of the securities deposited
pressed by the large hodinsS rcpi'nien Dy Me'S'c'
kc,sicr Il Co. and Others, "" hereby signify onr Ho-
ccpiancc Of The inva'ion and VIII undertake me eN-
animation into the affairs OF the company ioohlnE
to the end you deire. ,.,. -, ...
financial and physical condition oi the propot"-, as
wcIl as proper consideration 81 th"r future needs we
thorough a, Do, ,bc I'm order 10 roach sound bas'
' NY DREXEL MORGAN d co.
\ rcply in similar terms was given to the petition
presented by Kc>,lcr & Co.. spencer Trl-k G co.,
Charlie Head a 60. and other prominent firms.
other developments were Interesting 10 holders
n the various sccufitic- in the Richmond terminal
system. \ dispatch Wa received by the officers "t
the company nom Knoxville Tenn. announcing that
Chancellor Henry Il. Gibson had refused the prayer
for an Injunction and cc'iycrhlp for the Eat rrnneS-
gee. Virginia ant Georgia Railway and dismissed MI
the mott ms NJ the compainanfs This suit ,c-ardcd
AZ nu OUTSIDE attempt t. hnrTlss the Terminals M
fairs. and the odcinnl complaint was made ~ two
mon each owning i've .har,', ~ the Ea-i Tennessee
stock. of a market value of abou' 800 altogether
Thor, was general .ail faction amen. hanlers
Il TIE courts ac -. wh.,h va. r-,rd,d cred table
10 Tennessee. desire % prt ct invested capital.
In fact thorc f a general feeling lp financial circles
that the consent q DrcNcI Morgan & 60. To- Interest It
self In T.rmin1ls affair, may help 10 hvo check T.
the wild anti ralcad sentiment which has been run
nnc hgh IN Gcorsln 10 the dctrlmont Of the States
best Interests similarly the WAY I'm which IL ran
.,I n. t.trrr
pro.periiy Of tla, section vas realized The nghi Of
tho giclm nd Terminal to protect itself has turned
=, -, r.ncss seo ,o C;.ordn Application h:.s Just been
IT !" i'"""' 7" -, :, -
made T. vhcat' the liJnl' "'h uh"'' "''" o -"
Company and tie Richmond Terminal Ner' G'mrfti
III, -, ,.o,,,, ,t. T., ooo .s,rc. ~ ~, Georgia
recently rom vou"t ''' '-'-'' '"''' VI '' 49, ''o'1
a, tie election fr drcot'r I'll" onicr has been mrd"
.,,,,,,.. hy 60. c,ur, an lunc 70 This f. the first
.,,,,, :, ,,c, ,t. ri,i,n,,d T.rrinal has had -
"pp.ar rI in tn, cror,a uusau,n The company viii
,ndcnvor to show h,v iuno.cn holler- ol -ecur1uc,
nave iicr Ils"" 'Hll' '''''l." '' ''' w '"'- mum
The legal paper ll'd "ll"s' tlai The mJ"h'u'" ""5
J." | -. - , ....i .,,,,.t t,,tI
- IN owner "i --'' S""''' " '''''o'' ''.
road stock well a, owner of IN" stock
~ the Georgia Company. which hold, 10000
shares Of Georgia ''n'r'l h"'t"" NJ"
maintained iint the rsht L h"h ara VOC ''' N'''"
wa, Inherent In the charter 81 thu company long be-
va , -, A., ,.,.,t,,ron - ,hc s,,te -
fore any change IN the 'o''u'""o" :" '"c '''" vi
Georgia lrbid rtlroad company FROM holding
tb. .t,ck 4 another comrnny
~ 80 49,. =, a. ,,,,.,.,, t., ,..,..o,, i
Inc present p"'l"p' vi INC "'N'"'' III '1' Ia -
an excellent lu,trauon ol the conditions against
,t.h , ,ri,,u.t and "a iiyy,.- men or, utering pro.
- T.. 4. -, ,,li,,...
t'''' lheI' i "' c'"'' ,'o'''' !"''
for the road, recognize that their iEicr'~o are OouNd
m v.i,h ,ho.o ~ th. ~ta-, Iut IL is compalncd that
nP WIN a., ,., ,,.,,,,,s ,,,
'i'o j" 'ii'" P'"'S y" "' ' " ,
d.Is the roads. aud VIII react on Their PROSPERITY
ly chccln, the free inv tmcn. Of capital in Georgia
-, - a., .,.,....,. ,, ,i,, ...... ,. c...u, ,,li,,,
III" "'"' ''' Wv i'"''' W ''1 ' ~
th" roads draw their revenue. Ihr "t"rsH ''h'rHl
I.allfO.d W., thrown into the hands Of receiver
without uo,icc 10 other Interests upOn the application
nf +, Mn Iowcna CE.ik who owned jn.; nftv sl?,c,
II stock I'M, uncXp.cr,d proceeding unquc,0rahly
lad mu,rtnnf lcars up,u thr dIlcnltics which sur
rounded the hing o the nr-t pl ,n oi IcOr,anLl
WHO appcai.d in tla Georgia Central hccamc In.