The sun. [volume] (New York [N.Y.]) 1833-1916, 1892-04-19
THE R. 7. COMMITTEES ROW.
NO INTENTION TO MIsEEAD THE PUB
LTC IN IT'S FORMAL STATEMENT.

Secretary Ell. Tells How the Advertise.
ment was Prepared-A Meeting VIII be
Held ~ decide Upon Future Action.
No subject was as earnestly discussed In
Wall street Yesterday as the dissenslon In the
Richmond Terminal reorganization commit
tee. which came to the surface after the close
OF business on Saturday. In consequence Of
the evident lack OF harmony In the committee
all OF the Richmond Terminal securities were
lower yesterday, and the two circumstances
were promptly construed by opponents OF the
plan az conclusive evidence OF its failure. Tho
holders Of the securities did not. however,
take that view OF It, for they continued to do.
post securities all day with the Central Trust
Company. and mono OF the securities already
deposited were Withdrawn.
Relative to the alleged misleading character
OF the committees advertisement Mr. George
s. Ellis. secretary Of the reorganization com.
mittee. said yesterday: Il returned to tho
city to-day. having been absent since Thurs
day night. In reference to Mr.. H. c. Fahne-
stocks objection to the form Of the advertise.
ment wish to call attention to the fact that
the Central Trust Company had been for sew
eral days receiving large amounts Of the secur-
tiles deposited under tho plan. and Its clerks
we're taxed to their utmost to merely
receive tho securities and issue tho tenn.
t ths cese on thursday TO eoan
all the securities. and the efforts OF tho trust
company wero devoted almost exclusively to
the work OF counting and arranging tho Kich-
mond Terminal securities: the FIRST step Of
the committee being to secure tho co0pera-
Wy" "rR h, t mncoanted Underlying securities made
q formidable pile on the desks OF tho trust
company. and Il appeared to every ono who
OF them. In addition the trust company had
received written ASSURANCES from responsible
seeSri iti asgrSsatins upward Of sI.UU6.og1t
advertisement was prepared s ,a stating that
At the instance Of MIR. Fahnestock the
word very was stricken out. and the
sSs qS S eSeey
member Of the committee except Col. Payne.
xho II BIZ on the
pany asking 1t to give him severally the
amounts Of the higher grade bonds of tho East
ai sMs1 Midland ISSUES which had been depos
tied. His request was complied with. but the
s sRy s 5 % osa the esds 70
BE- dleRositsd L related merely to those
and that OF several members Of the commit
tee It was % to hold meeting to
tlon what is or Is not large amount may we'll
be one as to which opinions differ. Some
posted Is large. but that in relation to SCI
curities not yet asserting. It is small for my
tSe TACT thst no speea eort has yet BEEN
made by tho committee to bring In at this
stage OF the reorganization any but the Ter
the published statement that some other
mem Der OF the committee, had endorsed Mr.;
Fahnestock's attitude could not be confirmed
terviews with each member OF the committee
who Is in town. tho only two who havo ad-
Nh Nm oa n the subject are
follows IN reply to MIR. Fahnestook's demand
that the form OF tho advertisement be changed:
to me last I night t." On t retiecton You viii no
doubt perceive the propriety Of addressing
yourself to the committee IL you desire to have
letter to the committee at its next meeting.
which Will probably take place on Monday or
The following is an extract from Mr.. Tod's
letter in reply to one received by him from Mr..
Fahnestock Yesterday It was written from
Know and cannot Imagine upon what grounds
the term large amount was employed. de-
sire to inform myself concerning the matter
seeming criticism o. or hostility to. the com.
mittee or Its secretary
cannot doubt that tho use Of the words
was inadvertent or in good faith. and. in any
case, strongly deprecate, any action except
ready been sufficiently embarrassed by a pre-
preston that the committee lack harmony t
As to the legality Of the extension OF tho
time within which Richmond Terminal secu-
rites may be deposited under the plan. 2 mem
plan provided that the signatures OF the mem
beers OF the committee to any proposed action
OF the extension six OF the seven members Of
the committee signed the necessary docu-
ments.