Richmond dispatch. [volume] (Richmond, Va.) 1884-1903, 1892-04-19
RICHMOND TERMINAL.
Statement from Secretary Ellis with he
spect to Underlying Securities"

spect to Underlying Securities"
(By telegraph TO the Dispstch.l
NEW YORK, April 1s.--The following was made
public this afternoon: "In the matter Of point
raised by NJ. II. G. Fahnestock, OF the hicnmond
Terminal reorganization committee, that the
last formal announcement Of the committee 10
misleading ss TO the amount OF underlying seen.
rities deposited under the plan With the Centlai
Trust Company, Nr. George 8. Ellis, who u the
secretary of the Richmond Terminai company,
says IL was impossible at the close OF BUSINESS
on Thursday to count ell the securluee, ano inc
efforts Of the Central Trust Company were De
voted slrnoet exclusively TO the work OF counting
and arranging the Richmond Terminal secuii-
tics The frst thing 10 be done was 70 get 10
that class OF securities The uncountea under
lying securities made q formioaoae pno on VIC
desks Of the Trust Company. ana appeared W
every ono who saw them that thero must De
large amount OF them.
ain addition the Trust Company had received
written assurances from responsip'e persons,
that they would deposit underlying securities OF
upwards Of sl,000,000, which were 10
transit. Accordingly the advertisement was
prepared, stating that very large smount nad
been deposited At the instance OF Mr' fanne-
stock the word very was stricken out, and the
advertisement 30 amended was approved Dy
the signatures Of Mr.. fahnestock and every
other member OF the committee except Colonel
Payne, VINO Is on his way 70 Europe.
10 the Trust Company asking II to give HIM sey.
orally the amounts OF the higher grade bonds of
the East Tennessee, Richmond ana Danville'
and Virginia Midland issues which ned peen oe-
posted. His request was complied with, but
the reports did not OF course cover all the under
lying securities deposited nor those pledged 70
DO deposited, relating merely TO those especaiiy
asked for. OWING 70 the holiday season, nyiap
sence and that Of several members OF the COM
mittee, 1t was fmpracticable 70 hold a meeting
to consider Mr.. Fahnestocks objection, but one
will bo held tomorrow morning. rof my part
consider the deposit large considering the lac.
that no special EFFORT has yet been made by the
committee to bring In at this stage OF the re-
organization lany but the Terminal securities
themselves
A published statement that some other MEM
Der VI the committee had endorsed Mr.. fahhe-
stocks attitude could not be connrmed Today
Mr. FAHsEsrocK ENDORSED.
NEW YORK, April 1S.-The Richmond Termi-
nal scheme occupied good deal OF attention In
Wall street to-day, as a result Of the statement
by Mr.. Tappen and Mr.. Fahnes.ock, which was
sent In these dispatches on Saturday. Ihe Post
says Is was said to-day by interests which have
been prominent In the reorganization plan that
the resignation OF those two members OF the
committee would be requested, but To-
day IL became known that another
member OF the committee had written
10 Mr. Fahnestock endorsing the action
taken by him on saturday. This would make
any changes now almost impossible. Mr..
Fahnestock said: "The work OF the reoreaniza-
ton committee has apparently been assumed by
1r Bulge and MIR. Ellis, and they do not seem
TO have cared for our advice or assistance.
Changes In the various advertising notices have
been made so often without consulting the
rest Of the committee that we thought II
time to assert our rights, and on that acoun!
Thursdays advertisement was referred to by
the committee with the amount OF deposits left
blank, and the deposits OF the day OF underlying
securities were referred to as very large. !
at.A a hQV a m
the committed, but first insisted that the word
very should be eliminated. l wanted the
figures OF the underlying securities given with
the same frankness that the figures OF the Ter
minal securities were Treated with, ana on fri-
day insisted that the Central Trust Company
should furnish the figures OF the deposits oil
Virginia Midland, Danyille, and East Tennessee
bonas."
"When Obtained the figures / wrote TO Mr..
Bulge insisting on the advertisement being
changed but did not get any response. The plan
still exists, but as far ns the syndicate is con-
cerned IL mus. DO remembered tnat u was
formed to take up hrst mortgage bond, and 90
far the committee have nothing 10 base nrs'
mortgage bond upon"
STILL ANOTHER PLAN.
Mr. Fahnestock would not say whether he In
tended to resign from the committee or not.
From other sources very prominent In the his.
tory and the past and present management oi
the company il Is learned that another plan has
been prepared providing for the cutting on Of
three years coupons ON the Richmond Terminal
SIS and 6s and the concession of three years divi-
dends py the holders Of the preferred stock, and
the placing OF an assessment OF 10 per cent on the
present Richmond Terminal common stock IL
also provides for the cutting down OF interest
charges on those branches which do not
now earn their interest. The parties back
OF this plan say they expect that after the
would be in solid financial position,
and would thereafter have no trouble in
meeting Its interest and dividend payments.
1t is expected by the same parties that Cham
cellor Gibson will order that eome other party be
substituted for w. G. Oakman, as president OF
the East Tennessee road.
Mr.. Olcott. chairman OF the reorganization
committee, 10 detained at his home In New DER
sey by sickness and Is not expected to be able TO
attend to business for some weeks.