Richmond dispatch. [volume] (Richmond, Va.) 1884-1903, 1892-06-29
RICHMOND TERMINAL
DRExst, MORGAN & co. DECLINE TO
REORGANlze The COMPANY.
Their Eeasons I'm Fuii-Action n. Baiti-
more and In Augusta. Ga. of In
terest Touching Terminal.


Ngw YORK, June 2S.-Messrs. Drcxe'. Morgan
IL Go. have sent tho following letter 70 W. T.
Strong, chairman Of tho Richmond Terminal
Stockholders Committee
". +. Strong. Chairman:
Dear sir,-Referring 10 our previous corrc-
spondence regarding The affairs of tho Richmond
Terminal lsystem.we beg 20 say that we have made
acareful investigation Of the cfIars Of the Rich
mond Terminal system. and We have reached
the conclusion that a reorganization is Feasible
on mo basis of equity 10 oil concerned ono that
We should be prepared % undertake and one
which, In our opinion, would place your properly
on sound financial basis. Tho com pncations
ana difficulties which must be mot in tlis cone
nec.ion. however, make 1t necessary, We mood
scarceiy add, that we should. as yonr rrpresenta-
tive, and as FAR as possible, BE- protected against
any single Interest which might, for personal "
Othcr Reasons. desire to thgart the successful
carrying OUT OF such reorganization.
with this IN MUD We deemed IL essential
before any action on our part was taken pnat
majority OF each class % stock and bonds Oi the
Richmond and West Point Terminal Railway
ana warehouse Company should be deposited
with us Tor the purpose ~ reorganization, ami
ihat All litigation should be pat under our con-
troll and persons OF our selection be substituted
for the receivers now IN possession Of the pro-
pertics.
Therefore, upon learning of disappointment
Of receivers FOR the Richmond and panYle pro
Mr. W. Z. clyde 10 know wh9ther. In case We un-
dertOok reorganization. the suit unier his cun-
trOl would b. Transferred TO Us and the present
receivers resign IN favor OF Mr. spencer, s'atug
10 him that. in our opinion, such "A course vas
essential He declined 20 give us any such as
surance, ami our conversation Win him leads Is
O doubt his loyalty 10 any reorganization plan
whatever. altheucn he, a. one of your commit
tee. signed the request 20 us 70 unicftake the
same.
"As, in our opinion. II Is essential 20 tho sue
cess OF any plan that during rcorsanizati0n the
properties involved should be under our control,
a already mentioned. aud ~ the position taken
by Nr. Clyde makes this impossible, We arc
obliged. reluctantly. q schne the invitation to
undertake a reorganization. Thanking y0u for
your confidence, We remain, dear sir. yours very
.rIly. nREXFf. MORGAN & CO."
Similar leffers have been @cuf to Messrs. * kes3-
Icy y CO.. spencer, Track E Co., John blOois00i
a Co., Charles Head & Co.. ana other.
Nhe Commlttec OF Fiiteen.
Tho Committee Of Fifteen mot this afternoon
In the Oilice of Work. Sirong il CO., bat ai-
i0nrncd until June 1ih without action. Aft"r
the adjournment 10 was stutei That the letter Of
DreXel. Morgan & 60. hal been discussed, but
that tic committee made 70 expression ~ 20 Itl
views. Members ~ the committee still think
DrcAcl Morgan N c.. viii undertake the work
% reorgan'Nng the property. the finn only de-
sire 10 have control Of Che litigation and - be-
ioinei as parties % the suits already pending.
and IS IS Thought pressure VIII te brought io
bear before tho next meeting o. have this salts
iaclorl y arranged.