The times. [volume] (Richmond, Va.) 1890-1903, 1892-03-18
BULLS DISAPPOINTED
OYER TERMINAL REORGANIzATTON.
An Anticipated Upward Movement OF Stock
Fails to Materializc-Objects oil
the Reorganizers.

Nzw YORK. March 17.-lSpecial. THE Post
in its financial article this evening says: 1t has
been thought ever since tho Richmond Termi-
nal reorganization was first undertaken that
when the plans were given publication It
would be attended by an active manipulation
of the stock. surprise. therefore, awaited
Wall street this morning when it appeared at
the start that the reorganizers had scarcely
so much as a supporting order in the market
for Richmond Terminal. The price OF
both common and preferred opened
dull and sold of slowly all through
the forenoon, with only feeble rally
IN the preferred later on. The petty profess
sional operators who had been PLAYING their
cards for an immediate rise were naturally
loud in their complaints. but conservative
people will everywhere commend the courage
Of the reorganizers.
If their plan succeeds it ought TO succeed
purely on its merits. The strength which
was lacking in the Richmond Terminal
stocks was artifcially supplied elsewhere in
tie market The bull leaders accepted the
occasion as a proper one for great bidding
up Of the Granger stocks and two or three
Others.
IMPOSSIBLE TO ANALYzE.
ANYTHING like an analysis OF the Richmond
Terminal reorganization plan. or even ex-
haustive comment on its financial merits IS
at present quite impossible. This much may
be said without reserve. that while on the
one hand the complexities and difficulties Of
the problem are such as have probably never
before been presented in the history of corpo-
rations. on the other hand the agents of the
reorganization now represent the strongest
combination OF experience. influence and
capital ever made up on this continent.
BASED ON MARKET VALUES.
Like all great railway reorganizations Of
the last decade, the present plan is based
substantially upon current market values.
The Reading and Atchison reoreanizations
we're both made possible through the appli-
cation Of a simple principle of modern de-
velopment. The shareholder and bondholder
was induced TO surrender his securities, not
through the promises Of an unimpalred cash
revenue, but through the offer of new and
| good securities worth on the market not
far from what the old securities were worth.
saited down with q bonus" Of worthless
nominal securities. which could at least be
sold for something The whole principle IS
founded on the well-known fact that no
security which represents anything is so
worthless as not to bring some actual price on
the Stock Exchange.
10 WHIPPING THE DEVIL
In the present instance the reorganizers
have figured on the new common stock at TO-,
on the new preferred at 40 and on the new 4
/ per colt. bonds at 70. Nor nsed any one 5e
amazed Mt the colossal issue of sll0,00 900
new common stock for the reorganized Rich
mond Terminal. There IS here at least no
whipping the devil around the stump with
that fascinating delusion of modern finance
the income bond. The plan published to-day
meets the issue fairly and INDUCES IN little
or no juggling with terms. It's history will
be studied with unusual interest
INTEREST - TRADING THE RESULT.
lBy United Press.l
Nrw YoRK. March 1.-THE development in
regard to the Richmond Terminal, including
| the publication OF the reorganization plan.
| caused much interest in the trading IN the
Terminal securities in Wall street to-day.
Traders bought the first lots offered and
there was no appearance OF buying from the
new interests. The stock declined on sales
of one thousand shares by i. i. Adams and
| small lots by other brokers.