The morning news., 1892-03-18
TERMINAL DIDN'T BOOM.
INSIDERS PROFESS INDIFFERENCE
ABOUT TIE MATTER.

Changes in the Management Coming
10 Pass With Great Rapidity.
NEW YORK. March 17.-Wan street stood
on tip toe this morning anxious to see the
first effects of the Olcott committees plan
on Richmond Terminal securities. All
who expected a wild hurrah and a bound
ing advance were doomed to disappoint-
ment. Room traders hoped to ride on a
rising wave in values and catch quick
profits, but no such chance was given them.
Terminal opened at 16, but did not hold at
that price more than a minute. and declined
almost steadily from the opening to the close
of the market. The last sale was the lowest
OF the day. being Az. All this at frat
blush would indicate that the Olcott plan
had fallen perfectly fiat.
A CONTRARY VIEW.
Some of the wisest men in Wall street,
however, insist upon contrary Wow.
They say that the course Of to-day's market
was emphatically healthy, and proves n
clusiyely that those in control of the re-
organization plan are above stock market
thimble rigging, and were opposed TO hav-
ing the publication Of their plan hailed on
the stock exchange with anything like a
hired hurrah. One thing is certain, while
the magnitude and difficulties of the reor-
ganizasion problems are greater than have
ever been represented by Wall street, the
men who have it in charge represent the
strongest combination of experience, indu-
ence and capital which the stock exchange
district has ever seen.
CHANGES IN THE MANAGEMENT.
The predicted radical changes In the
management Of the several properties en-
braoed in the original reorganization
scheme are progressing rapidly. Special
meetings of the East Tennessee and Dan
vile directors were held this afternoon.
From the East Tennessee directory George
CappeA, W. L. Bull and John II Inman
resigned, and in their places George s.
Scott, w. S. Clyde aud H. @. Fahnestock
were elected. Mr.. FELTON, resigned as presi-
dent of the East Tennessee. and w. G..
Oakman was chosen his successor. From
the Danville directory James Swami re-
signed, and George s. SCOTT was elected in
his place. All the big changes which have
come about the last few days mean simply
this: An unqualified return to power OF
the old Richmond and Danville crowd, con-
ssting of the First National Bank party,
George s. Scott, w. P. Clyde and their as
sooiates. They are in undisputed con-
troll of the whole situation Tonight, and are
not liable TO lose the mastery of it.
M.J.V.
GREAT INTEREST IN THE SCHEME.
BY the associated Press.
NEW Y DIRK, March I7.-Considerable in
terest was shown In Wall street to-day in
the published plan for the reorganization
and consolidation of the systems controlled
by the Richmond Terminal company. Bank
ing houses applied for copies of the plan at
the Central Trust Company, which acts for
the reorganization committee in receipt
of the securities to be deposited under the
scheme. Many individual holders also
made application, and before the day was
over the trust company had distributed
1000 copies of the pamphlets. The great
number of securities covered by the scheme
renders it necessary for the holders of each
particular issue personally to examine the
plan.
FIGURING OUT THE VALUES.
The Tribune says: "Various sorts of
figuring out of the probable value of the
new securities to be issued were INDUCED in
by brokers' Some of the bears who at
lacked the market upon the announcement
Of the plan, concluded that the
new per cent. consolidated bonds would
be worth 70, and the new 5 per cent.
preferred stock 80 per cent. The bankers
back of the scheme laughed at these figures,
and there was some figuring done which
placed the value of the bonds at IS, the new
preferred stock at As and the new common
stock at 16. These figures represent the
present. value without regard to the future
Development of the business and the econo-
niles resulting from the consolidation.
SALIENT FEATURES.
Salient features of the reorganization
4 plan were presented in brief by one au-
thority as follows:
81 Itreduces the present capitalization of
the same properties S44 100000 While the
common stock OF the new company
Is larger than the Richmond Terminal COM
mon stock, the excess is used to take up
the stocks of separate parts Of the system.
=. The fixed charges are reduced 81, ,814,.
@7, which in itself is equal to a
dividend OF over 2 per cent. on the
new preferred stocks On the basis
ot last years earnings the fiscal charges of
me new company would be exceeded by
N N,084,0J0.
''S The charges and preferred dividends
alead OF the new common stock are many
millions less than the charges and dividends
10" ahead of the Richmond Terminal COM
mon stock
a. The plan will clear off the floating
aebts, car trusts ETC., and leave the new
0mpanY with $10,000,0 900 OF bonds in the
ueasury to be used to acquire new property
n ~ The consent Of the preferred stock
THE NEW COMPANY'S CHA RTER.
The reorganization committee, it is un-
IIfstood. will use the charter Of the Wash
Kon, Ohio and Western Railroad Com
Ny Tor the consolidation Of the Terminal
rolpanles. John H. Inman has offered his
Gegnation as president Of the Washington,
W. O and Western, aud Walter G. Oakmau.
| S new president of the Terminal, will
l-1yeed him. Several changes were made
,I5y III pursuance of the con-
rTIlatlon scheme. Samuel Y.
H'oh resigned the presidency and chair
,ss,ans1ip of the board Of directors to allow
W., election of Mr.. Oakman. Mr.. FELTON,
poa S made vice president Of the East Ten,
wM =, Virginia and Georgia company, an
W cor r.a remain as president Of the subordinate
nv ,,-panles in the system. He will remain
fOauent OF the Cincinnati New Orleans and
sr.a Facidc and Alabama Great South
dsr, ,comPanies. Mr.. FELTON, has been presi-
srs 9t the East Tennessee about two years,
rso r us retirement from that post was a
M vorsSSaary part Of the Olcott plan and in no
|# ~ uimlnlsheS the efficiency Of his services
[# company. TIE following new " directors
s'o-s ''t tennessee were elected: II. G. Fahne.
"a Geo. s. Scott and W. p. Clyde. Gen.
on y. n Mel4nee, who resigned temporarily
II tl,,1. aesday, was reelected. The resigna-
i IT, mat wers made TO provide seats for
~ teo4o" directors are also understood TO be
rfe1ttItafy until IA complete rearrange-
eg,r,1oI the personnel of the board can be
III al. The directors Of the Richmond
u NNa IL H. II .N.N