New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1892-05-18
RICHMOND TERMINALS NEEDS.
PLANS TO KEEP THE SYSTEM TOGETHER
STOCKHOLDERS WILL DE- CALLED UPON TO CON
TKBUTE CASH.

STOCKHOLDERS WILL De CALLED UPON TO CON
TRIBUTE CASH.
II will doubtless be some days before any definite
programme with respect to Richmond Terminal M
fairs can be prepared for consideration by the security
and stock holders W. F.. strong chairman OF the
committee which appointed at the meeting on
Monday TO cooperate with the Olcott reorganization
committee I'm devising new schem". went OUT Oh
town Yesterday. General Samuel Thomas ana W. L.
CLYDE the other members Of the security holders com
mittec were busily at work and some general re'Th
mendaons may be ready for the consideration OF the
meeting OF security holders today There were many
conferences Of the different interests with view To
determining whether untci action could be secured
any plan for the future
II Is universally admitted that the Terminal STOCK
holders will BE- called upon 10 contrbnt" cash TO
meet necessary payments In order To keep the sys-
tenn together some persons Interested In the system
thought that a. n share would be slfhcient' u
co,,endcd that under the Terminal charter no assess
,nent may be- imposed and probably an attempt VIII
be made - voluntary contributions h"t' Oh
the other hand It Is not impossible that In case o.
backwnrdncss on the part Of the stockholders tho
question might BE- pressed rs to whether the St"A
UNA rrllv paid up or In other words, whether any OF
n had been Issued without sufficient consideration
II the latter were proved TO BE- the case the STOCK
holder, could be held liable, II Is asserted, FOR the
nill deficiency Of debts LEFT by any foreclosure pr"
cecdings.
General Thomas sah yesterday that the East Ten
nessee virginia and Georgia would not be dealt Win at
all I'm nny new plan That system did not ne'd
rcorganlsatIon but the Richmond Terminal ana the
Richmond and Denvlllc required reorganization ten
ersl Thomas Thought that or per cent asscssmch,
wonld bs needed.
A representative OF the First National Bank inter
ests IN Richmond Terminal said There have been
two good results from the work OF the k'hmohd
rrin al fee so although they nave DG'l
r.nched by a rather prodignl waste OF time one Is
that Richmond Terminal securities have been lolsu
where thcy can bc easily reached when wanted. The
second Is that strong people hive been led 10 "
close study Of the Richmond Terminal properties ana
stand ready now 10 formulate reasonable ana buSi-
nos IKE Dian 10 present To all the curiy-hOdcn
The main point TO be considered Is that II Is the
Richmond Terminal that needs recognizing, ana not
the underlying securities
There Is some go sip In the street rs to VINO VIII
reimburse the Central Trust Company for the eX-
pcndttnres made by tho Olcott reorganization com
mittcc In enleavong bring the old plan to sue
| cessfuI issre. The principal item US known Is fo7
advertising and printing II IS probable that IN case
A new scheme Is agreed upon with prospect Of success
there will be- no oticctcn TO the new committee NJ
sumng all proper expenses OF me Ola one a. much
york has been DONE though the old plan has
been failure which will expense ana trouble
on the part Of new committee. 80
Is suggested that any new plan VIII probably be
launched under rhc auspices 81 DrcN"l, Morgan Il Co
Al the OF tInt fra II was said that no propo
sItior had reached the house. II Is doubtless too
early I'm the present negotiations for step of the
sort to be taken.