The morning news. [volume] (Savannah, Ga.) 1887-1900, 1892-10-12
TIE $4,000 SHARES AGAIN.
They Bob Up In Connection With q
Suit by Mr. Clyde.

| they Bob I'D In Connection With a
Suit by Mr.. Clyde.
L. II. Taylor & Co. Of Philadelphia pre-
sent an interesting review OF the situation
in Richmond Terminal affairs, and inciden =
! ally Of most OF the Georgia Central in the
Journal Of Finance Of New rk Of Monday
Some interesting points are made in their
analysis OF the situation. The following
extracts are from It: "The Richmond
Terminal Company 10 composed of owner
ship OF vast amounts Of stocks and bonds
OF the Richmond and Danville, East
Tennessee and Georgia Central roads
Various plans OF reorganization have been
brought out and failed, mainly because
there were various interests seeking to con-
troll the Richmond Terminal, Richmond and
Daaville and Georgia Central systems; one
or more factions fighting for each road
Talk of disiutegration of the various sys-
tens has aided insiders in buying securities
at low prices. The situation is now clearer.
Mr.. Clyde and friends have undisputed con-
troll OF Richmond Terminal and Richmond
and Danville; the Hollins syndicate has Sc
cured Georgia Central and the Thomas
crowd apparently hold East Tennessee.
Mr.. Clyde has shown great energy, Sc
curing receivers for Richmond and Dan
vile and Richmond Terminal, extending
Richmond and Dauville's floating debt of
81, 5OO.UO0 for two years, thereby insuring
the safety OF over 50 100000 of collateral
pledged for said floating debt; has made
proper defaults fn interest in the case OF
non-interest earning roads IN the Rich
mond and Dauville system; has received
permission from the court to bring suit to
recover 100000 and interest, being the
amount of cash paid by the Richmond Ter
Inlnal for 10000 shares of Georgia Central
stock. The Richmond Terminal was de-
ciared by the Georgia courts incapable of
holding this Georgia Central stock, be-
sides fraud and collision in the sale to
the Richmond Terminal was charged. At
torney Henry Crawford says the amount
can be recovered. Mr.. Clyde having won
full control of the Richmond Terminal and
Richmond and Dauville, says the suit res
ferred TO will be pressed with diligence. The
result has been minors of compromise.
ut Is rumored that the Hollins crowd
will turn In Richmond Terminal 5s at par
for Georgia Central at par the latter being
now deposited under the trust agreement az
part security for the Richmond Terminal
collateral 5s). In a nutshell, it can be put
thus: Hoilins, etc. are sued for 81, 000, 600
cash and interest. say 81, 500, 900 cash. II
Hollins turns in Sc, 500, 900 Richmond Ter
minal 5s bought at an average Of 60 per
cent. the cash cost of the IS turned in
would be So 100000. For this cash out
lay $4,000 Georgia Central stock would be
delivered, the Hollius crowd thus receiving
at 500 per share stock they had sold TO the
Richmond Terminal company at $3.50. If
SO SOC, 600 Richmond Terminal IS are turned
In there will remain sufficient security to
realize par for the remaining Richmond
Terminal IS. If the compromise is not
made the Richmond Terminal 5s can divide
this Georgia Central stock among them
selves"
Receiver Corners attention was called to
this review yesterday. He said he had no
knowledge OF Richmond Terminal affairs
and was not prepared to express an
opinion with regard to the statements
made.
Mr.. Conner was asked for the details of the
reorganization plan which Speyer & Co.,
assisted by other prominent flnanciers,
were engaged upon, but which was dropped
when the Rollins committee undertook to
take care of the Centrals Indebtedness.
The plan. Mr.. Conner said. was never sub
united to him and be did not think it had
ever been completed and consequently be
was unable to give any Of the details.