The morning news. [volume] (Savannah, Ga.) 1887-1900, 1892-05-18
TERMINAESLAST CHANCE
CEN. THOMAS NOW TO TRY TO
SAVE THE SYSTEM.

reorganization to Be Attempted Only
IN the Case of the Terminal Company
proper and the Richmond and Dan
vnle-The General Says the Central
and East Tennessee Will Be Operated
separately.
NEW YoRK. May 1.-THE Olcutt cons
rnittee had hardly more than acknowledged
the failure of its plan yesterday afternoon,
before meeting Of Terminal stockholders
was held at the Office of Work, Strong &
70. 10 devise new plan In lieu Of the one
abandoned one. Strong financiers and
large hol ders Of Terminal securities were
nresent in person and by proxy. A COM
mittee, consisting of Gen. Sam Thomas,
W E. Strong and w. P. Clyde, was
APPOINTED to prepare a new plan for the
accomplishment Of what the O.cott COM
mittee failed so signally to achieve. This is
as far as the new work has gone, but in its
very inception it promises good results.
THOMAS AT THE HELM.
Gen. Thomas has thrown himself into 1t
heart and soul, and his two associates,
Messrs. Strong and Clyde, are worthy
allies with him in the difficult task they
have in hand. Gen. Thomas said to-day
that his committee would get to work at
once, and he hoped that within a few days
thew would be ready to submit to the
Terminal stockholders and the general
publio plan 80 simple in its character and
so equitable in its provisions that it would
not fail to commend itself TO ali concerned,
and therefore be assured Of success.
REORGANIZATION DECLARED EASY.
cd hoA oil
. opinion that the difficulties of an intelli-
'eat reorganization were greatly exagger-
atcd. lie claims that there is no necessity
for disturbing the present corporate status
of either the East Tennessee or Georgia
Central, the only necessary reorganization
being Of the Richmond and Danville and
the Richmond Terminal itself. The new
plan will doubtless be on this line. Such q
programme will make the cash require
menls Of the reorganization very much
less and in every other respect simplify the
problem greatly. 1t will do away with the
complicated task of adjusting the relative
value of the various underlying securities
satisfactorily TO their owGers which was the
rock on which the Olcott plan was wrecked.
NO ATTEMPT TO CONSOLIDATE.
Under this new line OF procedure the
actual consolidation Of the Danville, the
East Tennessee and the Georgia Central as
heretofore attempted will be abandoned,
and the three great systems will be run sep
Rrately and Independently. John H. Inman
is said to be in sympathy with the new de-
velopments and to have promised his hearty
cooperation and financial support. Gen.
Thomas is quoted as saying that a small
assessment of IS or SO per share on
Terminal stock may now be necessary, but
even that would not have been required if
the proper policy had been pursued some
months ago. M. j. V.
INMAN DECLINES THE PRESIDENCY.
By the associated Press.
NEW YORK, May IA long conference
of parties identified with the Richmond
Terminal system was held to-day in Presi-
several propositions were made in connec-
ton with the new steps for reorganization,
but no information in regard to these
propositions was given out. Gen. Thomas
said before the conference began that he
could arrange the reorganization with an
assessment of or 6per cent. on the preferred
stock. The new plan would involve the
reorganization of both the Danville and
Terminal companies, as he considers
them identical, but the East Tennessee
would go along as it is without being con-
ceTned in the affairs OF the other compe-
MES John II. 1nmau was asked by the
banking interests if he would accept the
presidency OF the Terminal company, but
ne gave positive refusal to the request.
he Will, however, re-enter the Terminal
directory, and in few days it is expected
that Gen. Thomas will resume the office of
president of the East Tennessee company.