Pittsburg dispatch. [volume] (Pittsburg [Pa.]) 1880-1923, 1892-08-10
THE BUSINESS WORLD.
Too Many Committees and Conflict
ing Interests Is What Ais
RICHMOND TERMINAL MATTERS.
Over 0ne-Half of South Carolina Trackage
in Hands Of Receivers
FIRES, FAILURES AND RAILWAY NEWS

NEW YORK. Aug. a-The directors of
the Richmond Terminal and the Richmond
and Danville will meet to-morrow and try
to get some order ont of the chaos into
which matters have drifted. Every day
sees rising tide of opposition to the multi
plying of committees that make suggestions
and 60 no further through want Of power,
push or personal interest. Yesterday ohm
Bloodgood issued call for holders Of the 8
per cent Richmond Terminal bonds to re-
port at his Office for concerted action. He
says of the situatlon of their bonds:
The default Of the per cont collateral
trust bonds on the 1st of August demon
strates that there will also be default in
the interest on the per cent collateral
trust bonds maturing September The un-
pledged assets of the Terminal Company,
now loaned to the Richmond and Danville
Railroad Company, should be in the treas
ury of the former company, and II there
would add greatly to the value of the 8 per
is estimated in the neighborhood Of "a, ,00a-
600, or about 40 per cent on the per cent
bonds now outstanding. II the per cent
bondhoiders do not act vigorously to pro
tect themselves the securities deposited in
the Central Trust Company to secure their
bonds might be sold at auction under fore
closure of the mortgage ct groat sacrifice.
In such an event the loss to the per cent
great.
The securities loaned to the Richmond
and Danville and hypothecated BY the COM
pany might also be sold, and the 8 per cent
bondholders realize very little on forced
sale.
1t is not likely that the Clyde-Maben-
Strong committee may be pushed aside be-
L IL T. T-4
large holder of Richmond Terminal stock
and bonds was asked what he thought of the
company's situation and the prospect OF
successful reorganization. He said:
There are too many committees. I am told
there are more than dozen. The men
who dominate these committees have con-
f1ictiny interests Some have interests that
directly conflict with the best interests of
the roads which make up the Richmond
Terminal system. So long as this condition
continues there can be no reorganization
that will place tho property on sound
It is a boast Of one man, who owns line
of steamers running in direct competition
to the Richmond and Danville Railroad,
that he intends to reorganize the Richmond
Terminal Company, and he has succeeded
In estranging some OF the most powerful
financial men in this country and Europe
who were inclined to take up the business
with reasonable hope of success. Moan
while the unfortunate security-holders, like
Micawber, are waiting for something to
turn up, while almost daily new committees
are announced.
What would you think of proposition
from the owners Of the Great Northern Rail-
road to reorganize the Northern Pacific in
the event of q default on the bonds O; the
latter company? Well, it would be about rs
sensible and business-like as placing the
Richmond Terminal in the hands Of rival
steamboat owner The terminal is suffering
from three very bad disorders, viz; Too
much fnanciering in the past, too much
Wall street and too many reorganized plans
hands OF men who are bona f1de owners Of
its securities and who have no other inter-
ests to serve, disaster must inevitably fol-
low,