The morning news. [volume] (Savannah, Ga.) 1887-1900, 1892-05-09
RICHMOND TERMINALS PLANS.
Some Of the Difficulties in the Way of
the ReorgenizInz Scheme.

bAAO HNSOTRbIllA+uS CClSLle
Outside of the suggestive comments
which have been mnde ever since Monday
in connection with the federal proceedings
against the sugar trust, says a New York
letter to the Philadelphia Press. the bro
kers have been talking more excitedly
about the Richmond Terminal scheme aud
It's probable success or failure than about
any other topic
The best informed men on the street say
that powerful as Mr.. Olcott and his
associates are, and as much money as they
nave behind them. they are not going to be
| powerful enough or rich enough to down
| the First National Bank crowd, which has
| come out from behind its masked batteries
| and revealed itself as in opposition TO the
! present scheme. This crowd was smoked
out. so to speak, by Mr.. Olcott through the
publication of Mr.. Oskman's letter, the
rather peculiar circumstances attending
which were explained in this corre-
| spondence some DAYS ago.
IL has been very funny business from
the start, and in any other field than that
! In which fnanciers fight their battles. some
| features OF the skirmish might be regarded
as having the appearance Of treschery.
| when Olcott and MS associates were pre-
pairing their plan for reorganization the
First National Bank people seemed 10 be in
hearty cooperation. They held about
| 81 OOO,OOO worth of some OF the underlying
| securities, had been in control of the Rich
mond and Danville system, and had among
| It's membership half a dozen men who got
wealth at the expense Of the public a few
| years ago through their skill in handling
| certain OF the securities OF this company.
Olcott and his friends were very glad to
| welcome these men to their aid, nor did
they look upon them as Greeks bearing
| gifts, as since the publication Of the Oak
latter hau 10 oV-A
| OF them The First National people most
| cordially promised to subscribe to the syn
| dictate fund and to give every possible aid,
| and they only asked that they should con-
troll absolutely the property. John II. In
man, Gen. Sam Thomas and Mr.. FELTON,, at
considerable personal sacrifice, stepped
down and out from the presidenoies they
variouslY held, and w. u. Oakman was
| was elected to these presidencies in place of
| thein. Oakman was brilliant and able
| servant of the First National crowd.
| Fahnestock, who is also a CONSPICUOUS
| member of that crowd, was made MEM
Der Of the reorganization committee and
| everything looked smooth and lovely.
THE SECRET OPPOSITION.
| So 1t would have been had not secret op-
! position begun to be manifested. This OPP
=, position was not great enough to prevent
| Olcott's committee from getting hold OF
more than 80 per cent. of Richmond Termi-
/ nal securities, and that gave the committee
the whip handle, but the First Nationals
interest was sufficient to enable them to
| hold the lash, SO to speak and 1t Is now ap-
| parent that If these two diverse influences
| continue to pull apart the whole scheme
will go to pieces. 1t is really for the inter-
| est Of neither of them that 1t should
| fail, and so it is quite likely that tomorrow
| it may be announced that there has been
something in the way of compromise. The
| report to-day on the street is that there can
be compromise provided some one who may
be regarded as a representative of Drexel,
| Morgan q 20. is made a member of the
| reorganization committee, aud most of
Wall street men think the suggestion a very
| popular one. Drexel, Morgan g. Co. repre-
| sent a majority of the undertaking securities
and it does seem TO an outsider but fair that
such interests as their are ought to have
| representation.
1t was also reported that a strong effort
| would be made TO place Gen. Thomas upon
the committee, and the feeling this after
| noon has been that if the committee is en-
larged so as to include these two men, or
perhaps two of its present members are
dropped and these men substituted, there
will be no difficulty about coming to salts
factory understanding.
While the scheme is too enormous many
men have thought to succeed the stronger
| fnanciers have been inclined TO think that
| on the contrary 1t Is too enormous to per-
NIT its failure. Everybody wants Rioh~
| mond Terminal reorganized, but the trouble
has been that very powerful and opposing
| interests have been anxious to control the
properties after reorganization has been
| affected.
| MR.. OAKMA Ms RESPONSIBILITIES.
Incidentally, it is interest ting to note, in
view of his rather romantic career, the fact
| that young Oakman is suddenly put, by
these financial maueuvers, into position Of
very great prominence. What his late
father-in-law. If living, would say If he saw
the young man whom he once spoke of with
contempt the associate Of some of the great
est financiers and the head Of vast rail-
way system, can hardly be imagined.
Oakman began some twenty years ago in
| a very humble capacity to learn the railway
business. He was promoted little by little
| and at last was placed in an office where he
| thought his salary was sufficient to support
a wife. Only one thing diverted him from
his business and that was his wooing. He
| fell in love with Bessie Conkling, the
daughter of Roscoe Conkling. and his affec-
| ton was returned. The young woman was
a handsome girl, but of singularly modest
| and retiring disposition to be the daughter
of so imperious and Unfortunately proud a
man as Roscoe Conkling was.
Mr.. Conkling scorned the proposed match.
He did not actually forbid it, but he refused
to take any notice of Oakman or in any way
to recognize the engagement. When the
young couple were married he declined to be
present at the wedding, andwhen some vent
uresone friend OF his, not knowing of Conk-
ling's action, spoke to him OF Oakman and
congratulated him on having so worthy
a son-in-law, Conkling replied in his
lordly manner, "Oakman! l know
| not the man." But if he did not
| know him railway capitalists did, and rap
idly advanced him. President ELEPHANT
said of him. as Commodore Vanderbilt once
said of Jim" Rutter, that he had never
been given q responsibility to which he was
not equal. He became vice president of
the Richmond and Danville, and has also
been, with signal ability, the general man
ager for the Jersey Central, and he is now
looked upon as one of the coming men of
the younger generation of railway mana
gers.
MEDICAL l..