New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1892-08-07
ABOUT RICHMOND TERMINAL
AN APPEAL TO The SIoOhho
ARGUMENTS IN FAVOR OF sAVlN' luz
PROPERTY.


on August l. ,,..,. and West Point
To the stockholders Of the Richmond ana "e''
Terminal Railway and Maen nv meeting Of the stock
hoders NJ yonr company held in the cl'y re-
the lrSt day oil August love- wv
Prom" "n amd concerted action your par. Il r%na
TO prevent dlsintegmtion Oh nnnany dcfaulted
sy stem August your sU rsn collateral trust
the Interest then due on It's per nude for the pay
bonds, and provision ms U,e cent collateral trust
hnnH, monrnc on september l. At the latter , Sase
ne dept 81 your xreed M Unless this naeD,
einess paid or funded under some pan Vi he tocks
uo y1nL pand snd panve Railroad Company; me
East tennessee Virginia and Gs9rsaa Eampany. viii
pany and the Georgia Central eomtie in these prop
be- sold under foreclosure your eq nwn Stock will be-
critics will be destroyed and your own no prevented
come worthless These results can r "p,S rt for self pro-
by prompt and united action on your p''' i''
lection R ,,r .omnanv shows that
~ Novn nof TO- 1871 It had no floating debt but on
Tho contrary had In its treasury S2lo 1854 Y" IN ''s
and securities not pleageeco oI any and Of the market
value Of three mill III dollars dhn ,rasd com.
shows that the gross esTng' U 1soi exceeded
pa pr zoo 600 and ihnt the net earnings exceeded 81
100000 81 800 gross ana 81 nrs p system
earned per cent on valuation Of $4,000 per nnn
while tho market price Of all the efmns Companys
stock is only about s2l coo per mile AMOUNT
OF " 900 per mile on 800 MIN sny additional pros
peetye value which there may be In tns nystect
Is the Interest which you are chiled npo ~ rprun.i
The effort to create the impression tlat tlio io mS
comnopy IL responsible for the embarrassment ana
complications under which the Ricnmono ana and hc
tbe FAT Trnnessec Virginia and Georgia, anu to
Georgia Central companies labor Is
The fact that the Terminal Company IS nave hem
nv tie difficulties into which these roans nay 80 ~
oiupsed and its treasury has boon stripped bare 10
Kid the Richmond and Danvile Railroad. =,
Tho last annual meeting OF tho sWfhnVtueneL VI
,onr COMPANY was held on the 9Th day Of Deeemper,
ISL Immediately after the report above fe,erisp d.
rector, was elected with the express undeistandlins
ard agreement NAT they would toOpcrstTg "'I Com
nosed OF Me,ss Norton. shannon. Shin, olcott, far
child aud Fitzgerald who had con se,en on 10 81
fully investigate into and examine the eodtlon VI
your properties and to aid Your committee IN PCT per
cng the bsSt plan for the pSned 10 opste
S!n tive cG and their Of your com
stituent companies over the protest of your com,
mittce. The Norton committee was thus dri'eh from
ton formed which Mr. ole9tt vas 70 cha n
The plan OF reorganization adyoa.ed os t this com
mlttee was not RECEIVED with approval ana t"is oo''
The grs Of the P an rsSnss from fifty
promnent banking houses and representative n0uer 5
Of the securities OF your comp1TT Sr sa COMPANY to
examine the properties and the whole situation MIN
the view Of pep9s R Raq on compiled
with They made a most careful eNaillliauD, nv,
only Of the financial condition OF your con-
the constituent companies put Of rne reo,estsd
dillon OF the properties They were uiso red ,i "a
to make this examination ana leho lneH Pv"0.h o."
I'm the reorganization Of your company Dy tn H SU
called advisory committee, Of which william L. sHrH G
chairman and aovs,o t cS%paay we're conducting
their investigation the Richmond and Dsnvile ana
Et ssDs yG II S1a By 'G hs eo Hpo
the application or with the approval OF those In con
uoI sor sIne his all the quick assets OF your com
pany were loaned to the Richmond ana Danvil s Go
ny ard yet your M. #, '% yesprd@nt in
favr Of Frederick ". IIuideboper ana RuDen f9,,af'
receivers Of the Richmond and DanvilIe Kar1ad Ion
many for slsI OO6 %. In favor OF William r CNdc
Pls 2o i1S and In favor Of John G. Maben FOR sl5.-
oG ON application Of the parties II whose 1Dr
company ha, been appJin c and o- ~ the Srrnd.
alleged to Justify this actor /, that your, board 81
directors, which has not been calico togeer I'D mo"'''
had practically abandoned It's trust: $500, ,
it thus appears that While the Rchm.nd and Dan Dan
many in a very large sum upon loans OF your assets
10 that company o9e OF your oc t e conpany IN
S Srres Nth fiji assets which sho%Id Be in your treasury
amounting to nbout S3,OOO,Do mari~t value' yo h
company stands confessed bankrupt IN favor o "le
party Who Is IN p3ss'", @, 1hcsi pr asS Morgan
Co. addressed TO certain security holders OF your your
company letter dated on tina! DAY IN w ,he a s"
~ the Richmond and West Point Terminal Railway
and Warehouse Company and Ito allied eo,pora tY q,
ali concerned one that shodld be prepared TO under
take. and one which, IN our opn,n ~9 hnt bst thew
property on sound financial basis onI NM NIX INK
Were Obliged reluctantly to decline TO S wSoss ' i'm
'ad reorganization because Mr ~ w. r bS and
Danvlo Railroad Company. and who now assume, , =
dominant position In The maIageihent ot sne ,hm his
support But led them 10 doubt his Loyalty TO any
reorganization plan whatever s..nousn h r, ndert.ke
your committee Sieheu ''e rrq'''' ~ "' ~
the same -. n. =, . rec.v.-
Each Of the rproah systems IN which Your company
Is a storkholder. il now In the hands OF rHaNT'
Important decisions deyinE your ghS TO S xqe Sr
have moi met in months. Every attempt TO reorgah-
lie properties hss been tnw"rtsa' nvdr Ra
road Company Of which Mr. clyde Is now i1 control.
lie decnncs to pn aSsS me p'e Interests Of all
concrrnod NY reorganization upon an equitable bass,
and one Q; yogr own officer has Tonss.ed lS'se your
company In th- hands Of receiver.
view OF tM, condition Of ass u seen, sce a 20 as
on your part save your stock non DESTRUCTION.
We believe that n You unite and net ySorouSy y9n u
can save your property. We respectfully make me
following recommendations;
l. That YOU immediately cali general meeting OF
stockholders the prncp" onic" OF yonr company ~
Richmond Va. TO consider the condition IN when
your company Is PLACED an" ma, TO ceodens. and who
viii see that Your interests are properly represented
In the vitality Important litigation, now pending ,h1er
the Virginia Inv such meeting can be called by
holders OF one tenth OF the stock OF your company on
'"'s' That prompt steps be- taken to secure the sp
pontmrnt OF permanent receivers. who VIII BE- inde
pendent Of all clgaes ma factions and who VIII rep
3. That united action 4 all security holders be
tnknn 10 remove the Obstacles now In IN" way Of II
Comprehensive and equitable plan Of reorganization
4 That 3 committee b. appointed To receive Slc
prxrs Of the stockholders for the purpose OF repre-
Ientng them nj such meeting and elrctlng Board Of
Directors who will ont the policy herein stated
All holders of stock and securities Of the Richmond
and west point Terminal Railway and Warehouse
COMPANY and its constituent companies who are In
sympathy with the objects above set forth. are re-
nucstnd TO communicate with the committee. at the
once OF Tracy Poadman & Plat, Mills Building. %
Wall ST.. Nw-Yorb city.
pa ed Ncw-Iork, Aug. A. 1sso.
THOMPSON DEAN
ALERT u. BOARDMAN,
CHARLES u. HUNTINGTON,
Committee.
u.I,SlI,p > ArENEQ