The sun. [volume] (New York [N.Y.]) 1833-1916, 1892-05-03
ANOTHER SENSATION IN R. I.
HDSTDENT OAKMAN REGRLTs THE
PUBLICATION ON hrs LE77ER.

PUBLICATION on Hrs LEVER.
II Seems 10 Have Served the Rurrose Of the
organization Committ<e-progress Up.
der the Plan OF REORGANIZATION.
The publication on Sunday OF q letter written
BY President Oakman Of the Richmond Ter.
nnal and allied companies tc the committed
chat has undertaken to reorganze the Ter
rinal system caused something OF a sensa.
don In Wall street yesterday. It's first visible
effect was upon tho holders OF the securities.
for tho picture that Mr.. Oakmnn presented OF
the financial condition Of the Terminal system
was not pleasant ono. The market for all
ottho Terminal securities was depressed, but
tho effect was not 30 marked upon the under
lying securities. as they are rarely dealt in.
The lottcr appeared to have some effect upon
the holders of these last. for 1t was stated at
Tho Central Trust Company that the deposits
OF underlying securities were moro liberal
thnn they have been. The holders OF them
kave now begun to assent to the plan about as
rapidly rs the holders OF Terminal securities
did week before the FIRST limit OF time for de.
posting them expired.
The second and most interesting effect OF
President Oakman's letter was tho publication
OF second communication from him. ad-
dressed to Mr.. J. Kennedy Tod. the acting
Chairman OF the committee. Mr. Oakman
wrote as follows:
~ bog to express my surprise at. and to
protest against. tho publication OF my letter Of
April 20. which letter was intended as conf
DENTAL comm. dnication to the Reorganization
committed 1t omitted explanations Of facts
known 10 the committee. but which should
haVe accompanied any public statement and
IN the Essence OF that explanation great in
Jury TO the companies and to tho interest Of
the security holders may result"
The street regarded this Communication
with quito as much interest as it did the open
dtssension OF Mcssrs. Fahnestock and Tnrpcn
from an action OF the committee OF which they
hnlt Of the committee It was said TINT Presi-
gent QaEmans letter was not marked conf:
nss MaS + sSnsafed
from him Of the financial condition Of the Ter
MInnl md allied companies. containing in
FORMATION that tho committee considered tho
security holders were entitled to. and. as tho
SSnmmitt,e nowrepresents 80 per cent. of the
10 rsSnss IN its duties Il It did not i'm press press
upn them then ths eSsct stuatoP e ass
rSany said that ut the moment the corporation
dcpre ,s calling the attention q creditors
Alter tho close Of business the Reorganiza-
esdeG 'Rat ssn depoas q Il
securities under the plan would BIO received
81 tnsasss sset IN Sasa IT,
~ Of com mn, stock, So 100000 Of preferred
t ss ns & Rs yer i sHs f ps4 ssn
5ass 5o0 S6 n cin aGis g.
"A feature, Of tile trading in Terminal sscuri-
dos yesterday was u Difference of about per
mud the reorganization reeess Tor the the same.
. the bonds selling at the higher price. The
explanation WAS that Il short interest existed
a. "a
the calling in OF the bonds bv those who owned
them in order todeposit them under the plan
that the penalty noted above would be en-
iper cent. higher than the bonds. " away
hat Il @na eoet the
glue May on such Of the UNDERLYING bonds as
money he
be stamped with memorandum Of the trans
Ectton. 1t appears from inquiries made Of the
Trust Company BY mil and otherwise. that
tho holders Of certain OF the underlying securl-
III they could collect the interest duo on them
Wall street is beginning to realize the extra
Eanaa Io p0s H. Ss has te nsSr
undss Of 81 he
alton agreement the committee is authorised
control gives it in turn virtual control Of the
underlying securities deposited as collateral
for tho Terminal preferred stock and the trust
to cancel the securities ultimately. but they
ete alive now: and will remain alive for the
purposes OF the reorganization and until the
I done away with the necessity for their exist
ence. These securities foot uE II very large
amount. SO large in fact that there are only
about $lll OO0O0O OF underlying securities
which the committee needs to reach II fifty
live millions 81 those issues are deposited the
lying securities called for under the plan OF
reconciliation. TIL. committee will make no
Ing securities deposited until tho time for do
poelting them expires on Friday.
member Of the Reorganization Committee
said yesterday: The point for bondholders to
whether one, or another class Of bonds has
been treated ineIuitably. 1t is case Of
whether bnndholders will deposit under this
plan or will face the dangers and difficulties
eratc .epdeavors to reorganiZe. for 1t must
comet come I" that In tho end If this plan is unsuc-
Pittsburgh and Western Annual Meeting.
PITTSBURGH May 2.-At the annual meeting
OF the stockholders OF the Pittsburgh and
Western Railway Company in Allegheny to-
day tho following wore elected: President.
Harry W. Oliver: Directors. Gen. Orland Smith.
Thomas NJ King. John w. Chalfant. W. H.
Singer. Sol Humphreys. A. NJ Byers. Samuel
Spence. G.; L. Fitzhugh: General Manager. J.
T. Odell: Treasurer. ". II. Dufrell; Auditor. J.
den hk Il bC1m Tne p5es
the company would hereafter end June 30:
that the detaedlreport would be mado In July
next f9r the fifteen months ending june 30: