The morning news., 1892-03-17
WON'T HURT CENTRAL
LEAVING IT OUT OF TEE TER
MINAL REORGANIz ALTON.

MINAL ALTON.
/ Gen. Alexander Thinks Il a Good
Thing, as Il VIII Provide Additional
! Security For the Payment OF the
Guaranteed Dividend-The Amount
OF the CentraPs Bonds-Terminal's
New President.
The announcement Of the Olcott COM
mittee appears this morning after many
weeks waiting. Il includes the Richmond
: and Danville and the East Tennessee, Vir-
/ ginia and Georgia properties and leaves the
Central railroad entirely out Of scheme
The SUN Of the capitalization is $3.50. .000. 600.
AS $500, 900 was to have been the CAPT
tai stock Of the consolidation with the Central
railroad included, and as the total capitalize
tion OF that road is less than $50 ,00o. 900, it
would seem that on the same basis the
| Richmond and Danville and East Tennessee.
Virginia and Georgia securities are to be
exchanged about three for one, par value,
without regard to market value
Gen. Alexander said yesterday that he
knew nothing further concerning the report
Of the Olcott committee than he had seen in
the newspapers He had no information
concerning the plan to be proposed.
GOOD THING FOR THE CENTRAL.
With reference TO the statement that the
Central railroad would not be included in
the reorganization Gen. Alexander said that
il the Richmond Terminal couli strengthen
itself by consolidating its other properties
II was 50 much the better
for the Central. as 1t would have
an additional security for the payment of
per cent, dividend guaranteed on the
Central stock. which were all they we're
interested in. The Centrals being left out
Of the consolidation will not affect its
dividends at ALL In Gen. Alexander's opinion.
In response to an inquiry Gen. Alexander
said the amount Of the Speyer loan is
s3, 100000, secured by S7.400,000 Of con-
solidated mortgage bonds.
The only other indebtedness Of the
Central OF any amount, he said, is loan of
100000 by the New York Mutual Life,
secured by about twice that amount of
Savannah and Western bonds.
Charles Beaman. Esq.. OF Evarts Choates
q Beaman Of New York, will represent
Speyer & Co. at the hearing of the receiver
ship case and Julien T. Davies Of the New
York Mutual Life.
JOHN H. INMAN's SUCCESS.
Walter @. Oakman, who has been elected
to succeed Mr.. Inman as president Of the
Richmond Terminal Company aud the
Richmond and Danville, is an old Richmond
and DRnYille man, and well known by
reputation to the railroad men in Savan-
nah. Gen. Alexander said yesterday that
Mr.. Oakman is railroad man of ability,
having been the executive officer of the
Rit hmond and Danville for several years
holding the position Of first vice president,
only retiring q year ago to accepta
similar position with the Central OF New
Jersey. As an executive, Gen. Alexander
said Mr.. Oakman proved himself man OF
great ability. His place with the Richmond
and DanviIle has never been filled, and to
the lack of his care and Judgment is laid
many small tangles and disagreements In
the interchange Of business with the Rich
nond and Danville. This position-the first
vice president OF the Richmond and Dam
vile, is the one in which 1t was proposed 20
place Pat Calham after the removal of the
headquarters Of the road to Atlanta, but
which, for some reason never explained, was
never given 70 him. Gen. Alexander said
he is satisfied that Mr.. OakmAn will make a
thoroughly satisfactory executive of the
great Danville system.
GOSSIP ABOUT THE CENTRAL.
Comment on the Central railroads situa-
tion still continues, and great anxiety is
manifested among brokers and business
men generally to get on the inside, without
anybody seeming to know just what or
where the inside is.
The fact that among the points which
Judge Speer recommended to the lawyers
for their especial consideration in preparing
their arguments he made no mention OF the
question Of the control of the AZ, 900 shares
of stock complained Of in the bill as held by
the Central Trust Company In New York is
considered significant, and various COM
clusions are being drawn from it. The
control Of this stock is considered by the
lawyers one of the principal points
Of the case. The inference is
being drawn by some that Judge
Speer will not consider this point and that
the AZ. 900 shares of stock will remain un-
molested.
ONE VIEW OF 1T.
"The whole point in the case rests upon the
control Of that AZ, 900 shares of stock 10 New
York." said leading lawyer in discussing
the subject. "If the lease is broken and the
road is restored to the stockholders the
holders of this stock will control the elec-
tions for directors and thus control the
| operation Of the road. Even if it goes into
the hands OF a receiver it If not likely to re-
| main there very long unless it is very badly
managed and when it is returned to the
stockholders the holders of the stock
will have just the same power
as before. 1t is question If the courts can
deprive the holders Of this stock of the
privilege of voting it, The voting privilege
vests in the stock and not in the holder If
the present holders should be deprived of
the power Of voting the stock, who will vote
its Could the people they purchased it from
| vote it9 Could it not be transferred to those
parties and voted by themr
The control of the $4,000 shares of stock
is not likely to be left out of the discussion
by the attorneys when the hearing comes
| up.
The belief is generally expressed that the
road is In the courts to stay for months. IL
not for years, and that IL the lessees lose the
case they will apply for new trial or carry
| it to higher court. There is no doubt that
the appointments of a receiver will be foug ht
| to the last ditch.
| rnSr nm NUN NJuuy pNxoou