New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1892-08-20

At THIS JIx(TURC IN TIE AFFAIRS OF YOUR
COMPANY AND IN VIEW or TIE APPROACh-
ING GENERAL STOCKHOLDERS MEEIlN1,
DEEM 1T PROPER TO MAKE TIE FOhLo"lN"
STATEMENTS;
On November % 1891 the president and directors who
bod been In undsurb,d control and management OF your
properties for preceding three wears ana VINO had
Just applied FOR and failed to secure sufficient proxies 20
hold annual meeting notwithstanding the TACT tha'
there WIS no opposition ticket in the Held announced by
circular address ed that both tc company anu '
anagcment had become disciedtrd that hcy hsu
called In the services Of Me--rs. Noron Solomon, ochi
Olcott Fairchild and Fitzgerald to act as an AdNoS
Committee and to examine ard perfect the best plan for
permanent adjustment OF your companies aiafs' You
asked IN this circular % sign = proxy when thN
pledged Themselves vote Ito secure the action OF inc
above named gentlemen in the manner Indicated This
circular also further stated rhe present directors have
consented II reelected pending the formulating OF
a plan by the Whenever the plan shall have
been adopted stockholders will be requested TO approve
mty SINE and hold an election for PERMANENT
mana cement"
with the aid promises set forth in this cir
cuar and through great personal solicitation and exerton,
aud Board Of Directors succeeded III ooah"S
the proxies Of bare majority OF the stock Of your Com
pa.y and with these, December g. 1921 eected ui'
Advisory Committee and reelected themselves a
temporary and provisional board promised In said cir
cuar. Notwithstanding, however, the Aforesaid oihc'n
Of this In said cHuar OF Its inability 10
protect your property and that they had called In inc su
Advisory Committee to do %, this Norton Adl-oF
Committee found V-en OLllrru 10 hiuF'HS I" I'M
holders Of your company circular Oh December Oh, ~
eight DAYS AFTER IL. election stating that owing 10 the 70
Of this temporary board TO the committee we
regret that unable perform the task lntsu 10
MS and can nothing further ran direct your at-
power possess 10 require new c"'0u
of Directors" whercuIon number OF the leading
security your Company asked Mr. ol'ot' |" form
Conmlttec and placed in hi hands the proxies Tor ma
Jorlty Of the of your Company together with the
pledges officers to resign whenever he should re-
quest them 10 order 20 enable him 70 form such
q Committee aud subsequently to secure new manage
for your Company.
In further evidence Of the incapacy or inability oil ms
Temporary board take. board. even temporary care
II your pror,rty A number principal security hold
cfs Of the Company obliged on January Oth lo'-
To form syndicate 10 guarantee Sc 900 Of the Heating
debt OF your own and Danyllc Company in order that
IL nigh, be carried until Mr.. olcot could have time
enough ~ perfect plan Of reorganization.
IL f. fair to say that among the members OF this syhdi'
cate were individuals who were also members oil 'his
temporary board.
After the failure Of one plan reorganization suggested
and the substitution OF another, and after waiting ieA'o-
auo time for the success latter large number ol
the representative stock and security holders oil your No
pany embracing with others almost all those No nav.
10 tho slx-mllan-doar guarantee Syndicate oil
Jan 9th held meeting May 10Th tn when all STOCK
and security holders wera invited and appointed com
mittc q wait on, confer WITH and o'er ohy
assistance In power ~ the security holders u e Oo''
Committee
IN NJ, i tho Olcott committee announced % said
mite, "a, three and to public the abandonment OF us
Han and IT, unwIllncnc~s to make any futhcr a''ep
10 carry the scheme Of reorganization th'h Dc'o" Wv
hubble and mi, committee OF three reported al an au
,ourn,d meeting the stock and security hoide9 On ''
IA e,eupon A. IL was found impossible to hold gen
erel meeting, q to security hodcis with sufficient Ire
qucncy u protect the Interests oil the cOhlahy N"'" -"
thu, bron, again seriously mpclci, TIE stock ana Sc
curty holders appointed tor this purpose inc pe.'' "u
Why Committee OF seventeen, with Mr. WlHam T."
Strong A, Chairman which thus stands today a "'c Vi
ret suc,cssor Of original Advisory c"hh'VV' '''
. Tho iat annual meeting Of guarantee syndcot" ana
= the Olcoit Reorgun cation Committee, aud mas soo -.
ANN r,cnt eude,yored perform practically jill u'c
,cst bit and dutic, Of tie Board Ok DIecto's a. W.
President notwithstanding the critical situation :" ''
cor,any had been unable to secure meeting ol CIV"
c,,,,,,, ~ th, temporary board since Msich LIN "'"
Aug. llth. , . ,.,.,o ,o,,d
The present Advisory Committee oil S'N'"'''" '
vour con1any not only IN tho condition OIL n''l"'
,rei In which IT was publicly d'cat'u :" - ~
President and Directors In N"fenDH I'' D' >,
- ~, ,l total failure Of both the Norton ana o''"''
committees for rcosons Mt necessary l" ap'''y ,'
T., ,rotd IL the expected relief. urca'h''i VIII
-, ,,-ic,ele rin through thc fore losue ol inc MN
~ 49,, ,,.,,tii. noo,nQ dclt u -. $4,000 for when
- n,r.,,,u. .uit. hal already been entered ana 'h'
o,l ,acrlace Of the costpia on which su'h u'oo "A'
Icing carried. which were la.ty worth S'V'''V''
slOCOOcoo. all, ,,,,,, have
TIN, result Of such Il foreclosure ana sale "o'l nav
, a., ,i.,,.l &, o, OH net only the total sacrifice oil
tho entire equity helon ting - your own emu 'h'
| Con,anv In these collat'ral', uH' "ilN '-
,, tom : coo coo 10 5000 0CO. aud leave SIN u''
| Inundated an amount II floating debt oi nom e-VD"'0
=, oOnI0 and fos this remaining noauhs u.Os d"
neither your company the Dan'IH' "oull "''' "'
collateral left holder, Of this d'Dt """'' nav So
al,n fr,n, your company the Dau'lc t"ad ana ''',"'
y ,nr IN, most valuable ~ all is pi"lE 'n" Wv
o,.,,, ~ v,ur hone, Tor the financial rehabilitation "'
YOUR company: ~ with the DonNIle road lost o." il'
| Of recovering the Tennessee shd tho "eo'e'' ''"""
| popaItlcs would have been also lost
eli. slfua finn M
though covert opposition OF all those secretly or op'"N
opposed t. the rehabilitation Of this properly OH d"
economical basis by the eAcrtons OF iIS owners 9V''
Committee through lts Subcommittee. made success
fat NEGOTIATION for extension for two ais Of ulS
floating debt within which time the past history "' VA"
DanyiIlc Company whenever under efficient manafe"'"
together report Of every cNPrt who has ever zee"
over the Road go show that IL viii BE- Pracu'ao'
under proper and with the consequent restored
credit to sill say onchat OF the collateral und'f u'
coating debt sufficient amount to liqudat the en-
| tfc floating debt. II this Is done It would nav III
your siry. and that of the DanNc Company Secu
ties ntrnsiclly worth 100000 20 - 10000, and at
the SANG time preventing the othcr"is unavoidable dS
rn aud destruction o, the system, which must other
wise have Immediately cusuci.
Your also. through the action ~ ~ mcnler
defeated the conspiracy place the Danve l;oad IN the
hands hostile receivers. and have secured Ter u the
protection OF unprr,uilccd court, aud honest Url
capable receivers ami by this together with tn eN
tension ~ tie floating debt. have rendered possible
reorganization and rehabilitation Of the Terminal Com
pany which, but for the success OF your Committee In
thrs, matters. would have been impossible
Your Advisory tommlttce Of Seventeen having, IL
Will be- seen by action thus made reorganization pos
sblc and Of promoting T. In every proper
has placed that In the hands of competent Sub
Committee Of Reorganization which has mad It's prcim
mary r,port today from which IL will appear that this
onmttcc found impossible to form any Intelligent
opinion to any clal lie estimate the earning
power property In thc future upon which earning
rover alone any plan OF reorganization no mater By
.f.I uf tu..f. Ir H.. I..Et
without determining how much of the present
barrassnrcnt u Company ., due to inhccnt defects
or weakness in property Itself and how much /, due
to vicious or bad management and In oder estimate
core,t what financial provision IL will necessary