The times. [volume] (Richmond, Va.) 1890-1903, 1892-07-19
The Richmond and Dauvlne Securities.


A Baltimore banker who has large inter
ests in the underlying securities OF the Rich
mond and Danyille railroad said sunday
that the Baltimore holders are generally
favorable to turning the whole reOrganlAa-
ton of the Richmond Terminal Company
over TO Drexel, Morgan co. Ihe present
unsettled condition Is unsatisfactory ne
continued. and the railroad system al
fected is too large and the interests 100
diversified TO be iuggled with.
"qhe charge that excessive commissions
will be exacted. which has been urged as an
objection u the Drexel, Morgan q Co.
plan. is not based on tact In no event can
the divisional bonds, which are the chieI
Baltimore holdings and the bulk Oh
which are safe, be Affected by ther
control Nothing can affect the absolute
safety of these bonds except possibly,
a continued want Of confidence III tue
management or in future prospects OF
the system. Drexel. Morgan q Go. have
never asked a deposit OF the Richmond
and Danville bonds. Negotiations with
them only went so FAR as TO secure theR
consent % take uD the question OF a reor-
oanization of the Richmond Terminal Com
pany. This they were requested 70 DO by
the holders IF the securities OF this COM
many Great harm has been done by the
alarming statements. made deslgnedly or
otherwise. 10 security holders that II Drexel
Morgan A. Co undert ok the reorganization
they would require in advance deposit
of all the underlying bonds OF the
companies comprising the Richmond Ter
minal system There never was the least
foundation Tor such TumOrs. Inc Ony
ouestion presented 20 those who now con-
troll the affairs Of the Richmond ana Dan
vile was whether they would surrender 10
Drexel Morgan Il Co. the position before
the court which they had secured, ana
which had been obtained without the
kuowledge Of all the parties IN interest.
Without this consent Drexel. Morgan d
Go. refused 70 undertake the reorganiZa-
ton. rs IL had been understood that the re-
ouest was made to them by all the interests
1T is stated by Mr.. Clyde's friends, on
! tina other hand, that his action IN securing
receivers for the Richmond and DsnNAie IN
| 81 Tinted States court was only 10 lorestaIl
| similar action that was contemplated in
/ GEORGIA State court. They say that had
/ 10 receivers been granted IN that state
| H. court wOuld in all probability have Sc
iacted Georgia receivers. who might nave
| been unfriendly TO the interests OF the
! Richmond and Danville road. The refusal
| of Mr.. Clyde 10 surrender the receiver mp
- The Richmond and Dapvllle Is looked
nnon in some quarters as not tending
| 80 ea.ure the confidence now desired
/ =; oil matters connected with THIS
80 railroad property. Should Drexel,
! ga Man ~ Go. secure the control the
T Ieor in my opinion. will be renewed
nonfdence that will tend TO an active mar
yo ~ ~ ali the securities 1t would also DO
Aee t ~ hest interests of the South. II will
ss 1r confidence abroad and attract
investors from that SIDE any snnSsrp ,ps'
cap pi.;es mist result in benefit to that sec
eui1''' The reorganization should be consid-
t,on5 IN nus neht 10y the Baltimore hold
ere" also believe that the connection OF
en- srs samuel Spencer with Drexel, Morgan \
hir' Sa,i. - actiye part it Is known he will
20, anu ,b a reore auization if placed IN their
hands o viii also tend to greater confidence
IN baltimore. where he is well Known =
| baltimore sun.