The morning news. [volume] (Savannah, Ga.) 1887-1900, 1892-04-12
CONTROLOF THE CENTRAL
sPEYpR SAID TO BE AFTER THE
42,2oo SHARES.

A Scheme on Foot to Use Terminal
8 Per Cent. Bonds in Paying for the
Stock A Semi-off1cial Claim That
Terminal Securities Are Rushing in
Under the Reorganization Scheme.
NEW York, April ll.---There has been
considerable irresponsible talk in W all street
during the last few days concerning the
Terminal reorganization plan, and Terminal
securities have bobbed up and down accord
ing as rumor has blown hot or cold on the
Ocott committee programme. The fact is,
public interest in the matter has been very
much lessened by the unaccountable
secretiveness Of the committee in refusing
20 announce officially from day to
dav what amount of securities had
been deposited under the plan. A report
was put out to-day, with sort of semi
authoritative stamp on it, to the effect that
the Terminal securities were pouring into
the Central Trust Company so rapidly that
it would be impossible to keep the public
correctly advised as to the aggregate amount
deposited since that amount was changing
materially from hour to hour. On the
strength Of the rumor, together with the
current report that the First National Bank
party deposited to-day over 81, ,0O0, 900 Ter
mi al per cent. bonds, all the Terminal
securities were boosted on the stock ex-
change, and closed with something of a
whirl at the best price Of the day. Presi-
dent Olcott, who has been in Albany for
ten days, detained there by illness, returned
tO-deY hut was not well enough to be down
town.
CONTROL OF THE CENTRAL.
The freshest and most interesting story is
that a syndicate hos been formed to buy all
the Georgia Central railroad stock which
the Terminal owns. Messrs. Spsyer g. Co
are reported to be at the head of the syndi-
cate. Il is said that the plan is to buy the
Central stock with Terminal per cent
bonds. The story is all the more plausible
because the Central stock (or rather the
Georgia company Utook and bonds, predi-
Gated on Central stock is the principal Sc
c1Ity behind the Terminal 5 per cent.
bonds. President Comer's arrival
here to-day, and the rumor
that be was in close conference
most of the day with Speyer & Co., gave
gecliet color co the above story. 1t is
furthermore said that about S., 200, 900 of
the Terminal per cent bonds have already
been accumulated in the open market by
parties identified with the so-called Speyer
syndicate. These bonds are said to have
been Oought at about present prices, namely
sax 0 CO. In such an event It can be
readily seen that the syndicate can afford
TO make liberal terms with the Terminal
com, any for its AZ, 200 shares Of Georgia
Central stock and still not necessarily pay
too dearly for the bargain. Nj. J. V.
DEPosITING THE SECURITIES.
BIZ the Associated Press
New YORK, April ia local news
bureau says: "The reorganization commit
fee Of the Richmond and West Point Ter
minal Railway and Warehouse Company
made application to-day TO the stock ex.
change to list the Central Trust Company
receipts for first preferred stock, second
preferred stock, common stock, per cent
consolidated gold bonds, and Improvement
aud equipment gold 5 per CEN. bonds Of the
East Tennessee, Virginia and Georgia Rail
way Company, on the New York
stock Exchange The Terminal company
owns So. 1S3, 200 East Tennessee first pre-
terred stock, $6,536,0 900 second preferred
sock; -, $780, 600 common stock. and addi-
toaa deposits with the Central Trust Com
Iay VIII practically mean that there can
be nothing whatever in the reports abou
the severance Gf tee East Tennessee from
tLe system and plan. The First National
Bank deposited to-day between $500, 900
eld 1bOO,OOO Terminal 6 per cent. bonds
Ilis would indicate that the reports point
ilg to that interest as opponents Of the plan
OF reorganization are entirely erroneous
AT the office of the Central Trust Company
II twes snid that the deposits to-day have
uee1 larger than on any pre-
vious day and nearly ell the
clerks in the transfer department
were kept busy taking in securities. There
was Ane OF depositors nearly all day. Tho
central Trust Company desires TO advise
ueposltors Of stock under the plan of reor-
ganization that certificates must be assigned
N oank before notary, bank officer or the
signatures must be guaranteed by a stock
exchange house. Stock has been received
II great many instances that has had to
oe returned, owing to these conditions not
having been complied with"
BASIS OF THE EXCHANGE.
Io-morrow's Tribune will say: "a re-
port was spread yesterday that negotiations
looking to the purchase of the 40, 900 shares
VI georgia Central stock held by the Rich
IoHu terminal Company were under wav.
me terms Of purchase were to be an ex-
Nange os S7,500,G00 of the Terminal 5 per
@nt. bonds for the Georgia Cen
Gal stock. The fact that the Terminal
tohpany is enjoined by the Georgia courts
@ moh voting the Georgia Central stock was
alBea as a reason why the Terminal COM
paIy should be willing enough to accede to
s.oh @ plan. The arrival Of H. M. Conner,
reSldent of the Georgia Central, yesterday
NO. as supposed to be in connection with this
Proposition"