The times. [volume] (Richmond, Va.) 1890-1903, 1892-05-03
CAN COLLECT INTEREST.
NOTICE OF THE CENTRAL TRUST co.
President Oakman Says His Recent Letter
Was Not Intended for Publica-
tion-Tbe Plan.

NEW York, May 2-The Central Trust
Company gave notice to-day that holders OF
its reorganization receipts for bonds the IN
terest on which IS being paid by the K'ch-
mond and Danyille railroad and the last
Tennessee. Virginia and Georgia railroad. can
collect their interest from the Trust Company
upon presentation Of those receipts which
will be stamped May l, 1899, coupons de-
tached and paid" The interest will be ad-
Iusted for all securities deposited under the
plan az on March /. 1892. the date when IN
teTest commences on the new bonds.
Ii is learned at the Central Trust Company
that deposits of the underlying securities Of
the Richmond Terminal system are beng
made out as rapidly rs were the deposits OF
the Junior securities "a week or so before the
first limit Of time on those securities expired.
From inquiries made Of the Trust Company
by mail and otherwise. 1t appears that the
holders Of many underlying secufi-
ties have been holding their bonds
out Of the plan until thev could collect the IN
terest on them due tO-da,. Tie difference IN
the prices OF the Richmond Terminal coliat-
eral IS and the trust receipts tor the same,
which was failure of the bond market to-day.
s explained by the fact that there Is snort
interest on the bonds and the tenders cal ed
cent
APPLICATION TO IlsT
The organization committee made applica-
ton to the Stock Exchange to-day 10 list the
Central Trust Company reorganization re-
ceipts for the underiy ing bonds that are now
listed and are called tor under that plan OF
reorganization.
bondholder, who says he has deposited
his underlying bonds with the Central Trust
Company states that so far from the plan
being nOn-coerciye Il Is practically the most
cOerciye ever adopted IL a mortgage -
being foreclosed and the property IN tn
hands Of a receiver the bottom has beeIi
reached but in this instance 1t - questlo..
Of receiyership and dlsintegratlOn. and Presf
dent Oakman points out TINS danger IN M
letter TO the committee.
GIVES TIE COMMITTEE CONTROL.
The plan gives the power to the committee
10 vote on the securities deposited at any
meeting Of stockholders or bondholders. ant
10 use such deposited securities for the pur
pose of the foreclosure or for otherwise car
rying out the plan. After deductlng thH
Memphis and Charleston bonds and Mort.
Carolina guaranteed stock which are
not asked for under the plan, all the under
lying bonds and guaranteed stock only
amount 20 an aggregate of Sill ,0OG, 600; half
Of tins amount deposited gives the committee
all that IS necessary 20 carry through the plan
70 the fullest extent. He fuIther states that
lie prefers that his securities should help 10
carry out this plan rather than be left with
no market except through the financial agents
Of parties that may control the new company.
1t s understood that the securities already
deposited with the Central Trust Company
together with sufficient additional 10 make
10000 600 of underlying bonds practically
gives the committee control OF all the $780,
000c00 Of securities involved IN the reorgani-
ZatiOn.
THE LETTER NOT INTENDED FOR THE PUBLIC.
Referring to the publication yesterday OF
President Oakman's letter In relation to the
interest requirements of the Richmond and
Danyille property, President Oaknan to-day
sent the following letter to Mr.. j. Kennedy
Tod. the acting chairman Ot the reOrganlZa-
tlOn committee.
Il beg 10 express NV surprise at and 70 pro-
test against the publicat on Of Inv letter of
April 18th which letter was intended as a
confidential communication 20 the reOrgan-
ization committee. IL omitted explanations
of facts known 10 the committee, but which
should have accompanied any publication of
the statement. and IN the abs ence Of that ex-
planauon great injury 10 the companies and
20 the interest or tue security holders may
result