New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1892-08-26
TERMINAL STOCKHOLDERS AGiTAT TED.

THE ORR COMMITTEE MAY NOT COPY TIE TRANS
FER BooKs-AN INVESTIGATION DEMANDED.
Request made Wednesday by Henry n.
Whitney. OF Kssam. Whitney Co.. who are identified
with the Orr Committee OF Richmond Terminal stock
holders OF President Walter q. Oakman, of the Rich
mond Terminal, for permission 10 examine the books
Of the company and copy list Of the stockholders.
MIR. Oakman offered TO show the transfer books, but
he declined, under advice OF counsel, TO permit any
abstracts to be made. Mr. Whitney denounces this
as unjust he asserts that the Strong Committee
have been able to obtain list OF stockholders. The
list Is necessary In the work of prosecuting the con
test for control approaching meeting OF stock
holders. II is understood that the Orr Committee
will appyto the courts for the right TO examine the
books.
Mr. Whitney, who is chairman OF the Stockholders
Committee, has issued address which says: THE
attention OF Terminal stockholders is called to the
fact that the East Tennessee, virginia and Georgia
the Richmond and Danvllle and the Central Railroad
and Banking Company of Georgia are In tile hands OF
receivers. There are committees OF reorganization
for the East Tennessee. Virginia and Georgia and for
the Central Of Georgia. There is also an advisory
committee. upon which there are directors OF the Dan
vile and the Tennessee companies, compainants IN
the bills under which your properties are III the hahn'
Of receivers and who responsible for preventing
Drexel, Morgan Co. from rocecding with rcorgah
zation and others who have interests In the under
living securities of your railroad The interest OF the
Terminal Company in these properties CONSISTS largely
OF their stocks. This represents only the equity OF
REDEMPTION after the payment OF the debts OF thcSe
railroad properties. II the creditors OF the railroad
corporations absorb the entire value Of these railroads
for their debts the Terminal Companys Interest VIII
he extincshed and the securities based these STOCKS
DESTROYED Under these conditions II Is apparent
that the Terminal stock and security holders arc IN
grave danger unless they secure board OF directors
who will actively care for their Interests and the we'll
fare OF the Terminal Company and It's sccuri'ic'.'
Chairman Whitney earnestly urges the support OF the
Orr Committee TO secure directors Of the Terminal
who are free from entanglng alliances with subor'
dinate railroad companies.
letter has been sent tn Receiver and President
Oakman by Henry Clews who writes, he says. In be
half Of large number OF the stockholders, who have
placed their interests in his hands Mr.. Clcws earn
es,ly requests the receiver TO take immediate action
to recover what NAV DC legally due TO the Richmond
Terminal Companv lie refers 10 the enormous
shrinhage In the stock Of the company. and quotes
the law giving stockholders the power TO recover
moneys wrongfully applied by their dect'rS' ana
adds
ask Won 10 act vgilAntly I'm the matter. IL !, thc
province os the stockholders. who are the heaviest
sufferers In this disaster. through YOU, Ia bring SUI
for restitution. lOn have fnl power and authority
as an officer Of the IN act in their behalf In
this cnnec,on beg 10 suggest that you make teS'
case Of the purchase OF the Georgia central RnllNnh
That cerlnn parties divided profits growing out
OF the tI1lnsacti1n between S3OOOODO md rfOOo,op
No one puts II less than 81, 100000 while many who
POSSESS Inside information claim the amount n b"
az 100000 ] cannot conceive how such n monirpus
steal as that stand against efficient action on the
part Of the receiver without being recovered