New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1893-02-04
RAILROAD INTERESTS.
TERMINAL AND GEORGIA CENTRAL.
SATISFACTION OF CONFLICTING INTERESTS AT
TIE PROSPECT or THE DRExEL.
MORGAN ITORGANIZATIOX

MORGAN REORGANIZATION.
The work Of investigating the affairs OF the Ricn.
mond Terminal system was begun Yesterday by {.
Coser Of Drexel. Morgan & Co.. III accordance Nth
the CORES rondcnce. In winch the nrm informed the
committee OF sccariy holders Of Us willingness take
up the question g: reorganization. Mr.. Coster had
charge Of 'ais ,ranch 0: TIE matter when Drexel,
Morgan & Co. invited last spiing to undertake
The reorganization ard samuel spencer made per.
soHal Inspection OF the property az tie time. IL Will
probably some time before the exclusions Of the
Investigation will be announced but there Is general
belief In Wall Street that Drexel, Morgan Co. VII,
consent 20 accept the task Of reorganization.
The situation OF the Richmond Terminal property
has changed materially IN the last seven months.
Questions OF litigation have been raised that must
enter Into all possible plans OF reconstructon An
important part OF the old systematic Central Railroad
and banking Company OF Gc0reid-has achieved It's
independence and bitter litigation between the latter
ard the parent companies Is SIN IN the courts for
decision. The bankers like H. Il. tolns Co. ana
Others who are interested In the reorganization
OF Georgia Central cypress satisfaction at the prob
ability that DreXcl Morgan Co. Will undertake
the rehabilitation OF the Richmond Terminal system
although 1t Is by sequence that the affairs
Of the Georgia Central will be modified thereby lhe
Georgia Central plan Of reorganization stands on lis
own merits and the banking syndicate back OF II Is
strong enough to carry out the reorganization vi ,he
main line II the holders Of underlying securities
should possibly decline 10 accept the terms thal are
considered reasonable But there Is q strong I'M
preston IN Wall street that the prospects OF Georgia
Central have been decidedly improved by the new
developments in the Richmond Terminal situation
The following orcial statement was gwen out 10y
Georgia Central people yesterday IRE honmoh'
Terminal Company having surrendered last year '"'
lease which they held OF the Georgia central 'oh-
nany,s road their interest in the latter company Is
limited TO their holdings Of It's stock Upon TINS ana
oirfg vl,re flp
properties may require attention. the "corSa ven
ra REORGANIZATION Committee expresses satisfaction
ct having responsible parties TO deal w'h' ho' 'o"
neCtcd With any past differences
The committee Of holders OF underlying defaulteo
bonds Of the Richmond and Danvlle system yesterday
| issued the following notice 10 holders: Inc koh'
! nond ard Danvillc Underlying Bondhod'rs Commit
| 20. hereby advise Won that the limitation Of ome
reserved 10 the companies IN III" several mortgages
| securing your bonds In witch pay the interest
| thereon ana thereby the maturing OF Inc pm
cipal has eArired and IL Is now In III" power OF your
committee 10 press your claims against the hc'hoh'
and nanv.lc Railroad Company effectively IMAM
,b~1 have been able heretofore 10 do. ana u Is th'''
nurposs 10 do so and all bondhIlders who nave ho'
| oepo.ited their bonds and who desire 10 nave '"e
benefit Of the services OF this committee are nrseo
| 10 deposit them at once ... uoc,,c
| The securities affected are 'he p.o't, ga, 800"
soconds the oxford and Clarksvic nrstS inc alhs
,tIo ard North Carolina hrsts and the Danviile ana
| Western nrst mortgage bonds me deloSi,or, i"r
securities i the Mercanti" lrn't ann nmnnnr Of
| >.vI ork The committee Is composed OF j. Nl'"N
iirown, William II. Blackford. fr'd"rick VI; n"ls,"n
sldpwirth Wilmer Jonn |' iI;oo I Frank r. Clark
| Richard y. Ncnabi,, John VI. Nc''o" ""u A'"''
| gerald