The morning news. [volume] (Savannah, Ga.) 1887-1900, 1893-01-04
TERMINALS rANGLE.
The Orr Committee Issues a Circular
to the Stockholders.

to the Stockholders.
NEW YORK, Jan. S--A circular letter
addressed to the stockholders Of the Rich
mond and West Point Terminal Railway
and Warehouse Company has been issued
by the special committee of which Alex
ander z. Orr Is chairman. This committee
was appointed to receive from the stock
holders proxies to represent them at the
general meeting Of the company held In
RIohmond on Sept. Is last At that meet
ing ticket for president and directors Of
the company put forward by the Orr COM
mlttee was defeated by ticket nominated
by the committee headed by Col. William
l.. Strong. The vote was relatively ia $50
shares and 400, l22 shares. The newly
elected board OF directors instructed is
chairman, W. p. Clyde, to appoint q COM
nlttee TO make an investigation Of
the company's affairs and another
committee to prepare plan of rsorgsniza.
sion. Committees were appointed but no
real reports have yes been made. Instead,
the annual nesting OF the company was
postponed from the second Tuesday In De-
cember to the first Monday In September,
and although the representatives of the Orr
committee attended three OF four adjourned
meetings OF the stockholders, they could get
no information as TO what was being done.
The circular just issued after recitins these
circumstances in detail goes on to say:
Nothing has been done at the adjourned
meetings, and the promise of information
as to the state of the company and Of the
plan OF reorganization have not yet been
fulfilled. The annual meeting Of STOCK
holders has been adjourned for
nearly year for alleged reasons
which are clearly insufficiens. It il inter
esting in this connection to know that by
the Virginia code, section 1923, it is re-
Quired that the board of directors shall
make a report of the condition Of the COM
pany 70 the stockholders at the annual
meeting, and further that the records of
the proceedings of the board OF directors Of
the year preceding shall be open to the in
spection OF three or more stockholders,
holding together 100 shares OF the capital
stock.
"The Orr committee are of the opinion that
they have exercised the powers intrusted TO
them as long as the conditions continued
which were In existence or contemplated
when this trust began. They are now of
the opinion that the stockholders who
have given them their proxies
should either give the committee
further instructions and themselves take
active steps to protect their property. or
relieve the committee Of their duties. The
committee are also Of opinion that q re-
organization eau be madst that would be
just to all parties In interest and place this
valuable property on a sound financial basis,
and in confirmation of this opinion they re-
fer to the letter Of Drexel, Morgan & Co. to
William L. Strong, chairman Of the ad-
visory committee, dated Jan. 2S, 1892
The committee has been surprised that
no action has been taken by any stock
holder TO test the validity of the proceed
inRs by which the company was placed in
the hands of q receiver. Under the terms
OF the collateral per cent. mortgage made
by the Richmond Terminal Company to the
Central Trust Company as trustee, and
which covers almost all Of the stocks of the
roads forming the Terminal system (they
being deposited as the property
of the Terminal with the Central
Trust Company under the mortgagsI after
four months default on interest, the voting
power on these stocks passes TO the trustee,
and the trust may, and on the written
request OF a majority Of the bondholders,
must declare the principal OF the bonds due
and sell the stocks and bonds pledged under
the mortgage. The default occurred on
Sept l 1899. On Jan. l, 1898, four months
will have elapsed. The committee, there
fore, inclosed a proxy, which, among other
things, empowers it to call a stoekholders'
meeting. This can be done under the
Virginia code by the holders OF one-tenth
of the capital stock of the company, that 10,
of 20, 900 shares.
"a meeting TO consider what course the
stockholders shall pursue can be held after
notice OF the call has been published for
thirty daya Should the present manage
ment and its conduct of the company be ap.
proved the Orr committee will feel that there
will be no further occasion for their service
Proxies should be sent 10 the State Trust
Company, No. so Wall street."