Richmond dispatch. [volume] (Richmond, Va.) 1884-1903, 1893-02-03
TERMINAL
oRExEl, MORGAN & co. AGAIN ASKED
TO REORCANIze The SYSTEM.
They Agree to Do So Upon Certain speci-
fed Conditions--Ms. Oicott Ac.
.quiesces 10 the Pfsu.
[Rr telegraph % the pispatch.l

[By telegraph 70 the Dispatch.l
New YORK, February 2.-The following
correspondence Is self-explanatory:
New YORK. February 2. 1898.
Afssrs. Drerei. Morgan q Co. :''
Gentlemen. Since tho time you were
previously requested to take up the re.
organization of the Richmond Terminal
system much time and thought have teen
devoted to its affairs. and we realize that
adverse financial conditions and also the
present general distrust OF all plans for the
restoration of tins system require that 20
be successful ITS reorganization must 90
undertaken by parties possessing .he con.
tdence of both the security holders ana
the public and also the financial strength
sufficient for its accomplishment. We
therefore ask you to take up this raorganl-
zation of the Richmond Terminal and i;s
allied properties. each of us pledging you
his personal support aud aid. In full con-
fidence that the security holders viii sup
port US in this request.
We appreciate the labor and responsi-
bility connected with this undertaking
and are therefore willing TO do all IN our
power to give You full control of the re-
organization. as suggested In your letter
of June 2Sth, and TO advise our friends
and the security holders generally 10 de-
posit their securities without requiring the
assurances customary III such cases.
Very respectfully,
WILLIAM =. CLYDE,
GEORGE F. STONE,
W. +. STRoSa,
JOIN @. MABEN,
THOMAS +. RYAN.
Mr.. oLcoTT AcQUIEscEs.
This letter was also given out;
CENTRAL TRUST COMPANY OF NEW YORK,
"a WALL STREET, February 2, 1898. }
Messrs. William p. clyde and Associates
Gentlemen,--I have read with pleasure
the letter which you and your associates
propose sending to Messrs. Drexel, Morgan
d Co., and concur IN the wisdom of the
course proposed by you. | feel that 1t Is
essential for the interests of the bond
holders and stockholders under any of the
trust deeds represented by me that an
early aud comprehensive reorganization OF
the Richmond Terminal properties should
be brought about, and | will gladly CO.
operate by all means IN my power, ana
consistently with the provisions of my
trusts, in facilitating and promoting such
a course, should Messrs. Drexel. Morgan N
Co. decide TO undertake the reorganization.
Most truly yours.
lSignedl L. L. OLCoiT. President.
pRExEI, MORGAN & co. AGREE coSDITIoNALLY.
Messrs. Drexel. Morgan & Co.. in answer
ing the letter of the Richmond Terminal
Company's directory SAID tina. 1t had been
some time since they had paid any atten-
tion to the affairs of the company. They
would. however. examine into its affairs
and If the conditions were satisfactory
they would undertake the work.
The news was not announced TIL after
the close of business IN Wall street, but
the very heavy speculation in the stock
indicated that Developments of some sort
were pending.
Ii seems that the directors found them
selves unable To make any headwav toward
bringing the company out OF its troubles.
and appealed to Drexel, Morgan " Co.
again to help them out.