The Atlanta constitution. [volume] (Atlanta, Ga.) 1885-19??, 1893-04-18
THIS is BUSINESS.
DREXEL, MORGAN tG co. AGREE TO
REORGANIZE THE TERMINAL.
All the Interests United-Directors Re-
commend that Owners Deposit Securities
to Await the Plau-Other News.

New York, April 13.-Mcssrs. Drexel
Morgan q Co. have accepted the reor2ani-
cation of the Richmond Terminal Com
pany. The following correspondence was
given out this afternoon:
% Wall Street, New York. April Ia
Messrs. William Z. Clyde, Morgan Stone,
William Strong, J. c. Maben and Thomas
II. Ryan, Present-Gentlemen: Referring
to your favor of February =, 1893. and our
answer OF the same date, we would say that
we would carefully rc-exanne the analfs OF
the Richmond Terminal system, including It's
subordinate companies, anu W" De- ieFe tt't
their reorganization Is practically on u
sound financial basis That VIA pe r1hlaolt
and prove to the ultimate advantage OF ail
security holders We are prepared TO ACT
on your request. and will be ready to an
nOUnce an agreement and plan OF leorSahl-
cation, and to form syndicate TO unuci
write the same soon as the several ci''sSce
Of securities of the Terminal company, h'tlnc-
ly per cent bonds. per cent bones pre-
ferrcd stock aud common stock, snail put
suant to your letter of February "a, nav
been deposited in an amount Suincien. i?
demonstrate that the holders OF such secoll-
ties generally join in your deslre ,i ,na +nn
shall undertake the work of reofgadZatlon
Ii must be understood chat we are sl'n"
full authority to include any OF these stcu,
rites of the Terminal company 50 t Iepoa na',
in the plan when announced. and tnlI earh
depositor, by his deposit gives sucii "u
thority and his consent that an NE 'V VIII IN
and provisions of the plan together WIZ ~.
discretionary with us. -, ,,,,,;
As we presume that you Will co ron NUM-
ers of Richmond Terminal stock anu pon'o,
we viii say in such event. we WI! ne 10Y WI,
and prepared on and after M Mou WI, street
I7th to receive at our office. % wall htIe't'
deposits Of Richmond Terlnihin Sec ,acnints
as above, and to give our Temporary ie'p''
for the same in neEotlaple ,"ln,, those
Upon announcement OF the plan t" 80
temnorary receipts viii be eAchah@r'ini: i"1
our reorganization certificates cou, hih en-
by the Central Trust Gomp"tfst n" snrnrities
uany will be the custodian OF me .oo.aoni
delivered to US for the purpose Oh reols"N'-
zmrion Yours very truly, o 90
DRENEL, MohoA-' ~ W.
This was also sent out
NO the holders of the per cent trust poh U.s.
preferred stock, and common an, S,uJ" Roi,wnv
Richmond and West Point 1er'iiii"i A'''' ""'
and Warehouse Company: . >,,,sr.
referring to the former letter 1roln nieSa,a;
Drexej Morgan Il Co., we hereps ltool dooit
all holders OF the above SeS Mnrgon 8, Co., u
Wall street New York, ut once anu III esrno
not later than May /, 1893 IN orusL - hn to
them of your co,operatlona, anu Nth the len
ppneSjhle DELAY. Such a course, IN our oplhiol.'
Is essential for the protection OF your i1l.eie'''
GEORGE STONE,
SAMUEL THOMAS,
j. G.. MABEN.
THOS. f. RYAN.
At a meeting Of the directors of the WISE
Point Terminal and Warehouse company
this resolution was adopted: 1900,
Whereas. The foregoing letter and recon-
mendation by security holders have been lald
before this board for its Information,
Resolved That this board recommends ,ne
holders of all classes OF SECURITIES Oh tilS
rompany to deposit them immediately with
Messrs. Drexel. Morgan q Co. ON the terms
I y X IYTCH w G. OAKNIAN
Assistant Secretary. President
Droyel Morgan X Go. have made up
syndicate OF 500 100000 to pay oil the luch-
mond Terminal system aggregating %S.no,Uo,
and to take up the securities on which the
assessments to be levied are not PAID
What Mr.. Spencer says
New York. April 13.-Regarding the plan
of reorganization of the Richmond Ierml-
nal system by Drexel, Morgan X Go. Sam
uel Spencer, who has charge OF the matter
for the firm, said:
I'VE are not yet ready to make q settle
ment as to Richmond Terminal affairs.
&cd = o.. noting If Inc pGbi catiol, t..'t
we have made up a programme Tor reor-
gaui9a ton
1t is the understanding among people
having large interests in the Richmond
Terminal that the reorganization plan has
been practically perfected and that it Will
be announced when approval Is received
by cable from ]. Pierpont Morgan head of
Drexel. Morgan & Co., who is now in Eu-
rope. The various issues of bonds OF
the roads in the Richmond Terminal sys
TEN will probably be scaled down in vol
ume and reduced in interest with no spar
ing hand Actual money for the present
and prospective needs of the system will
come from assessment on Richmond Term
inal common stock.
Richmond Terminal preferred stock will,
it is expected, be changed into income