The morning news. [volume] (Savannah, Ga.) 1887-1900, 1893-02-03
NEW LIFE IN TERMINAL.
THE OLD BLUFF ABOUT REORGANI-
ZATION REVIVED.

Drexel, Morgan 81 90. Requested to
Undertake 1.-THE Bankers of Course
Willing to Look Into the Matter.
Brokers Work the Market for a
Couple of Points.
New YORK, Feb. 2.-The following cor
respOndence is self-explanatory:
New YORK, Feb ?, 1898.
MesSrs. DrereL Aor0dn ee Co.:
GENTLEMEN-Since the time you were pre-
viously requested to take up the reorganization
OF the Richmond Terminal system much time
and thought have been devoted to it's affairs,
and we realize that adverse financial conditions
and also the present general distrust of all plans
for the restoration Of this system require that
to be successful its reorganization must be un-
dertaken by parties possessing the confidence
of both the security holders and the public,
and also the financial strength sufficient for its
accomplishment. We, therefore, ask you to take
up this reorganization Of the Richmond Ter
mlnal and its allied properties east, pledging
you our personal support and aid, IN full con
tdence that the security holders will support
us in this request. We appreciate the labor and
responsibility connected with this undertaking
and are therefore willing to do all in our power
TO give you full control OF the reorganization,
as suggested in your letter of June %, and to
advise our friends and the security holders
generally to deposit their securities without
recurring the assurances customary in such
cases. Very respectfully,
WILLIAM p. CLYDE,
GEORGE +. STONE,
WILLIAM r. STRONG,
J. Q. MABEE,
THOMAS F. RYAN,
oLOoTT FAvoRs THE SCHEME.
This letter was also given out:
CENTRAL Trust COMPANY OF NEW YORK.
81 WALL STREET, Feb. 2, 1898.
Messrs. William 2. CIUde and Associates:
GENTLEMEN have read with pleasure the
letter which you and your associates propose
sending to Messrs. Drexel, Morgan q Co. and
concur in the wisdom Of the course proposed
By you.
the bOndholders and stockholders under many
OF the trust deeds represented by me that an
early and comprehensive reorganization of the
Richmond Terminal properties should be
brought about, and will gladly cooperate by
all the means within my power, and consist
emily with the provisions of its trusts, in pro-
noting such a course should Messrs. Drexel,
Morgan & Co. decide to undertake the reorgani-
F. P. OLcorr President.
Messrs DrexeI, Morgan & Co., in answer
ing the letter of the Richmond Terminal
Company's directors, said that 1t had been
some time since they had paid attention TO
the affairs Of the company. They would A.,
however, examine into its affairs and if the
conditions were satisfactory they would
undertake the work.
The news was not announced until after
the close Of business on Wall street, but the
very heavy speculation in the stock lndi-
Gated that developments of some sort were
pending. IL seems that the directors found
themselves unable to make any headway
toward bringing the company out of its
troubles, and appealed to Drexel, Morgan S
Co. again TO help them out.
Some of the most prominent houses in
Wall street have been among the conspicu-
GUS buyers Of Terminal stock and have
taken the stock in 1,000-share blocks at
dip. The last sale tonight was 9, 800 shares
at IL. the highest price touched in the cur
rent advance. The suit brought by the
Terminal company against the gentlemen
who sold the Georgia company to it has
been removed by the defendants from the
state court of New York to the United
States court. The trial will be begun in
March If not during this month.