Richmond dispatch. [volume] (Richmond, Va.) 1884-1903, 1893-04-14
RICHMOND TERMINAL.
THE REORGANIZATION FL
NALLY UNDERTAKEN.
Messrs. Drexel, Morgan q Co.
Acquiesce i'm tho Wish of the
DirectOrs-TheirP Plan.
rBy telegraph to the pispa.ch.l

NEW YORK, April l3.-Messrs. Drexel,
Morgan & Go. have announced that they
will undertake the reorganization OF the
Richmond Terminal
In letter written in reply 10 the let
ter OF tho Richmond Terminal Commit
tee the firm says: "We believe that
reorganization is practicable on sound.
financial basis that will be equitable and
will prove to the ultimate advantage Of
all security holders.
eve are prepared to act on your re-
quest and will be ready to announce on
agreement and plan of reorganization
aud to form a syndicate to underwrite
the same as soon IA the several classes OF
securities OF the Terminal Company
viz. the 6per cent. bonds. the 5 per cent.
bonds, the preferred stock, and the COM
mon stock-shall. pursuant to your let
ter OF February I'd, have been deposited
with MS in amounts sufficient to demon
strate that the holders Of such securities
generally join in your desire that we
shall undertake the work of reorganizR-
ton.
1T must be understood that we are
given full authority to include any of the
securities of the Terminal Company SO
deposited in the plan when announced,
and that each depositor by his deposit
gives such authority, and his consent that
all terms and provisions of the plan,
together with assessments on the deposit
ed stock, shall be discretionary with us. "
The firm will begin to receive deposits
Of stocks and bonds at their Office on
Monday, giving temporary receipts,
which will be exchanged later for reor-
ganization certificates, countersigned by
the Central Trust Company, which will
be the custodian of securities deposited
under the plan.
On receipt of the foregoing letter the
committee issued the following:
10 the Hooters Of the 6 Per Cent.
Trust Bonds, 8 Per Cent. Trust
Bonds. Preferred Stock, and Com
mon Stock Of the Richmond and
West Point Terminal RGiitcay and
Trust Company:
Referring to the foregoing letter from
Mossrs. Drexel. Morgan 4; Co. we here
by recommend all holders Of the above
securities to deposit the same with
Drexel, Morgan u Co.. % Wall street,
New York, at once, and in no event
later than May l, 1893, in order to as
sure them of your cooperation and to-
enable them to proceed with the reor-
ganization with tho least delay possible.
Such course is. in our opinion, espe-
cially for the protection OF your inte-
rest.
LSignedl WILLIAM Z. CLYDE,
GEORGE f. STONE,
SAMUEL THOMAS,
WILLIAM STRONG,
j. c. MABEN,
Thomas i. RYAN.
The Board of Directors Of the Rich
mond and West Point Terminal Railway
and Warehouse Company met and adopt
ed these resolutions:
Whereas, the foregoing letter Of re-
commentator to security-hoders has
been laid before this board for its infor-
nation,
Resolved, That this board recon-
mends that the holders of all classes of
securities Of this company deposit them
Immediately with DreXel, Morgan e Co.
on the terms and for the purposes named
in said letter.
The resolutions we're sent out to secu-
rity-holdcrs over the signature of ". q.
Oakman. president. and T.. X. Lynch,
assistant secretary of the Richmond Ter
minal Company.