New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1893-02-03
IT LOOKS LIKE HARMONY.
RICHMOND TERMINALS CHANGE.
DFExE1, MORGAN 4 co. WILLING TO CONSIDER

DREX e. MORGAN co. WILLING 10 CoNsiDEi'
THE REOEC AVIATION.
There was a broad smile the face Of j. Pier
pcnt Morgan Yesterday. Whether IL was due I" sas-
faction over Rapid Transit developments or not couid
not be learned but perhaps II had something to DO
with, Richmond Terminal. On May %, le92 IN re-
-ponse TO the request Of committee OF Richmond
Terminal security holders. Drexel Morgan Co
replied that they would undertake the task OF re-
organizing the property under certain Conditions
Those conditions not acceptable to some OF the
Richmond Terminal people. and the R'chn'ohd ana
Danve thrown Tito the hands {" receiver
without consultation with the bankers who had been
reonestcd to undertake the reorganization The re-
suIt was that on July %, 1902, Drexc, Morgan d.
60 declined TO undertake the reorganization in a
letter which sharply reflected upon one OF the prom
ncnt members OF the Richmond Terminal security hold
ers' COMMITTEES. Yesterday the following letter was
addressed to Drexel Morgan ca. by william r.
CLYDE, George F. Stone william L. strong, ). L.
Maben and Thomas +. Ryan:
snce the time YOU were previously requested 70 take
nm the reorganization OF the Richmond Terminal system
much time thought have been devoted To its affairs
md realize that adverse financial conditions and also
the present general all plans for hc restoration
OF this system require that be successful. its re-
organization must undertaken by parties possessing the
Of both the security holders aud the public and
strength sufficient for its accomplishment
therefore ask you to take up this REORGANIZATION
OF the Richmond Terminal and It's allied properties, each
T. .dgng you our personal support and aid in full
ndence that security holders will support us in this
request.
We appreciate the labor and responsibility connected
this undertaking. and ale. therefore, willing to do all
in power give full control of the rcorganla'
tion suggested in letter Of June s ana to ADVISE
friends and the security holders generally To deposit
their securities, without requiring the assurances customary
in such eases.
FP Olcott. president Of the Central Trust Com
IvAp nd AfrDn
their associates says feel that it is essential for
the interests Of the bOndholders and stockholders
under many Of the trust deeds represented by mo
that an early and comprehensive reorganization OF
the Richmond Terminal Properties should be brought
about. and | will gladly co operate by all means in
nv power and consistently with the provisions OF
my trusts in facilitating and promoting such
course should Messrs. DreXel, Morgan & Co. decide
to undertake the reorganization The reply of
Drexel, Morgan & CT. Is rs PILLOWS:
We have received your OF this date inviting
to take up the REORGANIZATION OF the Richmond Terminal
and its allied properties.
Since correspondence OF last summer we have mol
kept ourselves advised the Richmond Terminal stu
alton, c6nvcrsant with the legal or other
changes which may have occurred
Relying upon the support and aid Of which you
US in case take up the reorganization we are
willing TO make such further examination be
necessary acquant ourselves with present conditions
and, II after such examination we ind reason to
views then expressed as 10 'thc OF
O successful REORGANIZATION of the properties we will
take Up the business the asis SET forth In
letter OF June 2s, 1885,: addressed " William L. stIong
chairman. o.
The Official correspondence given out. IS &C
cepted In Wall Street the indication OF the restDra
ton of harmony between the heretofore conflicting
factions In the Richmond Terminal Company. IL
give an entirely phase TO the litigation between
the Richmond Terminal and the Georgia central which
many Wall Street persons have believed Was the
result Of iactional controversy,