Fort Worth gazette. [volume] (Fort Worth, Tex.) 1891-1898, 1894-02-03

were largely Interested. They said moth
ink They paid assessments. They spent
hrr,. sums in the betterment Of the road
They realized that there was gong te
H. tomorrow Other people Interested
In the securities lost hope. What was
the use Of sending good money after bad
80 they argued. and the Standard on
crowd soon mad tie chance 10 buy most
Of the stocks and bonds which their
associate holders owned-at proper bank
ruptcy prices, OF course. Inc patience
that pays made The usual returns Secur
tiles bought al next TO nothing advanced
aud q is estimated that the courageous
milliouaires have on the transactions 10
Missouri, Kansas and Texas added i'm
mensely 10 their fortunes. II Is wlthm
bounds 10 say that not third OF the
roads today In rccciverships are III any
thing like the woeiul condition where the
standard Oil men found the Texas prop
erty.
OF the reorganization now under way
It is easy to discover that much progress
is being made. One great banking house
which is prominently Identified with a
number of plans tsome Of which have al
ready been annOunceJD is quoted as as-
surfing clients that it seems probable that
within the next few months three-quar.
ters of the embarrassed corporations Will
NANt llhNt Aulh HNIllNu lNNAAh ANJhfNaAN
tion. There is much significance in this
statement, coming from the source ii
does
An especial feature Of encouragement
in the rreorganizations which are now at
hand is that they are OF character on
titled to be called friendly. In nearly
every case the work of re-cstnblishing
corporation credit and profitablcuess is
in the hands Of men who are themselves
Ia f-fra Of ft.tr.It.N s..,suriffns
The old fashion was 10 make a reOrgan-
izntion not much different from shrr-
ilfs sale. The new way is the better
way for everybody except those who used
to play the sheritfs part and grab about
everything in sight
What the prompt and satisfactory die
position Of existing rccciyerships means
and what hcnlthful reorganization will
elect was stated sucCiuctly yesterday by
one Of The foremost banker. of this city.
with the beginning in earnest OF plans
TO put our railroads back whore they he
long, he said, 1--WE are bound TO see the
beginning of great investment move
m'nt. We shall have strong impetus
gwen TO business courage and conf Hence.
u Is one of the most tonic features Of
the present financial situation that the
arrangements Of these relief plans are so
close at hand. A vast deal Of prcpard-
tory work has been done ON these plans.
aud many are far nearer readiness for
puDhc announcement than is generally
understood
The bearing Is much more far-rcach-
ing than the direct interest of the roads
themselves, this authority continued.
NHtrlul ana early reorganization will
put the roads back to earning money for
investors on an increased basis, but the
most pronounced benefit that will he
seen right away will appear in the relief
which Will be given TO the owners of
securities which have been deprived of
market value by the depressing iniluncps
OF rcceivership conditions. Every man
who owns stocks aud bonds of corpora
tons In receivcrships finds himself hand
icapped by not being able to command
4 current quotation for his holdings
80 long as receivers continue In prop
eriy the securities of 10 must uf course
be problematical. There are so many
things that have possible bearings that
security holders can only guess what a
mai plan Of reorganization will give
! them. But once the reorganization plan
is ont. that difficulty disappears Banks
naturally discriminate against such col
| lateral The owner is deprived of all
borrowing power In his holdings Bank
crs don't like to do much guessing. They
insist on some definite basis 10 figure
loans on.
But change the conditions Of uncer-
talnty, arrange plans for reorganization.
and proceed 10 carry ont these plnns,
and Mt once all the old collateral ele-
ments are re-established. II is easy to
understand what this Improvement will
mean to m active business man. Re
ceivcrships cramp and handicap him.
Reorganization brings him into posses.
| sion of real property again. Such man
| IS sure TO feel stronger and incline TO
increased activity In whatsoever branch
| of business he may Ice engaged. 1t must
be remembered that while Wall street
is the market for securities, the real own
crs are not 10 any great extent cen
tered there. Rcceiverships have done IN
enough to Wall street hut the seyerest
penalties have been imposed on the in-
veStiug public scattered all over tho
country and including business men in
every conceivable line Of trade Tho i'm
provemcnt In property so distributed is
therefore bound to be felt the whole land
over. 1t Is simply impossible To oycrrs-
innate the beneficial effects of the inn
pending change from state of business
whore railroads are tumhing into rcreiy-
ershps to the present state of their com
ing out of such receiverships"
Ex-Gov William Castor of NIasaacbu.