Alexandria gazette. [volume] (Alexandria, D.C.) 1834-1974, 1880-05-21
Eisc Midland E:a:3roH&,
| From the Is nohburg Nlfgiuian. |


of this road, made last wee k by Reoaivor Bar
bour, will be treated by him as void, ewing to
the TACT that the compromise between the as
ISOLATED bondhcldes and tho appellant failed.
When the sale was made an arrangement had
been Effected under which tho appeal Grd su
pcrsoGcis were to DO diamiasc;. This arrange
| meot, however, lsGm some cue. which it is
unnecessary hero to detail, subsequently, fell
through, and tho sale therefore, by reason of
tho appeal nod supcrsedeas granted by judge
Chrs:isn Of tho Court Of Appeals. is void
There is no doubt lhat this appeal is only an
effort on the per. Of int rests host6 to this lirc
to obstruet is Reorganization; for it ia we'll
known that the bopdholder who appealed, end
wheso rsmo is used to make this attack, pur
chased his bonds AFTER all tut one of Ito dtcrets
Of VIII ca he complains had been entered, and
that si.er that ooo WAS entered. his bonds ap.
nrroiaoi in value-hcpcc his interest as a band
holder was net his tue aim. 1t is also q ilcs
apparent on the lace CT tho record, that wcro
be to sbccrcd, ard were all his IT quests granted,
his bonds would dec:iuc at least fifty ptr G: NUN
in value.
The debt OF this Company is very largo and
the liens upon its property hoavy aua cJrflc,-
irg. Judge Keith, Judge of tn, Altx4nuria
Circuit Court, with great caro- aaG labor has as
ccrtalncd thcc lleLs and established q ratio OF
division amongst tho boudholdcrs Of The tut-
chase money alter sale il made. lie also held
that sale OF tho road as Il 1rhOle was necessary,
although many Ct tho mortgages VITA only on
slc'lons OF tho whole line.
| VI course, had sale coma on without aDv
scheme OF purchase and 70 organiz ltlon amongst
tho bOndh0ders und creditors having b !un
termed. the property would have been sold to
| the highest bidder. and would have hCcn put.
chased by either Tho Baltimore aud Ohio road,
or By some interest ,ivsl TO this line, whose only
object would have hccn to dry ii up rs on artery
OF trade, aud the elect would have hecu that all
the junior mortgages and al the h1aling debt
and stock would have been rendered. vaiueGss
| This being CbvoaS to all, very Wl:o schema Of
| ASSOCIATION and 70 organ zailon W. s maturcd by
tho hOudho!dtrs AID creditors, looking to tur.
chase aid ha Subsequent development Of tho
road. This scheme was made upon tho basis
oil tho MT rcvenu|s OF tho ruad ~ estimated
Srmn two ycREs since, GId with that basis all
tho bonds Ttro 80 sealed as to TIC ralo OF inter.
est, us 10 bring tho latcrcEt account Wihin tho
known capacity Of tho rond. aud Yet TO leave
chance for floating debt ccdtuls by giving
iiclary Of tho first increase of revenue. Nor
wcro the stockholders entirely ncglrctuG for
overY 1.-Two shares Of stock 10 tho old COMPANY
| they wcro to receive ono 10 tho new; thus main.
tanning on interest md voic, ia tho manage
mAnt OF tho affairs CT tho COMPANY. Hence i.
will no perceived that all rights were prottc ed,
and none were sacrificed.
Into this lust and equitable rIGn Ct aiid.t
| ment the Baltimore and Ohio Railroad, whioh
IVES much the largest owntr o! every class cf
security nrd debt, eavo lis adhesion, some
what to the surpsc OF those who attribute to
the management Ut that corporation only tho
mos. scIish and SINISTER moivts.
| 1t was tho trustees OF this scheme WHO madc
tho Iu!ohnso last week. aud 10 prevent tho
SUCCESS ot Ihi' scheme was aod il tho aim of
| the parties who havo DOW Invoked tho aid OF
tho Court Appeals in their in fort to obstruot,
! Lotto this scAcmo Of reorganization thtro had
uDitcd about uino tcnths OF all the bondholdcts,
and OF course all tho creditors AID tho stock
| holders will gladly avail themselves CT lis ad-
Vautaees, uS it affords them the onIy chanco Of
over ct log anything.
| 10 tho general public and to this city in nar
ticular. tho great advantage Ct tho scheme lies
10 tho ttc; that it takes tho company out of tho
hands Of the court nnd of lawyers, aud places it
as 1.-Two aud active agent in our mics: with
power and willingness to develop new interests
and build up fresh avenues of trade.
The supersedeas granted by j udgo Christian
STOPS tho salo for the present and greatly Gu.
dangers the maintenance of the scheme of re-
organizations. 1t further suspends tho order of
the court under which tho loasss Of tho Frapk-
lin and Plttsy lvaDia R,ilroad and Charlottcs
vile and Ranidan Railroad were made, and
thus. for the present, takes oil! the vitality out
| OF these important lines; indecd if tho SUPER
sedeas DC slr;ckly followed, those liGcs should
DO forthwith closed and abandoned and probably
| may be. All OF tteso vast interests arc i'm.
peliIlcd, and these great rights suspended; aud
yet ouly IN appeal bond OF So. 900 was required,
which seems to have been given by the attorneys
| 10 tho case.
VI COURSE wo 10 not presume to critic 50 tho
uugo who mado the order, and who doubtless
| followed The law, tus NO think there should be
semo legislation to prevent the recuEroooo Of
such Case and to prohibit tho granting of a
| su?crsedeas without requiring some security to
| those whose rights acd interests arc to BIO effect
cd thereby. IL this case, tho losses incident 10
no dclsy y i'll b. counted by tho niEou, add
those vino lose will DO RENTED to tho appel.
laul's bond Tor thrco thousand dollars This
| should not be.
We trust speedy hca,iag CI this imaoriapt
nhttcr may TIC hau, anu thcSo great interest he |
untettcred from tho hard5 and bends of tho
Courts.
ACTION OF TIE New STATE CENTRAL Con-
MrTTEE.-Thc new State Central Conservative |
Committee met yesterday 10 Richmond. Tho
following gentlemen wtro elected members of
tho State Executive Ccmnittoo II. G. Dula-
ney. OF Fauquic,; DR.. John w. lawson, OF I,Is |
OF Wight, and hlessrs A. Nj. Kelley. A. s. |
Bniord and John ". Wight, Of Redmond |
city.
Ten canvas3ois for the Stale at LARGE wt1o
elected as follows: Cen. William Ii. Payne, !
of Fsuquler; Robert Il. Whitehead of Am
hrrsI; Charles Sharp, Of Norfolk: w. W. W,lx. |
or, OF Westmoreland; General A. Z. Cummins |
OF Washington; General James A. Walker, |
OF Pulaski; Stafford g. white, OF Hsnry, |
William NJ. Chb,ll. Ct Buckingham; Il. {.
AcD, OF Shenandoah. and William A. A nder-
son. of Rock bridge