The daily dispatch. [volume] (Richmond [Va.]) 1850-1884, 1881-02-17

TUNATE ,LUMBERERs-AN INTERESTING
CASE GROWING OUT OF TIE NATIONAL
EXPRESS AND TRANsPORTA1IoN CON-
PANY.
An important notice il given elsewhere 10
the Stockholders OF the National Express
and Transportation Company. and will be
nerused with much interest by our readers
i'm this and other States. A printed copy OF
the oDinion and decree OF the Hon. Judge
Fitzbugh. OF the Chancerv Court OF this
CITY. IN The suit OF w. w. Glenn's admin's-
TRAITOR, &C., against the company and others
referred TO in the notice. has b,en sent us,
together with a copy Of The published nc.
count OF the last meeting ever held OF the
stockholders Of The company, which was on
The 29h day OF October, 1866. These pa
pers sadly revive The memory OF a very i'm
portant enterprise which commenced busi-
ness here and in many other States soon az
Ter the war with the brightest prospects,
but from variety OF causes had only a
brief though brilliant career. II appears
that in New York. and I'm Maryland,
Nirginia, and other southern States over
four millions Of dollars were promptly
subscribed to its capital stock, and that
the aspirations OF The company ey-
tended from New York 10 New Or
leans, General Joseph l.. Johnston being
its first vice president, and its Board OF Di.
reciorS beng composed OF such prominent
business. rs General John Echols,
Charles W. Purcell, Francis skiddy. NJ. G..
Htrmau and Others. Of The large subscIip.
tions, however. only 30 per cent. was ever
called for, and that was neither promptly
nor fully paid. The company encountered
{ Il in N
her, 1866, IT, cot into trouble and made a
deed OF trust Of all its property for The bene-
iir OF its creditors. and II suddenly ceased
business in November 1866, leaving large
Indebtedness due 10 its officers. employe>.
and agents. and to railroad companies and
others, which, principal and interest, as now
ascertained and established by the court,
amounts To over half million Of dollars.
II seems that alter the failure OF the COM
pany partial suits were soon brought in
other States by different creditors - collect
portions of this indebtt dncSs from resident
stockholders. and that these suits, afler be-
Ing prosecuted for many years, have proved
unayaillrg on account of technical and other
difficulties. The present suit i. what is
known as "crediiOrs' bill" ana was
brought against the company itself, is pre-
sident and directors, and tbe trustees in the
deed Of trust; It's object being 10 ascertain
all Cf tho Indebtedness Of the company
and to have it paid out Of its assets.
which consist only Of the so per cent.
OF the rem1iniDg unpaid subscriptions
to The slock-a fund, however, deemed
ample for the payment Of all its
liabilities. Judge Fitzhugb, in an elaborate
opinion, holds that the company, having
been chartered by the Legislature OF Vir-
GINA, and being required by iis charier to
keep its principal Office IN Richmond, is
emphotlcaly Virginia corporation, though
its object was to do business in other States
as well; that The deed OF trust having been
executed and delivered in Virginia, its
validity and construc ion must he deter
mined by the laws OF Virginia; that its
terms Of conveyance are large enough
TO convey all the property Of the company
OF every description, including the light
TO receive the unpaid subscriptions; and
that the company havin" failed for fourteen
years TO make any call upon the subscrip~
lions TO pay us debts, 1t was the duty OF the
Court 10 make such an assessment aS was
necessary for that purpose; and the Court
accordingly, adopting the report OF the
master commissioner upon the subject, in
view OF the death and insolvency OF many
Of the stockholders, and other causes, liked
the assessment at 30 per cent. OF the sub
Scrp:lGns, aud by its decree directed the
present trustee In the deed OF trust 10 take
prompt steps. by suit or otherwise, 10 COL
leCt this assessment from the stockholders.
The notice OF the trustee (Mr. John Glenn,
OF BaimOre), 10 which we haye above re-
feried, requires payment 10 be made TO
himself, at No. II St. Paul street, Baltimore,
or to his sOlicioIs-Cbaries Marshall, Esq,
Baliimore, or John Howard, Esq, Rich
mond.
Mr.. Glenn, who has been recently subSti-
tuttd trustee in the place OF the original
trustees in the deed, il said TO be an excel
lent bu>Ine>s-man. familiar with and sue
ces,iul in the execution OF important trusts,
and the notice he has gwen obviously
means business. The Court required OF him
a bond IN the peOal'y OF 100000, condi-
toned for the faithful performance o! his
duties. which was promptly given, wiib
ample security. Many Of The stockholders
viii doubtless be surprised 10 be reminded
OF their liability in the matter. having. per-
bapS, forgotten, after - long time.
either the amount or the fact or incl:
subscriptions; but all will have the salts
faction OF knowing that instead OF having.
~ ii often happens in ,uch cases, to pay nm
equally the debts OF bad business, con-
tracied on their joint account and credit,
the Court has done among them tina; equ1Ui'
tv, which is equity, by requiring each TO pay
in proportion TO the amount which he sub
scriDed. and thus in proportion the extent
to which he would have been benefited bad
the business proved successful. 1t Is under-
stood That some Of the most prominent stock
hclherS. bOth here and elsewhere, have in
dicIted their purpose promptly TO comply
with tie decree.