The times. [volume] (Richmond, Va.) 1890-1903, 1892-08-21

we're successful he should DO properly 10
warded.
In the spring OF 1885 he secured decision
from the Supreme Court OF Tue uhlteo
States (Poindexter against uIcT,nhi9"L
which was a triumph tor the bondholder,
on every point. but a. the state determined
on the policy OF fighting the law as thus
| laid down. and foreseoinR that desperate
struegls was ahead of him. he went 10 Lon
don 10 confer personally with his clients.
In that conference they determined on en-
paeino In the contest which he advised, and
| he AYERS there was distinct agreement
/ made between them in that interview that
| n his fgbt with the State resulted
/ in success to the bondholders his clients
would do all in their power TO secure 10 him
| contingent compensation for bis services
that would bear q proper relation 10 the
enormous interests at stake and the magni-
irdo Of the services he would have TO per-
form
Within the next six months there was
further written correspondence between
them. which entirely sustsips Mr.. Royal! In
his statement of what took place IN
the interview touching his contingent
fee. Mr. Royal continued IN their service
pressing the State steadily from that time
until the recent settlement and he claims
that his contest with the State drove her
into giving up the Riddleberger settlement
and making the settlement which she
agreed TO- He shows that the bondhold-
ers' committee. Olcott and Company,
made contract with the owners OF
Virginia bonds who deposited them
for the settlement by which those
bondholders agreed % give O!cott aud
Company 81 per cent. on the face value OF
the new bonds 10 be issued. and that Olcott
and Company agreed 70 give the Council OF
Foreign Bondbolders, Mr.. Royals client, a
very large part of that 81 per cent; that
Olcott and Company have a lien on all the
bonds so deposited to SECURE payment Of this
commission and that the benefit OF That
lien enures 10 the Council of Foreign Bond
holders to secure 20 them their part.
Mr. Royal claims that HE services were
of enormous value In forcing the settlement,
and that his clients ought to pay him
S2j0.0 00 The Council OF Foreign Bond
holders admits that it Is under an obliga-
ton to Mr.. Royal in respect to contin-
gent fee. but IL claims that the extent Of Its
obligations is to call meeting of
bondholders at some future time and lay
Mr. ROYALS claim for compensation before /
that meeting of bondholders AS soon as
the Oloott committee and the Virginia COM |
nissiOners had agreed on the late settle |
nent the Council of Foreign Bondholders |
jailed a meeting of the Virginia bondhold- |
'rs. which took place IN London on the
question whether they would ratlfy the set
dement, that had been made At that
Meeting the commission OF 81
Der cent. TO be paid BY the holders was under
discussion and the meeting having determln-
ID 10 accept the settlement adjourned under
he idea that the 81 per cent. commission
covered all OUTLAWS tho bondholders would
AVE to make. and the Council Of Foreign
}ondholders admit that they did not bring
ha rs "
ioyalrs compensation. He claims that
their contract was no more than
What they admit it 20 be that was the
ime when they should have laid his claim
,efore the bondholders, but hlr. Royal
laims that their present position is az az
erthOught and that their real contract with
i'm was that they would do all in their
over at the proper time to secure him
and this being so that a
curt OF equity will not allow
hem TO stipulate for q large remuneration
Dr. themselves and leave him to go before the
who have been led TO believe
nat the 80 per cent. commission covered |
very demand that could possibly be made
q them. He shows further that the
loney which has been paid him has been
ontrlbuted by the bondholders themselves
n that purpose, and that the part of the
1mmission which goes to his clients goes
, them free from any charge.
The Planters National Bank il the agent
the Oloott committee for receiving the
d bonds which have been sent here for ex-
lange more than twenty-five millions hay- {
x been received by them, and Mr.. Royal :
IS attached the interest of his clients in
ese bonds. The attachments were served !
,sterday evening on the cashier of the \
snters' Bank and Mann S Quarles. It's
'ent, who has the custody of the keys to 7
e safes in which the bonds are locked up
essrs. PeRram d Stringfellow and Captain i
b. Guigen are counsel for the CON-
Rinant.