Richmond dispatch. [volume] (Richmond, Va.) 1884-1903, 1892-03-12
THE RICHMOND TERMINAL sNAe.
A Fight Through the Courts in Georgia
Aeatust the OIcott Plan.

Against the Oicott Plan.
The Olcott committee, assisted by the
many managers and owners which kich-
m0.i Terminal and its component parts
i,ye iu New York, Is still bard at Work,
SAWS thc New York World. upon ITS plan OF
making one vast and manageable concern
oIt NJ the many smaller and diversified IN
fer.-.s now merged loosely III the hlch-
m.ld Terminal Company.
DC has been decided not 10 pay Hallgar-
Ten 81 Co. the c300,OOO commission for
Easing the capital necessary 10 insure OF
uuiarwrite the scheme. but instead the
committee members will do some canvass
ilE and try 20 interest capitalists IN the
scheme. No small amount OF worument
SIS fetln those law proceedings down III
Georgia, and though the managers here
hehtt.e lt the reports from Georgia snow
that what little j. known. coupled with
the great deal that i not known, there
oi tie OlcOtt scheme has raised bitter
feeling Of opposition 10 II. and the asser-
ton Is made that the law proceedings
will be pushed with vigOr. not with the
idea OF cOerciug the OlcOtt planners here
Or from auy feeling Of retaliation by those
not In wltnit, or even with an eve on wall
street, ont simply because the Georgia Sc
curity-hoder has an idea that the comol-
nation Will boz followed by assessment
aud bond issues until what equity there
may bee will be lost under crushing
lad of securities.
Ile ground of complaint. referring TO
the purchases Of shares OF the Central rail-
road through the Georgia company. cor
y1mu0n Ot North Carolina, Obtained at
tue instance Of Inman and Wall-street
ua-uates. alleges that the purchase by
tAe Georgia Pacific Company or the Rich
uand and West Point Terminal Company
oi 10000 shares of stock of the Central
Railroad and Banking Company for the
purpose Of controlling the poIcy OF the
Same. was "a violation OF provision IN the
State Constitution against contracts tend
ue to monopoly.
Tie plaintiffs insist therefore that the
contracts by which the Terminal Company
st control Oh the stock was void, and that
they took no title % the same. This being
true, they Insist that the 10000 shares OF
stock we're illegally exercised, both IN
making tho lease OF the Central Railroad
All banking Company and Ia the election
ot The present Board of Directors.
ApEBr or $500. 200. 900.
7. Is also alleged that having control
20 thU Illegal manner of a majority OF the
stock of the Genital Railroad aud Bank
lg Company the defendants are c1nspi-
rlg AID designing TO place debt OF
5000 OJJ on the property under what Is
Al1wu as the OlcOtt scheme-a debt TAR III
excess ot the earning capacity of the
properties and which il eau never paw.
90 Justify the proceeding by stock
holder 70 h. further alleged that the plain
uls did not learn ot tins scheme until af-
Ter thc last meeting of the stockholders.
Otler objection is then made. and the oil
pays Tor " subpWnas against the defend
AIT corporations and against all their
directors. and that they be enJoined
from carrylug out the agreements
which tend 10 destroy competition and
create monopoly; that the Oicott scheme
%. reorganization be also enJOiDed and the
lease be declared illegal. null and void,
AMI that the resent properties OF the
Central Railroad and banking Company
Shall be restored TO management created
uy Tie .egal votes .os the stockholders, IN
accordance with the charter; that all
stockholders who desire TO do so may be
permitted 20 come IN and be made parties
iAntlhs IN the bill. and for general re
United States District Judge Speer. on
March sth. when the oil was presented to
Lm, granted an order by which the de-
lendauis, the Central Railroad and Bank
lnt Company OF Georgia, the Richmond
aud Dsuyiile and West Point Terminal
company. and the Georgia Pacific Rail-
ioai Company were enioined from eneum-
beuns the properties of tue Central Rail-
ROAD aud banking Company, or from dis
posing of OK altering the securities AID
assets u the same; aud the receiver was
directed 10 be careful 10 preserve the legal
status Of al the properties.
1eler4l T. T. Alexander. who Was at the
head Of the company under the present
management. was appointed by the judge
Temporary receiver. with orders 70 make
10 changes in p,rsonne, conduct OF busi-
Ness. of mode OF bookkeeping and account
Ing
The case will come up on March 14th be-
lore the Judge for argument Is 10 whether
"a lnIunction shall be mace permanent.
Judge speer.in former case before him,
Aas gwen expressions 20 opinions and
fsllnRs IN harmony with the contentious
p Tue plaintiffs IN this bill, and tbs probs-
'"'tss are that be will make the tnjunc-