New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1892-06-23
PART II.
PAGES II TO ID.
W. G. OAKMAN NOW RECEIVER
RICHMOND TERMINAL. IN HIS HANDS.

TIE STEP CONSIDHIE NECESSARY BY FRIENDS
OF TIE CONTAMINATION sALE OF BONDS.
The Richmond Terminal and West Point Railway
and Warehouse Company was placed in the hands OF
receiver yesterday. Tho application was made To
Judge Brown in tie UrOted States Circuit Court and
Walter g. Oakman appointed to take charge OF tho
company's affairs. The application for the appoint
ment made BY those who arc friendly 20 the COM
pany and the directors Of the corporation say that the
propery will now begin to make strides toward
favorable financial position. Richmond Terminal
stock went ND instead Of down when the appointment
announced
the application for the receiver was made through
william n. Cohen OF HoadlN Lauterbach d. JohhsaL
counsel for the Richmond Terminal Company. me
creditors who asked for the appointment OF Mr. YAK
man arc william p. Clyde, John c. Naben, W. n.
GoldDy n. c. FahnestocS, John A. Rutherflrd. wal
ter Rnthepfurd ci0uveHieur Norris, and Frederick w.
ImIde,oper and Reuben Foster receivers OF the Rcn-
mond and DanviIle COMPANY The application aiter
explaining the relation Of the defendant company 10
the constituent Companies and the exa3 nnanelai
condition OF the system rs liabilities, etc., reads:
"The defendant company is without money or nope
thereof the interest due the bonds Of the company
on Augir 4 ard September will be defanlted upon
It's properly is likewise liable upon more tnan o.
100000 floating debt, which the makers cannot pay
some Of which is already past due, and most OK ~
will be presently in default. All OF the emergency
Is
the defendant company is liable to be sued ana us
property seized BY attachment for such debt"
The conpalnants also said that they believed that
unless the court would deal With the properly as
single trust fnnA and T. i.tc judicial CUSTODY for
the protection Of every interest therein immedateV
upon defaus individual creditors would ASSERT then
remedies in different courts ~ attachment and Qher'
Wise The applicants also said that besides the
$500 900 emergency lonn the defendant company was
indebted divers creditors for 10000 upon winch nc
security was held also for 100000 on demand notes
for which divers Of its stock and bonds were pedged
There we're also Judgments In favor OF ". 2. HYDE
for s3O.l15 and J. C. Mabln for S15O65. The
applicants were also said be holders OF tbe common
and prefer, ID stocks Of the defendant company OWING
5000 900 a the emergency loan and more than ST.
800 900 Of the per cent and per cent trust bonos
As the receiver appointed is the president of tho
Richmond Terminal there will probably not be any
change In tie management AT the Richmond Tel
minal Office yesterday the directors gave out me
following statement:
1.-THE application to Judge Brown, Of the United
states Qrcnit Court on which w. q. Oalunan, here
tcfore president Of the Terminal Company, was ap'
pointed receiver made by parties largely Interested
In the securities OF the company and who have been
and are entirely friendly 10 II, and se move Is re-
earded by them, In the present position OF affairs
indispensable to conserve and protect all interests
both IN the Terminal Company and In the whole sys-
tenn. This action rendered necessary Just as
was the placing Of the Richmond and Danville RAIL-
rad Company In the hands OF receivers BY the no
precedent.d and hostile action Of Judge spse Of TIE
Eastern District OF Georgia.
The auction sale OF tho securities on account OF
loan OF 100000 dse TO the National City Bank BY
the Richmond and Dan vile company took place ye'
tryav az was advertised and the directors OF the
Terminal and Of the Danvne say that the City Bank
will get itself into trouble the securities are not
returned J. c. Maben and some G the other directors
arn<
| without an order from Judge Bond, OF the United
states Circuit Court, at Baltimore, Nd. ana g no
| coul not be reached such short nu4ce the bank
had no right sell the secuylt'es. just before the
took place nodce from the receiver OF the Rich
rnond and Danville was read warning the City BANK
not 10 sell the securities, and waning people not TO
| buy them. But Notwithstanding the announcement
the securities sold at the following prices $4,000
| East Tennessee, vlpaniasana Georgia frat portsase
extension bonds at IS $4,000 wsship gton Ohi0 and
Western hrst mortgage bonds at 80 e6l 900 RICHMOND
Tcm,nA call trust per cent bonds al 90; $4,000
Richnrd and Danvtlle per cent Consolidated mort
gage bonds at IS; $4,000 Georgia Pacific Railway
consolidated second mortgage bonds'a& 49, 600 shares
Nrrrl Midland Railway at 80. There wye also
sod $4,000 Aorrlsown and cughsrand Gap Rail-
The prices reaiino4 were Ear below those'at which
similar seorltit. were sold a. the sane time: on
whc sold for 90 were sold the Exchange for 49, and
n, M and Ps ), o er csrs s'as at i
auction sale. IL was SAID after tie sale toas
the securities bought by asents for the City RnA
and will be returned the receiver when wanted.
W. r. Clyt> one Of the applicants for the receiver,
In speaking about the which aHsirs took yester-
day. and about tho auction sale OF mo s1urities,
said;
se. . haze s.sr b s s k5hmo as 1 sTs
| Company. l believe our action is for the benefit
| OF the entire system. TIE Rlchpopd 1srDina has
been disrrc'itsd and that Is what II Is suffering FROM
II hiss virtually got 1000 mills Of railroad NTH Only
a floating dct az between Ave and six MILLIONS ~
dollars ! do not brow Whether Drexe, Morgan "
GO. Will undertake the reorganization, OF the sy gem
| or not but ] have not heari anything that would
mako me believe that pksy would nor. The company
is IN better condition NV than K ws yes,sr nay
the receiver was appointed. The acton OF the city
Rank was foolish II sd no risht 70 sell tne
and evoYy business map Knows that
| Drexei More1, 4 Go. declined % say. yesterday
whether thcy had decided tn undertake the rcorgnnNa
ton - III, Rchnend Tcrninal system or NOT. Tic
| general Impression among rallrcad men, however l.
ia, tho firm will do the 7ecrgaRzaron woui, and tt
II was consulted about the appointments OF n receiver