Richmond dispatch. [volume] (Richmond, Va.) 1884-1903, 1892-06-24
ANOTHER RECEIVER ASKED FOR.
Mr.. Purtis Makes Application TO Judge
Bond-To DO Heard August 10th.

Bond-To DO Heard August 10th.
Suit has bcen entered In the United States Cir.
cult Court for this district by George A. Burtis,
OF New York, against tho Richmond and West
Point Terminal Railway and Warehouse Com
pany, praying the appointment Of q receiver for
tho defendant company. The motion Tor re-
ceivcr and for oh injunction viii DO heard on
August 10Th. -
OF New York. appointed ". q. oaxman re-
stood TO be IN the interest OF tho autonomy OK
tho system ofwhIch the Terminal Is part and
in line with the action Of the friends OF tue CON-
pany In having receiver appointed Tor the
bansille What tho motive OF the present
application Is cannot be very readily understood
fr,n, the papers taEen In connection with Judge
Brogns action.
EXTRACT FROM THE BILr.
Mr. Burtis, who IL n citizen Of New York, rep
rosenting himself and Others holding Terminal
securities. attacks the management OF The Dan
yilIo system and the late Olcott scheme Tor re-
organizing the Terminal cites various transac-
tIons between the Danville Company ana tho
Terminal, and goes on to say: The directors OF
sald Terminal Company recently endorsed tho
name OF said company on note OF tho said
Richmond and Danville Company Tor sl,OUo'.
OOQ payable on the LIST day OF June, losS, and
nave loaned a large amount OF securities De-
longing 70 the Terminal; that the securities SO
loaned have been used by the Danyille Com
pany here; that they are now deposited Win
some person or persons unknown to orator, ana
that the making OF said endorsement and tho
leaning OF said securities was unwarrnnted III
the charter OF the Terminal, and was made ~
the directors without authority on the part OF
the stockhoidorsof the Terminal ana saiu trahs-
action was fraud on tho rights " all the stock
holders. 60, 49,,
thar at tho time OF the endorsements anu loan
the Richmond and Danville Company was insol-
note NJ maturity The orator furtner sets iottn
that by eason OF the aforesaid unauthorized ana
fraudulent actions OF the Terminal Board OF d.
rectors aud By reason of the bankruptcy ana IN
soyeucy Of the Richmond and DanYlhe 1oui-
pany, the said Terminal Company IS to,ahy
bankrupt and insolyept. 30 that instead 81
having more than sl4.Ooo,ooo OF securl.'ss III
its treasury ns IL should have aud would have
II its a hairs had been properly conducted, y has,
the orator believes, absolutely nothing Ia W.
treasury to meet lis Obligations
HOW 10 REALIZE.
Yet among the debts shortly 20 become due
| are sI6J, 900 of interest due on us u per cont:
| collateral trust bonds August i5t next an,
| s276,G2J due on It's 3 per cont collateral
bonds September LIST next and the orator De-
| lleyes that tho various securities on deposit a.
/ collateral for same bonds Is largely IN excess .,
the amount for which they arc plcdged, anu u
| tho Same wero properly sold and judiciously mp
piled under authority Of q court 81 equity tnere
| would be a balance realized thciefrom Tor tht
benefit OF orator and other stockhoinets ahu
| further, that such balance would DC largely IN
| crensed nv the recovery OF the assets vhlct
should now be In the treasury OF the compan,
! but were fraudulently wasted by the directors
| USELESS AND FUTILE.
Further, the orator asserts that 1t has been anc
still T. useless end futile for him % attempt y
induce the majority Of the stockholders OF th'
| said Terminal 20 take any acton IN the premises
because, as aforesaid. n large majority OF sai'
stock has been procured and Induced by device
mentioned TO be deposited with Olcott an
! others VINO have the right and power 10 vote IL.