The times. [volume] (Richmond, Va.) 1890-1903, 1892-06-17

ties Of the properties (the Terminal and tasi
tennessee. Virginia and Georgia. are sue
az TO demonstrate that there is no likennVpu
whatever that either of them can or VII, oe,
clare or pay any dividend on the STOCK neia
py the Terminal Company.
THE MAIN LINZ.
The main line of the Danvills Company is
operated with great profit. but sevorai OF 4, ils
operated roads are drain upon ana wnviiy
exhaust the surplus received from the better
portion OF the system.
The total deficit OF the Georgia Pacific, on
all accounts amounted. by the last Official re-
port, 10 81 sos, ,53l.l8.
It's Official reports and exhibits show init
the bonded and floating debt of the Danyiile
company mas been constantly and heavily "a
creased IN the last four years. in 1851 the
bonded debt was sl0. .l99 800; in 1890. Sl3 49l :
loO; IN 1891, ZIG. .l36. 600. It's bills payable
we're: In 1889 $500 900: 1890 81 go. 9S5; ~
S8,S64.7Sl. And according to a statement7
the company dated March 25, 1892. there e
ceeded s5l. .223, ,9zS. exclusive Of the emer-
gency loan Of $500. 900.
In the latter part Of 1891 the large and r.
creasing floating debts Of the several proper
ties. In which the Terminal Company is inter
ested, and the heavy losses incurred IN the
operation OF some of the operated roads cEe-
ated much alarm among the stockholders and
creditors.
was stated that the Terminal Company owes
no floating debt whatever and has cash bal
ance In bank Of S2l8. .G34.09 it was also De
clared that II was impossible TO sell Their
treasury securities at satisfactory prices and
the result is that large floating indebted
ness exists on each of your important sYs-
TENS"
The enormous floating debt of the Danville
Company IS wholly beyond its financial aoii-
ity to carry out of its ordinary revenues.
Over $500, 600 of such debt stands in de-
mand loans subject 10 summary enforcement.
IT'S Value.
COmplainants aver that the unity Of the prop
erty as now held and operated AS an import
ant.trunk line. constitutes one of the most i'm
portant ingredients of its value, and that 80
permit its severance will result in Is runous
sacrifice TO every interest IN the property
The owned and operated lines Of the road ne
IN six States, and are subject
to the jurisdiction Of the courts in each Of the
many counties in which the property Is sitn-
ated. Complainants verify believe that un-
less the court in yiew of the impending and
inevitable defaults as aforesaid VIII deal
with the property as a single
trust fund and take it into judicial custody
for the protection of every interest therein.
that Immediately upon default individual
creditors will assert their remedies in different
courts in the several States.
A race of diligence will result judgments
and prOrities will be attempted leyies and az
tachments will be laid upon the engines and
cars of the company and the fuel. material
and supplies which are indispensable 10 the
operations of the road, which viii greatly in
terfere and eventually prevent the company
from the proper discharge Of its duties.
THE PRAYER.
The prayer Of the complainants is a lengthy
one, and asks. among other things that tho
court decree that the complainents. as holders
Of sliquot portion Of the emergency loan.
have a fixed and specific lien upon all the IN
come OF the Danville Company.
The court will establish what persons and
corporations are the holders and owners OF
said emergency loan and adjudge and decree
the respective amounts due TO the COM
plainants of such account. as we'll as all other
like holders of such Indebtedness.
That the court will also administer the trust
fund
That for the purpose Of enforcing the lien
and equity upon the income on the rail-
road system T. which the holders Of
emergency loan are entitled es welt s>
20 preserve the unity of said system
and preventing the disruption thereof by
separate executions and defaults in interest
payments, complainants pray that the court
will appoint one or more receivers Of the entire
system with authority 20 manage and opernte
the same under the direction Of the court
and that all the officers OF the said Danville
Company be requested to deliver up the pos
session Of all property over when the receiy-
ers are thus appointed
Terminal stock Declines.
New YORK. June 16.-Richmond Terminal
declined on the revival of reports of assess
ments on the stock. Samuel Spencer. who
has just returned from an examination of the
declined to make any statement in
regard to the result Of his trip It is stated
by Georgia Central people that Receiver
Conner can obtain a loan with which 10 pay
the interest on July 1st, but he is trying to
arrange for the Speyer loan at the same time.