The sun. [volume] (New York [N.Y.]) 1833-1916, 1892-06-18

The Receivers In Full POssersion-WhatA
sccurity Holder Thinks of the Situation.

The Receivers In Full POssersion-What =
sccurity Holder Think. OF the Situation.
The officers in this city OF the Richmond and
Danville Railroad Company declined to say
anything yesterday beyond the fact that hav-
ing been served with the order OF Judge Bond.
they have turned over the entire property of
the company and its leased and controlled
lines to the receivers. Messrs. Iludokuper and
Foster. who have taken possession of the same
as ordered by the Count.
Mr. Foster. one Of the receivers. who Ia now
In the city. said that as the receivers had Iust
taken charge they had no statement to make.
except that they should manage the property
under the orders Of the Court for the benefit Of
all interests concerned. and that practically all
OF the present operating officers had Leen or
would Le renppoint"d Wy the receivers.
:, The plaintiffs in the suit in which Judge
Bond placed the property in the hands Of re-
ceivers had nothing 20 add to their statement
In tho morning papers. except to call attention
to the fact that. II the decisions rendered hy
Judge Specr i'll Georgia. at the instance of the
parties who have been prosecuting the Rich.
ond and p11ys GystS mIsT eGSeT Of
trial system it would break upand disrupt that
Judges in other districts, ,hey would break UP
rneh snss the Sas Of n tns
security which depends for its value upon the
integrity OF those railroad systems.
1T WAS necessary. therefore, said one OF
these security holders. 'ior us to tako the step
We did to proi ect the integrity of the Richmond
and Danviile system and save Its owners from
the losses and spoliatinn which must inevi
tably'lave followed any further progress OF this
unparalleled Georgia litigation. We firmly
believed that the Richmond and Danville sys-
tenn would. at the hearing at Macon to-day.
have been placed, in the hands of the same
parties who have. hr means OF orders obtained
gia s,lnmuril> seized the Georgia Central. and
who, not content with this. sought also to
seize the Richmond and Danvilc."
1.-THE receivers can. and doubtless will. now
proceed promptly to SECURE Il renewal of tho
decision relative to the New England and Sa-
vannuh Steamship stock. that the said steam
shin stock may be returned to the Danville
Company as its collateral for its advances TO
til. Georgia Central Company
The question OF putting the company into
the hands OF a receiver by means OF a friendly
suit was discussed as long ago AZ March last.
1t was urged on nehaif OF one Of the largest in
terests In the company that this would be n
wise stau to take. but in the opinion Of tho
majority the condition OF affairs did not at that
time require such radical measures.
Messrs Drexel, Morgan Co. said yesterday,
when ask cd what effect the receivership would
have upon their deliberations. that they were
taking up the question ~ rcorCaniZatio in a
thorough and comprehensive manner. md
that this move by Messrs. Clyde. Muben. ani
Goadby brought In another point for considers
alton. 1t is said. however. on very good Hll-
thority, that the firm entirely approves OF the
action taken. and regards it AZ opportune.