Richmond dispatch. [volume] (Richmond, Va.) 1884-1903, 1892-06-23
RICHMOND TERMINAL
w. G. OAKMAN APPOINTED RECEIVER
FOR The COMPANY.
The Application Made by Mcssrs. Clyde.
Iabncstock, Naben. and othcrs-
faio OF n. & ID. secnritio.
IBy telegraph to the Dlspatch.l


NEW YORK. June 22.-Upon applica-
ton made before Judge Addison Brown
in the United States Circuit Court to-
day by William p. Clyde and Others an
order appointing W. G.. Oakman re-
cciver for the Richmond Terminal
Company was granted. His bond is
fixed at 100000. The names of the
creditors asking for the appointment OF
a receiver are William Z. Clyde, II.
G. Fohnestock, John c. Maben, John
A. rutherford, Mylcs Rutherford q
Co.. William If. Sondley, and Reuben
Foster.
SALE OF r. 4 y. SECURITIES.
The receivers of the Richmond and
Danville road attended the auction sale
this afternoon OF the securities pledged
to secure the $4,000 loan from the City
Bank and entered formal protest
against the sale, but the auctl0neer
ignored the protest and offered the Sc
curitcs TO the highest bidder. $4,000
East Tennessee extension 5's sold at . I;
$4,000 Washington, Ohio and Western
az % sc, 100 Terminal SIS at rs $50, 900
Danyille IS at 30 $4,000 Georgia Pa
eric seconds ut is, and 200 shares OF
Virginia Midland at 30. 1t IS supposed
the securities were bought in by the
bank.
OBJECT or TIE ACTION.
In the application for q receiver it Is
rocitea that the Terminal Company
never directly operated any line OF rail
road, but was restricted to the business
OF a security company. The inability
Of the company to meet its obligations.
which will fall duo in the shape OF inter
est on bonds and payment OF notes, ron
dors il nsolyent and IN order to protect
the creditors and the company from the
expense OF separate executiOnsa receiver
was asked for
CAPITAL AND MILEAGE or THE SYSTEM.
The outstanding capital Of the com
pany is stated to he so, 200, 900 Of COM
mon and s 1000, 600 Of preferred stock.
The defendant owns nearly all the stock
OF the Richmond and Danvillc road, the
capital Of which is Sj,010,OJ0. 1t ope-
rates tWenty.seveu other railways IN
Virginia, North Carolina, Georgia, Ala
bama. Tennessee, south Carolina, ana
Mississippi. IL also owns the entire
stock OF the D., c. and h. Steamboat
Company. The total mileage Of the
Richmond aud Danville IS only l32
miles. while the mileage Of the sys-
TEN operated is 1920. The aggregate
capital stock OF the twenty-seven rail
way lines aud the steamboat company Il
Si3, 4S0.osO Of which $40, 1Or33f is
owned by the defendants in the bill
MANNER OF OPERATION.
Some Of these roads are operated as
proprietary lines through the ownership
of al or majority Of the stock. The
others are operated on the basis either
of q fixed rental or Of payment Of the net
earnings OF guaranteed interest
The bonded debt on the roads equip
mcnt is sl6.136,0 900; car-trust Obhga.
tions. II. j42.s24: floating debt. s., 0U0,
COO emergency loan, $500, 600; Gin
cinnati extension bonds, IN Joint obllga-
ton with tie East Tennessee, Virginia
and Georgia, S60O0,03J- The $500, OJ0
emergency loan was obtained TO pre-
vent default on It's bonds on april !, 1872.
IRE GEORGIA CENTRAL.
Tie Georeia Central system has been
operated at loss TO the company, ana
its sole dependence being the revenues
from dividends amounting to SJyO,OjO
AGAINST fixed obligations Of 500, and
other obligations coming due, nothing
81 ..rt =. cola 3 QT
The 100000 extension bonds exc
cuted ioiutly with the East tennessee, \ r-
giDia and Georgia railroad are secured by
trust pledge Of preference and ordi-
nary shares of the Alabama and Georgia
Southern Railway Company, limited.
On june !. 1891. the Danyllle company
became tn assigned and guarGntor OF q
written lease executed by the Central
Railway aud Banking Company OF
Georgia, on all its systems OF railways
and steamer lines for long term
TO the Georgia Pacific Company, whereby
the Danyiile Company became obliged
TO operate the said Central system and
~ assume and pay all the interest on
the bonded debt and al rentals and
ALLEGATIONS Of tho Georgia company
also an annual dividend upon the entire
capital stock of the Central of Georgia
system of 7 per cent The Danvlile Com
pauv executed and delivered Sl,O1J, 1000
Of bonds 10 faithfully perform al the
covenants III such lease
TIE DANuLLEs TOTAL DEBT.
The bonded debts of the roads ope-
rated bv the system. and the rental obi
cations which the Danyille Company as
snmcd in consequence Of the absorption
O. these roads by lease or contract
amount to Sl.12s. l26, making the tota
bonded debt Of the Danyilie system
| SSL3l4,l46.
| Ghc appointment Pieases Baltimore.
Especial telegram 20 the Dispatch.l
BNrmoRr. Mn, juno 22-Brown
Lovndes a Co., bankers OF tins cltyI
| have received O dispatch from White
house a Co., of New York, stating thai
/ the Richmond Terminal Company IS II
| the hands of a receiver The receiver Il
". G.. Oakman, who wasmade preslden
OF the company to conciliate the New
York First National Bank party, anr
who was once president Of the jersey
| Central.
THE STOCK nESEi IT'D.
The appointment is regarded fayora
Llv here ana had a good effect on th'
stocks, which sold with fair activity