Alexandria gazette. [volume] (Alexandria, D.C.) 1834-1974, 1892-06-22
III: h,nond and Danyillc Matters.

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The Richmond and West Point Ter
minal Railway and Warehouse Com
pany, through John A. Rutherford, its
second vice president. late yesterday in
New York confessed judgment to Fred
erick Huidekopcr and Reuben Foster,
receivers of the Richmond and Dan
vile Railroad Company, for SlSl, 906,
due III five notes dated March +, s,
April lG, 80. and May >, 1892.
The company has also confessed judg-
ment for S30l15 to VIM. Clyde for
money loaned on March 80, 1892, and
Sl5,06 to John Maben for advance on
March %, 1892.
Ma5en and Clyde were two of three
who applied to Judge Bond for the APP
pointmcnt of receivers for the Danville
Company 1t is generally understood
that this action is part of a plan to put
the Richmond Terminal Company in
the hands ofa receiver, and an appli-
cation for a receiver for that company
is expected to follow at once. The four
parties were in close consultation all
day, but refused to make any state
ment in regard to the affairs of the
company during the day. Their posi-
ton now us Judgment creditors is ex-
pccted to give them the right to name
the receiver on any application that
may be made.
This step, ii is thought, is taken in
order to facilitate the reorganization by
Drexel. Morgan & Co.
The impression has gained currency
from interviews with Mr.. Spencer that
if his firm does take hold of the reor-
ganization the knife will be put in pref
ty deeply by assessments and scaling of
interest Referring to the matter, one
OF the largest holders of Terminal and
Danville securities says: at is our I'M
Outstanding that some liberal assess
ments will be called for, and a general
sealing down OF interest. but DreXel,
Morgan 4 Co. have been notified that if
they 90 TOO far they will endanger the
success Of their plan. The holders of
these securities are not in such straits
that they are compelled to accept what
ever is offered. They are in position
now where they can be protected by
the receivers long enough to float along
until better times come, so that they
can carry through a reorganization of
their own"
Another large holder of Danville Sc
curities says: II do not know what
DreXel, Morgan & Co. propose to do.
All do know is that this is an outside
firm. with no preiudiceS in favor of any
special securities, and whatever they
propose will undoubtedly be in q form
acceptable to all security At
any rate think the largest holders of
these securities are ready to accept
what they offer, although we are frank
TO say that we will not accept Drexel,
Morgan & Co.'s plan unless the propo-
sition strikes us as fair"
4 dispatch from New York says: THE
sharp decline in Richmond Terminal securi-
ties is accounted for by the following state
ment from Receive Huidckoper:' The City
Bank notified us Monday that it could sell
the securities held as collateral foran overdue
time loan Of 100000 ct the office of A. H.
Muller & Co. at 1870 to-day if the loan is
not paid. We have no authority from the
court to pay the loan. have had confer
ence with the City Bank officials, but failed
to change them from their purpose. Several
other loans are due and unpaid but the hold
ers have acted wisely ana lenicntly and given
extensions or rcfrained from demanding pay
ment.'"
The Baltimore committee OF the underlying
Richmond and Danville bondholders met
Monday. The committee will await PROPOSE
tons or othcrmovcmcnts looking to the Rich
mond and Danyilie reorganization.