New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1892-06-18
RAILROAD INTERESTS.
RICHMOND TERMINALS NEW FIGHT.
THE DANvILLE RECEIVERS TAKE POSSESSION

THE DANyILLE RECE1vERS TAKE POSSESSION
TO TRY TO RECOVER STEAMSHIP STOCK.
The members Of the firm Of Drexcl, Morgan Sc Co.
yesterday declined officially discuss the bearing Of
the receiverShp Of the Richmond and Danyilc system
upon their ntrhc toward the project II rcorganiza-
ton Of the Richmond Terminal Company. IT Is under
stood. however that the steps taken BY william p.
Clyde, J. G. Mabcn and W. II. Goadby have not un-
favorably affected the disposition Of DrcAcl. Morgan IL
Co. The firm Is busy nj work studying the del alls
of the situation with an eye TO business and the
decision VIII be given from the point of view Of busl
ness men, without regard 10 the factiOnal contests III
the Richmond Terminal the litigation on foot.
The Officers of the Richmond and Danville have
been served with the orler OF Judge Bond and have
turned over the entire property Oi the company and
lis leased and controlled lines the receivers. +. w.
IIiudekeper and Reuben Foster Mr.. Foster In the
city, but he had little TO except that practically
all of the present operating officers had been, or
wOuld be, reappointed by the receivers The re-
cevcls intended to manage the property for the bene-
fit of all interests concerned
The stock market was in no wise disturbed by the
sudden action OF the Richmond and Danve security
holders. The full statement made public last evening
by the men who applied for the rcccivershlp show ell
the proceedings In clear light II Is understood that
effort will be made, under the receiver
ship, 10 rescue the stock of the New England and
savannah steamship Company from the hands Of the
further details of how this stock was taken from the
Richmond and Danvillc were made public Yesterday
The following statement made by authority Of
W. T. Clyde and J. G. Maben
II the principles and practice laid down and pur-
sued by Judge Specr In Georgia. the nsti.ation OF
the persons who have been se,utng the Richmond
and Danville system under cover OF their alleged
interest i'll the Georgia Central system should be
piled to the Georgia Central system itself it would
hrenk hat yStpm
Cipes and such practice can be sustained law AM
applied by Federal judges in other districts they would
break up and disrupt every ia!roai system In the
United states, and destroy the value o. every security
which depends for It's value upon the integrity Of such
railroad systems
at necessary. therefore for the security
holders &, take this stop In order protect the in
tegrity of the Richmond and Danvc system. and
It's legitimate from the losses and Srolia
ton which inevitably have followed futher
progress of this unparalleled Georgia litigation Ii Is
believed all sides that the Richmond and Danv'llc
system would. at the hearing at Macon today. have
been placed in The hands Of the same parties who
have, with the aid Of the Court Of the Eastern Dis
trict OF Georgia, summarily seized the Georgia
Central and Who not content with this sought also to
seize the Richmond and Danvc. ard for this purpO,e
had a hearing fixed by the same Judge before him at
Macon to-day.
Judge speer first directed the Richmond and Dan
savannah steamship Company stock to trust com
Eany, in Macon, Georgia Having thus got the STOCK
within his jurisdiction, &c made subsequent order
directing the Richmond AID Danvilc Company 10 re
turn 10 the Georgia Central Company the stock which
under the of the original loan was u be hcli
- collateral for the advanced by the Richmond
and Danvle The Richmond and Danville Company
Is thus left without security for debt of TsOoOOD
except rs 10 the II $4,000 for the Mobile ana
Girard extension for which the Judge ordered the re
cevers 10 issue their certificates, which lien on
nothing and practically valuccss'
A BILL TO PROMOTE SAFETY on RAILROADS.
Washington, June 1.-THE House Committee on
Interstate and Foreign Commerce today authorized
Mr. O'Nelll OF Missouri. to report favorably bill
10 promote the safety OF railway employees and p'@-
senges II requires locomotives to be equipped with
power brakes sufficient 70 control train. Every
new locomotive after july 1893, must be equipped !;
and after July, 1895. all locomotives. After July
1se5 all new cars old sent 10 IN" shops Tor
..i..