The times. [volume] (Richmond, Va.) 1890-1903, 1892-06-17
RECEIVERS APPOINTED
ron the R. 4 D. RAILROAD COMPANY
Messrs. 4. w. Huidekoper and Reuben
Foster, of Baltimore, Put In Charge
ofthe Road by Judge Bond.


W. H. Goadby filed yesterday in the Circuit
Court of the United States for the Eastern
District Of Virginia. Judge Bond has ap-
pointed T. ". Hudekoper and Reuben Eos
tor. of Baltimore. receivers of the Richmond
and Danviie Railroad Company and all It's
leased and operated lines Of rail and steam
boat Mr. Huidekoperis is now IN Atlanta, and
has received possession from President Oak
man. Orders will be Immediately issued ap-
pointing the same operating officers now in
control This movement has been taken in
anticipation Of possible adverse action OF
Judge Speer upon the Georgia Central peti-
ton now before him for the protection of the
property in the interest Of all security holders.
HOW JuDex spKrR WAS oarcxMArED.
Nothing so sensational in railroad litigation
has ever occurred in the South as the appoint
ment yesterday Of +. w. Hudekoper and
Reuben Foster receivers Of the Richmond and
Danville railroad by Judge Hugh i. Bond
upon the application of Messrs. w. T. Clyde,
J. G. Maber and W. H. Goadby. The proceed
ings on the matter were kept so secret that
no one except Mr.. w. f. Strong. Of the bond
holders committee, knew anything about
them until yesterday evening about O'Clock.
when the order of Judge Bond was served
On General Manager Green in Washington,
ID. O. This was after the Coast Line train
had left and Messrs. Huidekoper and Green,
accompanied by Mr.. Henry Crawford. Of
Chicago, the counsel Of the c0mplainants.
had to engage special train at Quantico.
AT Richmond a special Danyille train was
D
get away bearing these gentlemen and only
one other. IL finally reached Atlanta. where
upon Mr.. Huidekoper delivered to President
Oakman at the Office Of the Danyille railroad
the signed and sealed order Of Judge Bond
about / o'clock to-day aud this gave him his
first information Of the receivership.
APPOINTMENTS BY THE RECEIVER.
MI Oakman, who had been diligently pre-
pairing for the legal contest before Judge
Speer at Macon tomorrow. saw that a stronger
hand had taken hold Of the fortunes Of the
Danville, and gracefully surrendered the pro-
perty 10 Mr.. Huidekoper, who at once issued
an order appointing William II. Green gen
eral manager Sol Hass traffic manager. John
W. Hall treasurer and NJ. G. Figg auditor.
The receiver and his counsel then proceeded
before Judge Newman, district Judge Of the
United States Court for the Northern District
OF Georgia, and laying before him the samee
petition presented to Judge Bond obtained
similar order covering such of the road as lies
in Georgia. The same proceedings will be
adopted in the States of Alabama and Missis-
airti 90 as e. cover the leased Lines of the
Denville road aud the Georgia Pacific in
those States.
OBJECT OF TBE PROCEEDINGS.
The cornplainants in this bill. Messrs w
P. Clyde J. O. Maben and W. H. Goadby,
have been long and wellknown as directors
or as large security holders in the Danville
and Terminal properties and il is thoroughly
understood that their proceedings are taken
In the interest Of the security holders
and for the purpose Of prevent
ing such assaults as are now
being made in the form Of judicial pro-
cedure in the State Of Georgia upon the
property of the Danyille and Terminal COM
panies The time of hearing this application
has been fixed by Judge Bond for August
10th, thereby giving two months for such ne
gOtiatiOns as may be necessary for re-
organization of the property. perhaps by
Blessrs. Drexel Morgan a Co. So far as is
known here, neither member of the firm of |
Drexel, Morgan & Co. had any knowledge Of |
these proceedings.
TTRMs or THE ORDER or COURT.
The order of the court makes ample pro- |
vision for the payment Of all operating ex- |
penses of the road. claims for loss, damage. |
labor and supplies accrqing within six months
before receiveTship. and 80 all these creditors |
of the Danyille road are placed in a most |
favorable position, while all supplies here
after will be. of course, absolutely sure
through tho action Of the court. Mr. Huide-
koper has freely said that tho whole purpose
is to protect and advance the
credit Of the company and to
preserve the integrity Of the system by max
ing suoh payments Of interest and rental as
will prevent any default, and thereby occa-
sion re-entry under the terms of the basis OF
mortgages.
Blr. Oakman during the time that he has
been South has been most efficient in turning
the tide of popular opinion in favor Of the
Danville road so far that both the Atlanta
journal ana tho AAahtH CONSTITUTION nave
been outspoken in depreciating movements
against railroads calculated to impair the
confidence Of the capitalists in investment in
the South.
OFFICES TO BE REMOVED.
No doubt the appointment Of Messrs. T. ".
aud Reuben Foster as receivers Of
the Danville road will give a temporary shock
to the holders of securities in the Danville
system, aud, indeed, throughout the South.
There can pe little doubt. however. that the
ultimate result viii be very beneficial 10 them.
Mr. Oakman returns TO New York tonight,
accompanied by Mr. Hudekoper. lie says that
the general Offices of tho Danville railroad
will be removed TO Washington as rapidly as
possible. and the accounting department will
be moved probably next Monday This will
be good news 10 maDy of the officers and
clerks The trip made by Messrs. Crawford
and Huidekoper with General Manager Green
from Richmond 10 Atlanta was the quickest
on record between those points. the $50 miles
being made in little over twelve hours.
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