The Big Stone Gap post. [volume] (Big Stone Gap, Wise County, Va.) 1892-1928, 1893-06-01
STRAIGHT FIR C)Al THE
SHOULDER
Attorney j. F. Bullitt Express
es Himself in Regard to
the Receivership of
Improvement Co.,

SS rasmSeEf IN Regard 10
the Receivership of
Improvement Co.,
And the Men who Brought It About
! A reporter for the Big Stone Gap
Posi-, today saw Mr.. j. F. Bullitt,
Dr., one Of the attorneys for the Big
Stone Gap Improvement Co., with a
view Of getting from him his ideas
Of the suit of William McGcorge and
Others against the Big Stone Gap
| Improvement Co., in which H. G.
Wood and j. K. Taggart have been
appointed receivers for the defend
ant Company. In answer to the
question, "What is the object of this
suit?" Mr.. Bullitt said: "
| 81 think the real object is to wor-
ry the Virginia, Tennessee and Car
olina Steel and Iron Company. In
other words. I think it is but q
branch Of Of the old Bailey fight. DR..
Bailey and Mr.. McGeorge have re-
Gently made an effort to have John
IC. Haskell ousted from the presi-
dency Of the Virginia, Tennessee and
Carolina Steel and Iron Company,
and to put in a board Of directors OF
their selection, but in this they sig
nally failed. The meeting in New
York of the V. T. G. S. g. | Co.,
stock holders few days ago, having
almost unanimously stood by Mr..
Haskell and the present BOARD of di-
rectors. This was gall to Doctor
Bailey and Mr.!McGeorgc, and they
are now determined to injure the V.
T. G. S. & I. Co., in any and every
manner possible. The latter Com
pany is large stock holder, indeed,
the largest stock holder in the Big
Stone Gap Improvement Co., and ]
think their idea is that BY tying up
and retarding the Big Stone Gap
Imp. Co., that they can force the
V. T. G. S. d. [. Co., to do their bid
ding. Among other things which
makes me believe that Mr.. Bailey is
at the bottom of this suit, is the fact
that there is attached to the bill an
affidavit by J. NJ Bailey to the effect
that he is receiver of the V. L. G. S.
Il I. Co., and that one-half of the
stockholders of the Big Stone Gap
Improvement Co., desire the appoint
ment Of H. c.. Wood and j. *. Tag
CART as receivers of the Company,
and the fact that DR.: Bailey came
out here with Maj. Wood to see him
installed as receiver of the Company,
and seems to be taking more interest
in the matter than anyone else, and
the tuther fact that he was on the
next day followed by Mr.. Wilder and
that Wilder has been left here to
represent Maj. Wood. You will un-
derstand, of course, that Mr.. Taggart
had nothing to do with this suit, and
knew nothing of it until he received
a copy of the order appointing him
as receiver. He has not yet qualfli-
ed, and don't suppose that he will
qualify.
What arc the grounds for the APP
pointmcnt of q recciver?"
The bill makes general change
against the management of the I'M
provement Company Of incompetency,
and misrepresentation of the funds of
the company. The specifications,
however, are very ridiculous. The
bill is very lengthy, but when boiled
down there arc really only three
charges.
"The first is that the management
gave twenty-one thousand dollars
| for depot site for the L. & N. Rrail-
road Co., which they allege is not
worth more than two thousand dol
lars. The facts concerning this mat
ter are, that three years ago the di-
rcctory, as a matter Of policy,
thought it wise to furnish the l.. d
N. r. r. Co., site for depot and
yard purposes, as it had done for the
is. A. IL o. R. r. Company
1t attempted to purchase this
site, about eleven acres, from the
Southwest Virginia Mineral Land
Co., but was unable to agree upon
the terms, and the L. & n. r. r. Co.
proceeded to condemn the property,
the Improvement Company agreeing
to pay the amount of condemnation.
The Commissioners, after hearing
great deal of testimony, fixed the val
ne at $l5,4S4.00. This was paid by
the L. u N. r. r. Co., and the I'm
provement Co. gave the L. d N. r.
r. Co. it's note for this amount, no
part of which note has to this day
been paid. This transaction. took
place three years ago, and Mr.. Nc
George was fully aware.of it, and yet
never made any complaint, SO far as |
have heard, whatever, concerning it:
neither have l ever heard any COM
plant by any of the directors or stock
boIdore If tho Gnmnanv