The times. [volume] (Richmond, Va.) 1890-1903, 1893-01-04
THE TERMINAL MUDDLE.
THE OLD COMMITTEE IsSUES n CIR
CULIR OF COMPLAINT.
1t Charges That the Clyde People Have
Broken Its Promises and
Violated the Laws.


ter addressed to the stockholders of the
Richmond and West Point Terminal
Railway and Warehouse Company has
been issued by special committee, OF
which Alexander Il. Orr is chairman.
This committee was appointed to receive
from the stockholders proxies to repre-
sent them at the general meeting Of the
company held in Richmond September
18th last. At that meeting a ticket for
the president and directors of the COM
pany, put forward by the Orr Committee
was defeated by the ticket nominated
by the committee headed by Colonel
William l.. Strong. The vote was rela-
lively 1H,S50 shares and 40l122 shares.
The newly-elected board OF directors
instructed its chairman, w. Il. Clyde, to
appoint a committee TO make an inyesti-
cation Of the company's affairs and
another committee to prepare a plan OF
reorganization. Committees were ap-
pointed. but no real reports have yet
been made instead the annual meeting
Of the company was postponed from the
second Tuesday in December to the first
Morday in September and although
representatives Of the Orr committee at
tended, three or four adjourned meet
ings Of the stockholders, they could set
no information as 10 what was being
done. The circular just issued. after re-
citing these circumstances In detail, goes
on TO say:
Nothing has been done at the ad-
journed meetings. and the promises OF
information as TO the state OF IN. COM
pany and the plan Of reorganization
hat
meeting OF the stockholders has been
adjourned for nearly q year for alleged
reasons which are clearly insufficient.
1t is interesting in this connection TO
know that by the Virginia Code. section
1923, It is required that he board OF di-
rectors shall make report of the con-
dition OF the company to the stockhold-
ers at the annual meeting; and further,
that records OF the proceedings OF the
board OF directors Of the year preceding
shall be open to inspection Of three or
more stockholders together, one hundred
shares Of capital stock
"The Orr committee are Of the opinion
that they have exercised the powers In
trusted to them as long as conditions
continued which were in suspense or con-
templated when their trust began. They
are now OF opinion that the stockholders
who have given them their proxies should
either give the committee further in
structions and themselves take active
stels to protect their property or relieve
TIE committee Of their duties The com
mttee are also of the opinion that
reorganizatiOH can be made that would
be Just to all parties In interest and
place this valuable property on a sound
financial basis. ard in confirmation Of
this opinion they refer to the letter OF
Drexel. Morgan & Co. TO William l..
Strong, chairman OF the advisory COM
rnittee. dated January 2S 1892. The COM
mlttee has been surprised that no action
has been taken by any stockholder to
test the validity Of the proceedings by
which the company was placed In the
hands OF the receiver.
"Under the terms OF collateral per
cent. mortgage made by the Richmond
TIE, mlnal Company TO the Central Trust
Company. as trustee, and which covers
almost all OF the stocks Of the roads
forming the Terminal system (they be-
ing deposited as property Of the Terminal
with the Central Trust Company under
mortgage) after four morths' default
I'm interest the voting power OF these
stocks passes 10 the trustee, and the
trustee may, and on written request or
a ma jority of the bondholders must,
declare the prlnclpal OF tne poIuS "ue
and sell the stocks and bonds pledged
under mortgage. That default occurred
on September l. 1892. on January /,
1898. four months will have elapsed. The
committee. therefore, inclose proxy
which, among other things, empowers
# 20 call A stockholders meeting. This
can be done under the Virginia Code
by holders Of one-tenth Of the capital
stock of the company-that IS. Of "VO
shares.
"a meeting to consider what course
the stockholders shall pursue can be heln
after notice Of the call has been pun
ushed for thirty days. Should the pres
ont management and its conduct Of COM
many be approved the Orr committee
will feel that there will be no further
occasion for their service. Proxies
should be sent to the State Trust COM
pany. No 50 Wall street