The state chronicle. [volume] (Raleigh, N.C.) 1891-1893, 1893-01-04
THE RICHMOND TERMINAL
A CIRCULAR LETTER HAS JUST
BEEN ISSUED
by the Orr Committee, omplainins of
the Manner in w hich Certain things
Have Been DOne-Excerpt, From
the Letter.

the Manner in Which Certain things
nave Been DOne-Excerpts From
the Letter.
NEW YORK, Jan. 8-A circular letter
addressed to the stockholders of the
Richmond and West Point Terminal
Railroad and Warehouse company has
been issued by special committee, of
which Alexander E. 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
Is last. At that meeting a ticket for
president and directors wss put forward
by Orr. The committee was defeated
by ticket nominated by committee
headed by Colonel William L Strong:
the vote was relatively ia, $50 shares
and 400, l22 shares. The newly elected
board OF direct RS instructed its chair
man, W. P. Clyde. to appoint commit
tee to make an investigation of the com
pany's affairs and another committee TO
prepare plan of reorganization. The
committees were appointed, 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 Monday ia Septem
Der, and although representatives of the
Orr company attended three or four ad
lourned meetings of the stockholders,
they could get no information as to wha,
was being done
The circular just issued, after recitipg
these circumstances, goes on to say:
Nothing has b, en- done at the ad.
Journed meetings and the promise of in
formation as to the state of the company
ard of the plan of reorganization. have
not yet been fulfilled. The annual meet
ing of the stockholders has been ad
J'urned for nearly year for alleged rea
sons which are clearly insufficient. 1t is
interesting in this connection to know
hat by the Virginia code, section 1923
1t is required that the board Of directors
shall make report of the condition of
the company to the stockholders at the an
DUAL meeting and further. that the re
cords OF thr proceedings of the board OF
directors of the year precei ding shall be
open to the inspection of three or more
stockholders holding, together, one hun
dred shares of capital stock"
The Orr committee is of the opinion
that they have exercised the powers in
trusted to them as long as the conditions
continue which were contemplated when
their trust began. They are now of the
opinion that the stockholders who have
given them their proxies should either
give the committee further instructions
md themselves take active steps 10 pro
tect their property or relieve the commit
tee OF their duties. The committee is
also of the opinion that the reorganlza
tion can be made that would be just to
all parties interested and place this val
liable property on a sound financial basis
and in confirmation of this opinion they
refer to the letter of Drexel, Morgan &
Co, to William L. Strong chairman OF
the ad visory committee, dated January
%, 1892.
The committee has been surprised that
no action has been taken by any stock
holder to test the validity of the pro.
ceeding by which the company was
placed in the hands of receiver under
he terms Of collateral per cent. mort
gage made by the Richmond Terminal
company to the Central Trust company.
ts trustee. and which covers almost ali
Of the stocks of the roads forming the
terminal system, they being deposited as
property of the terminal with the Cen
trail Trust company under mortgage
After four months default on interest.
he voting power of these stocks passes
TO the trustees, and the trustees NAV.
md on written request of a majority o.
the bondhOlders must declare the princi-
pal of the bonds due and sell the stocks
AID bonds pledged undtr the mortgage
This default occurred on September /.
1892. On January 1, 1893 the -four
months will have elapsed. The commit
tee, therefore, incloses proxy which
among other things, empowers it to cal
stockholders meeting This can b.
done under the Virginia code by the
holders of one tenth of the capital stock
Of the company, that is of IS 900 shares
GA meeting to consider what course the
stockholders shall pursue can be held
after the notice of call has been pub
ished for thirty days Should the pres
ent management and its conduct of the
company be approved, the Orr commit
tee will feel that there will be no further
occasion for their services. Proxies
should be sent to the State Trust com
pany No so Wall street.