Richmond dispatch. [volume] (Richmond, Va.) 1884-1903, 1893-01-04
THE RICHMOND TERMINAL.
Address to StochuUlders ny the Orr Com
n ittee-PrSXtes Enclosed.

n ittee-Pr5Xies Enclosed.
tBy telegraph 20 tho DIspatch.l
NV YORK. January ga circular letter
addressed to the stockholders of the Rich
mond and West Point Terminal Railway
and Warehouse Company has been issued
by the special committee OF whlch Alex
ander L. Orr IS chairman. This committee
was appointed TO receive from stockhold-
ers proxies to represent them at a general
meeting of the company held in Richmond
September 18th last. At that meeting the
ticket for president and directors of the
company put forward by the Orr commit
tee was defeated by the ticket nominated
by the committee headed by Colonel Will
liam l.. Strong. The vote was relatively
$50 shares and 400, l22 shares.
The newly-elected Board ofDirectOrs in
structed its chairman, w. =. Clyde, to APP
point committee TO make an lnvestlga-
ton or the company's affairs and another
committee to prepare plan OF reorganiZa-
ton. The committees were appointed,
but no real reports have yet been made;
instead, the annual meeting of the com.
pany was postponed from the second
TUESDAY in December to the first Monday
III September, and, although the repre-
sentatiyes of the Orr committee attended
three or four adjourned meetings of
stockholders, they could get no informa-
ton as 10 what was being done.
The circular just issued. after recItlng
these circumstances in detail, goes on 10
say Nothing has been done except to
adjourn meetings, and the promises of in
formation as to the state of the company
and the plan of reorganization have not
vet been fulfilled. The annual meeting OF
stockholders has been adjourned Tor
nearly year for alleged reasons, which are
clearly insufficient. Ii IS interesting IN
this connection to know that by the Nlr-
GINA Code, section 1923. IT IS required tnat
the Board of Directors shall make report
of the condition of the company to the
stockholders at the annual meeting, and'
further, that the records OF the proceed
ings of the Board of Directors of the year
preceding shall be open 10 the inspection
of three or more stockholders who to-
gether own 100 shares OF capital stock.
1.-THE Orr committee are OF the opinion
that they have exercised the powers IN
trusted to them as long as conditions con.
tinued which were expressed or CON
templated when their trust began. They
are now of the opinion that stockholders
who have given them their proxies should
either give the committee further lnstruc-
tiOns and themselves take active steps TO
protect their property or relieve the COM
mittee of their duties. The committee are
also of the opinion that reorganization
can be made that would be Just 10 all
parties in interest and place this valuable
property on a sound financial basis. and IN
confirmation of this opinion they refer TO
the letter OF DreXel, Morgan a Co. to Will
liam l.. Strong, chairman OF the ADVISORY
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 proceed
ing by which the company was placed IN
the hands of "a receiver. Under the terms
Of the collateral per cent. mortgage made
nv the Richmond Terminal Company TO
the Central Trust Company as trustee, and
which covers almost all of the stocks oil
the road forming the Terminal system
(they being deposited as the property OF
the Terminal with the Central Trust Com
pany under mortgage), after four months
default ia interest, the voting power
on these stocks passes to the trus-
tee, and the trustee may, and on the
written request of majority of the bond
holders must, declare the principal OF the
bonds due. and sell the stocks and bonds
pledged under the mortgage. Default occur
red on September /. 1892, and on January
/, 1885, the four months Will have elapsed
The committee. therefore, enclose proxy,
which, among other things. empowers II
to call q stockholders meeting. This can
be done under the Virginia Code by hold
ers of one-tenth of the capital stock or the
company-that Is, of 5000 shares.
Il meeting TO consider what course the
stockholders shall pursue can be held aftei
notice of call has been published for
thirty DAYS. Should the present manage
ment and it's conduct of the company b'
approved, the Orr committee will feel thai
| there will be no further occasion for then
services. Proxies should be sent TO STATE
| Trust COMPANY. No. so Wall street,