The Roanoke daily times. (Roanoke, Va.) 1895-1897, 1896-08-29
IN RECEIVERS HANDS.
Important DEGREES Entered by Judge
Simonton.

Simonton.
Judge Simonton, of the United States
circuit court, has entered decree i'm this
city appointing Harry ID. MACEDONIA re-
ceiver OF the Lynchburg Electric Com
pany, and also receiver of the West
Iynchburg Land Company. The DEGREES
are entered in the suits brought against
the two Lynchburg corporations by the
Peoples Trust Company, of BROOKLYN,
trustees. in deeds of trust made by the
two concerns to secure the bondholders.
The DEGREES in both instances set forth
that MIR. MACEDONIA is appointed receiver
of all the property, assets, rights. and
franchises, including property of all kinds
held and controlled by the companies: all
money, chooses in action, credits, bonds.
stocks, leasehold interests, contracts and
other assets of every kind, real, personal
and mixed. The receiver is directed to
take immediate possession of the prop
erty and carry on the business until fur.
Their or,.ered. The receiver is authorized
to continue the business as in his iudg
ment may produce the most satisfactory
results.
In the case of the Iynchburg Land
Company the receiver is required IT, give
bond of $4,000, and in that of the
electric company, II bond of $25, 600
The bill of complaint in the suit
against the Lynchburg Electric Com
pany declares that $50 bonds of 81. 900
each were executed by the Lynchburg
Electric Company on December |. 1892.
with an interest of & per cent, PAYABLE
annually. To secure the payment of this
bonded Indebtedness, mortgage was
given on the property. and it was agreed
that i'll default of payment of interest or
principal when due. plaintiff should have
exclusive control of the property The
bill further sets forth that the electric
company failed TO comply with the
terms, and that the Southern National
Bank, of New York owners of 100 of the
bonds, had instructed the trust company
to proceed to an c-forcement of their
claims. The plaintiff declaring that the
property of the electric company had rot
been kept in good order, that there is dan.
ger of ii portion of it being sold for taxes
and for the payment of rent for water
power, that the company had virtually
abandoned the property, and that the in
come was less than the expenses, ask for
the appointment of Il receiver in order
that the bondholderS may not incur any
loss. The bill Their states that the
Lynchburg Street Railway Company be-
fore it had become merged into the
Lynchburg Electric Company. had ISSUED
100 bonds of 81 900 each, and that the $50
pohuS subsequently issued by the electric
company were intended in part to retire
those 100 binds. The plaintiffs declare.
however, that they do not know whether
the 100 bonds were delivered to the
Lynchburg Electric Company in eX-
change, but that notice had been served
on them by one Lewis +. Storms. claim
ing to be owner of twenty of the bonds
The bill states that il was the belief of
the plaintiffs that it was represented
that c. III. Harmon had possession of the
aforesaid bonds.
II was stated yesterday that the ap.
pointment of a receiver for the company
was necessary for Il thorough reorganiza.
ton, and that the step had been taken
under the conviction that il was for the
best interest of all parties concerned. 1t
Is said that several gentlemen interested
in the road will be here probably some
time this week to make an inspection of
the road with Il view to advancing funds
necessary for ii general improvement of
the line.
In the bill of complaint in the suit
against the West I.vnchburg Land Com
pany, it is alleged that the company is
insolvent, and that the property has not
been kept in good order. The bonds rs
stated in the bill are fifty 81, 900 bonds
fifty $500 and 100 $3.50 bonds. Lynch
burg News.