Richmond dispatch. [volume] (Richmond, Va.) 1884-1903, 1899-10-24
WANT A RECEIVER.
noNDuoLDERs AND LIENHoLDERs
Ask FOR ONE FOR THE Il. e u.
and WAGES IN ARREARS.
The RaiIroad VIII Not Oppose the
Appointment of n Receiyer-ltumor
That the N. q w. Wants the Pro-
perty-Rnilroad Notes.

Applications for q receiver for the
Farmville and PoWhatan Railroad Com
rany were fled in the Law and Equity
Court yesterday by w s. Archer, one of
tho bondhoiders. and a joint trustee un-
der the second mortgage and by G.. J..
Snyder, an employee Of the road
Judge Lamb entered a decree in each
case. continuing the motion for hearing
until some future day. The argument will
probably be heard on Wednesday.
THE PETITIONS.
The ground for both petitions IS that
the road is insolvent and in a very bad
state.
W. S. Archer sues for p. J. Archer,
trustee. under deed from W. S. Archer
10 said y. J. Archer, dated June Is, 1897.
IN trust for certain parties therein men
toned.
The bill sets forth
CD That on June p, 1893, w. s. Archer
made his note, in which he promised to
pay 10 hts own order $780, which was
money borrowed from the City Bank; he
delivered 10 the bank the note as COLA
| terra, a note Of the Bermuda Hundred
Construction Company for $500, and six
5000 frst-mortgage bonds Of the Farm
vile and Powhatan Railway Company.
% That on June goth the bank was au-
thorized 70 clip from said bonds all cou-
p0ns up TO and including the May coupon
OF 1856.
CD That. learning that the Construction
Company claimed to have paid the $1,000
and interest 10 the bank, he called upon
the officers and was shown both Of the
notes In their possession, and was fur
nished with a written statement, showing
that on February 20. 1881, there was paid
the principal OF The note and S252 interest.
90 And there was also furnished BY the
bank statement showing an abstract
from books showing that on August ls
1895, interest was paid on the $500 note
TO July l. 1885; that further interest was
paid on specified dates, and that the prin-
cipal Wos paid on February %. 1897.
There was no sale Of the collateral
placed with the bank, the president OF
the bank and its counsel having given
! assurances to this effect
The orator contends that the effect Of
the Payment OF the $500 note was TO
leave the 5000 note subject TO the
credits. and thu bank, as holder OF the
note, ought 10 have returned the bonds
Ho shows. further. that on February %
1897, more than two years interest was
past due on the bonds, and, therefore,
the bonds. as well as the past duo cou-
pons, were negotiable; yet, in some
way they got into possession or Lewis
Glnter, and were found by his executors
among his PAPERS and the orator brought
suit TO recover them. which IS now pend
Ing.
FAXED TO PAY COUPONS.
The orator shows that the Farmvilie
and Powhatan Railroad Company has
failed TO pay him the coupons past due,
and also failed to pay Ginter IN MS ire
time or his executors since. He alleges
that the company Is heavily indebted 70
its employees, and By reason Thereon, un-
der the laws Of Virginia they are entitled
TO liens which will override the Hen or MS
bonds and coupons He states that no Is
further advised that the railroad is In
wretched condition, the cars and engines
I'm bad order, and also It's cross-ues ana
rails Under the present management us
mortgage indebtedness Is said 10 DO In
creasing
The orator goes on to say that the rail-
/ fJad executed a second mortgage 10 w.
/ = Archer and Mason Young as trustees
to secure $500.916 on which IL mas never
paid anything. He charges that all the
! beneficial interest In the said six bonds
and coupons belongs 60 him. In consider
alton whereof, he prays that he may file
this bin for himself and all other credit
ors Of the Farmyile and Powhatan Rail
road Company; that the railroad COM
pany. Thomas +. Jeffries, and George
Arents executors OF Lewis Ginter de-
ceased the Central Trust Company OF
New York, trustees la the first mortgage;
Mason Young and ". s. Archer, as trus-
tees under the second mortgage, be made