The times. [volume] (Richmond, Va.) 1890-1903, 1900-01-03
COMPLICATIONS INCREASE.

The Case OF the Atlantic Transporta-
ton Company.
NEWPORT NEWS. VA, Jan. 2.-Spe-
cial.-When the report of the receivers i'll
The case of the Atlantic transportation
Company comes up before Special Com
missioner Bowden in Norfolk on the 18th
instant, it Is probable that there will be
developments that will still further COM
plica1e the already almost ineNtricably
tangled affairs Of that remarkable, though
now defunct, corporation.
The issue, it is cOmpetently said, will
be one that has never before arisen in this
case. Briefly, it will be u light on the
part Of the general creditors, headed by
The Western National Bank, of New York,
which will probably amount to an effort
10 secure the forfeit of the $4,000 bond
Of the receivers, MeSsrs ingalls, and
Mcany.
When the knickerbocker Steam Tow
are Company precipitated the crisis in
the affairs Of the company By suing out
an ;,,.aviinIcnt me Chesapeake ana ONO,
which had :, carriage arrangement with
The company. applied for receivers for
the Atlantic Transportation Company,
securing the appointment of ingalls, and
Meany, who in that capacity had the
management of the affairs of the de-
funct company in their hands for a pc
riod Of between five and six months.
In that time, ii is, stated on good au
thority, the company was operated at a
loss of S1oS.G00
1t will be claimed by the general cred
itors that the Coastwise Steamship Com
puny. which took up the trade upon the
death of the Atlantic Transportation
Company, making certain carrying con-
tracts with the Chesapeake and Ohio,
was made I sort of clearinghouse for
the business. This company will claim.
then, that this indebtedness of $l5S,000 is
as a primary lien by reason OF its being
receivers expenses. The general credit
ors, however, headed by the Western
National Bank, will claim that the re-
,.eivers acted i'll concert with the Chesa-
peake and Ohio, and that the Coastwise
Steamship Company was simply an arm
of the Chesapeake and Ohio, and that
the receivers, Immediately upon their APP
pointment, uttered into contract with
this arm of the Chesapeake and Chic TO
carry coal for about one-half of the rate
that, the Chesapeake and Ohio had for
merly paid the Atlantic Transportation
Company, which claim, if substantiated.
would, in the minds of the claimants.
sufficiently explain the loss of the s15SOco.
These general creditors will claim that
il would be unfair to give this S1aS.Go0 to
the Coastwise Steamship Company, as
such action would have the effect OF let
ting the Chesapeake and Ohio have its
coal carried at about cost, and give
what they term the Chesapeake and Ohio
arm a bonus of sloS,o00 into the bargain.
The Chesapeake and Ohio and the re-
ceivers. of course, emphatically deny all
these imputations. and are prepared by
evidence and argument 10 fight the as
sumption.
II is easily seen, however. that this
issue, which has so curiously cropped up,
now dominates the whole proceedings.
and upon the courts decision future is
sues will largely depend.
1t is probable that an interesting fea-
ture Of the proceedings before Special
Commissioner Bowden will be the pro-
duction Of the decree of Chancellor Ma
gill, Of New Jersey. accepting the resig-
nation of Receivers ingalls, and Mealiy.
This decree will doubtless be presented
by the creditors in support of their
claim, for it is said not TO be fulsomely
complimentary TO the receivers. The
fight. of course, before Judge iWaddill
will be against the reception of the re-.
port by the court.
Judge Barham to-day appointed the
Board of Assessors recently authorized
for Newpor. News by the Legislature.
Tho three are r. w. Perkins, former
member of the Legislature from this
district: c. d. West, a well-known young
business man. and C. c. Crafford deputy
Corporation Court clerk. The first two
are freeholders. All are Democrats.