The times dispatch. [volume] (Richmond, Va.) 1903-1914, 1910-05-03
RAILROAD GETS
ANOTHER CHARTER.
Norfolk and Southern
Passes Into Hands Of
New Owners.
NEW SUIT FILED
In STATE COURT
Van Dyke-Zell Syndicate Seeks
Now to Enforce Alleged Agree
ment ~ Capital Stock Six
teen Million Dollars-Fed-
eral Court Litiga-
ton Ends.

All of the lines, equipment and other
property OF the Norfolk and southern
HALLWAY Company, which was recently
sold under a Judgment OF the Unileo
States Circuit Court, YESTERDAY passed
into the hands of new concern
known as the Norfolk Southern Ra!i-
road Company a charter TO Inc
new company was issued yesterday by
the state Corporation Commission.
The capital stock @ Of !. the tn s,na,,o,s M"r1o,s
TO sisooo.ooo, divided into 10000
shares of 500 each The price paid
for the property is ss,5oooQo. which
with the unpaid claims whicn ~
court decided had preference over me
mortgage under which the road was
sold, IL is presumed Will cover the
amounts OF the stock issue
Under the charter which Is N MAGE Sa
perpetual, mortga@ss age oonds oon maS aSo DC All III
the stock is common, and no preferred
stock is allowed 10 be Issued %lthout
the consent OF stockholders In pos
session of not less than three-iourths
OF the stock.
THIS action terminates a long series
of legal proceedings, involving tn.
foreclosure OF mortgage on the prop.
erty. comprising many miles M 9ir ot loao
in Virginia and In North CaroiiHa.
New suit Filed
on the eve of the delivery OF the
Norfolk and Southern recetvership
properties and franchises TO the re-
under the latter's purchase at ss,aoo.-
0u0, the Van Dyke-Zeli syndicate, OF
Philadelphia, which sought Intellectual
~ to intervene in the Federal court
yesterday tiled a suit in chancery In
Norfolk against the old Norfolk and
Southern and It's reorganization com
mittee. headed By Rathbone Gardner,
for the enforcement of certain alleged
. gaF.UVNf
foreclosure. The suit was followed p5
the Hing OF a lis pendens on all the
Norfolk and Southern properties. Inc
suit Is in state court
Reorganization Completed.
Application for new charter from
the Corporation Commission was mace
by Rathbone Gardner, George G. clark,
John /. Waterbury and $. L. Sehoon.
conmittee 1tssets forth that the Nor
folk and Southern Railway Company
was made corporation on October
%, 1906. consolidating the Norfolk and
Carolina Coast Railroad Company, the
Atlantic and North Carolina Company
and the Raleigh and Pamlico Sound
Railroad Company.
In pursuance OF decree entered
in the Circuit Court of the United
States for the Eastern District OF Vir-
Einla, on October IA, 1903, in cause
In which the Trust Company OF Amer
and Southern Railway Company. was
defendant. and of an ancillary deere,
entered on october 10. 1909, In the CIR
cult Court OF the United states Tor
the Eastern District of North Carolina,
the sale OF the property was held.
The object of both suits was to fore
close the lien which secured the mort
gage. The sale was confirmed by de-
crees entered on April % and April 30,
respectively. No time at all was lost
by the parties interested. FOR the arti-
cles OF Incorporation were signed in
New York on April 80, when was
the sale was made by Special Masters
Harry * Wolcotr, Edward r. Baird,
Jr.. Thomas J. JARVIS and Frederick
List of Directors.
The principal Office OF the new com
pany is to be at Norfolk. Following
are the directors: George G. Clark, New
York, John !. Waterbury. New York,
Oakleigh Thorne, New York, $. L.
Schoonmaker. New York; Rathbone
Gardner Providence. r. l.; e. t. Lamb,
Norfolk; Marsden j. Perry, New York;
Caldwell Hardy, Norfolk; T. L. Chad
bourne, Jr., New York; c. e. Foy. New
bern, N c.; N w. Runnion, New York:
Knapp. Hackensack, N j.; G. w. Weif
fenhach, New York; \. NJ. Henry. New
York; Aug. Roth. New York: Henry J.
Wolff, New York. !
/,
E L. Lamb, Norfolk; Secretary. Morris
S. Hawkins, Norfolk; Assistant Secre-
tary, N, w. Runnion. 80 Pine Street,
New York; Treasurer, Matthias Manly,
Norfolk; General Counsel. Chadbourne
& Shores. 80 Pine Street, New York.
Some of the main lines of the Nor
folk and Southern comprised in the pro-
perty are: FROM -Berkley. Va, to Eden
ton. N. c.. 1881 miles: clapham juno
tion, Va, to Munden Point, N. c., 22.14
miles: Mackey's Ferry NC. to WashI
ington. N. G., 43.S7 miles; N1ackey's
Ferry. N. G., to Belhaven. N. c., 29.27
miles: Park Avenue, Norfolk, to Vir-
sinia Beach, Va, 1897 miles; Virginia
23,55 miles, line with trestle from
Edenton. N. c., to Mackey's Ferry. N,
c., . miles
On the Raleigh and Pamlico Sound
Chocowlnity, and from Washington to
Newbern: on the Suffolk and Carolina,
from Suffolk, Va, to Edenton, N. c..
abeth City; on the Pamileo. Oriental
and Western, from Newbern to Bay
bow and from Mackcy's Ferry to Co
lumbia. In addition, thereNare nu-
in length
Long Lease Included.
The road owns also lease, running
ninety-one years and four months from
and North Carolina Railway Company
to the Atlantic and North Carolina
Company, involving It's main limo from
Cioldsboro to Morehead. a distance of
ninety-five miles.
Tho transfer includes all the bonds
and stock owned by tho Norfolk and
Southern Railroad Company, with all
It's property of every nature. The
price OF sS500,0o0. of course is in
addition to the amount which may be
sufficient to pay the unpaid claims es-
tablshed as prior liens to tho mort
gage; all obligations on pending con-.
tracts, and all unpaid Indebtedness and
before the delivery, OF possession pnde +
the recent sale including $l,4l2S65
tho par value OF the receivers certifi-
Gates, There remains to be paid, in
addition. the costs and expenses OF