The times dispatch. [volume] (Richmond, Va.) 1903-1914, 1914-06-26
DEBTS OF HENR|CO
RAILROAD LISTED
Commissioner Tucker Files Ex-
haustive Report With Law
and Equity Court.
RECEIVERS BORROW $4,000
Road Fails to Make Operating
Expenses - No Bondholders
Appear to Prove Claims.

Alter nearly year OF investigation.
Commissioner ]. Randolph Tucker re
ported to the Law and Equity Court
yesterday on the assets and liabilities
of the Richmond ana Henrco Railway
Company. which was placed under Il
recelvcrship on July 3, 1913. in an nc
ton brought in this court by the Union
Trust Company, Limited. The report is
q voluininous one. scheduling in detail
, the various secured and unsecured
claims and liabilities of the company
The property Is listed In detail. but no
attempt is made by the commissioner
to place q market value on the various
pieces OF real estate and physical
property, the actual value of which
| cannot be determined until the court
orders receivers sale. II is cx-
pected that this course will be fol-
lowed shortly. the property being sold
either in whole or I'm parcels to satisfy
the various claimants.
In the statement OF prior liens the
commissioner shows that in order to
raise funds to meet operating expenses
the receiver has under orders of the
court from time to time issued $4,000
of receivers certificates
REPORTS ASSETS AND
CLAIMS IN DETAIL
The report gives in detail an ac-
count OF the property real and per-
sonal. assets and franchises and the
liens thereon and their respective pri-
ority.
me report also lists as physical prop
erty the Marshall Street viaduct, ex-
tending 2.tc0 feet. occupying land In
a public street under city ordinance
and the Spring street viaduct to Full
4 n Han tl,z
ciusife OF that operated over tracks
OF the Virginia Railway and Power
Company. is placed at seven and one
half miles. AT the request Of the re-
ceiver the commissioner postpones 10
future report statement of ac-
counts, bills receivable and cash or
hand. In addition TO the $4,000 Of re-
ceiv"r's certificates there is listed GER
'aih small amounts in unpaid taxes
claimed to have been erroneously as
sessed in past years. on lots which arc
now the property OF the company. The
commissioner recommends that these
taNeS ba paid and the property re-
moved from the land book and re-
ported for assessment TO the State Cor
poration Commission
MECHANICS LIEN ON
MARSHALL STREET VIADUCT
On February II, 1910. L. s. McNnul.
subcontractor on the Marshall street
Chancery Court of Richmond, asserting
q hen In the structure for s347OO94
Tor work done and material furnished
Later McNaul instituted suit TO recover
on this lien against the Richmond and
lienrico Railway Company, Federal
Construction Company Blake Con
tracing Company and the American
National Bank The company answered
denying the debt McNaul has since
assigned his lien to the Clinton Trust
company. OF Lock Haven, Pa. and the
commissioner reports that an agree
mcnt has been reached between coun-
sci for all parties, by which the claim
is TO be made prior lien for $3.50
with interest The commissioner also
discussed at length the labor lien of
liens. ranging from 5000 to s565.oO. are
reported In order OF their priority
NO BoNDHoIDEHs APPEARED
TO PROVE THEIR CLAIMS
AS 10 the bonded Indebtedness, the
commissioner reports that il appears
that on or about May ., 1910. the com
pany authorized an Issue of $500. 900
face value gold bonds. OF this Issue
l.2'0 bonds, amounting I'm value 10 ST.
10000. were Immediately issued, ne
Sotiated and sold to various persons,
out the commissioner adds: "None of
the holders of said bonds having
proved the same before your commits
sioner. he is unable at this time 10
report the name and amounts due To
individuals" The remaining 1850
bonds were never Issued. The bonds
actually Issued are secured by n mort
gage deed of trust covering all of the
property. rights, franchises and assets
OF every nature with the Union Trust
Company. the complainant in this case
as the trustee. The semianuual in
tcrest due on these bonds July l. 1910
was duly paid. the commissioner re-
ports. but since that date no further
interest has been paid. There arc
therefore now in default and outstand-
ing seven instruments OF interest and
an eighth Will be due on July l, 1914.
making an aggregate Of interest due
on that date of s25O,00o
An extended list OF general creditors
Is given. including many local firms
the Virginia Hallway and Power Com
pany, with bill of $3,32347 for cleo
tric current and transfers, being the
largest. There arc seventy eight out
standing general claims listed. aggrc-
eating S6.l59.60. and which range all
the way from bills for stationery and
supplies TO unpaid subscriptions to the
Young Woman's Christian Association.
DEPOSITION TELLS HOW
COMPANY WAS FINANCED
AS to the claim of the Blake Con-
struction Company to be creditor
In the sum of SEQ 900. the commits
sioner calls attention TO the deposition
OF G. Sims Bailey. showing that the
Blake Contracting Company under
took and agreed to finance the whole
enterprise of the defendant company
Including the procurement of the right