Richmond times-dispatch. [volume] (Richmond, Va.) 1914-current, 1917-05-15
RECEIVER IS NAMED
FOR T|DEWATER ROAD
l.angbournc NJ. Williams ippointetI
by Court, and Takes Charge
Immediately.
CORPORATION COMMISSION ACTS
Directs Officers to Continue Opera.
tion OF Trains on Regular Seized
uic Until Further Noticc-Also
Forbids Sale OF Any Equipment.

l.anSbourne NJ. Williams was yestcr.
day appointed by Judge William A.
Aohcure. in the Chanccry Court, as re-
ceivcr TO take over tho affairs of the
Tidewatcr and Western Railroad Com
pany. He promptly qualified and exc
cuicd bond in the sum of $4,000. APP
plication for receivership was made by
the road pending decision by the State
Corporation Commission of its applica
tion for dissolution
Following the action OF the Chanccry
Court. the Corporation Commission en-
tered an order. directing officers of the
company. upon penalty, to continue op-
Grafton Of it's trains on regular sched-
ule until the further notice of the
commission. II was announced by
Chairman Garnet that the commission
would rule this morning on the appli-
cation of the company for dissolution.
The action as to the continuance of
It's train operations was taken by the
commission after the receipt of n let :
ter from T.. Randolph Williams. conn
sci for the road. who stated that the
board OF directors has passed a rcsolu-
ton ordering that the operation of the
railroad should be discontinued from
midnight on last Saturday.
HAS CONTRA CITED FOR SALE
OF PART OF IT'S PROPERTY
Mr.. Williams said also in his letter
that the Tdewatcr and Western had
q N 81 Al INF
considerable portion Of it's property.
including the rails. The commission
ordered that no fixture or rolling stock
OF any kind be removed or any act
done which shall deprive the company
OF the power TO perform its public
functions.
AS receiver, LanGbournc NJ. Williams
yesterday mailed out a letter notify
ing officers and employees of the road
and the public Of his appointment. and
that he has taken possession of an the
company'S property. Colonel r NJ 4.
Talcoti. vice president and general
manager Of the road. was named hy
Mr.. Williams his agent, with full au-
thority to act
For the past ten years this railroad
operating distance of ciEhty-cirht
miles from Farmvilc ia Bermuda HIM
dred. in addition to thirteen miles of
spur tracks and sidings has been uu-
protita bic.
HAS HEEN UNARiE TO
MAKE: ms EXrENSI;S
The application for IL rcccivcrship
was i'm the form of suit by the rail
road company against the Richmond
Trust and Savings Company. trustee,
holder Of first mortgage on the lines
property for $500 900
For eight years the railroad has been
unable to meet it's interest OF per
cent on its bonds. and the holders now
are due more than Si0S,OO0 I'm add:-
tion TO this the accumulated deficit
in the cost OF opera ton for the past
ten years amounts to S7224i.S6 All
OF its cash has been eXhaus led. and its
daily earnings are insufficient To meet
the operating expenses.
The appointment OF Il receiver has
caused no surprise. When, with the
consent of the board OF directors and
stockh holdcrs. application was made To
the Corporation Commission for II dis
solution of the company il WAS a fore
gone conclusion that II would be ucccs-
sary to have IL receiver named As the
commission has failed TO act the di-
rectorS or the road deemed II impcra-
tive that something be done promptly
and hence tho Chanccry Court was APP
piled to for receiver. The road Is
represented by the law firm OF Mum
ford. Hunton, Williams and Anderson.