Savannah morning news. [volume] (Savannah) 1868-1887, 1881-06-23
ACKNOWLEDGEMENTS
Decision OF Judge Mackey on the
Report of the Referee I'm the Cases
of Hand and Others Against the
Savannah and Charleston Rail-
road.

Savannah and Charleston Rail-
road.
The decree of Judge Mackey, in the case
of Hand VS.. the Savannah and Charleston
Railroad, and The State of South Carolina
VS.. the same, has been fled in the Office of
the Clerk of the Court at Charleston.
These cases, 1t will be remembered, came
ND before Judge Mackey at the~last term
of the court, upon the report OF Referee
Pringle, made under direction OF the Su-
| preme Court. The Supreme Court had es-
| tablished the priority of the statutory lien
of 1856, securing the per cent. bonds, but
held that the lien was displaced in behalf
of the per cent. bonds of 1866, in cases
where the coupons of the skies were funded
under the act of 1869. Judge Mackey de-
crees:
1st. That the Hand coupons amounting to
$27,7 05 were not thus displaced and are
consequently entitled to priority, with in
terest, as indicated hereafter.
ID. That the twelve six per cent. bonds
belonging TO the estate of Nancy Blair, with
like interest, are entitled to like priority.
Sd. That the one hundred 6 per cent.
bonds proved by Bradley Martin, with their
coupons and detached coupons, amounting
to S25, 900, with interest thereon, are enti-
tied to like priority. These three classes,
the Judge DEGREES, must be paid as indi-
Gated hereafter.
4.h. The whole of the remaining per
cent. bonds, he holds, are displaced by hav-
ing had their coupons funded under the act
of 1869 and these are postponed to the
entire issue of the per cent. bonds.
5th. The per cent. bonds mentioned in
the first three classes are not to be paid in
full. but only get their pro rata share out of
fh fr,r TO fhau
titled il all the skies were entitled to the
same priority that they are. The sevens are
held to be subrogated to the rights of the
postponed skies.
9th All the per cent. bonds which were
issued under the mortgage to Williams,
Aiken aud Robb, the Judge holds, have been
duly proved by the executors of Cutting
and others to the amount Of s4a9, 500, be-
ing $500 short of the whole amount, and
they, with the interest thereon, are entitled
to take a ratable share OF the proceeds of
sale of those 6 per cent. bonds and coupons
which are mentioned in the three first
classes.
18th. The claim of Charles t. Mitchell,
receiver, and of the several banks, to the
money used to construct the Bees Ferry
junction and bridge as fixed by the decree
of Judge Presley at $42, 941 IA, with In
terest from October the 1st. 1876, is decided
to be valid claim, and ordered to be paid
by Master w. D. Porter to the South Caro-
lima Loan and Trust Company, the First
National Bank and the Peoples National
Bank, in proportion to the debts which they
hold of the Receiver under the lien for the
construction of this junction and bridge.
Any surplus is to be paid to Mr.. Mitchell in
order to defray his legal expenses In defend
ing the claims of the bank. 1t is also re-
ferred to Master Clancy TO ascertain the
amounts due to these banks and what Is
reasonable counsel fee in the matter. This
claim is to be paid ahead Of all bonds and
coupons.
9Th. The referee had given preference to
the coupons over the principal of the bonds
In accordance with case from BlatchfoTd's
reports. This, on the authority Of the Spar
taUburg and Union Railroad case In eighth
South Carolina Reports, has been overruled,
aud the coupons and bonds are put on the
same footing.
9th. The bonds issued for the funded in
terest under the act Of 1869 are held to be
of the same rank as the coupons for which
they were issued, and come under the class
Of per cent. bonds postponed to the per
cents.
10th. The claim Of the State for taxes Is
overruled; it being decided that this matter
had already been decided by the Supreme
Court, and is, therefore, res GdjulicGta.
18th. The referee had reported that the
Hon. Ihos. j. Robertson had proved cou-
pons of the 6 per cent bonds amounting to
SIC, $50, which were not displaced by his ac-
ceptance of the act of 1869. The Judge
holds that, as Mr.. Robertson had funded
other 6 per cent. coupons under the act of
1869, and had therefore accepted that act,
that these coupons, amounting to $40, 800
were postponed to the per cent.
18th. The petition of certain 6 per cent.
bondholders TO have the report of the
referee in regard to certain coupons of
per cent. bonds proved by James Adger &
Co., George N. Miller and Alexander Isaacs,
recommitted to the referee to inquire and
report whether such coupons have, by rea-
son of payment or any other cause, lost the
rank to which they would otherwise be en-
titled, is refused. The Judge holds on this
point that Mr.. Pringle's report of July,
1877, on this matter not having been ex-
cepted TO aud having been confirmed by
Judge Wallace, and no appeal on this point
having been taken from the decree of Judge
Wallace, and that decree having been
affirmed by the Supreme Court, finally and
absolutely settled the question, and that no
cause has been shown for the opening of
this judgment heretofore rendered In the
cause.
The decree fails altogether to notice the
claim of material men and others, to whom
are due some $50, 900, aud does not mention
it in any way whatsoever, This is the more
surprising as the opinion of the Judge ap-
parently inclined to sustain the claims Of
such parties. The omission may have been
clerical error of the copyist