Savannah morning news. [volume] (Savannah) 1868-1887, 1882-03-15

Stockholders VS.. Ocean steamship
Company-DIselaIm OF Any In
tention TO Divide Oat stock or
Issue Bonds

Issue Bonds.
The hearing In the matter Of W. w. Tor
don ct al, eomplainsnts, and the Ocean
Steamship Company of Savannah, defend
ants, bill for injunction, was commenced in
the Superior Court yesterday morning be-
fore Judge Tompkins.
The greatest interest was manifested In
the case, and there was quite q large attend
ance Of stockholders, brokers and others
The reading Of the bill Of the complainants
and the answer of the Ocean Steamship
Company, the Central Railroad Company
and the Southwestern Railroad Company
occupied the attention Of the court the
greater portion of the morning.
The answer OF the President and Directors
Of the Ocean Steamship Company, after re-
citing facts in the history of the steamship
company which are familiar to our readers,
states that they had concluded the time had
arrived when the stockholders (the Central
Railroad and Banking Company should re-
aliZe something from this important invest
ment, on which the payment Of dividends
had so long been deferred, and had decided
to make such acknowledgements TO its said
d. LDE DtufLhb hHu hEeibbnuCC
It had received fully justified and demanded.
That they had full power and right TO
announce policy which the stockholders
could accept or decline as seemed TO them
best, and which its said stockholders could
abrogate IN the future by a change OF the
dire Glory u3on the expiration Of the term OF
the present directors IL such policy should
be dissppToved.
They further deny that they contemplated
or intended to divide the said certificates OF
interest into smaller certificates, so that
they can pass into general circulation, or be
given To individual stockholders OF the
Central Railroad and Southwestern Railroad
or to any other persons, but, on the con-
trary, Il is the purpose and intention OF the
defendants not TO divide said certificate, or
to open any books for the transfer Of same.
They deny that the issue OF said eertif-
cate is contrary to public policy, illegal or
ultra viTeS or IN contravention OF the laws of
the State Of Georgia, and insist that they
have perfect right to issue such paper.
They deny that they Intend or contem-
plate the declaration OF any dividend or the
disbursement of any money to its stock
holders as profits when such dividends or
money are not the legitimate proceeds Of
its investments, or to declare any dividend
except in cash, or before the same are earn
ed: that the annual interest shall only be
from actual earnings and that there is no
| liability for accumulation in csse of either
local or partial default In payment
The answer of the Central Railroad Com
pany sets forth that the said certificate OF
interest has been received by the company
and is in the vaults Of the company, hus is
held only as an asset. The answer OF the
| Southwestern Railroad refers main y to the
| interest Of that company in the matter.
In connection with these answers the fol-
lowing affidavits were read:
RAILROAD DIRECTORS AFFIDAVIT,
W. W. Gordon ct al, complainsnts, and
the Ocean Steamship Company Of Swan
nah ct al, defendants. In the Superior
Court Of Chatham county, December,
1881, term. In equity.
Personally appeared George S. Owens,
Robert Falligsnt. e. H. coping. Malcolm
Maelean, ]. F. Gilmer, VIM. B. Johnston,
G l. Brown, who, being sworn, Gepose and
say that they are directors OF TIE Central
Railroad ard Banking Company of Georgia.
| elected as such by the stockholders to serve
until January, A. D. 1888; that Opponents
on oath say that it Is not true, as sverred IN
| complainants' bill and amendment thereto,
| that il is their intention or purpose to make
| any use of the paper entitled "CertiAcates
| OF Interest Issued By the Ocean Steamship
| Company Of Savannah" copy Of which IS
attached to compiainsnts' amended bill as
| Exhibit ~ Except to retain It In possession
/ of the Central Railroad and Banking Com
peuY IS evidence of a perm anent regulation
voluntarily made by the directors of the
Ocean Steamship Company in reference to
the disposition of the annual earnings OF
said company and a fixed basis on which
annual settlements are to be made between
said Ocean Steamship Company and its
| stockholders, the Central Railroad and
! Banking Company Of Georgia, with view
| to assisting the last named company to de-
clare dividends with more certainty and
regularity to its stockholders in the man
ner provided 10 its charter and under the
laws Of the land.
And deponents further say on oath that 1t
is not their purpose or intention to trans
fer or divide or otherwise dispose of faid
certificate or any part thereof, or to request
or authorize the Ocean Steamship Com
pany so TO do, either to the stockholders of
said Central Railroad and Banking Compsny,
or to the stockholders OF the Southwestern
Railroad Company, or to any other person
or persons whomsOever. Nor is It their pur-
| pose or intention to favor or request the
Issue of any certificate or certificates of like
character, or any paper to be substituted for
the one already issued, as set forth in COM
plainauts' bill and amendment thereto On
the contrary these Opponents say that they
will resist by all lawful means, by their
votes and their influence, any such use,
division, transfer, or other disposition of
said certificate of interest, as is ayerred in
complainants' bill and amendment, that It is
the intention of these Opponents to dc or
assist In doing, And these depon euts say
that they will continue so to act during the
entire term for which they have been
elected directors.
GEO s. OWENS.
r FALLIGANT.
H. H. EPPING.
MALCOLM MAGICIAN.
j. GILMKR.
W. B. JOHNSTON.
G. !. BRowG.
G. H. PHIEIEY,
Sworn to and subscribed before me this
1st March, 1882. R. W. ADAMS,
Notary Public, Chatham county, Ga.
GEN. ALEXANDER's AFFIDAVIT.
w VI