The morning news., 1889-05-29
OVER $4,000 INVOLVED.
STATUS OF THE EAGER-JAC CKsON
BOND CONTROVERSY.

Georgia Improvement Company
President and His Financial Agent
Maj. A. L. Hartridge's Connection
With the Cese-The Building of th
Marietta and North Georgia Roac
Not to Be Affected by the Bone
Trouble-Maj. Hartridge's Side Of It
The MORNING News has not been igno
rant of the fact that negotiations have beer
pending since last February between George
b. Eager of Boston, president of the Nortl
Georgia Improvement Company, and J. O
jackson of Augusta, who has been placing
the bonds of the Marietta and North
Georgia railroad for President Eager, and
not until it appeared that an amicable set
| tlement between the parties was unlikely
to result was the matter given to the
public.
There is an element of radical difference
between Mr.. Eager and his late broker
as to how much is due the latter, VIII 0
claims in published interviews that
he is ready to settle, and the impression he
leaves in the public mind is that he does
not owe Mr. Eager the sum claimed by the
| latter. The MORNING NEWS, however, has
AAAAOA AAldLAD1 N4ACA D39 " 9t-CH t4l-fv III.
jackson is willing to come to a settlement
on basis that carries with it the cOnvic-
ton that he owes Mr. Eager more than be
IS willing to give out.
Mr.. jackson had an agreement with
/ Mr.. Eager, president Of the improve
ment company, to take Sl,l5O,0OO Of
the Marietta and North Georgia cousoS at
9255 cents aud interest. He was 10 take
S25, 900 Of these bonds every month, and in
the event Of {. failure TO cOmriy with the
contract it was to terminate IL is said that
Mr. Eager learned that Mr.. jackson had
disposed of a greater amount of the bonds
than he had accounted for IL his monthly
reports, and as there was an apparent diff
ference of some So, 900, or $4,000, and Mr..
Jackson, as is alleged had not complied
with his contract to take $25, 900 monthly,
Mr.. Eager became suspicious and wanted
settlement as long ago as last February.
MAI. HARTRIDGE AS ARBITRATOR.
Mr.. Eager and Mr.. Jackson met at the
Victoria hotel in New York, where the
former insisted on a settlement. Mr. Jack
son was on his bridal tour, and as his books
and papers were in Augusta, a settlemant
was not reached; but Maj. a. l.. Hartridge
of this city, who had placed nearly all of
the bonds which MIR. jackson had taken, was
selected to arbitrate the matter. Nothing
ever came of the arbitration, as, when the
critical time came, Mr. Jackson did not aD-
pear to have the funds to discharge his
obligations according to his own report of
the disposition of the bonds which had been
intrusted to him. Mr.. Eager, shortly after
the New York conference, gave Mr.. Jack
son five DAYS notice under the contract.
annulling it, and Mr. jackson ceased to
be his financial agent. Since that
time Mr.. Eager has sought to get a settle
ment or a return of some $50, 900 of bonds,
the sale of which had never been reported
to him.
1t is claimed by Mr.. Eager that Mr.. Jack
son hypothecated some SIS, 900 Of the Mari
eta and North Georgia bonds, $1,000 more
than the latter since confessed to having
hypothetical, and that some $50, 600 Of Mr..
Eager's money arising from the sale of the
bonds has been applied by Mr.. Jackson
to pay individual obligations, and that Mr..
jackson is not entitled to a 2l5 per cent.
commission. as he claims, for arranging
with q firm to take 81, l50,0 900 more of the
North Georgia cOusols, as the firm did not
| and could not take them, and if they would
do so they could not take more than S2j, 900
per month, as that was as rapidly as Mr..
Eager could get them as the construction
of the road progressed, and therefore if he
were entitled to the commission. it would
only be due and payable after the placing
of the bonds from time to
time. Even upon the claim of
Mr.. Jackson, that he is entitled to the com
mission on the bonds that were not placed,
Mr.. Eager holds that be is still in debt to
him, for the commission would amount to
only about S30,000, when there is an
alleged discrepancy of forty odd thousand
dollars in the transactions in the bonds re-
ported by Mr. Jackson.
MAI. HARTRIDGE TALKS.
A MORNING NEWS reporter called on
Maj. Hartridge yesterday to learn what he
had to say of the matter. Maj. Hartridge
said that he would have to be
excused from expressing an Opin-
ion as to the financial relations between
Messrs. Eager and jackson, for the
reason that they were likely to come into
the courts for final adjudication, and it
would be manifestly improper for him %
prejudice any mans case by anticipating
the verdict Maj. Hartridge, however,
corroborated the information relating to
the Victoria hotel conference in February,
in New York. He said that he did not
want to say anything unkiad Of Mr.. ia k
son. The latter may have some contracts
with Mr.. Eager he said, that will make the
position of Mr.. Jackson appear less equivo-
cal than at present
Mai Hartridge went on to say, however,
that as Mr. Jackson had taken the liber5y
to refer to him, he would say that Mr.
Jackson had not compisd with his con-
tract with Mr. Eager in this, that he had
not taken the amount Of couso.s montuly
as he had agreed to do, and the contract
was cancelled early in April on account Of
Mr. Jacksou's failure to comply y with it.
Mr.. jackson, Maj. Hartriige said gave
him half interest in the cont acU, aud
Maj. Hartridge said that he took his half Of
the issue and Mr.. jackson fail d
TO take his half Maj. Hlrtriiye said
that he didn't know Mr. Eager in
the transaction. He kept on taking his
share as be had agreed with MIR. jackson,
until Mr.. Eager Cancelled the contract and
since Mr. jackson has been dropped there
are no delays, as the consols are being taken
as rapidly at they are paid to Mr.. Eager for
tine construction.
"Then the Eager-Jackson controversy has
not affected the construction Of the road
nor the value Of the bonds" Maj Hartrids se
was asked.
"Not a. ali" was the reply "Whatever
| loss may have been sustained viii fall upon
| Mr.. Eager, il, as claimed, 5lr. jackson mas
not accounted to him for the bonds sold by
! him.
! THE AUGUSTA CONFERENCE.
! Inquiries in another direction, % to show
that MIR. Eager. when he went to Augusta
and sought 20 effect n settlement with Mr..
jackson, was not met IN the spirit in which
he expected O. be mot, and that be spoke i'm
rather plain language 90 iir. jackson as 10
the manner in Whicn be had co lductei tho
business betweu them, and before ayinr
he nut he matter in the hand, of fl I,tv-