The sun. [volume] (New York [N.Y.]) 1833-1916, 1892-03-30
me oEoRoIi CENTRAL REclIrERS.
In tie Dccl.ion Of the CoMri.

The decision Of tho count in Macon in the
matter OF tho reccivership OF the Georgia Cen
trial was much discussed yesterday, especially
rs to its bearing upon the plan OF rcorganza-
tion Of tho Richmond Terminal. As to the in
terest OF the latter company In the suit Mr.
Edward Lauterbnch. its counsel. said:
IN tho litigation before Judge Pardce at
Macon. Ga. tho Terminal Company did not
appear. II is made a party defendant. but
deemed II advisable to await proper service Of
process instead OF appearing in the litigation
~ this period
THE 5000 shares of tho Central Ealrond
and Banking COMPANY stock was originally
required BY the Georgia Company. North
Carolina CORPORATION. which issued against it
collateral trust bonds. air Of which were sub
srqucnty redeemed except I" I'll" amount of
about half n million dollars which arc still
cxtant. and are a first lien upon this stock.
The Central Trust Company OF New York is
the trustee Of this mortgage.
The whole Of the stock OF the Georgia
Conpnny is owned by tho Terminal Company.
and its collateral trust IS ARD Il lien upon this
Georgia Company stock. which represents the
ownership OF the equity in tho 42,2O0 shares
of tho Central kairoad d nnd Banking Company
stock OF these bonds some 81 l.OOoCOC aln
csnqa rust sts fs"T
The possession OF the stock rests with tho
Central Trust Company. which has. believe:
not appeared in the action either and against
which no adjudication. in the absence Of its
appearance. can be had. nor could any adludi-
cation lie had rs against tho Terminal Com
pnny, the owner Of tho equity in III. stock.
Tho direction OF the Court. as Understand
it. is that temporary Board of Directors. in
take control Of the Central Railroad and Bank
ing Compnny's system. any. claim to the con
troll OF which has been withdrawn by the Dan.
vile Company. which q fortnight ago turned
over tho property to tho receiver Gen. Alex
shares should vote at a formal cleo
ton Of directors soon TO to held.
unless it should transpro that tho stock
WAS owned 10y n competing CORPORATION.
The Terminal Companvis IN no sense com
petinG corporation; i hasn railway system
ing railway securities; and it can hardly be
said that its 100 yards OF railroad at West
Point. Va. is in competition with tho great
Central Railroad system.
question is presented by the Terminal Com
Tany. should il hold. MS i is entitled to hold.
the proxy of til" Central Trust Company upon
its stock for the purpose OF voting. that i,S
profer to vote will be rejected. but. IL 1t should
be. the y9tinE power OF the c9mpany would hi re-
is certainly not II railroad company; and still
moro certainly not competing railroad COM
pany in any sense.
II don't think that any one need anticipate
that the voting power on the majority OF tho
Central Railroad stock is going to bc."Ntin-
Guished. ur even seriously affected. 1t goes
without saving that this stock cannot be in;
tcrIered with by any one. even by the Central
Trust Company. until default shall! havc been
made by the Terminal Company in the nny-
and there is no interest due until next Au-
Gust"