The morning news., 1892-03-29

holders Of the 40 900 shares out OF the power
OF voting it, and would make provisions
for the protection OF the property aud
the prevention Of waste would be
satisfactory. He was unable 10 see any
escape from q reoeivership IL the 1900
shares are allowed 10 continue to vote. He
invoked the attention OF the court to any
means by which this property can be saved
from insolvency and be properly managed
for the benefit Of those most interested. Mai.
Bacon's speech wes conc9ded on all sides 20
have been q strong argument.
There was an intense eagerness manifested
In the couutenauces of the spectators when
Maj. Bacon closed.
JUDGE PARDRk's DECISION.
The judges conferred together briefly aud
then Judge Pardee announced the decision.
In the first place, the court said that the
"a equity rule did not apply to this case.
The validity Of the lease made nominslly to
the Georgia Pacific, really to the Richmond
and Danville, and perhaps to the Richmond
Terminal, was the next question, aud the
court said that the necessity for passing on
this point at once was obviated by abandon
ment OF the Central system to the receiver
OF the court and the surrender Of the lease
AS to the matter OF stock, as long as the
$4,000 shares is held by or in the interest
OF any Competing company 10 cannot
be legally voted In any election Of the road.
l am satisfied that q court of equity can
control that voting power without affecting
the right TO sell or dispose of it. The Rioh-
mond Terminal viii be enjoIned from the
power Of voting the stock. The court has
been put in possession of the property by the
minority stockholders and is disposed to
hold on to IL for the protection of the stock
holders. There are other large interests
outside, however, which must be regarded.
recelvership would be the logical conclu-
sion. There is another method by which
these interests can be reached and am dis
posed to a modified receivership. An
injunction will be issued to the
Central Railroad aud Banking Company to
prohibit the voting Of the 200 snares OF
stock at any election. 1t is proposed to turn
the property over TO the Georgia directors
or the company as temporary receivers
until an election can be held under the char
ter OF the Central for a legal board 10 con-
troll its affairs. Judge Pardee said that this
course would be pursued unless objection
was made by the attorneys OF the road
The intlmation was that permanent re-
ceiver would be appointed unless the pro-
posed ruling should be accepted.
SIGNING OF THE DECREE.
Court adjourned Immediately after the
ruling Of the judges was heard until 10
O'Clock tomorrow TO prepare and sign the
decree. Subsequently, it was decided that
the lawyers should prepare the decree and
submit it to the judges TO be signed to-
night.
There was hubbub Immediately on the
adjournment Of court. The decision seems
TO give general satisfaction on all sides.
Expressions Of approval were general.
Gen. Alexander Immediately arose
and announced his satisfaction at
70 Ak,1a =
him. "It is just what we have expected
and all that we could DESIRE" he said. To
the MORNING NEWS correspondent he said /:
ut is the best possible aolution Of the
situation, 1t affords tne Central the protec
ton OF the court until such time as rs affairs
can be adjusted re-estab blishes c jnddence In
the property and saves US from the embar-
rassment OF permanent receivership. We
have no reason to find fault at The position
In which we are placed. 1t is q complsts
vindication OF the policy and management
of tue present board of directors" Several
of the directors, Mr.. Huh, Mr.. Mills, Mr..
Garnett, Mr.. Vetsburg and Mr.. Inman and
others were seen and expressed themselves
as satisfied, in fact delighted, with the solu-
tion of the situation. They declared unani-
m0usly that the decision was perfectly satis-
factory. The representatives OF the various
interests present also expressed themselves
likewise. The representatives OF the New
York creditors said that they we're well
pleased with the decision and were assured
that their interests would be well taken
care Of. They said further, that there
was no disposition on the part of the New
York creditors to push the Central and in
timated that they were very favorably dis
posed to aid it. From second hand il is
known that they have offered to take care
OF 1t on certain conditions, one being that
they shall be represented in the reorganiza-
tion. Msssrs. Rountres, Erwin and Bacon
were we'll pleased with the decision. They
had won the fight and felt like victors
I'VE have accomplished all that was in
tended by the bill," said Mr.. Rountree,
"aud we could, ask nothing further.
We have enjoined the 1900 shares of
stock from voting and have returned the
control OF the property to the hands OF its
friends, where ii properly belongs We
have wrested the control from the great
Terminal company, which has controlled
and dictated to it for six years. and may
say. without boasting, thasit is the greatest
victory of the kind accomplished in years. {"
Others we'll acquainted with the situation
expressed the opinion that the Terminal had
received the severe It blow possible TO give
it, and that within Six months 1t would be
in the hands of receiver. 1t played its
game too sharp for onee, placed itself out
side the court and is now the only party to
feel dissatisfied with the verdict.
CONFER ELECTED PRESIDENT.
81. III. Conner was elected president OF the
Central Railroad and Banking Company of
Georgia at IL 80 o'clock tonight after q Ave
hours session of the directors. When the
judges decree was received, Gen. Alexander
presented his resignation and gracefully re-
tired from ths field. The directors met at
5 o'clock this afternoon In Col. PhInizys
private car. After three hours session
the meeting took recess for supper The
directors were the most agitated set of men
ever seen. They canyassed each other in
pairs without intermission for two hours.
Joseph Hull aud j. X. Garnett seemed the
most active and also the best satisfied with
the results of their work. There seemed to
be two parties-one for Mr.. Conner and one
for Col. Phiuizy, while it was also said that
Gen. Alexander would not resign. It was
all about the bomb foretold in Sundays
MORNING NEWS, the Reorganization de-
manded by the New York creditors, and
came near splitting the board all TO pieces.
Things came to focus by the time of the
second meeting at 10 o'clock, when Messrs
Lawton and Cunningham returned from
Judge Speer's house with tho decree
signed by the judges. The situation was
Immediately solved by the resignation Of
Gen. Alexander aud the election OF Mr.
Conner. Frederick Cromwell, treasurer OF
the New York Mutual Life, was also elected
a director. The elections were to f1ll the
vacancies Of Messrs. Meben aud Sorrel, who
ha "a ,ovar unalfAa1 m Afrank1~n TT. O.