The morning news., 1892-03-29
SAVANNAH ON TOP.
The Central Turned Over to
the Directors.
H. M. Conner Elected Presi-
dent of the Road.

The $4,000 Shares Held by the Central
Trust Company Epjoined From Vot-
ing-The Directors Acting as Re-
ceivers Appointed by the Court.
An Election for a New Board
Ordered Held on May 16-rreasurer
Cromwell Of the Mutual Life In
surence Company a New Director.
The February Pay Roll Ordered Paid.
MACON. GA, March 2S-The great Gem
tral railroad easel is practically concluded.
Mr.. Rouutree and his associates have tri-
umphed so far as the purposes of the bill
are concerned. The $4,000 shares of
stock are enjoined from voting, thereby
releasing the Central from the control OF
the Terminal. The Georgia directors of the
Central are appointed temporary receivers
TO manage the property until an election
can be held for legal board, thereby
maintaining confidence in the Central prop
critics. and assuring safe and conservative
action. The question Of the validity
OF the lease is not passed upon
and decision Is reserved. The effect
Of this is to place the Central under the
shelter OF the court and to allow IL to pro-
ceed against the Richmond and Danville for
strict accounting and to hold them TO the
bond for any damages that may have res
suited to the Central from its action in
throwing up the lease or otherwise deny.
ing its control The decision is perfectly
satisfactory TO every one except, perhaps,
the Terminal people, who catch 1t ia the
neck. OF all the interests represented all
express themselves as satisfied with the de-
cision and there is nothing but praise for
the wisdom and discretion shown by the
the court
OPENING OF THE COURT.
A detailed account Of the proceedings in
court this morning is given. The court
room was 1ammed when the judges entered
and Marshal Corbett opened court All the
attorneys were present, and tesides the four
directors, Messrs. Alexander. Phinizy
Howell and Harold, who have attended
the case throughout All of the directors
who have qualified since the last election
were present, es follows: President Alex
ander, Directors Ii. R. jackson, A. Vots-
burg, Joseph B. Hull. III X. Garnett,
George ]. Mills, G. H. Phinlsy, e p. How-
ell, U. b. Harold and H. T. Iuman of
Georgia and James Swami Of New York.
Gen. Sorrels and Mr.. Maben of New York
have never qualified as directors. The pres
ence OF the directors In a body indicated
they had reason tc suspect the result would
be reached to-day. On opening court Judge
Speer announced the report of the tempo
rary receiver, Gen. Alexander, as follows:
MACON, Ga, March 2S.
To the Hon. Judges of the United States Court:
AS directed by the court on March 26 l re-
sspecedudiy submit that the cash in my hands as
temporary receiver on Saturday night was
ABOUT $685. this, after paying about S2S 900
insurance premiums previously authorized
Inc daily receipts ct present seem to average
ABOUT $4,000. The unpaid pay rolls of the
former lessee are reported to me to be about
$4,000. Very respectfully,
E. P. ALEXANDER;
Temporary Receiver.
Judge Speer said that upon consideration
they had decided to order the temporary
receiver to pay the February pay rolls, and
decree would be prepared to this effect.
Payment Of the pay rolls will begin as soon
as they can be prepared.
CENTRAL AMENDS ITS PLEADINGs.
A. K. Lawton, Jr.. counsel for the Cen
tral, then offered the following amendment
to the Central's pleadiugs:
And now comes the Central Railroad and
Banking Company of Georgia and show to the
court that its president and board of directors,
consisting. with a few exceptions of the same
men who now fill those offices, entered into the
contract OF the lease with the Georgia Pacific
railroad, after long deiberation and negotiation
IN good faith under the advice Of counsel
mat the same was a legal and valid transac ion
and believing firmly that it was decidedly to and
III the interests Of all the stockholders of this
company, the minority as we'll as the majority
ihat 1t has continued in good faith to assert
the legality and validity Of said contract of the
tease, and now believes that if the same could
oe carried out by the parties concerned that it
would De TO the best interests Of the stock
holders and Of the public. That since the com.
Ihencement of these cases both BY
enswers among the records of this
court and by private notification, the Georgia
raclhc Railroad Company has asserted the In
Isaildlty OF the lease and announced uncon-
Utlonally its surrender of the same not only to
.he receiver, but to the defendant, and its In
.5ntlon to abandon the same permanently, and
.ne richmond and Danvile Railroad Company,
tae operating agent OF the Georgia Pacific
Aalroad Company, has announced its perma-
Set Seet abandonment Of the same also. And this
utelenoant submits itself to the Jurisdiction of
we we court as to the course it shall pursue in
NIerence to the said contract OF the lease and
praSn,. mags its direction and instruction in the
eemlses. LAwToN & CUNNINGHAM,
& Solicitors Of the Central Railroad and Banking
company OF Georgia.
oEorn to by E. p. Alexander.
MR.. LAwToN's ARGUMENT.
Mr.. Lawton then began his argument
"A tue argument lasted Ewo hours aud quar-
er and was voted by iall who heard it 60
" oe splendid effort. Mr.. Lawton endeavored
SsVoid as far as possible the ground that
oeen already covered and 60 lay special
sHess upon the features which had devel-
Uped since the opening Of the case. The
,pominent features OF the speech, including
W ie itne opening aud close, were about as fol-
soss, emitting OF course the legal points
0I9 authorities:
NJ your honors please, a considerable amount
tbis isine has teen consumed in the agreement Of
IA b,I most Interesting and most important cause,
~ hss 10 not believe. sirs. that any moro time
tnoo zen consumed by any one that its maRni-
oie lustifes / do not believe that any cause
fra, more important nature. and which is
wi ,vIkht kht with more possible results for good or
an 70 as many people. has ever come before
T5 eourt sitting within the state Of Georgia.
tsst ssns' Is my excuse TO going for some ex-
n bs' INTO the argument OF this case, after
MAJ very full argument which was
a. on Friday last by my
ogeate expect TO touch upon tho legal
br,sslons which are involved In it, but not 70
beh The court with authorities which have
t1sIeady presented, but rather to ooDiine
ma 70 answer the points which have been
en-, " the learned counsel who addressed the
~ yA Saturday morning, and ! therefore
aws, snen W In their natural sequence. fully
or ~ the fact that the court - against me
hs,s proposition that these complalnants
sfts,,uy uy standing 10 court ! only desire o call
ups+ 'i,l W y the position which Hs have taken
49, nlat subject, and which Ne stiii
ls5 " - 9 correct one, and that Is that the
nos ~ ot TIE % nety fgGFfh equity rsie does
fsts