The times. [volume] (Richmond, Va.) 1890-1903, 1892-03-31
THE CENTRAL RECEIVERS
nov THE DECISION or rHE COURT
VIII Affect the Interest of thu Richmond
Terminal conpsny-The Stock Listed
by the Exchange.

NEw YORK. March 30. The decision Of tho
court in Macon in the matter Of the receiver
ship Of the Georgia Central was much dis
cussed today. especially as 10 its bearing
upon the plan of reorganization OF the Rich
mond Terminal As to the interest of the
latter company in tho suit. Mr. Edward Laut-
erbach, its counsel. said
In the litigation before Judge Pardee. at
Macon, Ca. the Terminal Company did not
appear 1t is made party defendant, but
deemed it advisable to await proper service
OF process instead Of appearing in the litisa-
ti0n az this period.
The 42.2OO shares of the Central Railroad
and Banking Company stock was originally
acquired by the Georgia Company. q North
Carolina corporation, which issued against its
collateral trust bonds all Of which were sub
sequently redeemed except 10 the amount Of
about half a million dollars. which are skill
extant and are first hen upon this
stock. The Central Trust Company Of New
ork Is the trustee Of this mortgage.
owns ALL or THE STOCK.
THE whole Of the stock OF the Georgia
Company is owned by the Terminal Company.
and is collateral trust fives are lien upon
this Georgia Company's stock. which repre-
sents the ownership OF the equity IN the l2,OlD
shares Of the Central Railroad and Banking
COmpany's stock OF these bonds some siI.-
1900 are eXtant. In the mortgage securing
them the Central Trust Company IS likewise
the trustee.
The possession Of the stock rests with the
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 adIu-
dication be had as against the Terminal Com
pany. the owner Of the equity IN the stock.
The direction Of the court, as j under
stand IL. is that o temporary board Of direc-
tors in the interest Of every one concerned,
should take control OF the Central Railroad
and Banking C0mpanY's system. any claim -
the control of which has been withdrawn by
the Danylle Company which. a fortnight
ago. turned over the property 10 the receiver.
General Alexander. and the court intimatel
that the ~, 200 shares should vote at formal
election Of directors soon 10 be held unless
II should transpire that the stock was owned
by competing corporation.
NOT COMPETING CORPORATION.
The Terminal Company is in no sense a
competing corporation: II has no railway sys-
tenn of its own is created for the purpose Of
owning railway securities. and It con hardly
be said that its one hundred yards OF railroad
at West Point Va. Is IN competition with the
great Central railroad system.
If have no fear whatever that whenever
the question is presented by the Terminal
Company, should il hold. as il Is entitled 10
hold the proxy Of the Central Trust Com
pauy upon its stock for the purpose OF voting,
that its prOder 10 vote Will be rejected. but,
if 10 should be, the voting power of the CON-
pany would remain with the Central Trust
Company, which is certainly not a railroad
company. and still more certainly not a COM
pehng railroad in any sense.
II don't think that any one need anticipate
that the voting power on the majority of the
Central railroad stock is going 70 be extin-
guished. or even seriously Affected. 10 goes
without saying that this stock cannot be in
terfered with by any one. even by the Central
Trust Company, until default shall have beer
made by the Terminal Company in the pay
ment Of its interest on the collateral trust is.
and there is no interest due until next Au-
gust