The morning news. [volume] (Savannah, Ga.) 1887-1900, 1892-03-13
READY FOR THE HEARING
CENTRAL DIRECTORS TO 90 TO
MACON TONIGHT

in the Fight for a Receiver-Gen.
AIexander's Statement OF the Cen
trail Railroads Property-Hls Instruc.
tons From the Coart-Public Inter
est In the Case.
Gen. Alexander and the Savannah di-
rectors Of the Central railroad will 60 up to
Macon tonight in Gen. Alexander's private
car. An extra sleeper will also be attached
70 the train for the accommodation Of the
lawyers and railroad officials. Capt. Ii. c.
Cunningham and A. r. Lawton, Jr., coun-
eel for the Central railroad. will probably
both 60 up, as will also Judge Harden and
c. N. West, Esq representing number Of
the minority stockholders opposed to the
appointment Of a receiver.
Supt McBee and several Central railroad
officials will accompany them.
The Central directors will meet to-mor-
row morning and march to the court room
in body, where they will occupy seats to-
getber and by their united presence mani
fest their unanimity In opposition 10 the
movement for a receiver.
An examination OF the books at the Gen.
trail Railroad Bank yesterday to discover
how many shares stood in the name OF
Rountree showed that A. J. Rountree holds
eishty-two shares and Mrs. Mary Ann
Rountree one share. A. j. Rountree resides
at Quitman, the former home OF D. W.
Rountree, Esq, his son. Mr.. A. J.. Roun-
tree may be trustee for other shares held by
members Of his family.
AWAITING THE HEARING TOMORROW.
Discussion OF the situation brought about
by the application for receiver was not
80 lively yesterday, amounting only to sur
mise, and everybody is now awaiting the
action Of the court The majority opinion
is that there is little doubt of the appoint
ment of permanent receiver. As 10 who
it will be, every one seems entirely in the
dark. Gen. Alexander is thought by some
to have put himself out OF the field
by the free expression Of his views in
favor of the lease aud against the appoint
ment OF receiver. The appointment Is
expected to fall either to Capt. Raoul or
Col. W. w. Gordon. There would be no
surprise, however, II a dark horse should
carry of the prize.
Gen. Alexander was seen yesterday but
said there was nothing new in the situation.
He declined to express any opinion upon
the failure Of the OIcott committee to ma
ture their plan or upon the announcement
OF the Intervention OF Maj. Bacon.
LAWYER RoUNTREE's ASSOCIATE.
Lawyer Rountree left for Macon last
night, where be will remain until the hear
ing OF the case. He was accompanied by
Marion Erwin, ESQ.,, United States district
attorney, who will be associated with him
in the case. Mr.. Erwin represents Francis
s. Hesseltine Of Boston, a large holder of
Central railroad stock and former registrar
OF bankruptcy. Mr.. Erwin was seen
at the De Soto last nigh. before leaving the
city, and expressed very strong views upon
the subject Of the lease
II believe that nine out of ten of the
holders OF Central railroad stock Ia Geor-
gia,n said Mr.. Erwin, 1000 out of every
1000 OF the people of the state generally,
are opposed to the lease. and will DO glad to
see it broken"
A RECEIVER THE REMEDY.
Mr.. Erwin said the only remedy for the
existing evils was the appointment
of a receiver as well as the break
ing Of the lease. He is of the
opinion that Maj. Bacon in his inter VEN
ton will support the bill for Injunction
and receiver. He was not at liberty to give
his reasons for this opinion, but be is satisfied
that it is correct. Maj. Bacon was attorney
for the East Tennessee, Virginia and Geor-
gia railroad for several years, but whether
this had anything to do with his interview
ton is not known. Mr.. Rountree intimated
last night that there were several other law.
yers who would be associated with him at
the hearing. but would give no names.
GEN. ALExANDER's STATEMENT.
Gen. Alexander's trip to Macon last week
was for the purpose OF asking instruct
ions from Judge Speer in regard 10 adj
ministering the affairs Of the Central
railroad as temporary receiver The request
for instructions and the answer have
been filed in the United States court here.
Gen. Alexander's statement is interesting.
He reported the principal property of the
Central Railroad and Banking Conn
pany as follows, grouped under three heads:
A. banking house in the city Of Savannah.
where it is conducting an ordinary daily bank
business, etc.
B. large amount of stocks and bonds of its
own and of various other corporations. their
par value amounting TO about thirty millions of
dollars held in its treasury, partly as invest
ment and partly for purposes Of sale on favor
able market, so as to retire floating indebted
ness Of about five and half million.
G. Railroad and steamship property owped
In fee simple or through subsidiary COMPANIES
of which # owns the entire capital stock or
operated for fixed rental under lease from other
corporations, the whole being about 1874 miles
OF railroad. and steamship lines estimated as
equal in earning power to 800 miles of additional
road
THE LEASE
The operation Of the whole group il leased to
the Georgia Pacific Railway Company for an
annual rental OF about 1850 900, payable at
various periods during the year as various obi.
cations of the Central railroad for rents. divi-
dends. ETC., accrue. But the corpus or princi-
pal Of group B, az well as that OF group A. and
income from the same remain entirely under
the control of the mother" corporation, the
Central Railroad and Banking Company of
Georgia.
This latter corporation, therefore, has as its
principal source of income tho rental received
from group c. and the banking profits from
group A. which are small at present. 1t has
Gaily obligations to meet in its bank from depos
itors, and it has notes, coupons, rentals, etc.
81 T.,