The morning news. [volume] (Savannah, Ga.) 1887-1900, 1892-06-09

themselves we're obliged. by their written CON
tract, to pay The charge for the Mobile and
Girard extension is, In the present
doubt. President Alexander. while admitting
it was not covered by the sixteenth article Of
the lease, also insisted that the Central had an
adequate Off set TO it. BE this as It may, in the
present state OF the case, the court will protect
the Danville by eQuitably preserving the in
tegrity of the Centrals pledge 20 secure that
amount. 1t is stated in the Danville account TO
be Sl73,275 %. President Alexander states It to
be Sla000l. The court viii, however. out OF
abundant caution secure the Danville company
in the full amount OF their charge, Leaving
all questions of amount and liability
to be settled by the final decision. The court,
finding as matter of law from the face of the
account and from the construction of the con-
tracts, that the Danyile company has presented
no other claim forwhich 10 has the right to
exact pledge from the Central, and having
indicated our purpose to secure II in the claim
1t has, will dispose of the stock now on deposit
subject to its order, in accordance with what It
understands to be its duty court of equity,
to thu trust in the hands of the receivers. 1t is
advised that the control OF this stock
il absolutely essential-indeed, vital-to the
well being OF the trust. In value. the
stock is said TO approximate Sl,0O0,0O0. II is
certainly worth $4,000. surely it would be
ineQuitable to allow the Danvlle company Go
impound these great values IN pawn TO secure
their comparatively small and disputed claim,
when 1t is in the power OF the court to amply
secure them, and, at the same time, by the use
q
| from ruin, Besides, the original pledge was made
with a view to immediate arbitration. The cor
| respondence shows this plainly. The parties,
indeed were requested to state the case by tele-
! graph, so urgent was the expectation of a
prompt decision. Tho lease itself provided for
an arbitration within ten days. in his argu-
ment, on the first rule, Mr.. Lauterbach, of
counsel for the DaHville company, proposed an
| immediate investigation, and declared: at is
| unfair that another day should elapse before
| measures are taken for it." Nearly month
| had elapsed since that Tins. when the receivers
| filed this application the urgency for i'm
mediate decision is great. The interests Of the
| Central receivership demand it and no harm
can come TO the Danville from it. The court,
| therefore, while not proposing TO make
| a final accounting between the parties
| at issue. holds, matter of
| law, that the account presented by the Danville
| company, except as to the Mobile and Girard
item is not entitled to the security of this
| pied ye. This appears, from construction OF
| the lease, of the written contract and from the
! face Of the account ITSELF and the pledge being
| largely in excess of the value necessary TO So
| cure the Mobile aud Girard claim-even in its
| largest statement-the court will direct that
| the receivers execute and deposit, in lieu OF
| 4,995 shares of the New England and Savannah
| Steamship stock, receivers certificate for the
sum Of Sl7S SIS 49, with interest thereon, aud for
| such other sums may be found due on the
| final adjustment by bhe court of the accounts
| to secure which the pledge OF such stock was
made and that the stock in question be delivered
| to the receivers.
| Let order be taken according