The morning news., 1892-03-29


the Central Railroad and Banking Company Of
Georgia II 1t should zee proper to do so.
RIGHTS OF TIE CENTRAL.
Argument was made on Saturday morning
with reference to the right of the Central rail-
road % own stock Ia other corporations II
your honors please, represent in this court
only the Central railroad Of Georgia and the
individual directors who have been made de-
pert of my duty 70 fight the battles OF the
Rlchmond Terminal, or the Danville or the
Georgia Pacific Railway Company. believe it
is something with which have no concern. and
take up the time Of the court,
but / would call the attention OF the court
TO the fact that at the time the Collins case was
decided tho banking powers OF the Central were
IF your honors please, find that in my zeal
Tor client, who was among my first clients, 1
pave gone further than bad intended to go.
L hnd that In my zeal for those who are
near and dear to me, and who are interested
pecuniarily and otherwise In this question, l
have consumed more time than was necessary,
to whether or not this railroad should
be turned over and committed
to the hands Of those who had It before this
lease was made. A receiver was asked for on
the ground that these directors who sit around
me in this court room are not competent par
Ties TO take charge Of that trust, in other words
that they should not be trusted with the prop
erty concerned in this ltigation-and numerous
and great it is-because they are charged with
misconduct. Where is the proof of the miscon-
duct of these directorsS Now, that question is
very important to these gentlemen. They are
individual defendants to this bill and they are
brought here and charged with conspiracy.
Where is the proof of conspiracy
THE COMPANY NOT INsoLvENT.
The complanants in this case do not charge
that tnis company is insolvent, and it is because
have not said SO and have not intimated it. be.
cause they do not believe 1t. They are interested
In this stock they are interested In the credit of
In oniS company ana tne credit OF a corporation
Is almost equal to woman's virtue in the ease
with which IL can be smirched These charges
that have been made we know are bound to
damage us, but what we ask is that we be al
lowed to take our property and relieve US from
this embarrassing situation as quickly as pos
sible. And we know we can do il II this court
will intrus. IL to us.
THE ATTACK ON ALEXANDER.
II your honors please, the gentleman who
stands at the head of this defendant CORPORA
tion has been attacked and has been compared
to the vilest Of creatures that walk this earth.
do not believe that the assault which has been
made upon him ia shared In by a single man in
this court room, except the man that made 1t.
and do not belleve that in his cooler moments
he would repeat 1t. He stands here
before this court as the subject of
this attack and OF other attacks which have
been made in court and out, He stands here
with his record before this court, and in spite
of the insinuations which have been made
against him. In his behalf defy any man to
bring up single .act of his in
support Of those tnnue1Go and insinuations,
He is attacked, siI's, by man who is unworthy
to loose the latchet of his shoes. He stands
with record made within and without the
state Of Georgia, and with q record made in the
reports which have been placed before the
court, in the Administration Of these trusts
which should be enpied by any man.
THE DIRECTORS UPHELD.
l say it, IL your honors please without feilr of
contradiction, not that there could not be
gathered together more representative body
of ,Georgians than is represented in the Central
railroad board. but that there is none such
gathered together. l do not mean to
say that every man upon the
Central railroad board is perfect-no man is
upon that Central board is honest In his inten-
tions to preserve that property for the benefit of
all that are interested In it, and not alone for
the benefit of the majority stockholders; and
what ask for your honors to do is that when
this case is concluded you will turn this prop
erty over to its legal owners, the president and
directors Of the Central Railroad and Banking
Company OF Georgia, against whom charges
have been made, but against whom not
ono single act has been brought up which shows
that they are not in every respect faithful to
every trust that has been imposed upon them.
If your honors please, l would thank you for
the kindly attention which you have given me.
l hope you will pardon the length of time
which have taken. and possibly the overzesl
fancy was spent in the lap of this corporation,
and my honore1 father before me was its coun-
sci for 'wentyon years. l love
is at the head of It, and when see it or him as
saulted and feel that they are in danger / do
not feel that there is anything that can do or
say in their behalf which l could not and would
not willingly and cheerfully do
Mr.. Lawton was warmly congratulated
at the ciose of his speech by those around
him. Mr.. Lawton concluded his argument
at 1928 o'clock.
Capt. Jackson announced that his reply
In behalf of the Richmond and Danville
and the Georgia Pacific would be brief. He
bad typewrittsn copy of his argument,
which he read as follows:
CAPT. JACKSON DEFENDS THE DANvILLE.
Capt. jackson read the following:
May il please the court: This is not the time
for the Richmond and Danville nor the Georgia
Pacific railway to be heard. II in the further
progress Of this most remarkable case it be-
comes necessary to defend their corporation
and their property. they will be found amply
prepared to meet the attack, no matter whence
it come. But brief and condensed review of
the history Of the Central system, and OF its re-
lation with the Richmond and Danville for the
last nine months, may prove as iteresting as it
is instructive. l propose to state only facts,
which cannot be successfully controverted-
facts overwhelmingly sustained by the test-
mony before this court. Oa or about June
last the Richmond and Danville, at the request
of the Georgia Pacific, assumed the
operation Of the Central lines-not OF
the bank. Immediate opposition was de-
veloped in this state because of the al
legged violations of the constitutional provisions
against monopoly in a lease alleged to have
been made to the Georgia Pacific. The general
assembly met, and measure after measure was
introduced looking to an attack upon such
lease as unconstitutional, illegal and contrary
to public policy. The general assembly ad-
journed without affirmative action. Still the
outcrY continued and no matter what the policy
pursued by the Danville, it was attacked, as q
result of the supposed illegal lease.
The very atmosphere was charged with threats
of iniunctons and receiverships. Suddenly the
blow came-not unexpected-but from an un-
expected source. Mrs. Rowena Clarke, the
owner of fifty shares of stock of the par value
OF IS, 600. championed by the chvalric and
courteous Rountree propelled the fatal arrow.
and ia the twinking of eye over 80, ,000, 900 in
values was destroyed. The basis of this action,
as demonstrated by the evidence before the
court was not that the Central had outstand-
ing 81 of matured Indebtedness, not that the
Danville had failed to comply with any obliga-
tion resting upon it, but solely and excusively
the constitutonslity and illegality of the sup
posed lease. The same complaint had come
from the press. from the legislative hall, from
competitive lines, and, lastly, from the court.
A temporary receiver for the Central was APP
count OF the enormous financial burdens on the
Central, was still more difficult now. What
was the action OF the Danvillef When it
assumed control OF the Central ia June, 1884, IL
found banked up against IL an immediate press
ing indebtedness OF, approximately, $3.50, 900,
including the pay rolls for labor Ia
the month Of Slay, amounting 20 Ssis,OOO.