The morning news. [volume] (Savannah, Ga.) 1887-1900, 1892-07-05

necessary to meet the obligations. Judge
Adams said he had had hardly a moments
rest since leaving Savannah. He certainly
looked jaded and worn as II 10 need Of rest.
He went out to Beaulieu In the afternoon
to renew bis acquaintance with his family.
THE APPOINTMENT ON A HOLIDAY.
Judge Adams was asked IL the appoint
ment OF receiver upon a legal holiday
was valid He replied that it was beyond
q doubt, the fact OF the day being legal
holiday having no bearing whatever upon
the courts, which frequently transact
business on legal holidays.
President Conner is not expected home
before the latter part Of the week.
At the meeting Of the Central railroad
directors held at the bank yesterday morn
ing to approve the appointment of Mr..
Conner as receiver there was full
attendance, all the local directors
being present and the out Of
town Col Phinizy, Capt Howell, Mr.. Har-.
rold and Mr.. Jaques) except the New York
directors. There was a full discussion of
the situation by the board which approved
the action taken by Mr.. Conner.
1t was decided not TO hold the regular
monthly meeting which would occur to-
morrow, there being no need for il after the
will call meeting Of the local directors for
conference on his return Friday or Satur-
day.
THE DIRECTORS ACTION.
A Central director who was seen said the
meeting of the board was harmonious. The
directors were satisfied that the steps taken
were proper and necessary under the cir
cumstances, and they fully approved Mr.
Oomer's course. They were satisfied
that be had made every
10 he T1tly tai
ing the steps that he did. The directors, he
said, will no longer have any power except
as sort Of advisory board. 1t will
be necessary 90 keep up the organ
ization, however. One effect of
the appointment Of receiver, be
said, will be to remove any fear of the
A., 900 shares being admitted to take part In
the control of the road. This cannot occur
30 long az the rsceivership lasts.
ATTITUDE OF sREYER 6 co.
One thing Of note IN connection with the
appointment of a receiver, the director said
Is that Speyer & Co., the largest creditors
Of the road In New York, having claims
against 10 Of So 700, 900 with interest and
the Mutual Life Insurance Company Of
New York, another large creditor favored
the appointment Of Mr.. Conner as receiver
apd believed it TO be the best step that could
be taken under the circumstances The
tone Of Speyer & Co. toward the Central,
he said, is very friendly.
~ THE BILL For RECEIVER
The petition for the appointments OF a re-
ceiver is q very lengthy document. A great
part OF il is a repetition of the history Of
the Central railroad litigation, beginning
with Mrs. Rowena H. Clarkes bill and con.
tanning matters already gone into In full in
previous trials, most Of which would he
stale news TO the readers Of the MORNING
NEWS. The bill Is addressed, ITO
the honorable judges OF the circuit
court OF the United States for
the Fifth circuit, Southern district of Geor.
gia, Eastern division" 1t is not necessary
to 20 into this legal phyaseology of the bill.
The 6rst section relates the filing of the bill
Of Mrs. Ro wenaClarke against the Richmond
and Danvtlle Railway Company and the
action of the court in consequence, includ-
ing the appointment OF the receivers. The
second section describes the property of the
Central railroad, with its various branches
and leased and controlled railroad and
steamship lines in detail, a general idea OF
which 10 possessed by all the readers of the
MORNING News interested in the Central
This description includes, of course, the
Montgomery and Eufaula, the Savannah
and Western, the Savannah and Atlantic,
the Ocean Steamship Company, the South
western railroad, the Augusta and Savan-
nah, the Eatonton branch, the Mobile and
Girard. the Macon and Northern and the
Georgia railroad.
THE CENTRAL's PROPERTY.
An enumeration Of the stocks and bonds
owned by the Central railroad is also given,
amounting 80 over $22, 000, 600 in twenty
nine different companies.
The liabilities OF the company are stated
in detail, including s4,99s, 900 for tripartite
mortgage bonds, the 81, $50, 900 of collateral
trust bonds, S4,600.000 6 per cent certii-
Gates OF indebtedness, $l3, 100000 consoli-
dated first mortgage per cent bonds, none
Of which have been sold. but 81, 1907, 900 of
which are deposited with Speyer & Co. to
secure the loan of IS, 700, 900 made by them
in November, the floating debt OF
IS ,062, Oh A. including the Speyer loan,
and oar trust Indebtedness of s., ia 1858 II
maturing within the next four or five years
The bonds Of all the corporations upon
which the Central railroad company is
guarantor are also named in detail
Detailed statements showing the fixed
charges and other obligations Of the COM
pany are attached. A statement of the man
ner in which the Richmond and Danville
controlled the Central railroad by the acqui-
sition and possession Of the AZ, 900 shares of
stock is made and the subsequent lease and
the operation Of the Central by the Rich
mond and Danville is made.
HAD IT AT ITS BEST,
The bill states that the Richmond and Dan
vile operated the Central railroad
during the nine months which consti-
tute the most profitable season of the year
and received during that time all its in-
come, revenue and profits that the Dam
vile derived large profits from the opera
ton of the Central, and when it repudiated
the lease and abandoned the possession of
the Central it left large amount Of debts
unpaid, which were contracted by its opera
ton of the Central. and for portion Of which
the Central was liable. Among these
debts was the sum OF $235, 900 due the en-
ployes OF the Danville who operated the
Central and which the Central railroad was
required TO pay by an order from the
court.
On account of the lease and operation of
the Central railroad it claims that the
Richmond and Danville is indebted to it In
a very large amount, in the sum of $500.
900, and for this Indebtedness it has brought
suit, which is now pending in the United
States court.
UNAVOIDABLE CONDITIONS CREATED.
The fact that the Terminal company
owned nearly the whole Of the stock of the
Richmond and Danville railway and con-
trolIed the East Tennessee railroad, while
Il. H. - -