The morning news. [volume] (Savannah, Ga.) 1887-1900, 1892-05-07
C0MINGBACK TOGEORGIA
JUDGE SPEBR AFTER THE GEN.
TRAILS STEAMSHIP STOCK.

The Central Trust Company Called on
to Bring It Within the Jurisdiction
of the Court-Its Status to Be De-
clded by thu Proper Legal Proceed
iugs.
MACON. GA, May 6.-Judge Speer this
morning rendered his decision in that part
of the contempt proceedings against the
Richmond and Danville which affects the
New England and Savannah Steamship
Company's stock. The rule was brought &c
recover possession OF 4 ,995 shares of stocb
now held In escrow by the Central Trnst
Company of New York. In rendering his
opinion, on which the order was to be drawn.
Judge Speer said in substance: THE stock
was deposited as an asset Of the Central
company, to be disposed of in accordance
with the award OF arbitrators to be ap-
pointed under the lease. Tho lease is of no
effect, has been abandoned by the Danville
which formally requested the court to take
possession of all Of the assets OF the Central,
has been abandoned by the Central COM
pany, which has formally. 90 far as the ac-
tion OF Its directors could accomplish that
result, retaken possession Of the properties
which were conveyed by it. These prop
critics, however, at the time were in possess
sion OF the temporary receiver OF this court,
and they were awarded TO the receivers by
the order appointing them 1t follows there,
fore, that the title to the property cannot
be disposed of by arbitration under the
lease, nor has the Danville au equitable right
TO insist that it shall remain on deposit
under the terms of the escrow until dis
posed OF as originally, because that is no
longer possible. Nor has the Central a right
to insist by summary proceedings OF this
sort that the stock shall be Immediately aud
unoonditionally restored to it. The court
must determine the controversy if it Is not
otherwise adjusted. For this 1t has ample
jurisdiction. The proceeding now befors
the court is not adequate TO finally settle
the equities which the parties claim on one
hand and on the other with relation to this
stock, and the court, upon proper proceed
ure, will determine the proper
ownership OF this stock In the
meantime, however, it must be
where the Judgment Of the court oan be
made Immediately effective. 1t is now not
within territorial jurisdiction. It must be-
brought here at once. The court, as it is
at present advised, could have no possible
objection TO the Central Trust Company as
custodian of this stock, IL the Central Trust
Company was citizen Of the Southern dis
trtct of Georgia. Take an order to desig-
nate a trustes who is within the jurisdic-
ton OF the court and directly amenable to
its process"
An order will be taken directing that the
receiver and respondent sign and present
to the Central Trust Company of New York
an order to forward by express the stock
In question with blank power of attorney
with the clerk Of the court at Macon, who
will also be ordered to deposit the same
In the safety deposit vaults of the Union
Savings Bank and Trust Company of Ma
con, and that the receiver pay to the Gen.
trail Trust Company reasonable charges for
the safe keeping OF the stock and that the
order be taken and Immediately executed.