The morning news. [volume] (Savannah, Ga.) 1887-1900, 1893-05-29
LEFT WITHOUT A PROP.
The Terminal Party in Its Fight
Against The Central.

Justice Jackson's Suggestion to
Lawyer Crawford to Raise the
Money to Relieve the CentraIs EN-
barrassment- His Application for
New Receiver May Then be Consid-
ered-Next Months Hearing to be
Final and an Early Sale of the Cen
trail Looked Fora Cold Shoulder
to the Terminal.
The rulings of Justice Jackson in the
Central railroad ltigations practically
knock out the Terminal crowd, said
a railroad man yesterday, although
it will probably continue the fight
here June 26 the effort will avail nothing,
The Atlanta hearing, the attorneys say
was victory for the Central and Re
ceiver Conner in every particular. Justice
Jackson quickly grasped She situation and
saw through the efforts of the Terminal
people to EN- arrass themanagemento of the
road they had already almost wrecked,
and he did not propose oallow himself to
be used. His first decision on the ques-
ton of removing the receiver under the
Rowena Clarke bill threw the Terminal
out of court to all intents and purposes.
A KNOCKOUT BLOW AT THE START.
Mr. Conner, il will be remembered, was
appointed receiver under three separate
bills, the Rowena Clarke bill, the Central
railroad bill and the bill brought by the
Farmers Loan and Trust Company to
foreclose the mortgage. The Terminal
interests made the attack on the first two
bills, alleging that the purposes for which
Mrs. Clarke filed her bill had been salts
fed and that the time for receiver under
its terms had lapsed.
Justice jackson wasted no time in pass
ing upon the application. He was brief
and to the point telling Mr.. Crawford
that he had found the Central property
to be insolvent, and proposed to have it
sold, and sold quickly, and would not re
move the receiver for the reasons set
forth.
JUDGE sPEER's ORDERS GOOD.
Finding themselves whipped so
Terminals representatives dropped
their plea under the Central
railroad bill and turned their attention to
trying to have Justice Speer's orders I'M
der which Receiver Conner borrowed
$500, 900 declared void. Justice jackson
promptly informed them that he had
nothing to do with these orders They
had been passed upon by the court and
were good.
His final shot to Mr. Crawford to "put
up or shut up was a telling blow. The
point, which was already published in
the MORNING News Geographic account
of the hearing, was when Justice jackson
told Mr.. Crawford if he would raise the
funds to relieve the road from its embar
rassment and bring along his receiver the
court might then consider the matter
The justice added that Mr.. Crawford had
thirty days in which to comply with the
suggestion
NEXT MONTHS HEARING FINAL.
After hearing Receiver Corners answer
TO Calhoun, King a. Spalding's applica-
ton to have the receiver removed for
mismanagemCnt Gen. Butler wanted a
further postponemcnt of the hearing on
this subject, but Justice jackson notified
him, as well as all others interested IN the
litigation, that the only postponement of
the case would be until June 26, at Savan-
nah, when everything connected with the
Central litigation would be heard, The
conclusion drawn from Justice JackSOn's
remarks was that he would have the road
sold as quickly as possible and let the
claims be settled in court later. Every
body can rest assured that there
will be no change in re
ceivers and that the Terminals
fight here next month viii be the last
rally of the leaders of a justly lost cause.
Receiver Conner was asked yesterday if
there was anything in the story that the
Central is running 100000 a month be-
hind, and he replied that the only thing he
knew about il was Gen. Buffers statement
10 that effect. "There is nothing to it,n
he said He declined TO discuss the At
lanta hearing.
OPPOSED TO THE REORG ANIzATION.
A special to the New York Herald saws:
''The opposition to the plan Of reorganiza-
ton of the Richmond Terminal Company
has already made itself felt in tangible
way The first mortgage bondholders of
the Mobile and Birmingham railroad,
which is part of the East Tennessee
system, promptly met to take action, and
the result was that they condemned the
new plan in unmeasured terms. They no.
titled DreXel, Morgan a. Co. yesterday
that they would have nothing to do with
the proposed reorganization. The s., 000,-
600 5per cent. first mortgage bonds of this
road were allowed, under the plan of re-
adjustment, so per cent of new preferred
stock and 80 per cent. of new common
stock of the reorganized Richmond
Terminal Company The road is
l41 miles long, extending from Mo
bile to Marion Junction, on the East Ten
nessee. 1t is bonded for $4,000 mile
The boudhOlders think they could get
more by selling the rails for old iron than
by entering the proposed reorganization.
A meeting was called yesterday of the
Cincinnati extension bondholders of the
East Tennessee system to consider what
action should be taken in regard to the
readlustment of their mortgage under the
new Richmond Terminal plan. There are
$6,O00,000 of Cincinnati extension SIS,
many of which are held abroad They
are allowed no bonds of the new company,
but are awarded 125 per cent. new pre-
ferred stock 1t is said that considerable
dissatisfaction has been expressed by
foreign holders. The meeting set for yes
terday was postponed for several days.
Among those on the committee are r.. T.
Wilson, Eugene Kelly, Camille Weiden-
field and David G. Robinson"
MEDLoCK MAY RECOVER.