The morning news. [volume] (Savannah, Ga.) 1887-1900, 1893-03-31
THEHEARING POSTPONED
SAVANNAH AND WESTERNS CASE
NOT TO COME UP THIS WEEK.

Attorneys of the Central Trust Com
pany agree 20 Postponement of a
Hearing in the Case of Their Applica-
ton for a Receiver for the Savannah
and Western-Wr. A. R. Lawton
Talks-W hat Mr.. Conner Thinks.
A telegram was received by Gar
rard, Meldrim & Newman yes.
terdsy from Hon. Henry B. Temp
kins, attorney for the Central Trust
Company Of New York, stating that the
request for a postponement of the hearing
in the case Of the petition for an ind e.
\ pendent receiver for the Savannah and
| Western railroad would be acquiesced in.
A dispatch from Lowrey, Stone & Auer-
bach, the New York attorneys for the re-
organization committee. stated that they
had received the same information.
This petition, which was to have been
heard on Saturday, April / q, before Judge
Don A. Psrdee at Montgomery. is made by
the Central Trust Company Of New YORK
in behalf of the bondholders of the Savan>
nah and Western, contemplated the re-
moval Of that road from the hands of Re
oeiver Conner and the placing of the same
in the hands of an independent receiver,
which, II granted, would remove the road
from the Central system and cause ii to be
sold out under a separate order for fore
closure.
The Central's attorneys and the attorneys
for the reorganization received notification
of this hearing and copy of the applica-
ton only last Tuesday, and so had no time
in EVHi Cb fo thnfr 70 mat
the granting of the application. They re-
quested the opposing attorneys to consent
TO temporary postponement Of the hear
ing, which was readily granted. but no date
has yet been SET at which the application Is
TO be taken up.
THE SAVANNAH AND WESTERN SYSTEM.
The entire capital stock of the Savannah
| and Western system, which comprises 623
miles, is owned by the Central Railroad
and Banking Company. IL is composed OF
| the following lines: The road from Mel
| drim TO Lyons, the road from Americus
via Columbus to Birmingham, Ala; from
| Columbus, Ga, to Greeneville, Ga. from
Griffin to Chattanooga, from Opeliks, Ala,
to Roanoke, Ala, and from Eufaula, Ala.
| to Ozark, Ala.
A separate foreclosure Of these proper
ties, on which about 100000 of bonds
have been issued, is sought by the Central
Trust Company as trustee for the bond
holders, with view TO getting
| control of this most impor-
tant part of the Central's prop
| critics, and as the Central Trust Company
is somewhat in alliance with the Richmond
Terminal It is thought by some that the
success of the application would destroy all
| hope for the success Of the reorganization
plan. As far as the tripartite bonds are
concerned they are not interested, as they
| cover none OF the Savannah and Western.
The attorneys for the Central say that
while the success Of the application before
Judge Pardee, and the separation Of the
Savannah and Western from the Cen
| tral system. would not interfere with
the reorganization Of the Central,
it would be injurious to the system, and
more so to that road which the attempt is
being made to separate. For instance, bust
ness to Chattanooga would go by the Central
all the way to Atlanta as that would be to
I the Centraps interest, instead Of going to
| Griffin, and from there TO Chattanooga by
that branch Of the Savannah and Western.
Mr.. LAwToN TALKS.
Mr.. A. R. Lawton, Jr., in speaking of the
matter said yesterday:
at is admitted that the Savannah and
| Western system should have a receiver, and
that the road should be foreclosed for the
benefit Of the bondholders. but we claim
that il should be under the same
receiver as tue Geutral system, as IL is a
| part Of that system. The disruption of the
Central by taking away the Savannah and
Western would not interfere with the reor-
gauization, but would be detrimental to
| the Savannah and Western system, which is
in no less than four disconnected branches.
| Separation means the destruction of value
10 that system as such.
Tine Central Trust Company says It is
| making the application on the part of some
of the bondholders, but as a matter of fact
we know of great many
of the bondholders of that
| system who are opposed to such
action and who have deposited their se-
curities for reorganization. The system
should be reorGanized under the same re-
ceiver, and, everything considered, i hardly
think it will be separated by the courts, in
| whose hands It now isl
| Mr.. Conner said that the application
would be answered by the Centrars attor-
neys. He thoughtit merely another effort
of enemies Of the Central system to effect
| its disruption.