The morning news. [volume] (Savannah, Ga.) 1887-1900, 1893-07-01

cOrporation-and that she has an interest,
large or small it does not matter,
in the East Tennessee, Virginia and
Georgia Railroad Company-which is not
a controlling interest, but it does not
matter If it was. and because the Termi-
nal company owns that stock in another
corporation that she cannot vote the
stock she owns in the Central, or have it
done through a trustee, who is the com
mon trustee of both herself and the
North Carolina corporation Whyl Why
The Terminal had a right to acquire that
stock; had right to own it, and to vote
it. But it is said it might lead-or may
Leader was intended to lead to a cOndi-
tion that would prevent competition.
How so, How so2
WHERE Is THE COMPETITION2
els there any competition, in point of
fact between the Central Rail
the Georgia Pacific leading out to
the northwest from Atlanta-that
is the lesseel What competition, in the
eye of the lawl | can suggest to you,
| gentlemen, q case that would have fallen
| within the constitution of Georgia, per-
haps. If the East Tennessee, Virginia
| and Georgia Railroad Company
and the Georgia Railroad Company
running parallel line from
Atlanta to the coast, PARALLEL to the Cen
trail Railroad Company had as
| corporal ion, | emphasize that,
had as a corporation undertaken to buy
| up the stocks of the Central Railroad
| Company you would then have case
| coming within the purview and prinCi-
| pie of the constitution of Georgia. But
| they say because stakeholder in two
| corporations had stock in two corpora
| tions, that that stakeholder cannot vote
| in both corporations. IL is an anomaly
| beyond expression to my mind. But it
| does not come within my Inhibition of
! the constitution Of Georgia. When those
! contracts are purchased, personal proper
ties are made beyond the Jurisdiction of
! Georgia. To say that this is Illegal by
! Georgia law cannot be sustained.
MRS RowENA MUST PAY COSTS.
''F'or Georgia law cannot reacht the trans
| action, Georgia law caunot deal with
| these stocks and inhibit their purchase
| and their sale, and the only question in
| this case that ever would have given
trouble wonld have been the power of
that corporation, the Terminal company
| and the North Carolina company, to have
| held and owned such stock, but they each
had the power they each had the express
| power of the SovCreigns that created them
| to purchase, abide and hold these stocks,
and there is nothing in the constitu-
| ton of Georgia or in its laws to deny them
| their rights and interests as such holders
! in this property. That is my Judgment
! of the law of this case A Judgment will
! be rendered in accordance herewith, dis
missing and dissolving the injunction that
! restrained the voting of that stock, and
! dismissing Rowena Clarke's bill at her
| cost, except so much Of the cost therein
as accrued up to the time of these cor
porations entering their appearances and
diSclaiming the lease"
HOW IT WAS TAKEN.
! Justice Jackson's decision was listened
to with the profoundest interest on all
! sides. The attorneys in the court room
| all began to discuss it with one another,
and it was with the greatest difficulty
that marshal Leverctt obtained order
Mr.. Lawton wanted to know if the
! question of the vitality of the lease hay
| ing been decided would not affect the
| litigation with regard to the attachment
suit.
Justice jackson ordered that that point
| be reserved in his decree until the at
tachment suit came up.
Col n. j. Hammond called the atten-
ton of the court to a statement which
appeared in the afternoon paper purpOrt-
! inc to have been made by Justice jackson
with regard to the superintendent, Wad-
! ley, and several other employees of the
| Central
Il said if the superintendent was using
| the company's property" said Justice
! jackson, land not that he had been
doing it. The court did not assume
that he had done those things That
would have been unjust TO the superin-
! tendent, and the court never intended to
cast the least reflection upon the super
| intendent.n
The details of tho decree of sale were
| then taken up and discussed until $50,
when the court adjourned until o'clock.
THE CLOSING SESSION.
It was O'Clock when Justice Jackson
entered the court room last night and be-
an the winding up of what has been one
| of the most remarkable and sensational
sessions of court ever held
in Savannah, involving as it
! has vast interest, representing
millions OF dollars and the welfare of a
| great section Of country, The principal
| matter to be disposed of last night was
! the amendment of the decree of sale in
reference to the manner of offering the
| equipments of the road and certain other
| details which will be amicably arranged,
and the appointment of the master. Mr..
! George w Owens was appointed master
under the decree.
The question of allowances was brought
M. but Justice jackson suggested that
! that matter be left until report is made
on the property. He assured the attor
news that he would deal literally with
them at the proper time.
HINT TO CAPITALISTS.
Incidentally, speaking of the value of
the property, Justice Jackson remarked
that if eastern capitalists could see its
great wharves and terminal facilities,
which. alone, he estimated to be worth the
amount of the first lien on the property,
they would, he believed, have no hest
fancy in taking hold of It,
The question of costs for receiver was
brought up by Major Bacon, and the
court amended its prior order, directing
in the amendment that all COSTS accru-
ing after March rs, 1892, be divided be
tween the compliments and the inter-
venors.
THE SOUTHWESTERN TO APPEAL.
The question of appealing from the de-
cree was then brought up by Mr.. Miller
in behalf Of the Southwestern railroad
Justice Jackson was asked to fix the
amount of the bond in event of an APP
peal
s'In case you desire to supercede the
decree the bond will be So, 600 600; with
out a supersedeas, $1,000" was the
Justices reply.
The amount of the bond staggered the
attorneys and Justice jackson finally re-