The times. [volume] (Richmond, Va.) 1890-1903, 1893-05-26
TO STAY FORECLOSURE.
MANTLEGAL CELEBRITIES As COUN-
Sci FOR THE PARTIES.
The Suit of the Farmers Loan and Trust
Company OF New York Against tne
Central Railroad of Georgia.

ATLANTA. GA, May &.-The Circuit
Court Of the United States was in ses-
sion here to-day with Justice Howell
jackson presiding for special hearing Ok
the petition Of Alexander Brown * sons
end Simon Borg & CO., Of New YORK. TO
intervene I'm the suit OF the Farmers
Lean and Trust Company of New YORK.
against the Central Railroad and Bank
ing Company. Of Georgia, aud for stay
Of proceedings 10 forecl1se the five mil
lions tripartite bends Of the Ceatral'
Southwestern and Macon and Vest
ern companies, past due Janu-
ary last. and sl,9o'Wo OF Whlcn
are I'm the hands OF the FARMERS
Loan and Trust Company for collection.
The case is one Of vital interest TO the
future OF the Central railroad system
and the proposed Hollins syndicate plan
for it's reorganization. The case eNel,es
widespread attention Throughout the
South aud I'm railroad circles OF the
country. II the Intervention Is sustained
by Justice jackson IL will defeat the
Hollins plan Of reorganization OF the
Central railroad and stay the foreclosure
Of the main stem and affiliated foads
mat are also i'm default by reason OF the
Ceutral's failure TO pay the Interest guar
anteed on their bonds, and opens the
whole case 20 a legal settlement or every
form of indebtedness and their pfloIllies
before a sale Of the road can be ordered
and effected. Meanwhile II TINS stay -
ordered the system will be in the hahus
of receivers appointed by the court
Tho intervention by Brown & Sons and
"a pTnnnglfIhn tfliI
tbev be allowed to take mp the ilpatlile
bonds I'm the hands of the Farm 'rs Loan
and Trust Company and become supro-
Gated 10 the first mortgage lien, thereby
Giving To the interyenOrs the Key TO any
future reorganization Of the system OF
the advantage in biddiIa on the Ten
trails properties at the marshal SAFE
of them when the court shall order
sale. The Richmond Terminal Company
is backing the interyenors IN their hsht
10 break ND the foreclosure. which Is the
prime factor in the proposed Hollins re-
organization. If the Intervention Is up
held IL is presumed the next move VIII
be TO revoke the ruling OF District Judge
Spier that the Terminals G2,OOO shares
of Central stock are Illegally held have
them relns ated as voting stock, ana mus
permit this majority Terminal interest
10 c0uIIht lut AAbhAN A'pi t1t'iiA@+'''N'A %
the company.
The fght now on promises TO be a
battle royal over a S20O0,OO0 stake, and
the case will probably be- on for two
weeks.
Justice Jackson presidcs, assisted by
Judge Spler EX-Secretary of the Navy
Tracy. United States Senator Butler, Pat.
Calhoun, A. O. Bacon, Lawton and cum
ningham. Of Savannah; Leopold Walsh,
Of New York, and about twenty other
legal celebrities are present as counsel
for the parties interested. To-day Pat.
Calhoun opened the case for the inter-
vonors. He was followed by Henry
Turner. Of New York. for the Farmers
Loan and Trust Company, and A. o..
Bacon for the Southwestern Company,
denying all liability on the tripartite
bonds. Marion Erwin spoke for the origi-
nal Rowena Clark suit, that put the Cen
tral under a receiver. Mr.. Lawton fol-
lowed for the Central receiver, Mr.
Conner. The last speech was by Mr. Gar
rard, Of Savannah, on behalf Of the Hol-
Inns syndicate. Other parties will be
heard tomorrow, including Mr.. Henry
Crawford, of New York, for the Terminal
Company. The court adjourned Till 10
o'clock tomorrow morning.
Banquet tO Judge Jackson.
Tonight a banquet was given Justice
Jackson, OF the supreme bench. by the
Bar Association Of Atlanta, chief Justice
Loman r.. Bleckley presiding All Of the
visiting attorneys I'm the Central railroad
case. over which Justice Jackson is pre-
siding. were present together with the
leading lawyers of Georgia. Toasts were
responded 10 by a number Of prominent
guests.