The morning news. [volume] (Savannah, Ga.) 1887-1900, 1893-05-28
The Central,s Troubles.

There is fair prospect that the liti-
cation in which the Central railroad has
been cntangled will be brought to a
close at the hearing before Mr.. Justice
jackson which is fixed to begin in this
city on June 26. While nothing definite
was accomplished at Atlanta considerable
| progress was made in the direction OF a
/ final settlement of the roads financial af-
fairs.
The opponents of the Ho1lins reorgani-
cation scheme brought Mr. Justice Jack
son into the litigation They have asked
him to do two things. One is to enioin the
foreclosure of the tripartite bond mort
gage and the other is to remove Receiver
Conner. The inference is that they desire
to get the property into their own hands
and reorganize it in accordance with their
own views and interests.
They have failed thus far to get Mr..
Justice jackson to do what they want
done. The injunction asked for has not
been granted and Receiver Conner has not
been removed. Mr. Justice jackson has
adopted a course that is not apparently
agreeable to them. He has ordered all
the suits to be consolidated and presented
for hearing and final adjudication in this
city on June 26. At that time also the
question of change in the receivership
is to be determined. 1t is probable, there
fore, that in the early part of July de-
cision on all the pending issues will be
rendered and a date for the sale
of the property fixed Mr. Justice
jackson appreciates the necessity for
closing the litigation as soon as possible.
The longer it is continued the less valu-
able will become the junior securities.
Not only are the expenses of the Iitiga-
ton enormous, but the business of the
road is suffering from conditions brought
about by it.
Mr.. Justice JaCkson's remarks concern
ing the duties of receiver appear to
have attracted good deal of attention.
Their correctness will not be questioned,
but the Justice does not wish to be under
stood as saying that Receiver Conner has
gone beyond his rights in favoring the
Hollins reorganization scheme. If Mr.
Conner is removed it will not be because
of anything he has done in connection
with that scheme. 1t is the only scheme
that has been presented for the reorgani-
cation of the property, and while it is
no part of his duty to take an active part
in any scheme of reorganization no court
would censure him for giving such en-
enlargement as he legitimately could to
an undertaking for rehabilitating the
property and protecting its security hold
ers.
Those opposed to the Hollins scheme
promise to present for receiver one who
can command ample financial backing and
who viii have the confidence of all parties
in interest. 1t is quite certain that Mr..
Justice Jackson will require a strict COM
pliance with that promise before he will
even consider the ACCESSIBILITY of remov-
ing Receiver Conner. And he will also
want to be satisfied that the interests of
the security holders will be promoted by
a change in the receivership.
What the public and the security hold
ers desire is a speedy reorganization of
the property, and Mr.. Justice jackson
apparently regards the desire as a reason
able one. Delay for selfish or speculative
purposes will not meet with any en-
cOuragement from him.