The morning news. [volume] (Savannah, Ga.) 1887-1900, 1894-03-27

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If all the bondholders had come here
and asked for this property" said Judge
Pardee l would have given il to them in
a second. The interest has been due a
long time and the bonds amount to more
than the property is worth. But the
question is what do the other twO-thirds
or three-fOurths Of the bondhOIders
want. I appointed a Co-receiver a bout
year ago. The property ought to have
been sold by this time. What is the sit
uatiOn1'
Mr.. Joline replied that all the bond
holders had not asked Cor a foreclosure.
Mr.. Crawford said the court had ap-
pointed d CO-reCeiver about a year ago,
but had provided al the time that the
operation of the property should remain
the same He said he had not known of
this application Of the Central Trust
Company until last Saturday. In view
Of the fact that petition was now pend
ing for an issue Of certificates TO pay the
Central railroad for money expended in
operating this road he aid not think it
would be proper to make an order which
would make the Savannah and Western
an independent line until the state Of the
accounts between the two roads had been
determined. He didn't think ii proper
that the road should leave the custody of
the tribunal which had it now until its
accounts had been paid or satisfactorily
settled He didn't know who the gentle
men desired to put in the place Of Mr..
Conner. but he had been given the name
of a certain party who, it was said, would
be urged. and he said he would oppose
that nomination Separated from the
Central he said he believed that the Sa-
yannah and Western would have q far
more rocky time than with it. He said
he represented larger amount of bonds
than Mr.. Wallach.
THE RECEIVERS ATTITUDE.
Mr.. Julian T. Davies said that the at
torneys making the application repre-
sented only about One-fourth of the bonds.
He said that Mr.. Conner and Mr.. Hayes
didn't insist on opposing the application,
but their attitude was that it would best
subserve the interests Of both roads TO
have them operated together.
Mr.. King said the bonds which Mr..
Crawford referred to as being represented
by himself were pledged as collateral for
an Indebtedness of the Central railroad.
He said he and Mr. Wallach represented
only those interested in the Savannah and
Western itself.
QUESTION OF A MAJORITY.
Judge Pardee said that the movement
now was not TO change the receivership,
but the personnel of the receiyership, and
perhaps the policy. ut doesn't make
any difference how the bonds are held, s"
he continued. Il want TO get what the
majority of the bondholders want The
Central Trust Company represents hold
ers Of the consolidated mortgage bonds
of the Central railroad. If it
can't represent the Savannah and Western
bonds also, it had better get out and let
another trustee be appointed. If the Cen
trial Trust Company wants this change
made, let il say so, and III make it. If
not, I'll have TO look carefully into the
case, as the situation is very complicated
one. 1t is a responsibility which l think
should be put upon the owners or credi-
tors
WOULDN'T ASSUME THE RESPONSIBILITY
IF the bondholders or any of them de-
sire it, said Mr.. Joline, the company
will resign its trust. l learn to-day for
the first time, that there are a larger
number of bonds than those represented
by these gentlemen which do not desire
this change. Under these circumstances
we do not feel called upon TO assume the
responsibility
There is another thing" said Judge
Pardee. The present receiver of the
Central has number of lines which are
parts of the system under his charge.
Under the same argument that has been
presented to-day the court would have to
appoint receivers for all these lines 1t
is not the business of receivers to
carry on these controversies. The cred
itors should settle these matters between
themselves without throwing the burden
on the receivers to make the defense. I'll
take the matter under consideration,
however"
The gentleman who Mr. Crawford prob
ably referred TO as a nominee for the po-
sition of receiver in MIR. Corners place
was Mr. George w. ParrOtt OF Atlanta
MIR. Parrot has been mentioned in CON
nection with the appointment, as have
also several other prominent gentlemen in
the state.
Judge Don A. Pardee, accompanied by
Judge A. G. Brice, left last night via the
Central railroad for Atlanta. from where
they will go to New Orleans. He took
the papers in the case with him and will
examine into the situation.