The morning news. [volume] (Savannah, Ga.) 1887-1900, 1894-08-14
GRANGER OWNS NO STOCK.
Col. GaTrard Says He Has Not a DOL
lars Interest in the SeabOaTd Co.

Argument in the Injunction Case to
Prevent the Sale of the Middle
Georgia and Atlantic Still Going
On-Mr. Granger Has Not Yet Re
turned to the City-No Reason Given
For His Absence-The Case May Be
Concluded To-day.
The greater portion of the time in the
superior court yesterday was consumed
in hearing argument in the injunction
case againt the sale of the Middle Georgia
and Atlantic railroad The arguments
were made by w. S. Chisholm, Esq, rep
resenting MIR. A. o. Granger of Philadel-
phia, and Col. William Garrard, represent
ing the Oglethorpe Savings and Trust
Company, the trustee for the syndicate
loan.
The argument was continued until
o'clock, when Judge F'alligant adjourned
the hearing until this morning. The
ground gone over was much the same as
that gone over in the petition for injunc-
ton, and the answers of the trust COM
pany and the Seaboard Company Mr..
Changers attorneys were considerably
hampered by his absence, as his affidavit
is needed as evidence in support of GER
tain statements made by him in his petit
ton and directly contradicted by the
other side.
MR.. GRANGER's ABSENCE UNEXPLAINED.
Mr. Changers absence is somewhat of
mystery, which his attorneys are unable
to explain. Mr.. Chisholm in his argument
charged that the payment of 1880 to
President Williams for services rendered
the company was illegal as there was no
provision for such an appropriation of
funds in the charter He also argued
that the OglethCrpe Savings and
Trust Company had been derelict
IN it's duty, in that it had
not advertised for bids for
the loan certificates instead of allowing
30 per cent of the issue to be bought in at
40 per cent. discount by a majority of the
stockholders. MIR. Chisholm laid special
stress upon the point that the Spring
Garden Insurance Company of Philadel-
phia had, through the Influence of MIR.
Granger, offered to take $4,000 of the
loan certificates at so cents on the dollar,
and was only given the opportunity to
take $4,000 at this figure.
ARGUED AGAINST MR.. GRANGER.
Col. Garrard, in his argument, made an
especial point of the fact as claimed by
the Seaboard Company and the trust
company, that Mr.. Granger is no longer
stockholder in the Seaboard Com
pany, his stock having been
transferred at his direction to a
MIR. Bennett. Mr.. Chisholm endeavored
to show that the stock was merely held
by Bennett as security, but was una BILE
! to introduce any evidence to this effect
on account of the absence of MIR. Granger.
| Col. Garrard also expressed the doubt
of his client that Mr.. Granger had ever
! paid dollar into the treasury of the
! company in return for the stock held by
| him, and alluded to the absence of Mr..
Granger as significant. He also endeav-
ored to show that while MIR Granger
had been dealt with in the utmost
fairness by the management of the
Seaboard Company, being kept fully
posted as to all it's financial movements
that his conduct in interfering to pre-
vent the sale at the juncture was the OPP
posite Of fair dealing in every respect.
| MIR. Changers allegations against the
officers and directors of the Seaboard
| Company and the Oglethrope Savings and
Trust Company were fully contradicted
and the contradictions supported by evil
dence. 1t is expected to conclude the
hearing to-day.