The morning news. [volume] (Savannah, Ga.) 1887-1900, 1895-05-01
DON'T WANT A RECEIVER.
CITY AND SUBURBAN BONDHOLDERs
IN HARMONY.

II Mr.. Parsons Totes Fair They Are
willing the Property shall Remain
in His Hands-Their Action at Yes
terday's Meeting-Receiver screw
ems Counsel Resigns-The Hearing
To-day.
The hearing Of the petition for a per-
rnanent receiver for the City and Subur-
ban railroad viii come up before Judge
Speer in Macon this morning. The at
torneys and others interested left for
Macon last night. The iCty and Subur-
ban has quite an imposing array of legal
counsel-Hon. Pope Barrow, Col George
A Mercer. Col. William Garrard and Hon.
L. G. duBignon.
The receiver viii not he represented,
Messrs. Charlton. Mackau * Anderson
having resigned yesterday as receivers
attorneys. There is no necessity. how
ever. for the receiver to be represented.
Mr.. II. +. w. Palmer, who has been in
the city several days quietly working up
material for the case of his client Mr.
McReynolds Of Tennessee, who brings
the petition for the receiver, went up
with the party last night.
The bondholders Of the City and Subur
ban railroad met in the morning at the
Central Railroad Bank. The meeting was
very largely attended. Representatives
Of Sl7400o Of the $4,000 OF first mortgage
bonds and Of all of the $4,000 II second
mortgage bonds Were present. Judge w.
y. Harden was made chairman and Mr..
Horace A. Crane secretary.
Mr.. T. NJ. Cunningham, trustee for
the bonds, who was seen after the meet
ing, said: We are pretty wei agreed
that if Mr.. Parsons totes fair with the
bondholders that we have no particular
desire TO take the property out of his
hands. We have been assured by Mr..
Parsons representatives that he is will
ing TO give a bond to guarantee the bond
holders against deterioration or waste or
that he may have against any portion OF
the rails or the electrical equip,
ment along the line of road.
overhead and underground wires
and such other paraphernalia- We
are also assured that if the receiver is re-
moved Mr. Parsons viii pay the semi-an-
nual interest due May ]. We expect that
a definite statement of this proposition
viii be made in court tomorrow. Upon
the Forthcoming Of this statement de-
ponds a great deal We think this is the
opportunity for the bOndholders TO UNI
tangle the affairs of the City and Suburb
an so far as they are concerned, and TO
put at rest the various reports which have
been continuously in circulation to the
effect that Mr.. Parsons had certain claims
against the road and meditated taking
certain steps Wnlch WOulu nave the Ell
feet of greatly depreciating the security
of the bondhOlders Naturally these ru-
mors and reports affect the market value
of the bonds. We think the time has
now arrived for n clear understanding as
TO the position of the bondholders."
Mr.. Cunningham went up 10 Macon last
night. He was accompanied by Capt. II.
c. Cunningham and Mr.. T. NJ. Cunning
ham. Jr.. Of counsel for the trustee. Mr..
J. r. Anderson also accompanied the par
~. He goes on other business, however.
Director Hartman is the only one of the
officials of the City and Suburban who
will attend the hearing. President Johns
ton did not go up and Mr.. George Par
sons is III at his home in New York.