The Atlanta constitution. [volume] (Atlanta, Ga.) 1885-19??, 1896-12-28

to the face value of their stock. In other
words, It was single liability instead of
double liability.
There was one other change which was
objected 20, and that was with regard TO
the provision requir ng the publication OF
a list of the stockholders of the company.
This publication was required under the old
charter. but not under the new.
When these points We're raised against
the new charter Senator Golightly, as chair
man of the committee having 1t in charge,
moved to table the bill until senators night
have an opportunity OF investigating all
the facts for themselves.
A few days later the bill was taken from
the table. Among those who had been I'M
certain about the wisdom Of the bill when
IT came up for the first time was Senator
Turner, who was particularly interested
I'm the measure because of the fact that
the railroad runs through Troup county.
which is his home, and through other
counties of his senatorial district. Upon
the second consideration Of the measure
Senator Turner strongly advocated the
new charter lie showed that under the
law the company could secure q new
charter through the secretary OF state
which would give it not only the latitude
of the proposed bill, but even greater lat-
tude In other words tho new charter was
restrictive al compared with such a charter
as the company could secure for the ask
ing from the secretary OF state-tha- Is,
the same sort every other railroad
chartered by the state has. one particular
feature mentioned by Senator Turner was
In the matter of borrowing money. y
charter granted under the general law
gives railway directors the power TO bor-
row money IS they may deem necessary
and there IS no restriction upon the rate
of interest paid. A clause Of this Atlanta
and West Point charter, however, provided
that the company could not borrow money
except on the request of the stockholders
in a regularly called meeting; and It pro-
vided also that the company could not
pay in excess Of the legal Fate OF interest
in Georgia.
Attacks the Special Act.
In regard to the special act providing
for the extension Of the charter. the petit
tions states the following:
Coupled to this change in the statu-
tory Inability of sucn stockholders Tor
corporate debts. said special act attempts
to grant TO said corporation the right TO
create mortgages or debts of trust cover
ing its entire property and franchises an.
securing any bonds, debts or sums OF
money as may he secured thereby as said
corporation shall deem proper.
Petitioner charges upon Information ana
belief that said act, although q s4tc.eti
act, was never advertised as required by
the constitution and laws of this state and
that said legislature treated and passed
advertisement being made or required ana
is therefore unconstitutional and void.
Petitioner shows that said act IS
special act for the amendment or q charIer
of "A railroad by granting 20 il additional
powers and by extending its corporate lie
Petitioner further shows that said act
affects and varies his private rights as q
stakeholder of said corporation, tnat py II
he is attempted 20 be compelled 10 remain
a member of said corporation beyond the
term specified in its charter, to-Wit. De
cembcr 90 1896. and that the powers or said
corporation are changed and the liabilities
of himself and his co-stockhc.ders greatly
varied as hcreinhefore set for b. That
his consent to such act was neither sought
nor obtained ana petitioner alleges that
said act violates the provisions OF the con
stitutiOn which provides tn1t no slteisi
act varying or affecting private rights as
they exist under general laws shall he
passed without the consent Of The persons
To be affected thereby and is. for this
cause. unconstitutional and void
The Ownership of Stock.
Mr.. Nelson. in his petition. states that
the Central Of Georgia Railway Company,
whose stock is owned by Che Southern
Railway Company, IS dominating the ar
fairs of the West Point road. in which both
tAe Georeia and the Louisville and Nash
vile roads are Interested 10y lease
The petition shows that the Southern
railway owns competitive line to New
Orleans via Birmingham. but notwith-
xtanding this. the Southern has been car
rving its trains over the West Point 10
New Orleans via MONTGOMERY
In paragraph IS of the petition. the fol
lowing allegations are made:
petitioner shows that with said personal
liability of shareholders Withdrawn from
said charter said corporations voting
said major ties stocks could. without in
curing any personal liability. create bonds
and mortgages on the Atlanta and West
Point railroad and under the many manip-
Ulations which have characterized railroad
s-saTH af HH.r
own purposes a volume OF lndentedness o.!
said railroad which would impair and
finally destroy the value of The stock there
of and cause petit one: ana me other MI
nority stockholders 10 lose the value OF
lit is also charged that the Central has
refused TO put in sdetrac<s between At
lanta and Fas; Point which is fairly COM
petiuve business for the two roads.
Say There Is No Charter.
Tt is alleged i'm paragraph p Of the petit
ton that the charter Of the Atlanta and
West Point Railroad Company has eX-
pired by the statute Of limitations and that
the business of the road is now being ham
died without any authority Of law.
President Smith Talks.
President George c. smith talked Of the
West Points financial stand rg and other
phases OF the case last night. He said:
4 know nothing of the proceedings
brough by Mr.. l. r. Nelson against he
Atlanta and West Point railroad beyond
the statements i'm his petition The eN-
tension Of the Compauy's charter by re-
cent act of the legislature or Georgia vas
made under the supervision Of the general
counsel of the company, MaSsrs. Dorsey.
Brewster q Howell. and pursuant 20 itc-
ton both of the stockho-! rrS enc orr
tors. The individual stockhoiders were
specially consulted with respect 90 tite
provisions of the new charter ana sttIisey
favored the passage OF the act IN lne -
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