The morning news. [volume] (Savannah, Ga.) 1887-1900, 1896-06-07
A SUIT FOR SOME DIVIDENDS.
TWO LARGE CHURCH CONGREGA-
TIONs INTERESTED.

The Amount Involved Is About
$1,000, Dividends Paid on Some
southwestern stock After tsle Cen
trails ReOrganfzatfOn-Tri and
Wesley Monumental the Claimants
as Against the Estate Of Robert
McIntire-The Merchants and Me-
chaHics Land Company wins Its
suit.
Judge Robert FaLigant heard argument
yesterday in a suit which presents some
very interes ding points The suit is that
Of Samuel a. White and others, trustees.
against John Houston and =. ". 0IeIdrim.
executors Of the estate of Robert McIn-
tire.
Some time before Mr.. McIntire's death
he made a trust deed OF 20O shares Of the
capital stock Of the Southwestern railroad
to Trinity and Wesley Monumental
churches, 100 shares of the stock 10 each
church, and the trustees Of Trinity
church were made the trustees OF this
stock.
In the deed Mr.. McIntlre especially stip-
ulated that during his life he was to re-
ceive all dividends from this trust prop
erty, but that after his death it was 10
go to the benedciaries named. Mr.. Nc
Intire died a month or six weeks before
the reorganization plan of the Central
railroad finally went into effect. at which
time the stockholders Of the Southwest
ern railroad We're paid according to the
agreement, per cent per annum, from
the time the payment Of dividends had
been stopped by the Central Railroad and
Banking Company, amounting to about
$lJ.50 per share
On the 30 shares in the hands Of the
trustees more than 5000 was paid and to
this the trustees at once claimed title
under the trust deed in behalf of the BEN
eficiaries they represented, the dividends
having been paid after Mr.. Mclntire's
The executors Of the estate of NicIntire
are cOntestlng this claim, and assert that
only that proportion Of the dividends
WhIch accrued after the death of Mr..
Mclnlire belongs 10 the benedciaries, and
LOT the other portion OF it they have
put in a claim.
Col. VIM. Garrard of the firm of Garrard,
Meldrlm 4 Newman represented the exc
cutoTs or the viii, Messrs. Denmark &
A3aAlss tne trustees or Wesley Monumen-
Sa4 cnurcn, VINO were subsequently made
trustees Of the 100 shares left 10 that
church, and Messrs. Saussy & Saussy ap-
peared for the trustees of Trinity church
II was claimed in behalf of the trustees
laal the dividends were paid after Mr.
Mclntire's death. that they were payable
70 the trustees who represented the bene-
HcIdtlt9 ana thdt the dividends are not
apporuonable as between the two claim
ants. Col Garrard makes the claim that
ne trustees were the representatives Of
Ar. Alcintlre and that when he died for
the time being and until a settlement was
erected they became the representativ lives of
Jhe estate ana tae executors so FAR as that
SPgSiHc property was concerned. He also
IioIds ana cites authority on the point that
the dividends are objectionable.
An apparently new question has arisen
O.
on which the citation Of authority has
been called for The question is where q
corporation has gone into the hands of
receiver, and then sells out to a new
company, and the new company paws A
pack dividend. the Old corporation having
gone out OF eNie lence, whether the holder
OF the STOCK under the old corporation or
the holder under the new is entitled fo
the dividends. In this case ii will be
seen that the holder Of the stock under
the new corporation is different from tina
under the old, and became so bv the terms
tires death.
The arguments will be concluded on
Monday, when Judge Fallgant will no
4ouot take the matter under advisement
me case presents many interesting points
ana pelng one in which the interests of
Two large congregations are involved its
outcome viii be eagerly awaited.
The arguments in the suit Of the Mer-
chants and Mechanics Land COMPANY
against NJ. W. Dixon, surviving co-parf-
ner, We're concluded in the superior CONT
yesterday, and the jury rendered a verdict
IN faVor OF the plaintiff, though IN one
small particular the verdict was in the de-
PENDANTS favor.
The defendant, through the process Of
Iue courts, mad two liens stablished
against against the Rroperty Of the Savannah
Nheelmen's Track Association. one of
them being for 81 329. S. and The 'o+har for
%IlSi and both being for materials fur
nished, The property Of the association
S Was ABOUT 20 be sold out under these
ines mes when the Merchants and Mechanics
Lana company secured an injunction
stopping the sale, on the ground thar
they held prior lien in the shape Of a
mortgage on the property given 10 secure
four notes for SS25 each, which is The mr.
chase money for the seven-acre tract at
the Junction of the Skdaway shell road
ana the savannah, Thunderbolt and Isle
Of Hope railroad. The plaintiff Claimed
II had not been given due notice of the
proceedings, a which these liens were
established, and also that there had been
some irregularities in the process of Sc
curing them. The Jury decided that tha
mortgage of the Merchants and Mechan-
!cs Land Company was a prior lien 10
that OF Mr.. Dixon for 1929 IS. but that
Mr.. DiXOn's lien for Sl1719 ranked pri0r
TO the mortgage.
The PLAINTIFF was represented BY Nessrs
Nlcolson Mckethan, and the defendant
by Messrs: Charlton, Mackall & Ander-
son and Kenan & Hartridge The case
viii be carried to the supreme court.
In the court of ordinary yesterday 7
ID NyN9t > LdAttidli Oh JOnn NJ. AilleQ
and others, minors, filed his resignation
j. f. Brooks, as administrator of the es-
tate of Ella Brown filed a petition for
leave to sell real estate.
The suit of the Vernon Shell Road Com
pany against the county, for 5000 dam
ages to its roadway, was not taken up in
the city court again Yesterday. 1t has
gone over until Monday morning of IL
o'clock, when the case will be taken up
and concluded
The criminal work of the SUPERIOR court
viii begin tomorrow morning at 10
o'clock Quite number of the unimport-
ant cases are assigned for trial The
SmalPs, viii not be reached until nexf
week. Abe SmalPs case is assigned for
trial next Monday.
Big Crowds at Gray's.
Our bargain sale drew the crowds last