The Atlanta constitution. [volume] (Atlanta, Ga.) 1885-19??, 1896-12-28
AFTER The A. & W.P.
Petition Filled Tuesday in the Courts by
L. B. Nelson.
CLAIMS CHARTER HAS EXPIRED
Attacks Special Act Providing for Its
Charters Extension-Whose Hand
Is Back of the Move?

An application for receiver Tor the
Atlanta and West Point railroad was fled
Tuesday morning in the superior court by
Attorneys King and Spalding, representing
Mr.. Levi b. Nelson, who owns five shares
of stock in the road and is the holder OF
a certificate of Indebtedness I'm the sum
of $780, making his total interest in the road
$1,000
AS soon as the application was filed 1t was
presented Judge Lumpkin. who granted an
order setting the case for a hearing before
him in chambers on Thursday. December
3lst. at which time the defendants are 10
show cause before him why the application
should not be granted.
After reciting the granting of the charter
its renewal and alleged expiration on De
cember goth, at midnight, the appllcibtloh
makes the following requests:
THAT the Atlanta and West Point tall
road Company, its stockholders, directors
officers, agents and servants be strictly en-
joined from accepting any amendment 10
its charter, or legislative act renewing OF
extending the limits of it's charter beyond
December 90 1896, and that temporary
restraining order be issued immediately
That Il receiver be appointed 10 take
charge of the property, TO preserve lts
property and assets and that the Defendants
deliver to the receiver all the assets OF
property which they may have III theU
possession.
THAT a full accounting be had OF the
debts of the company and that a list or
the stockholders be ascertained 10 show tq
whom the proceeds should be returned ana
that all tho assets be fully administered
upon by the court"
The application also asks that after all
payments have been made that the balance
of tho proceeds be distributed among the
shareholders. pro rata.
1t Caused Surprise.
The impression that gained strong ground
among the railroad men was that the move
was merely continuation OF the bitter
warfare between the Seaboard AIRLINE
and the Southern, and that it was a move
by tho Seaboard. This version was vouched
for by railroad authorities who should
know. Railroad sharps who can tell every
wind that shakes reed in railroad circles
said that Mr.. ST. Johns shrewd hand was
back of the play. They declared they could
see il showing through every line Of the pc
elton. They maintained that the st. John
argument which has been presented against
the Southern before was prominent IN the
petition. Ii was, in short, they declared
a movement of Mr.. st. John against the
Southern in furtherance of the warfare
which has been on between them for long
while.
And how, by striking at the Atlanta and
West Point does Mr.. St John m blow
at the Southern? To the railroad seers it
is very clear. The Central is, to all intents
and purposes, u part Of the Southern. The
Central Is a large owner in the Atlanta
and West Point. The petition claims that
the Central is so closely associated with the
West Point road that the latter has many
times declined to compete with IL FOR busI-
ness The petition charges that the West
Point road is and has been for years under
the domination Of the Central road and the
Louisville and Nashville and through this
strong link of interest it viii easily be seen
how tho Southern might be reached and
hurt through the West Po mt road.
How the West Point Is Owned.
The Central owns one-eighth of the stock
of the West Point. The Georgia owns APP
proximatelv thrae-eights of the West Point
and this gives these two roads the control
of the West Po mt. by reason of their hold
Ing majority of the stock. The remaining
ste ok is held by individuals in small diVi-
sions, there being fully 200 stockholders.
The Georgia road jointly owned by the
Louisville and Nashville and the Central
that is, these two roads leased the Georgia
many years ago for period Of ninety
nine years, each road having an equal in
terest in the lease SO It comes about that
the Central. through the stock which IL
owns direct IN the West Point ana that
which 1t Jointly controls with the Louisville
and Nashville through the Georgia road
lease, has a mighty voice in the manage
ment of the West Point.
Hence. the West Points interests being
the Central's interests, are 10 great eX-
tent the Southern's interests. 1t offers a
fine point Of attack for the enemies Of the
Southern.
Mr. ST. John has been at war with the
Southern. Some months ago he wrote some
letters TO the railroad commissioned the
same me MIR. Samuel Spencer was doing
some like cOrrespondence-in which he made
a strong attack against combinations of
railroads which would prevent competition.
His argument in those letters was almost
precisely sim lar to the argument used IN
the petition for receiver filed yesterday.
The Southern was roundlv taken 10 task
for bOttling up competing lines. In the p
tition yesterday it IS set forth that the
Southern's line 20 Brm ngham and its line
to Columbus are competing lines with the
Atlanta and West Point, yet through the
influence which the Southern exercises in
the management Of the West Point the
patrons OF the road are given one of the
advantages of competition.
What the Application Charges.
The application is quite lengthy, consist
ing of a large number of typewriter PAGES.
setting forth number Of allegations.
The petition is brought against the At
lanta and West Point IA lroad Company,
whose charter, it is alleged. has expired.
on December 9th, 1877. d charter was
granted the Atlanta and West Point Rail-
road Company for a term of twenty years,
which was extended thirty years longer,
which charter expired by lin tation on
December 10Th, 1886. at midn ght The char
ter authorized the issue of capital stock
amounting to s. go, 200 in shares of 500
each.
The Liability of Stockholders.
1t IS shown by the petition that under the
terms Of the charter its stockholders were
each liable for the debts of the corporation
not only for the unpaid portion of the cap
ital stock held by each, but also in sum
equal to the capital stock held by EACH
and that by the provisions of the charter
the corporation was required TO keep and
publish a list of It's shareholders and COM
ply with divers other regulations in the
charter.
In July, 1881 the petition sets forth that
the company created an issue Of certificates
of indebtedness amounting 10 81, 232. 200
bearing interest at per cent, payable semi
annually, and the petition states that this
entire amount is still outstanding and of
full force.
The Roads New Charter
The suit involving the Atlanta and West
Point railway recalls the recent action of
+ba Iaoisla tilre In granting a new Chartor