The morning news. [volume] (Savannah, Ga.) 1887-1900, 1896-05-28
TO BE SUED on THEIR STOCK.
WheeImen's Track Association After
Those Who Did Not Pay Up.

The suits against stockholders in the
Savannah Wheelmen's Track Association.
who have failed to pay in the full
amounts Of their subscription, VIII come
up for a hearing at 10 O'Clock this morn
ing. before Justice Samuel Reynolds OF
the Fourth militia district. at abe court
formerly occupied by Justice :. Elsinger.
These cases were on Justice Elsinger's
docket, and We're assigned for a hearing
yesterday morning. Many Of the parties
against whom suits have been brought
We're on hand yesterday morning. but ow-
owing 10 Justice Elsinger's death. there
was a necessary postponemeut Justice
Reynolds, however, has made arrange
ments to hear the cases this morning.
The suits viii no doubt DE quite inter
esting. There are some sixty or seventy
five of them all told, and they are all
against well known young men, who
bought a share OF the stock for the pun
pose Of receiving free admission 70 the
grounds of the association at meets OF
the wheelmen OF for the use of the track.
When the track was built considerable
money was borrowed by the association
TO pay for its completion. this being nee
essary in addition to what was received
on the stock subscriptions. The associa-
ton sold considerable stock on the Install
ment plan. relying on further payments
on such stock TO pay OFF the notes made
ana given for the money borrowed. for
while the payments were made an
right, but when interest IN tte TACK
was lost and the meets came rev anu
far between. they began 10 fan OF until
they ceased altogether.
Part of the indebtedness was thus pald
up, but in the end the directors found that
10 devOlved upon them to pay "A balance
Of something like 81, 500. All but about S2O
Of the amount has been paid ana large
portion OF that money Whlch IL was eN-
pected would come from the installment
stock, came out of the pockets OF the Ill
TectOrs.
The Wheelman's Track Association en-
pOyed Messrs. McAlpin q LaRoche and
instituted suit i'm Justice Elsingers court
against those who had not paid up their
capital stock. The par value OF each snare
is $25 and the parties against whom the
suits are brought have paid in various
amounts on the stock. all the way from
g TO $40. Along with each summons was
sent bill for the balance due, and il is
understood quite a number Of those sued
have endeavOred to settle. Justice Key
nolds however. was not prepared to at
tend to the case yesterday, so no settle
ments have az yet been made. 1t is likely
that some of them will pay up to-day and
settle the bills, though others say they
Will not pay one dollar or the amount.
In one or two cases the holders of this
unpaid stock are innocent holders, but
their names appear on the books as such
and they are sued along with the others.
In one case young man loaned $40 on
share on the understanding that il was
fully paid up, ad he finds now there Is
$l3 due on II. He not only did not get the
$40 back but also finds himself sued for
a balance on one share of stock which he
never had any particular desire to own.
Others bought a share of stock, paid
several dollars on IL, and all they
have ever received has been two or three
free admissions to the grounds.
II is understood that after these cases
are disposed OF some steps may be taken to
hold each Of the stockholders liable for a
proportionate share of the deficit between
the amounts received and that which had
10 be paid out on the notes What turn
this plan may take however, remains to
be seen.
Only one or two OF the parties sued are
represented by attorney, but they will
probably all line up this morning and an
swer to Justice Reynolds roll call Jus
tlce Reynolds will have charge of this and
other business In Justice Elsinger's office,
until the latter's successor is chosen by
the grand jury Of the June sterm Of the
superior court and qualities to enter upon
his duties.
The track out on the Thunderbolt road
still stands in the name OF the Savannah
Wheelmen's Track Association, though
there is quite q mortgage upon il in favor
of the Merchants and Mechanics Land
Company. The association expects to get
up some meets in the fall and to revive
the somewhat waning interest In the track