The morning news. [volume] (Savannah, Ga.) 1887-1900, 1897-01-23
GIVES NELSON 4 PINCH.
The CauStic Answer of the West
Point Company Filled.

Point Company Filed.
Atlanta, Ga, Jan. 22.-The Nelson bill.
| asking for receiver for the Atlanta and
| West Point Railroad Company. was reach
ed in the superior court to-day, but the
hearing was again postponed for week
on account of the Inability of Nelson's at
| torneys to be present and submit argu-
ment. The railroad company however,
has its answer to the bill ready and copy
was given out for publication.
This answer covers fully all the allega-
tons made by Nelson, who asked for a re-
ceiver on the ground that the charter of
the company had expired; also making
many sensational allegations about the
control of the road by the Southern, and
that the said company would wreck it,
and thus injure the minority stockholders,
one of whom Nelson is.
In it's answer the West Point admits
that the Georgia Railroad and Banking
Company, and the Central Of Georgia Rail
way Company each hold shares of it's
stock, and to the extent of the said stock
so held, each has voting power. 1t 1e-
mics that the holdings of the said two
companies onstitute a majority of the
stock of the defendant company, and says
that it is untrue that it is dominated by
any influence such as is charged. That it
has always had its separate organization
and that it is now being managed alone
for it's own advantage and
to the promotion of its own
increasing. This defendant has no knowl-
edge of the affairs of the Central of
Georgia Railway Company, who owns its
stock or who controls its policy, but it does
know that the Central of Georgia Rail-
way Company has not stock enough of
this defendant company to control its pol
icy or dominate it. and the said Central
of Georgia Railway Company does not
control this defendant company nor domi-
nate it's policy.
Whether the Central of Georgia Rail-
way Company Is controlled by the South
eTn Railway Company, the defendant COM
pany cannot say; but it knows the South
ern railway does not control or dominate
this defendant company.
This defendant company, in answer to
the apprehensionS expressed by the Nell
son bill, say the influence which he now
apprehends has had the same power to
destroy the Atlanta and West Point rail-
half century such influence has
not impaired the value of
said railroad. The day before this suit of
the petitioner was filed, its stock was
selling for more than at any other period
of its existence. 1t was selling for more
tndn par. L NeTelOTes IL says the Sdlu dp-
prehensions are not we'll founded If
they were and petitioner so really believed,
he would have done what all sensible peo-
pie have done, have sold his stock above
par and rid himself of any possible loss.
The truth is, no doubt that the petitioner
is seeking to accomplish what he pretends
he is afraid somebody else will do, wreck
a road which has always paid it's debts and
it's stockholders dividends.
This company says it's fortunate that
Nelson is not authorized to speak for any
other stockholder save himself with ref
erence to the wisdom of continuing the
corporation under its amended charter,
for if he could speak for enough, his folly
might induce him to destroy the most
valuable piece of railroad property in the
south.
However one is permitted to suspect If
his holdings were larger his folly would
be less, self-interest would compel him
to take a different view of the situation
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