The morning news. [volume] (Savannah, Ga.) 1887-1900, 1897-01-13
RECEIVERS ASK FOR FEES.
MEsSRs. JOHN II. YOUNG AND j. $.
COLLINS GEL $1,000 EACH.


dersOn Also Given 81, 5OO-ReceiVer
Young of the Atlantic short Line
Also Asks For SIO,OOO-The Fees
I'm That Case Taken Under COnsid-
GRAFTON by the COurt-A Seaman
Sentenced to Jail Until sunset For
Assault on the High Seas.
The petitions of Receivers John r.
Young and ]. s. Collins of the Electric
Railway Company, and their counsel,
Messrs. Charlton, Mackan 81 Anderson
for compensation for their services
brought about the most interesting dis
cussion and argument that took place be-
fore the United States court yesterday.
Receiver Young and Collins submitted
a petition stating when they took charge
of the property, Jan. 6, 1895, they found it
in a bad physical. condition, but they im-
proved it, putting it in a good condition
for good service, and it is now in a condl-
ton capable of rendering efficient SER
vice. The receivers have taken in in
cash as a result of operations, S167, 92450,
and have expended $685. 1873. They re-
duced the floating Indebtedness of the
company from $4,000 to $4,000
In the matter of litigation which was
handled by the general counsel, Messrs.
Charlton, Mackall & Anderson, II was
shown that the total judgments under
the receivership amounted to less than
$50, out of claims aggregating 1873, 000 and
that in all cases the Electric Railway
Company, before the receivership includ-
ed, the judgments and cases settled have
not amounted to more than $1,000. In
of a f4nr natf . Ton rad
trous results from the storm, the receivers
stated they were able to turn over the
property in a better condition, free Of
debt, arising from its operations, and with
tirst-class business.
When 1t came to the matter Of compen-
sation, Receivers Young and Collins ask
ed for $4,000 each and their counsel for
$500. Mr. T. w. Wrenne, representing
the Nashville interests, Capt. II. c. Cum
bingham, representing the minority bond
holders, and Mr.. Herman Myers, repre-
senting the purchasers objected to the
payment of $4,000 to each of the receiv-
ers holding it was too much, consider
ing the work they had to do. They also
criticized the receivers and the results of
their administration of the property.
Mr.. Myers took occasion to say, among
other things, that the gentlemen who had
acted as receivers had other business oc-
equations, and that very little of their
time had been taken away from them.
He simply asked for justice in the mat
ter
Mr.. Myers said he spoke simply as a
business man. and not as a lawyer. Among
other bondholderS he represented several
widows, who have 5000 or 1000 involved,
out of which they will get only about
25 cents on the dollar. The receivers have
been drawing 800 a month, and he did
not think for the services they had rem
m oh
additional.
1t is a fact though 1t was not stated in
court that a proposition was made to the
receivers to give them $4,000 each in adj
diton to what they have already received,
which would have made their total fee
about $500 each. Mr.. Myers thought
So 200 a year was a pretty good salary for
them under the circumstances.
Judge Speer, in passing on the case, said
it was the intention of the court to APP
point business men as receivers, and
that he did not propose to appoint idlers
or people who had nothing else to do.
He took occasion to vindicate the receiv-
ers thoroughly, stating in his opinion it
had been one of the most successful re-
ceiverships within his knowledge, and he
allowed them $15,ODo between them, or
$500, less the amounts they have al
ready received, amounting to about $500,
which gives them out of the fund in
court about 5000 EACH
The court readily allowed the attorneys
for the receivers $500. There was no OBJ
lection made to their claim for this
amount Mr. Wrenne stating, in his opin-
ion, il was reasonable and just The hold
ing down OF the judgments to less than
$50 was due to the excellent work of the
general counsel.
Another matter of interest was the ap-
nil Of n
| the Atlantic Short Line railroad, and his
| general counsel, Messrs. Charlton, Mack
! all & Anderson. At the request of the
| court it was suggested that $4,000 would
be a reasonable compensation for the re-
eeiver, and to this objection was made by
| Mr.. \. +. Daley, the purchaser of the
property, who has bought up almost all
of the underlying liens.
| The amount of work done by the re-
! ceiver was explained to the court and the
/ nature of his arduous duties in connection
| with the property was spoken of. The
| general counsel asked for 5000 and the
special master, VIM. Pearson Hardee,
! Esq, for $500, these amounts being sug-
! gested at the request of the court. Owing
! to the objection made to the amount Of
| compensation asked for by the receiver.
| Judge Speer took the whole matter of fees
under consideration, and will decide upon
it later.
In accordance with his statement from
| the bench the day before Judge Speer sign
ed an order yesterday confirming the sale
| of the Atlantic Short Line railroad prop
| erty to Mr.. A. #. Daley, representing the
Wrightsville and Tennille Railroad Com
| pany. The report of the special master
| william =. Hardee, Esq, as to the rank
of the various lines, was confirmed by Tie
| court. and an order was signed allowing
Leo Schlesinger and f. G.. Bard Of New
York, stockholders, through their att0r-
ney. w. r. Davidson, Esq. of Augusta,
to withdraw their petition and objection to
| the confirmation of the sale of the property
because the petition was in irregular
form, land in matter of substance not be-
ing appropriately and regularly set forth
in accordance with the equity practice 3"
Another order was taken in the case di-
rectlng the receivers to pay H. IA. due in
the case of w. G. Lane, receiver of the
United States Rolling Stock Company VS.
the Macon and Atlantic Railway Com
pany. amounting to $4,000, which amount
the purchaser was directed to pay over
to the receiver for that purpose
The report of Receiver John r. Young
OF the Atlantic Short Line sale for $780,
coo was filed aud with it the petition of Mr.