The morning news. [volume] (Savannah, Ga.) 1887-1900, 1899-11-27
GUARDS APPROVE THE PLAN.
CORPS OFFER NO OBJECTION TO
RECEIVER AND ADMINISTRATION.

cuDied by Ohcers OF the Battallon
tn Pending Observation-Disclosures
WI Do Every thing Possible to
Meet the just Demands OF Their
creditors-The Receivership, Col.
earrard Thinks, Is for the Best.
,tiu Not Impair the Military Fit
css of the Misunderstanding of the
s,it No Surprise to Friends of tn
Corps.
The order granted by Judge Seabrook
saturday, by which the arsenal and club
oronsrty of the Savannah Volunteer
Guards and the affairs of the military
coronation have been placed in the hands
of Receiver John D. carswell, was the
tonic of general discussion among the mil
nary men of the city yesterday.
failure to understand That such action,
either on the part of the Penn Mutual
Life Insurance Company or the trustee
for the second mortgage bondholders, was
inevitable, has not been one of the trou-
HES that have confronted the friends of
<tbo battalion, who have investigated the
ell,fect and interested themselves in the
reservation of the honor and credit, as
well as the military existence, of this his
torc command. Because of the acknowl-
A7u
that holds the first mortgage bonds of
the military corpora ton, and hence is am
plv secured against any possible loss, oc-
cnnfed the position of distinct advantage
and that the loss, If any there proved to
be- must be borne by the second mort
gage bondholders and the individual and
unsecured creditors, the friends of the
corps view the action taken by the Ogle-
thorpe Savings and Trust Company in
applying for a temporary receiver to take
charge of the property, with undisguised
satisfaction.
Col William Garrard, commanding Of
fcer Of the battalion, was seen by a rep
resentative of the Morning News and ask
ed to give his opinion, and the opinions
of his officers as he understood them, as
to the prospective advantages or disad-
vantages of the litigation that has been
begun. In reply to a pointed question of
This character, Col. Garrard said:
u have read and carefully considered
the petition filed by the Oglethorpe Saw
ings and Trust Company, trustee for the
second mortgage bondholders, through its
attorneys 1t seems to place the property
Of the defendants in the hands of the
court through a receiver, for purposes
Of foreclosure and general administration,
1t being petition on behalf of the trus
tee and of all other creditors who may
join therein. 1t expressly admits the pri
NAL lien and priority of the Penn Mutual
by decree, its debt be paid in full.
1T refers to plan of reorganization"
continued Col. Garrard, "and averring
the armory to be public property and
peculiarly adapted to military uses, asks
the court to promote such plan, If equa>
bic and consistent with the rights of cred
itors The Oglethorpe Savings and Trust
Company, having upon ii the response
4 blity of a trust for creditors, has acted
and I may confidently say that the defend
ant corporation will do its utmost towards
llduidating its debts"
There are several plans under consid-
GRAFTON, but it is obviously improper for
US 10 discuss any of them at the present
time. 1t is enough that the members viii,
with answering loyalty and devotion,
stick TO the corps and see to ii that every
possible effort lie made TO satisfy credl-
tors As much spirit and courage Should
be displayed in financial trouble, as on the
battle field. One who is physically brave
should not be morally a coward
"liow will the pending litigation affect
the military stability and progress of the
battalion?" Col. Garrard was asked.
Il I sincerely trust and believe that they
viii not be affec ed at ALL" was his reply.
"Oficers and men are going at the mill
tary building up of the battalion with zeal
and determination. The age limit is now
practically sixteen and the dues Sc per an
81 num- We are earnestly striving 10 get the
state uniform and all necessary equip
ments as soon as possible, and we hope
FL and believe it will not be long before the
battalion is in first class military condi-
a ton.
In this connection, it is most encour-
aging 10 note the devotion and active aid
OF The veteran and other oder members
OF the battalion, in recruiting the COM
plnles ard getting them into shape. Such
indomitable spirit must and will be re-
Warded with success. This suit and re-
s.,1rv mi =
or injure the military functions of this
corps, which has borne arms with distinc-
uon through this century and will do 50
during the twentieth century,
Although Col. Garrard was not willing
TO discuss the part played by the officers
OF the Guards in the matter of the film g
OF the application for a receiver, 1t is
learned from other sources that they were
aware of Il and had no objection to offer
10 such course. The friends of the corps
can wish it nothing better than that it
shall meet all of its Indebtedness and sat
lsly the just demands of all of its cred
tofs. II would seem that there could
nave been no other and better course,
polh Tor the creditors and for the militia
ny corporation, for with the property of
me latter in the hands of the court and
condition of quiescence assured for some
period of time, leisure will be allowed for
'ne formulation and execution of the va
nous plans of organization that have been
IN part suggested
H. IS not seen that the Penn Mutual.
winch is fully secured and whose demand
oAe petition requests shall be Statistic
nIsl OF all, will be in a position to offer
any plausible valid objection to the
progress of the receivership. The effort is
save something for the holders of the
second mortgage bonds and this cannot
w accomplished until all of the first mort
sase bonds, held by the insurance COM
pany are paid in full. The plan meets
NUN the approval of the second mortgage
oolnnoders and has been visited with the
curing assent of The military corpora
uon. II seems to have every visible mark
W pfing carried through to its legitimate
APT ). Ferris Cann one of the attor-
cC,ss ior the Oglethorpe Savings and Trust
,r5jHipahy, holds a commissioner the bat
ou-u L0d high place in lis eounsels and