The Savannah morning news., 1901-02-17
ocOoRT OF Mr.. 3. A. DENMARK,

.,,, of the Southwestern Rail-
FF' CO., to the stockholders at
annual Meeting Held Feb.
IA, 1901.
Macon, Ca, Feb. H. 1901.
r, the stockholders of the Southwestern
s.ilroad Company:
snbmtt the following as our annual
r,rNt; .,o ,tar,ivaa .ooou,.
ns secretary and treasurer, showing
G.aints and disbursements of money
rsh l. 1900, to Feb. 1. 1901. This
mi has been duly examined and Ger
Es correct by committee from your
pard. -, Can+r., ~ csoorOio Pail.
O' company, has promptly paid the
vi as it fell due, and 1t has been
HHr+lv declared and paid out in divi-
p5s in the stockholders. In all respects
U.s. lessee. so far as we know, has strict
Vu' s.,nied with the terms of the lease.
-, If the STOCKHOLDERS fail to promptly
'nllect their dividendS a fact to which
~ nave called attention in former re-
-+s 1t is the earnest desire of your
soorj that every stockholder should col
~ his or her dividend as soon after
declared as practicable.
W. now have in our reserve fund $751;
oon IN 4o per cent. state of Georgia bonds,
o.istered in the name of the company,
,.bicb as will appear from the treasurer's
,.snort have cost $1O1 ,09O.14. They are
,,~orth that much or more on the market
,.Asv We have, besides, to the credit
~ This fund the sum of $1,S9S.
In or last annual report we called
"a YOUR attention the tendency of the
emit IN BiDb Superior Court brought by
D NJ Farrar of Atlanta against your
oonDany, in which said Farrar as the
alleged assignee of the owner of GER
tain certificates of stock-which assignor,
,rp,n investigation, was discovered to
he one Julius NJ. Alexander of Atlanta,
represented by Henry A. Alexander, son
Of the said Julius M.-the claim is made
nv said Farrar, who is not now and never
was a stockholder in your company, that
this reserve fund should be distributed
not to the present stockholders, or to
those who might be stockholders at the
time of the distribution-but to those who
were stockholders in the months of June
and December of each of the years during
which the old Central Railroad and Bank
ing Company of Georgia, on account of
its bankruptcy and receivership, paid no
dividends and no rent to your company.
Since our last annual report the plain
tiff. Farrar, has amended his bill so as
to claim, not only a distribution of this
reserve fund to the class of stockholders
named in his bill, but also that all money
paid out by the Southwestern Rail-
road Company to attorneys, bankers and
,,.I,o Id to, laf1 .
suits brought against it in the rehabili-
tation of the company, should now be
refunded by the company to those stock
holders who were such during the months
of June and December of the defaulted
period aforesaid. The claim is also made
that those who were stockholders in any
June or December during the default,
but who were not stockholders during
the month of December 1895, when the
declaration Of the 10 per cent. dividend
was made, and who, therefore, did not
receive a dividend during the defaulted
period, as claimed by said FarTar in his
petition should now have claim against
this company. What this part of his claim
last above stated amounts to is not easy
Of computation. 1t may be a very large
sum, but the claim for the distribution
Of the reserve fund and of the amount
pau Vub ia ASS~Si ca kCllSGSs ClC.s IOSSNh6I
with interest, which is also claimed at Z
per cent, would amount to not less than
100000. Mr.. Farrar is the only party COM
plainant in the bill in Bihb Superior
Court This case has not been heard.
In December last proceeding was
fled in the United States Court for the
Southern District of Georgia which Hen
y A. Alexander. the attorney of the
omplainants, calls an Intervention" in
he old receivership litigation against the
Central Railroad and Banking Company
If Georgia in that court. The same claim
therein made as is made by the origi-
lal petition and amendment in Bib Su-
lerior Court. In this suit the said r. M.
'arrar, one Julius M. Alexander (the IA
her of the said Henry A., Mrs. 8. 8.
Alexander, Administrative of Joseph A.
Alexander of Atlanta; S. s. Solomons of
Charleston. S. c., (the A1exanders and
Solomons being kinspeopIe or related by
fmarriage) together with George W.
Woodruff of Columbus, Ga, and Mrs
Amelia c. Brown of Covington, Ga, in
|lvidually and as executrix, are the com