The news & observer. [volume] (Raleigh, N.C.) 1894-current, 1904-06-01
STAY,P PURNELL, SAYS
A VOICE "HIGHER UP"

TWO, lnat on May Z, lJU4, JOnn -
Cuyler, one of the defendants, filed a
petition for appointment of a receiver
and Judge Purnell, granting an in
junction forbiddng any disposition or
change Of the railroads. property, set
May 28th for the plaintiff in error
to show cause why receiver should
not be appointed.
Three. That before that date, that
is to say, on May 21st, the plaintiff in
error filed verified answer to the bill,
resisting the motion for q receiver,
and offered affdavits of a large num-
bers of it's stockholders, alleging that
there was no necessity for the APP
pointment of a receiver. and that in
their opinion the interests of the cor
poration foud DE materially injured
by taking away from the plaintiff in
error the control and management OF
the property. These affidavts were
from the largest stockholders, and nc
sIockholder joined in the request for
appointment of a receiver except K. S.
Finch, who had bought his stock
within the last few months In addi-
ton othese stockholders, bondhold-
erS aggregaling at least three-fourthS
Of the outstanding bonds of the COM
pany, were filed to the effect that they
did not think the appointment of a
receiver desirable. None of these
Z
due and all accrued interest on them
has been paid, and the bonds are
much above par. Also practically all
the creditors to whom the $4,000 of
floating Indebtedness is due, filed affi-
daVits to the effect that they were en-
tirely content to trust to the present
management and did not think re-
CeiVership necessary or desirable.
Four, That the plaintiff is entirely
solvent nrOnprfiaS fXNO
million dollars are in better condition
that ever before, it's receipts larger
and the price of stock higher than ever
before, and no creditor demanding
payment.
Five, That at the hearing before
Judge Purnell on ay 2Sth, plaintiff in
error offered to give good and suff-
cient bond of indemnity in such
amount and with such conditions as to
the court might seem proper, to guar
antee defendants in error against any
loss they might recover in this suit or
any other action in equity or at law
which they might institute.
Six, That after hearing the bill and
answer and affidovits Judge Purnell
entered a norder continuing the in
junction and appointing Thos. d
Meares receiver of the road, directing
him to at once take charge, and re-
straining the plaintiff in error from
interfering with him.
Seven, That upon the making of the
order an appeal was taken to the cir
cult court of appeals and a bond OF
$500 was given, the appeal to be heard
June 2Sth.
s edatfi lubfw nTi-va 6oTi6. 6
Ask Stay of Proceedings.
The petition then goes on to set
forth that counsel have done every
thing in their power to expedite this
appeal, and that pending the hear
ing of that appeal they ask a stay
of proceedings to the end that the
plaintiff in error may not be deprived
of the use, operation and control of
its property and to the end that the
rights of defendants in error be not
put in jeopardy the plaintiff in error
is willing to give any bond the court
may deem reasonable, and perform
such other acts as the court may or
der.
Further it is charged that Cuyler
vas represented at all meetings of
the stockholders and voted for the
very acts of which he now complains:
that Finch bought his stock, at much
more than market price, for the pur-
pose of enabling him to institute a
suit for appointment of a receiver and
that the acts of which he complains
were committed prior to the purchase
Of the stock; also that Finch insti-
tuted suit in Feruary and in March
he voluntarily dismissed his bill and
asked for the discharge of the re-
ceiver whose appointment he had
prayed. All that now remains, there
fore between the Hon. Thos. d.
Meares and the Hon. Bunch McBee
and the loss of their job is the Civ
ing, by the State, of a twenty-five
thousand dollar bond That is a for
= ality that will probably be gone
through early Wednesday morning be-
fore Judge Purnell, if he's ready to
receive it. If not. it will be brought
on to Washington and laid before the
chief justice.
GilmeP Leaves With Papers.
Attorney General Gilmer left here
tonight at Z o'clock with the papers.
He will reach Raleigh at O'Clock
tomorrow "wednesday morning. 1t
is expected that the bond will be
ready by the time court opens. If ac-
cepted the papers will be taken at
once to New Bern and Meares and
McBee if they have entered upon the
receivership told to seek other pas
lures. If the bond is not accepted by
Judge Purnell. it will be forwarded to
washington for Chief Justice Fuller's
inspection, who is prepared for such
emergency. Gov Jarvis and Mr.
James H. Pou will remain here until
the transaction before Judge Purnell
is completed.
Hence it will avail neither the Raj
eigh judge nor his lovely pair of re-
ceivers for him to get astride his high
horse on the bond question.
The obtaining of the above order
from Chief Justice Fuller with such |
dispatch is a performance of which |
the attorneys, Gov. Jarvis, Attorney
General Gilmer and Mr.. James H. Pou |
may we'll be proud. for to do it they !
had to accomplish a vast amount OF |
work in on Incredibly short time
Judge PurneIfs order was granted |
late Saturday afternoon. Them the !
record had to be made up, the appeal !!