The Caucasian. (Clinton, N.C.) 188?-1913, 1904-06-02
ANOTHER RECEIVER APPOINTED,



hearing Can es Had.
Raleigh. spsclal.-Aftes hearing ar
gumeat by counsel for petitioner and
the State In the matter of the appl'-
cation Of receiver for the Atlantic
4 North Carolina Railway. Judge
purneil Saturday afternoon appointed
Capt, Thomas il. Meares. Of Whining
ton. receiver. pending = hearing. aad
S. @. Ryan special master. 10 take evi-
dence and report on the condition of
the road July /.
A plea on behalf Of the private
stockholders OF the road. 10 continue
Me cause in order that the road might
be leased. was refused. Beth sides
agreeing. Judge Purnell made Capt
K. s. Finch a party 10 the proceedings
with Cuyler.
There were at least one hundred
persons In the United States district
court room when the proceedings be-
gan. The following attorneys were
present for the State: Attorney Gener-
al Gilmer. T. J. Jarvis, James Fl. Pou.
Staples Fuller, Perrin Busbee: and for
the Atlantic L. North Carolina Rail
way, W. c. Monroe. For Complain
ant Cuyler. w. w. Flemming. OF New
York; w. II. Day. w. W. Clark, w. &.
Maxwell, T. NJ. Argo and Elmer z.
shaffer. Ex-JIdge Thomas b. Wo-
mack was also present The first
thing done was the reading by the at
torney general and Mr.. Pou Of the
answer of the State to Cuyler's COM
plant. The complaint itself was not
read, Judge Purnell saying he had
read and considered that. Every
stage of the proceedings was listened
to with great interest. The members
Of the Board OF Internal Improve
ments were present. also the investi-
eating committee, President Bryan,
Superintendent Dill, Treasurer Man
ley and other officials of the road. also
number of prominent witnesses from
points along the line. V. E. McBee
came in about an hour after the pro-
ceedings began.
Attorney Pou said he had a num-
Der Of afidavits, which he offered.
Ex-Judge Womack then arose and
sprang what may be called a surprise
by reading affidavits from Mrs. Flor
ence p. Tucker. OF Raleigh. the largest
private stockholder, and from Demp-
sey Wood, another large stockholder,
the two representing over 1.O0G
shares OF stock, of the par value OF
over $160,000. In these complaints
it Is set forth that the private stock
holders were almost unanimous In
favor of a lease; that the Governor
had before him several good proposi-
tions to lease, one of these being from
the Atlantic Railway Company, which
had put up in New York trust com
pany $4,000 in cash as a guarantees
of complying with the terms OF its
contract II 1t got the lease, which was
ready to put up $4,000 more as Sc
curity; setting forth further that the
private stockholders were ready to
vote for lease and asking for modi-
flcation of the order and a continu-
ance of the case for 60 or 80 days so
that the stockholders can be called
together in meeting and consider the
lease proposition. Mr.. Womack said
he believed that the result would be
| faovrable lease, Of great advantage
to the. State and private stockholders.
| He said this litigation now In pro-
gress was injurious to the stock, IL
such a lease were made, there was
! no cause for the continuance OF this
case in equity. The Governor has
| signifled his assent to lease Of this
character which will greatly enhance
| the value OF stock and put it UP from
the present figure Of say $50 to be-
tween SIS and 800. Mr.. Womack
| said he occupied a rather unSa'ie posi-.
tion, on one side was the STAT with
Its overwhelming stock and IN the
other the applicants who tsek to
| throw the road into a receivers hands,
Judge Purneil said the State was no,
a party to this proceeding.