The herald and news. [volume] (Newberry S.C.) 1903-1937, 1908-01-07
SEABOARD RECEIVERS Ap-
POINTED.
Wardeld and Williams Take Charge
Of the Road-Judge Pritchard
Enters Decree at Richmond
Placing the Property in
the Hands of Two
Receivers.

richmond, Va, January 2.-Judge
Pritcaard, Judge Of the United Sta
tes circuit court, entered a decree to-
day naming S. Davies Warlieli, of
Baltimore, and r.. Lancaster Will
hams, Of Richmond, as receivers tc
take immediate possession Of the pro.
perty of the Scaboard Air Limo rail
road. Tho bond Of each was fixed
at $4,000. BY the decree the receiv-
ers arc empowered to borrow money
II nccdful TO pay such rental as may
become due, purchase ears, etc, and
pay for labor and supplies, burt not
Tor any other purpose without an or
der Of the court having primary iur-
lsdlctlon. Thry are ordered to pay
Forthwith all imstalmcnts and inter
csts that were due and payable Jan
uary l, l1OS, notes or trust cu,ip.
mcnt certificates aud al coupons and
interest maturin" January |, 1"O9,
on the lirSt mortgage bomIS Of the
Scab"ard Air I.iNt, and embraced
roads such rs the Raleigh and Gas
ton, Raleigh and Augusta Air Line,
the GcorSia-Carolina and tne con-
S0lldatcd mortgage bonds of the Car
olina Central.
The language OF the decree regard
ing payment OF interest is that the
receivers "aro hereby ordered to
pay forthwith all instalments and
interest that were payable January
l, l90S, or on any equipment notes
or equipment trust certificates Of the
Scaboard Air line, or OF all Of its
subsidiary companies; and all cou-
pons and interest maturing, or That
matured January !, 1908, on the first
mortgage bonds of the Seaboard Air
Lime Company, the Raleigh and Gas
ton Railroad, the Raleigh and Angus
ta Air liAc, the Gcorgia-Carolina and
Northern Railroad, S,nd the Florida
Central and Peninsula Company, and
Of the first consolidated MORTGAGE Of
the taroina Central aAd Of the
Georgia., Alabama and Florida Cen
tral and Peninsula Railroad Com
pany, and the first mortgage bonds
OF the florida West Shore Hallway,
and the first mortgage land grant cx-
tension bonds Of the Florida Central
and Peninsula Company.'
THE receivers are dictcd to Dor
row money TO make such payments.
The receivers also arc directed to
take Immediate possession OF all and
singular the property oC the corpora
tion in all states, and TO continue
the operation Of ihr railroad SYST tenn
and |" run and on,ratc inr said rail
roaLS and such other property as j.
held by the corporation and in such
manner as will in their Judgment
produce The best results, and to cx-
erciSc the authority and franchises Of
Inc complainant and to conduct svS-
ttmatically the buSiArSS occupation
OF Il common carrier uf the paSscn-
gers and freight. They also arc or
hcrcd to direct and protect the rail
way property as it has formerly beer
controlled, so thmt it may be advan,
aageously used and developed.
They are empowered to employ
and discharge and moreover to fiN
dho compensation of such employees
rounSrl. lawyers, superinlcndcnts
agents, etc.. rs are needed for the
discharge OF their duties. In reply
ito inquiries by Il representative OF
the Associated Press, John l.. Will
alams & Sois, one Of the partners OF
which firm John l.. Williams, wa:
made one Of the receivers, expressed
themselves as very well satisfied
with the situation, which they be
1iavo will quickly lead to a complete
reorganization Of the management
and so enable the property to resume
its position in the upbuilding Of tn
south. They view tho present ar
engagements as Il union Of the VII
liams interests in the system, whic,
heretofore have been strongly aata
gonizcd, and the preliminary step
toward harmonious action for dcvcl
upmrnt aud the earning Of plrfit;:
The title Of the ease III which tac dc
cree is entered is: "Scrboard Al
lime Railway Company, against tn
Continental Trust Company as trus
tee under the first mortgage made b.
the Scnboard Air Line Railway, dc
fendant.'
The bill filed in the case gives
tabulated financial statement Of tn