The herald and news. [volume] (Newberry S.C.) 1903-1937, 1908-01-07
SEABOARD RECEIVERS AP
POINTED.
.Warfeld 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 decree to-
day naming S. Davies Warfeld, Of
Baltimore, and R. Lancaster VIII
iams, Of Richmond, as receivers to
take immediate possession Of the pro-
perty Of the Seaboard Air Line rail
road. The bond Of each was fixed
at $4,000. By the decree the receiv-
ers are empowered to borrow money
if needful to pay such rental as may
become due, purchase cars, etc., and
pay for labor and supplies, but not
for any other purpose without an or
der of the court having primary jur-
isdiction. They are ordered to pay
forthwith all instalments AID inter-
ests that were due and payable JAN
uary /, 1908, notes Or trust equip
ment certificates and all coupons and
interest maturing January l, 1908,
on the first mortgage bonds of the
Seaboard Air Line, and embraced
roads such as the Raleigh and Gas
ton, Raleigh and Augusta Air Line,
the Georgia Carolina and toe con-
solidated mortgage bonds Of the Car
oEna Central.
The language of the decree regard
ing payment Of interest is that the
receivers Eare hereby ordered to
pay forthwith all instalments and
interest that were payable January
I, 1908, or on any equipment notes
or equipment trust certificates Of the
Seaboard 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
Line Company, the Raleigh and Gas
ton Railroad, the Raleigh and Angus
ia Air Line, the orgia-Carolina and
Northern Railroad, and the Florida
Central and Peninsula Company, ani
Of the first consolidated mortgage Of
the Carolina Central and Of the
Georgia, Alabama and Florida Gen.
trail and Peninsula Railroad Com
pany, and the first mortgage bonds
Of the florida West Shore Railway,
and the first mortgage land grant ex-
tension bonds Of the Florida Central
and Peninsula Company.
The receivers are dicted il bor-
row money to make such payments.
The receivers also are directed to
take immediate possession Of all and
singular the property Of the corpora
ton in all states, and to continue
tne operation Of the railroad system,
and to run and operate the said rail-
roads and such other property as Is
held by the corporation and in such
manner as will in their Judgment
produce the best results, and to e1-
ercise the authority and franchises OF
the complainant and to conduct sys-
tematically the business occupation
of a common carrier Of the passen-
gers and freight. They also are or
dered to direct and protect the rail-
way property as it has formerly been
controlled, so that it may be advan-
tageously used and developed.
They are empowered to employ
and discharge apd moreover to Tx
the compensation Of such employees
counsel, lawyers, superintendent,
agents, etc., as are needed for the
discharge Of their duties. In reply
to inquiries by representative OF
the Associated Press, John L. Will
ilams & Sons, one Of the partners OF
which firm John L. Williams, was
made one of the receivers, expressed
themselves as very well satisfied
with the situation, which they be-
lieve will quickly lead to complete
reorganization Of the management
and so enable the property to resume
its position in the upbuilding OF the
south. They view the present ar
rangements as a union Of the VIII
iams interests in the system, which
heretofore have been strongly anita
gonized, and the preliminary staps
toward harmonious action for devel-
sopment and the earning Of profits.
The title of the case il which tie de-
cree is entered is: 'sSeaboard AIT
Lime Railway Company, against the
continental Trust Company as trus-
tee under the first mortgage made by
the Seaboard Air Line Railway, de-
fendaat." "
The bill filed in the case gives a
tabulated financial statement of the
Seajboard earnings and charges OF