The semi-weekly messenger., 1908-01-07

Richmond. Va, January Judge
PI1tchaTd, Judge Of the United States
RcirCuit court, entered a decree today
Aaning S. Davies Warfield, Of Balu-
more and r Lancaster Williams, Of
Riehmond. as receivers, to take lmme-
diate possession of the property Of the
Geaboard Air Line railroad. The bond
OF each was fixed at $4,000.
Big the decree the receivers are en-
powered to borrow money If needful
to pay such rental as may become due.
paTchaSe cars, etc, and pay for LABOR
and supplies, but not for any other
puTpOse without an order Of the court
having primary jurisdiction. They
are ordered to pay forthwith all install
meats and interest that was due and
payable January I, 1908, notes Of trust
equipment certificates and all coupons
and interest maturing January |, 1909,
and to conduct systematically the bus
aness occupation of a common carrier
Of passengers and freight. They also
are ordered to direct and protect the
railway property as it has formerly
been controlled so that it may be ad-
vAntageously used and developed. They
arc empowered to employ and dis
charge, and moreover to fix the CON-
pensation OF such employees, counsel,
lawyers, superintendents, agent otc..
us are needed to assist them a the
discharge of tn 9duties
In reply to, uiries by q roDresen-
sative of the Associated Press, ohm /.
williams & Sons, one Of the partners:
tef which firm, r. l.. Williams, was
4 made one of the receivers, expressed
ehemSelyes as very well satisfied with
tAe present situation, which they be-
Eeve will quickly lead to complete
reorganization of the management and
readjustment of the finances of the
road, and so enable the property to re-
Sume it's position in the upbuilding 0f
the south. They view the present ar
rangements as a union of all the inter
eSts in the system in which heretofore
there have been strong antagOnismS
and as the preliminary step toward
harmonious action for the develop
ment and earning of profits.
The title of the case in which the
decreee is entered is
'fSeaboard Air Line Railway, COM
piainant, againts the Continental Trust
Company as trustee under the first
mortage made by the Seaboard Air
line Railway, defendant.
tabulated financial statement of the
Seaboards earnings and charges on
the first mortage bonds of the Sea-
board Air Line and embraced roads,
such as the Raleigh and CASTOR. Ra-
leigh and Augusta Air Line, the Geor-
gia, Carolina and the consolidated
mortage bonds of the Carolina Central
The language of the decree regarding
payment of interest is that the re-
ceivers "are hereby ordered to paw
forthwith all installments and inter-
est that was payable January l, 1908.
or on any equipment notes, or equip
ment trust certificates of the SeabOard
All Jjnn O" al Of its subsidiary com
oaRies and all coupons and interest
maturing. or that matured January |,
1908, on the first mOrtage bonds of the
SeabOard Air Line company, the Ra-
leigh and CASTOR railroad, the Ra-
leigh and Augusta Air Line, the GeOr
gia. Carolina and Northern Railroad,
and the Florida Central and Peninsula
company: and of the first COnsOlidat-
ed mOrtage bonds of the Carolina Cen
traI railroad and of the Georgia and
Alabama and of the Florida Central
and Peninsula railroad company and
the first mortage bonds of the Florida
West Shore railway, and the first
mortage land grant extension bonds OF
the Florida Central and Peninsula
company"
The receivers are directed to borrow
money to make such payments. The
receivers also are directed to take i'm
mediate possession of ''a1l and singu1-
ar the property Of the corporation in
all states, and to continue the opera
ton of the railroad system and to run
and operate the said railroads and
such other property as is held by the
corporation and in such manner as
will In their judgement produce the
best results, and to exercise the au-
thority and franchise Of the complain
ant for the three last fiscal years. in
Guiding it's water lines and not includ-
iag the Atlanta and Birmingham Air
Line railway, the Tallahassee. Perry