The Brunswick news. [volume] (Brunswick, Ga.) 1906-2016, 1908-08-23
CAR FACTORY At
WAYCROSS FAILS
PETITION FOR RECEIVER PRE-.
sENTED BY CONGRESSMAN
BRANTLEY.
Suit Against the Company Was
Brought by the Directors-Hear-
ing Before Judge Parker
on September 20.

WAYCROSS, Aug. 22.-As the re-
suit of recent deliberations of the
board of directors of the South Allan
tic Car and Manufacturing company,
a petition for injunction and receiver
was this morning presented to Hon.
T. A. Parker, judge superior court
Brunswick judicial circuit by Judge
]. l.. Sweat, and Hon. w. G. Brant-
ley, counsel for the complaints, who
sanctioned and ordered same filed in
Ware superior court, enjoining all
parties at interest, including the credi-
ley, president of the company. as TEN.
porary receiver, with Judge Sweat
and Hon. w. G. Brantley as counsel
for said receiver, the hearing of the
case being set before Judge Parker at
chambers in Waycross, Ga, on Satur.
day, September 26, 1908.
1t is shown that while the company
was operated successfully and profit
ably for the first one or two years
following its incorporation on March
23, 1903, that by reason Of heavy loss
es sustained in the burning of the
plant at Savannah and the subsequent
destruction by fire of large portion
OF the plant at Waycross, after tho
same had been improved and it's ca
pacity greatly increased and that not
withstanding the rebuilding of same
and its continued operation in the
manufacture of cars until the orders
on hand which were reduced by can.
collation. made by certain railroad
companies, have been completed, that
large Indebtedness necessarily ere.
ated is still existing, notwithstanding
the partial payments and reductions
made thereon, portion of which is
past due, part of which is now in
Judgment and the remainder matur-
ing and to mature in the near future,
IL Is also shown that the company
rs not only now unable to meet its liza.
Dliities but for lack of sufficient funds
and with its credit impaired and in
we" OF the money stringency still
prevailing as a result of the recent
panic cannot, except through a receiv.
ership, continue operations by obtain
ing new orders for the manufacture
OF cars and successfully finance same
IL Is the purpose of the suit there
iore TO protect and preserve the prom
erty OF the company from loss and
destruction in the interest of both tha
stockholders and creditors and If nos.
slble to provide for the continued on.
eration OF the plant in the manufac-
ture OF cars until the debts are maid
on and the company rehabilitated and
paced upon safe and enduring basis.
or until by and through a receiyershfp
an advantageous sale Of the plhnt can
De made In its entirety and for price
amounting to its reasonable value
win It's continued and future opera
tion being thereby insured.
The suit Is brought In the names of
george Dole Wadley, George w. Deem
j. M. Cox, J. M. Bell, A. Seasons. 7
5. Bailey, c. NJ. Sweat, r. r. burden
-. H. Williams, p N. Harley. F. II
McGee and M. l.. Moore. in their ca
paclty as directors and because of
'he trust relation which they thereby
sustain to both" stockholders and TO
creoltors for the protection and pres
eryation of the property of the com
pany and the Interests and rights of
all parties concerned and against the
company and others as parties defen.
dants. with the privilege to all credi-
LOTS Of intervening, which it Is hoped
and believed will be done and that in
stead OF there being any contest made.
mat all parties will acquiesce and
unite in the receivership, and that
with returning prosperity everything
VIII be worked out successfully in
the end.