The Birmingham age-herald., 1920-07-21
ASKS RECEIVER FOR
 GADSDEN PROPERTY
Forsyth Fighting Sale of Street Car, Lighting Com
 panies and Ice Plant

Cadsden, July 20-(SpeciaD Arthur F.. Forsyth. a stockholder in the old street cal company, lighting plant and ice plant and a resident of Birmingham, filed a bill of discovery in the chancery court here today charging that the sale
 of these properties to the Alabama Pow CT Company was not a genuine one and asks for a receiver for the properties.
 The action charges further that the price named in the deed is less than one-fifth the value of the properties, which were sold in April to the power company by a private concern. The pe- tition also seeks to declare all the terms of the alleged contract for the sale or
 the properties null and void. The peti-
 tioner names as defendants to the ac-
 ton the Gadsden Railway Company, the
 Alabama City, Gadsden and Attaila
 Railway Company, the Gadsden Ice ana
 Coal Company the Gadsden Railway,
 Light and Power Company and the Ala
 bama Power Company.
 He asks that the Alabama Power Com pany and the Gadsden Railway, Light ana fOWGF 1CIpdiS, o VI holding organization, be forever re- strained and enjoined from setting up or claiming any estate, right title or interest in the properties, rights. fran chises, things in action, money, receipts ar earnings" in any of the concerns al legged to have been transferred to the Alabama Power Company. The petitioner asserts that he has been informed and believes that no convey ance was ever filed by the Gadsden Light and Power Company to the Ala bama Power Company. He ayers that the car lines, ice plant and other prop critics were alleged to have been soiu for s4S2. 600 in bonds of doubtful value' the purchaser also assuming bonded debt of the railway system amounting to. $104, ,OO0 It is asserted tha< the mar ket value of the bonds so accepted IS oo pe, cent less than their face value anu that they are in fact speculative Ill character The petition says that the properties were acquired for less than one-fifth their actual value.
 A receiver is asked for to take charge of all the properties involved. the street railways. the lighting plant and the ice plant. It is also prayed that the re- ceiyer take charge of all the earnings since they were alleged to nave peer sold to the Alabama Power company January l5 1920 In other words. IL is asked that the power company turn my the receiver an accounting or all lae money taken in in any way slhce 4, operated the railways, lighting plant and ice factory.
 Mir Forsyth sets out in his petition TOT q receiver and d statement of facts that he owned 2l9 shares of the capital stock in the Alabama City. Gadsden ana AL talla Railway Company and three anu one-haH shares in the Gadsden Raliway Company He aserts that the Gadsueh Railway Company owes him A.666.6t Tn addition to interest on promssory note dated February, 1910. and due Novem- her 1914 The same has not been paid,
 t is alleged. As a stockholder he oD-
 iected to the sale of the properties to
 he Gadsden Railway Light and Power
 company because of the price named to
 aim. He sent his lawyer to President
 V. T. Schuler to inspect the books and later the contract of conveyance. but
 was denied access to them. The ease
 yyill probably be heard in a few days
 and date set for arguments and mo-
 lions that will lead to decision as to
 whether a receiver shall be named.
 Mr Forsyth is treasurer of the Gulf
 states Steel Company and is prominently
 known in industrial circles throughout
 the state.
 Al Ewing, the Cherokee county farm
 CT. who shot, and killed Shock Davis
 arother farmer of that neighborhood
 two weeks ago near Leesburg, was held
 on a charge of murder after hearing before Judge J. l.. Savage.
 The Gadsden city council at meet ing last night voted to fight the pro- posed increase for the Tr-City Gas Com pany through to the supreme court if necessary before they would allow it to h4 inflicted upon the people of this city,
 The company asks 60 per cent raise
 in the gas rate and a hearing has been
 set for August 2