The Ocala evening star. [volume] (Ocala, Fla.) 1895-1943, 1921-09-30

in the courts so often and so long it
appeared now to be of interest to the
whole state although it is little road |
that neither begins or ends 1t comes |
into Ocala, said the judge, on the S. /
A. L. and goes into Palatka on the A. /
c l. 1t is certain said the judge, that /
the receiver should have paid the |
taxes as they were due. He said he
could see no excuse for that not hav- |
ing been done If the o. V. had no
money, then the receiver should have |
called for certificates each year as the |
taxes came due. He could see no ex-
case for this not having been done. |
1t seemed to him that the receiver
must have been making a lot of sweet |
promises to the state officials about |
profits that were sure to come to the |
o ", if it were just given little |
more time, and now the state is tired !
of being put off and has seized the
road. In spite of the fact that prom
year, the bond holders have not re-
ceived cent since 1915. Judge Bull
lock said the road could not be dis
mantled and sold except by permission
OF the Interstate Commerce Commits
sion, and that it likely would not sell
to pay up certificates unless dis
mantled He said further that altho'
the law viii not allow the road to be
dismantled it does not say that the
road has to continue operations.
Judge Bullock said that the receiver
wants to sell receivers certificates to
pay the taxes and the trustee and
hondholders do not want to do so. 1t
] seems that the bondholders would
rather let the state sell the road for
taxes and lose it all now than to let
it hang on and lose it bit by bit. He
said if he issued an order for eertifi-
4 Gates they would either have to be
made payable on demand, or at some
certain date. If they are made pay
able on demand and the owners want
their money at once, the road would
have to be sold to pay them and it
would be hard to sell it when it could
not be dismantled. If the certificates
were made payable at some future
date, the road would have to run until
then, regardless of profit or loss. 1t
is up to the receiver, said Judge Bull
lock, to prove beyond all doubt that
the road can pay expenses and make
profit and that it viii be able to do so
for an indefinite time and not just for
tie year or two it will take the Wilson
Cypress Company and the Rodman
Lumber Company to work out their
timber Judge Bullock said he would
issue the order for receivers certifi-
Gates to pay the taxes if the receiver
can show this good chance of con-
tinuous profit. He overruled Mr.. Mar
tins objections to the hearing and
said he would go on with the case if
the receiver would promise to show
that the o. v. can make money. The
receiver stated that he could make
such a showing and the case proceed
ed.
Mr.. Hilburn read petition for re-
ceiver's certificates and Mr.. Martin
and Mr.. Hampton both read answers
to the petition in which they denied
all the statements made by the re-
eeiver as to the ability of the road to
nav expenses and that it has done so
for the past three years Mr. Martin
: denied that the railroad would ever
+ have any business after the Rodman
Lumber Co. and the Wilson Cypress
Co. finished and said that the business
of those two firms was now 70 per
cent of the business done by the o. "
: The case opened by Dir. Martin ask
{ ing that the witnesses be put under
the rule and when Mr.. Hilburn asked
, his witnesses who wanted to see the
10. v. continued to leave the room, al
> most the entire audience got up and
D went out.
Il Mr.. PiIlans, auditor Of the 0. v,
was the first witness called and on
. direct examination stated that the
/ road had spent between $4,000 and
2 $4,000 for upkeep of bridges and
2 equipment. That the gross receipts
' from January z6. 1918, to Dec 81
1919. were s128 900, with q net
a profit &C =. .g47.9s. That the gross