The morning news. [volume] (Savannah, Ga.) 1887-1900, 1888-03-30
DIXIE'S RAILROAD DEALS
PLANS FOR REFUNDING THE
GEORGIA PACIFIC DEBT.


The Richmond Terminal Directors
Discuss the Scheme but Take No
Action-President SCOTS Opinion of
the Rice-Libbey Syndicate - Gen.
Phinizy for Centrars Presidency.
New YORK, March 29-The Richmond
and Danvile Terminal Directors met to-
day Only routine business was transacted,
except that the recently proposed plan for
funding the present outstanding second
mortgage income bonds OF the Georgia
Pacific railroad, together with the past due
interest on these bonds, was formally
authorized and approved. This plan pro-
vides that 80 per cent of the principal and
past due interest of the above de-
scribed bonds shall be funded
into regular fixed S per
cent. second mortgage bond and
the other 50 per cent. into an ordinary non
cumulative 5 per cent. income bond. This
is regarded as an important measure, which
will prove very beneficial t, the bond
holders. The Terminal board adjourned to
meet again next Wednesday, when Gavin
Bryce and John G. Moore, who are now
absent, viii have returned. and questions
pertaining to the present wrangle between
the several existing factions will probably
be discussed, in which event considerable
fur is liable to fly.
PRESIDENT SCOTS SARCASM
George S. Scott, President of the Rich
mOnd and Danville road, says: IF such
men as compose majority of the So-called
Rice-Libbey party can simply by self
recommendation command the votes Of the
Terminal stockholders they are clearly en-
ln1 fr So H..
Scott emphatically disclaims any intention
TO reflect upon these gentlemen personally,
but insists at the same time that there is
not a man among the twelve thus far
named by the Rice-Libbey party for the
new directory who has shown any marked
ability or enviable success in railroad man
agement, outside of the four they have
chosen from the present board and Ger F..
r. Alexander. He suggests that there is
considerable room for comment on the fact
that the wise and virtuous reformers in
making careful choice of only a dozen
men have selected 33l6 per cent. of that
number out of the present board.
Mr. ISMAN's POSITION.
1t is generally conceded that the cooper
alton Of John H. Inman has been sought by
both factions, but thus far he has not COM
nlitted himself to either party. No doubt
he will be Enthusiastically positive and
In the meantime, however, he goes on in
creasing his interest in Southern railroad
properties. The NelCs correspondent was
reliably informed to-day BY one, who is
always well posted in such matters. that Mr..
1nman completed negotiations yesterday
for the purchase of the Eastern
Railroad of Alabama which
is a line now being built. At present it
runs from Opelika to Roanoke, Ala, dis
lance of thirty-five miles, but its objective
point is to Anuiston. The line from Roa-
noke to Hamilton has already been surveyed
and it is presumed the road will be built on
TO that point at once.
AFTER ANOTHER ROAD.
Mr. Inman paid S500,OO0 cash for his
new possession, and being satisfied with his
bargain was induced to offer a cool million
to-day for another little line, with which he
desires TO make link in the steadily length
eDing chain of his railroad interests in the
South. II is said tonight that his offer is
within about 100000 of what the owners
ask for the second property. and thai it is
more than likely that the trade will be eff
fected within a few DAYS. He is to-day
identified with. and interested in, more
miles Of Southern railroads than any other
man IN the United States.
1t was suggeS ell here to-day that in the
event that Gen. f. P. Alexander is elected
President of the Terminal Company, Col
Charles II. PhiniZy, of Augusta, will be
chosen President of the Georgia Central
system to succeed him
ANOTHER PROPOSED NEW Lire.
MACON, March en-. E. Harris, of this
city, will apply for a charter TO build a
railroad from Waycross to Dublin to con-
meet with the Macon and Dublin road. This
means that the II. B. Plant system will CO
operate with the Harris people to build the
road from Waycross to Dublin and that the
Covington and Macon road, via the Macon
and Dublin, and the new WavcroSs line,
will have shorter route by eighty
miles from Macon to Jacksonville, Fla,
than any other proposed line now
building or in early contemplation of being
built. A large railroad syndicate, it is said,
will take half of the bonds necessary to
build the Dublin and Waycross line, aud
Northern capitalists will take the balance
The Savannah, Florida and Western roa
will throw hundreds and hundreds of cars
over the Dublin and Waycross line, when
will come to Macon via the Macon
and Dublin road. From 5000 to 1000
carloads of watermeons will be
shipped by this road alone and when Macon
is reached they will find quick transit by
either the Covington and Macon road.
when this line is finished from Athens TO
its Northern connections, or in the mean
time the shipments will doubtless be made
by the Central road. This is why they
want to build the road.