The morning news. [volume] (Savannah, Ga.) 1887-1900, 1891-12-30
ANEW TERMINALFLURRY
DELAY IN PAYING TIE CENTRAL,
DIVIDEND REPORTED.

The Sun Also Rakes Up Rumor That
the Lease Is to Be Broken-Neverthe-
less Payments Are in Progress at sa-
vannah-Gen- Thomas Speaks Oon.
fidently of the Situation.
New YORK, Dec. 29.-The Sun printed
an exclusive story this morning, suggesting
that the lease Of the Georgia Central to
the Georgia Pacific would probably be an
nulled, and also reporting delay in the pay
ment OF the Central railroads dividend
which was due Dec. 26. The story made
quite stir in Wall street and affected all
the Terminal securities unfavorably. I
succeeded in getting an interview with Gen.
Samuel Thomas this afternoon, and give
you below faithful report of what he said.
| asked him to give me whatever he could,
for southern readers, on the Terminal situa-
ton. lie said:
GEN. THOMAS STATEMENT.
81 am bending my every energy for the
preservation and protection of the entire
Terminal system. 1 am thoroughly in favor
OF its preservation as whole, and believing.
as do. in the great earning capacity and
perfect solvency of all the Terminal prop
erty, do not see any seriouS difficulty in
the way of financiering the company sue.
cessfully out Of all its difficulties. As a
matter of fact think tho1e difficulties have
been greatly exaggerated by some members
OF the Terminal management who were un-
duly apprehensive. The only difference
which arose between Mr.. Inman and myself
was a difference of policy. Mr.. Inman
thought that radical measures would be
necessary to protect the Terminals credit
and put it on firm financial basis, owing
to the floating debts of the subsidiary COM
panles.
THOMAS NOT so FRIGHTENED.
''I did not regard the situation as 90 seri-
GUS, but insisted that all the relief which
was necessary was obtainable within the
family circle-that is, among the directors
themselves. At all events, l was dead
against any programme which involved any
assessment on Terminal stock or other tax
upon the Terminal security holders who
1t seemed TO me, had already suffered enough
by the wholesale depreciation in the market
value OF their securities. | was therefore
unalterably opposed to the plan which it
was said the Norton committee was about
ready to recommend to the Terminal stock
holders The fact is, was opposed to the
Norton committee as being a committee of
outsiders entirely unidentified with the Ter
minal company and not personally inter
ested in its welfare.
THE NEW COMMITTEE.
''The Olcott committee, which has nv
hearty approval, is composed of Terminal |
stockholders who have large pecuniary in-
terests in the Terminal property. and there
fore are entitled to the publics best conf
dence, and think that they have it. They
are men of broad financial experience and |
pre-eminent ability. and will no doubt |
handle the Terminal problem with as much |
ease as proficient school boy would solve |
the simplest rudimentary example in |
arithmetic. Personally, / have thrown |
myself into the matter with all the energy |
Ipossess, and am determined to stand by |
the Terminal property In all respects.
LOOKS FOR AN ADVANCE.
81 firmly believe that under the policy |
which my friends and l are advocating all |
the securities embraced in the system will |
be greatly enhanced in value and that the |
efficiency of all the railroad lines which the |
Terminal controls will be vastly improved, |
to the benefit and rejoicing of the whole |
southern country. In the carrying out of
the plans which the Olcott committee |
recommends it may be necessary to make |
several changes In the Terminal manage |
ment, and also tn the management Of the |
subsidiary companies, but neither that |
policy nor any other will be pursued which |
isnot prompted by the best Interests Of the
real owners of the property involved
THE GEORGIA CENTRAL's DIVIDEND.
"With reference to the delay in the pay
ment of the Georgia Central dividend. / |
can only say that has not been a matter
directly under my control. In fact, until |
very recently have known little or moth |
ing of the Georgia Central'S affairs. / |
think, however, that the delay in the pay |
ment of the current dividend will be ended
within day or two. The hitch is due to
the failure on the part of the Central to
comply with certain technical details made
necessary by its lease 20 the Georgia Pacific,
which. substantially, is its lease to the Rich
mond and Danville These details will, no
doubt, be arranged within the next forty
eight hours, and then the dividend will be
paid as though nothing had happened.
CAUSED BY INMAN's ILLNESS.
II have no idea that any hitch would
have occurred if Mr.. Inmau had not been
confined at his home by sickness. II he had
been able to be at his Office during the last
week or ten days there would not probably
have been any interruption to the payment
OF the Central dividend at the proper time.'
This concluded the interview.
President Inman has been shut up at
home for two weeks with an aggravated
case OF the grip. which at one time his phys
sician was afraid might run into pneumo-
nia He is a great deal better, however,
and hopes soon to be out in the active walks
Of life again. NJ j. V.
DANvILLE OFFICERS WON'T TALK.
By the Associated Press.
NEW York, Dec. 29.-The officials OF the
richmond and Danville and Richmond
Terminal roads decline to talk about the
neglect to pay the dividend on Georgia
Central, which was declared by the Georgia
central directors and made payable Dec.
So, according to the terms of the lease to
the Georgia Pacific. Gen. Alexander OF the
Georgia Central, who was in this city until
a few days ago, understood that it would
certainly be paid and left the city with the
expectation that everything connected
with the company was all right.
Vice President Rutherford OF the
Danville company, however, asserts
that the dividend is delayed until
the accounts of the Georgia Central
with the Georgia Pacific can be adjusted. |
he says that advances were made to the
Georgia Central company which must be
paid or settled before the dividend Is met, |
aud that nothing can be done until the |
Georgia Pacific asoertains just what the |
Georgia Central is entitled to- The fact |
that the Georgia Central's dividend was
guaranteed is entirely ignored by the Dam |
vile officials. A meeting of the executive |
committee of the Dauville directors was
called, but was not held because of lack OF