The morning news. [volume] (Savannah, Ga.) 1887-1900, 1891-05-22
WANTED FULL CONTROL.
TIE sEABOARD COMPANY RE-
JRcTs A SYNDICATR'S OFFER.

Foreign Capitalists Ready TO Put Up
the Money to Build the Middle Geor-
gia and Atlantic on Condition That
They Control the Road-President
Williams aud Col. Garrard have a
Conference With the Syndicate's
Representatives il New. York, But
Fail to Come to Terms.
]. P. Williams, president Of the Seaboard
Company, and Col. William Garrard have
returned from New York, where they have
been the last week in the interest of the
Middle Georgia and Atlantic railroad.
Mr.. Williams was seen last night by a
MORNING News reporter in reference to
the objects and results Of the trip. The
immediate object of the visit of
Mr.. Williams and Col. Garrard
to New York was to accept or reject
a proposition made the Seaboard Construc-
ton Company by representative in New
York of a syndicate Of English capitalists.
The proposition was that the syndicate
would subscribe for the greater portion Of
the stock of the company on condition that
1t be allowed the control of the railroad
As the syndicate agents expressed IL, that it
be allowed TO dominate" in the affairs of
the road.
THE OFFER NOT ACCEPTED.
Mr.. Williams said that it was a very fair
proposition otherwise, but they could not
think of allowing any foreign company to
dominate in the control Of road that was
to be built in the interests of Savannah,
and in which so much Savannah capital is
and will be invested.
Outside of this proposition, which was
refused, Mr.. Williams said there was little
else that could be done in New York by
himself and Col Garrard. Several sub
scriptions were received aud a number Of
others were promised.
The heavy expectations Of gold, Mr..
Williams said, has had a most disastrous
effect upon the New York market; had al
most paralyzed it, in fact, and business men
and capitalists generally had no thoughts to
give to outside enterprises.
ENTERPRISES SEEKING CAPITAL.
Mr.. Williams said that the number Of
new enterprises, new railroads particularly,
which were seeking the attention of the
New York market is something surprising.
More than enough, in fact, to swallow up
all the capital to be had in New York city,
even under the most favorable circum-
stances Under such circumstances the
Seaboard company had little idea of secur-
ing sufficient amount of capital TO con-
struct its line at once.
The syndicate which made the offer was
amply able to furnish all the money neces-
sary at present, but the conditions were
such that the offer could not be accepted.
GOING RIGHT AHEAD.
In answer to question Mr.. VIII Jams
said that the Seaboard company proposes
to build the Middle Georgia and Atlantic.
lt may have to go slowly, but the work will
be pushed and the road will be completed in
time. The company proposes to go ahead
and lay the track upon the portion Of the
line already graded from Eatonton to
Machen, about twenty-eght miles, connect
ing with the portion of the line already con-
structed and In operation between Machen
and Covington.
"Will the Seaboard company comply
with the conditions of its purchase of Hutch
insons Island from the city~ he was asked.
WILL KEEP ITS CONTRACT WITH THE CITY.
Certainly" was the reply. "We expect
to have the seventy-five miles of line from
Savannah to the interior, as required by
the contract with the city, built and in
operation before the expiration of the two
years specified in the contract. We expect
to move slowly, but not so slowly as all
that"
1T will he some time before the Middle
Georgia and Atlantic is built" Mr.. Will
Jams said, "but it will be built eventually.
There is great deal of Savannah capital
In it now, and there will be more. The
people of Savannah will have to show that
they are in earnest in this matter, by put
ting in their own money first, before they
can expect the corporation of outside
capital