The morning news., 1892-03-29
In the Hands of It's Directors.

The Central railroad Is now In the hands
Of its Georgia directors. as receivers. with
.hs understanding that q new board Of
directors shall be elected by the minority
stockholders as soon as q legal election can
be held. the court having deprived the ma
jority stockholders OF the power Of voting
their shares. The question Of the validity
of the lease. and important questions gro W.
ing out OF that question, have not been de-
termined.
The action OF the court in putting the
road into the hands of the Georgia MEM
bers of the board OF directors was undoubt-
edly the result Of the understanding be-
tween all the parties represented in court,
except the Richmond Terminal people, who
do not appear TO have made any protest.
That these directors will do the best they
can with the property there is
no doubt. The most il not all, Of them are
pecuniarily interested in the road, and all
Of them are profoundly anxious that the
road shall be brought safely through its
present difficulties.
The reorganization of the board should
take place at as early a day as possible.
Delay is dangerous. because until a new
board is chosen there will be uncertainty,
and uncertainty is hurtful to credit and
damaging 10 business.
And the minority stockholders should be
careful to keep weak men out Of the board
The great property needs nothing so much
now as a vigorous administration OF its
affairs That can be had only by putting
strong and capable men In charge Of it. 1t
is evident that it is not now earning enough
to meet its expenses and maturing obliga-
tions, and will not do so until the busy sea-
son begins. In the meantime, there
fore. 1t is of the greatest impor-
tance that its credit shall be
maintained. That difficulty is not insur-
mountable if men are placed at the front
who have the confidence OF those who are
expected to supply the money to meet the
roads necessities.
There ought to be no differences between
the minority stockholders to who should
be chosen 70 manage the property.
The situation is too full of peril
to admit of them. There should
be but one purpose, and that is to get q
strong board of directors with man at the
head Of it who can manage the road to the
best advantage and command financial
backing upon the best possible terms. The
Central will have a future IL its affairs for
the next year or two are directed vigorously,
intelligently and economically.
LATER.-At 1880 O'Clock this morning
dispatch was received that Mr.. II. NJ. Conner
nhd Mr.. Frederick Cromwell had been
elected members Of the board Of directors,
and that Mr.. Conner had been chosen presi-
dent of the board. Mr.. Cromwell repre-
sents the New York creditors. The selection
Of Mr.. Conner for the responsible
position OF president will give profound
satisfaction. BE is thoroughly identified
with Savannah and with Georgia, and he is
familiar with the Central railroad system,
having been one of its leading directors
under the Raoul administration. The new
arrangement means a vigorous and econom-
ical management Of the road 1t also means
that the credit Of the road will be upon a
sounder basis than IL has been for some time.