The morning news. [volume] (Savannah, Ga.) 1887-1900, 1892-09-24
CENTRAES NEW MOVE.
MEETING OF THE COMMITTEE
CHALGSD WITH The PLAN.

The ComDGny's Necessities Not Nearly
SO Overwhelming as Thought by the
Public-Ths Committee to GO Into a
Minute Examination OF Its Affairs,
in Connection With Receiver Conner.
New York, Sept. est now really
| seems as if the Georgia Central was TO be
speedily delivered ont Of its financial en-
barrassment and legal complications. A
meeting of the directors was held at the
Fifth Avenue hotel yesterday, at which the
Centrars affairs were thoroughly discussed
and substantial plan decided upon for the
immediate relief of the company and the
re-establishment OF it upon a firm financial
basis.
A committee OF prominent tinanoiers was
appointed to take charge Of matters and ad-
just everything advantageously with all
possible dispatch. 1t was argued by
the best informed members of
the meeting that the Central's
necessities were not nearly so overwhelming
as the public had been given to understand,
and that it was entirely practicable to get
finances for it without any insuperable diff
culties. This committee has gone vigor-
ously to work without su hours delny.
A meeting was had this morning at the
office OF H. B. Hollins & Co., at which every
member Of the committee was present. II.
B. Hollins was elected chairman of the com
mittee. He says this afternoon that all the
money necessary to pay every dollar of
the Central's floating debt, as well as
its past due interest, and likewise
the defaulted interest of the bonds bearing
the Centrars Endorsement, can be raised in
twenty-four hours. This being done it is
proposed to petition Judge Speer to dis
| solve the receivership OF the Central and
deliver it again into the hands OF Its stock
holders. With the floating debt and all
other obligations Of the Central liquidated,
it is impossible to see how there can be any
objection on the part Of the court to dis
missing the receiver. The loan of the
Central now being carried by Speyer & Co.
will be provided for by the
new committee and paid OFF In
full before maturity, provided Speyer &
| Co. desire It.
Receiver Conner, Messrs. Lawton and
Cunningham, c. H. Phinizy and several
other distinguished Georgians identified
with the management OF the Central rail-
road have been here for several days en-
| gagged on this important work, and to-mor-
row morning Chairman HoIlins, with other
members Of the committee, will go into a
minute examination of the CentraI's affairs
with Receiver Conner and Messrs. Lawton
and Cunningham. 1t is thought that the
entire programme can be successfully car
ried through within less than thirty days
| from this date.
1t is further stated that, looking to the
| dismissal of the receiver, G. II. Phinizy has
already been named for the presidency OF
the Central, and that there will be no doubt
Of his election provided he will accept the
| position. His acceptance, however, is ex-
tremely problematical. The new COM
mittee which has undertaken the work
Of rehabilitating the Central is composed Of
men emlnently fitted for the responsible
task. The following are the gentlemen
composing the committee: (. Rollins Morse
Of Boston, E. Dennison of E. w. Clark g.
| Co. Of Philadelphia, f. NJ. Colston Of Will
son, Colston, & Co. of Baltimores c. H.
Phinizy Of Augusta, Ca, J. T. Woodward
president Of the Hanover National Bank
and Emanuel Lehmand and H. B. Hollins
of this city. The state of Georgia is GER
tainly to be congratulated upon the promis.
| ing prospects which the new programme in
the Centrals interest outlines. NJ. ]. V.