The morning news. [volume] (Savannah, Ga.) 1887-1900, 1892-02-04
TO OFFSET THE CLAIM.
GEN. LExANDEA'S REPORT ON
THE GEORGIA PACIFIC's DEMAND.


THE GEORGIA PACIFIC'S DEMAND.
1t VIII Be Submitted TO the Terminal
Board By q Committee of Central III
rectors Next Week-The Report tx
pscted to Show a Complete Offset to
the Richmond nnd Denville's SS4o.-
600 Account-The Talk of Samuel
Spencer for President of the Denville
System and Drexel, Morgan 81 Co.'S
Bscking.
The Central railroad directors held their
monthly meeting at the Central Railroad
Bank yesterday morning. The Savannah
directors. President E. p. Alexander, J. K.
Garnett. Abraham Vetsburg. Joseph Hull,
George J. Mills, and Gen. Henry X. jack
son, and Col C. II. Phinizy OF Augusta and
u. B. Harold Of Americas were present.
The meeting was devoted TO routine busi-
ness. principally the passing Of accounts.
The claim OF the Richmond and Danville
against the Central Railroad and Banking
Company will be adjusted next week.
Considerable discussion was caused some
ii me ago by the presentation OF claim for
$4,000 against the Central by the lessees,
the Richmond and Danville. The claim
was made for bills of various characters
paid by the Richmond and Danville since
assuming charge Of the Central, which the
Richmond and Danville claimed should have
been paid by the Central.
CAUSED BIG STIR.
This claim for s640.00O caused consterna-
tion in the Central camp. Gen. Alexander
declared at once that there was a misunder-
standing Of the lease. and thar the Rich
mond and Danville had no claim whatever
against the Central.
The matter was under discussion for some
time, and was aggravated by the demand
of the Richmond and Danville officials that
the Central deliver up 81 900 900 worth of
Ocean Steamship Company's bonds as secu-
rity for the payment Of the debt, which
Gen. Alexander refused to do. The threat
was also made TO withhold the dividauds
upon the Central and the Southwestern
stock until the claims were paid and the
dividends were actually withheld for few
days beyond the usual time. The matter
was settled for the time by Mr.. Inman,
who had been Ill, agreeing 60 Gen. Alexan-
doris proposition to place the securities in
escrow until the question could be settled
by arbitration.
THE EXPERTS REPORT.
For the last month Gen. Alexander has
had an expert engaged in going through
the records ard accounts Of the Central be-
fore it passed into the hands of the Rich
mond and Danville. gathering the figures
TO show that the value Of supplies and ma
terial received by the Richmond and
Danville from the Central was fully equal
to the claims made against it by the Rich
mond and Danville for money expended in
payment Of accounts by that company
This work 10 now complete. 10 includes
figures and data covering several hundred
pages, and it will take some time to go
through it all.
Gen. Alexander left last night for WASH
ington, where he will appear with Capt
Carter, the governments engineer at Sa-
vannah, before the river and harbor COM
mittee of the House on the subject Of deep
eninR the channel at Savannah. From
Washington he goes to New York, where he
will be Joined by Cashier r.
NJ. Cunningham of the Central
Railroad Bank and Directors Hull and
Phinlzy, who will leave Savannah to-mor-
row with the records which have been COM
piled for the Central upon the subject of the
claims. An early and satisfactory adjust
ment is looked for
SPENCER MAY RE PRESIDENT.
Col. C. Fl. PhinIzy of Augusta said last
night that Samuel Spencer of New York
may be made president of the Richmond
and Danville system.
Il know that the position has been offered
Mr.. Spencer" said Col. PhIni7y, "but the
question is whether he will accept. He has
an easy position with Drexel, Morgan g.
Co. as their financial agent, and he NAV
not care to assume the duties Of large sys-
tenn like the Richmond and Danville, which
would require his constant attention"
What about the report OF Drexel. Nor
gan 81 Co.'s backing the Terminal systemP'
II hope it Is true. but have my doubts
of it, Drexel, Morgan & Co are not in the
habit OF buying railroads. They never did
such thing that l remember and this
would be departure from their usual Gus
tom. They may and probably have made
large purchases of the stock of the system
aud its different roads, which is a very good
sign. 1t will give confidence 60 the market
which Is about all that is needed now"
sPBNCER'S CAREER.
Samuel Spencer, who is mentioned for the
presidency Of the Richmond add Danville.
is native Georgian and graduated about
twenty-five years ago from the state univer-
slty. He was at one time president of the Bal
tlmore and Ohio system. but was put out on
account OF disagreement with the CARROTS.
That was about the time Drexel, Morgan
q Co. were endeavoring to obtain control
of the road.
Since that time he has been the financial
agent for Drexel, Morgan & Co. II be
were TO accept the presidency while con.
nected with this firm it would have a great
effect in buoying the securities of the
Terminal system.
q narea In f.Ns IL. L.. -