The morning news. [volume] (Savannah, Ga.) 1887-1900, 1892-07-02
PAYING THE DIVIDENDS.
SOUTHWESTERN STOCKHOLDERS
GETTING THEIR MONEY.

The Interest on Columbus and Rome,
Columbus and Western, Aontgom-
cry and Eufaula, and Port Royal and
Western Carolina, and Augusta and
Port Royal Bonds Being Paid-The
Interest on Debentures and the
Tripsrtite Bonds the Only Obliga-
tions Not Met by the Central.
Payment Of dividends upon Southwestern
railroad stock and also upon other minor
obligations was begun at the Central Rail
road Bank yesterday morning.
The interest upon the debentures or certi-
fostes Of indebtedness and the tripartite
bonds, amounting to about one-half the
obligations now due by the Central, was not
paid, however, and no promise Of any im-
mediate payment was made.
The holders OF Southwestern stock made
no unusual rush upon the bank because OF
the delay In securing their dividends, but
dropped In slowly in twos and threes or
singly, and cashed their scrip without any
evidence Of haste. At one time In the
morning there was quite a little crowd
gathered at the bank, but IL soon thinned
out, and toward dinner Paying Teller
Askew was complaining because he was
left standing idle and the stockholders
would not come in. No more was paid out
on the dividend than is usually paid on the
first day of payment.
OTHER OBLIGATIONS PAID.
The interest on the Columbus and Rome,
Columbus and Western, Montgomery and
Eufaula, Port Royal and Western Carolina
and Augusta and Port Royal bonds was
also paid as demanded
There was frequent inquiry as to when
the interest on the debentures and bonds
would be paid, but no answer could be
given other than the statement that Presi-
dent Conner is in New York and that
the security holders can rest as
sared that everything possible will be
done TO protect their interests The amount
OF interest due on the debentures Is $I3S, =
800, and on the tripartite bonds SITS, 900 i,
| amounting to a total of $4,000.
Cashier T. M. Cunningham said. when
spoken TO about the matter, that there had
been no formal demand upon the bank for
the interest upon the debentures and stock,
and no trouble was anticipated.
The holders have confidence, think, in
those who have their interests In charge,
and know that every effort will be made to
protect their interests" he said.
Mr. Cunningham said he has no doubt
the interest on the debentures and bonds
will be paid, but when, he could not say.
A REPORT CONCERNING DEBENTUREs.
Ihere wss we'll received report afinat
in business circles to the effect that ar.
rangements had been made by President
Conner in New York to pay the July
interest on the debentures and bonds within
the next ninety DAYS. What authority
there was for this report could not be dis
covered, but considerable confidence APP
peared TO be placed 10 it. 1t was noticed
that the security holders did not appear
much alarmed at the situation.
The general impression 10 that the effect
Of the recent default by the Central, and
the prospect Of the possible repetition of the
same in the future, will be to force a reor-
ganizatiou of the Central properties, the
result Of which will be to place them upon
different basis from that existing at pres
ent, with the view to a reduction of the
fixed charges. The latter are regarded as q
constant threat against the Central's prog
ress to redemption, load too large for
the back that has TO bear It. just what
would be the basis of such a reorganization,
or how it would be carried out, are, of
course, the problems. A consolidation Of
the properties and the Indebtedness Of the
system is spoken of. or course this is only
talk, but there may be some grains Of wheat
In It.