The morning news. [volume] (Savannah, Ga.) 1887-1900, 1892-09-08
DIRECTORS TALK IT OVER
THE CENTRAL'S BOARD STILL
HOLDS MEETINGS.

| Receiver Conner Makes a Statement
Of the Condition OF the Road and the
Results Of His Recent Trip to New
York-The Talk OF the Suit to Cause
the Cancellation of the Terminals
Contracts to Control the Centrars
stock.
The Central railroad directors held their
regular monthly meeting yesterday. There
was a full meeting Of the board, Col C.
Il. Phinizy Of Augusta. Capt. e. P. Howell
of Atlanta, s. R. Jaques Of Macon and U.
b. Harold OF Americas. being present be-
sides tbs Savannah directors. President
Conner presided.
Mr.. Conner said after the meeting that
Notwithstanding the road was now In pos
session Of the court, it was thought best for
the directors to continue TO meet with
the president, who Is also receiver, monthly,
as heretofore, that they might receive from
him information as to the affairs of the
road and what steps were being taken in its
interest and that they might also tender
their advice as they saw fit.
MIR. Conner is acting in a dual position.
While receiver of the road under direction
OF the court, he is also president of the
board of directors. Though the directors
now have no CONTROL over the road, it re-
quires no argument to prove that they
are Sill greatly interested init.
A STATEMENT TO THE DIRECTORS.
Mr.. Conner made statement to the
directors Of the present condition Of the
CentraFs affairs and Of the results of his
recent trip to New York.
The announcement in yesterdays MORN
ING NEWS that Receiver OAkman of the
Richmond Terminal had secured an order
from the court to begin action to cause the
cancellation of the contracts by which the
Terminal became possessed Of it's Central
stock was yesterday the subject Of good
deal OF discussion among those interested
in the Central. The exact meaning of the
order was not understood, but from rumors
which have been current In New York
for some time business men have an idea OF
what it means. nhere have been two par-
ties In the Richmond Terminal for a long
time, and one party has claimed that d.
rectors and officers Of the Richmond Termi-
nal Company who were also connected with
the Georgia company, sold the stock of the
Central railroad held by this company to
the Terminal for great deal more than its
market value at the time.
A CLAIM OF FRAUD.
This sale they claim to be fraudulent, be-
cause those who sold the stock were officers
and directors of the Terminal company, aud
because they sold the stock for greater
price than its market value.
The directors against whom this charge
is made ars John II. Inman, then president
of the Terminal; Pat Calhoun and John c.
Calhoun. They are charged with having
secured the transfer. This will cause a
pretty state Of affairs ia Terminal. The
speculation is as to the effect the removal OF
the 10000 shares Of Central from the control
of the Terminal would have, and the gem
srai belief is that It would do much to i'm
prove the situation.
The opinion is that some pretty shady
transactions in Terminal in the PAST few
years will be shown up 10 the course OF the
litigation.
Mr.. Conner was asked his opinion
Of the report yesterday, bus said he
had not read the article in the MORNING
News. II the terminal could regain the
amount which it was claimed was paid in
excess on the Central stock it would greatly
improve its finances, Mr.. Conner thought.
The out-of-town directors left for home
last night by the Contra train. Mr., Conner
also went up to Macon.