The morning news. [volume] (Savannah, Ga.) 1887-1900, 1892-03-06
TO BREAK THE LEASE.
Little Doubt About It Among
Business Men.
THE EFFECT ON SAVANNAH.
A Variety Of Opin-
ions Expressed.
RA0UL FOR RECEIVER.
He is Almost the Unani-
nous Choice.
ACTION OF THE BANKS.
What Business Men
Say.
RAOUL FOR RECEIVER.
He is Almost the Unani-
nous Choice.
ACTION OF THE BANKS.
What BuSine SS Men
Say.

The placing of the Central in the handI
Of a receiver continues the sensation of tht
day. Little else was talked Of on the street.
yesterday. Groups of business men dis
cussed the various phases of the situation
on the street corners. in the Offices. banks
hotels and clubs, and all sorts Of speculation
was INDUCED in as to what the results will
be TO Savannah.
On one point all ngreed, and that is the
suit will have most depressing effect upon
Central securities for long time and will
make capitalists and banks chary of advanc-
ing loans upon them. This state OF affairs
will naturally prove detrimental to the
monied interests here for awhile.
Many incomes of trust estates have been
derived almost entirely from investments in
Central securities, and these will feel heav-
lily the depreciation In value which natur-
ally follows such a shaking up as has
been given by Mrs. Clarke's suit.
The effect may prove serious on some
people who have had all their savings in.
vested in the Central They are worrying
over the turn of affairs, as tho guaranteed
income is practically wiped out. One
elderly lady is sick.
PAYING ITS OWN CHECKS.
In all the banks signs were displayed YES
terday notifying depositors that all checks
drawn upon the Central Railroad Bank must
be presented TO that bank for payment
This was the result OF the meeting of the
Clearing House Association held Friday
afternoon. at which the officers OK the Cen.
trial bank requested the other banks of the
city to inform depositors that checks drawn
n if ehaYtl1 ko .
The request was made to avoid any com
plications which might possibly arise from
the throwing OF the Central into receivers
hands. The Central Railroad Bank has
ample funds, 70 pay every depositor, and
leave surplus Of over $50, 900 in its treas
ury.
The banks, said one cashier, had timely
warning Of the affair and therefore pro-
tected themselves by taxing but a small
fraction OF the securities for loans. AL
though they did not anticipate any trouble.
nevertheless they were fully prepared to
meet any emergency which might have
arisen.
STOCKHOLDERS MEETING.
It is rumored that a majority of the
minority stockholders hers-and there
are In the neighborhood Of 20, 900 shares held
in Savannah-wIll get together in
day or two and formulate counter-peti-
ton TO Judge Speer requesting him to refuse
the suit for injunction and permanent re-
ceiver on the ground that the breaking of
the lease and consequent taking away of
the 7per cent. guarantee, while the road will
practically remain in control of the same
parties. means great injury to their inter-
ests and heavy loss OF money.
Capt. w. q. Raoul, ex-president of the
Central, seems to be the choice OF the bust
ness community for permanent receiver
should Judge Speer decide to appoint one.
THE CHOICE FOR RECEIVER.
The MORNING NEWS reporters inter
viewed a number of business men upon the
situation, and, while their opinions differed
little, the almost unanimous choice for
permanent receiver is Capt. Raoul, with
Col. Gordon second.
Mr.. II. NJ. Conner said: "Of course. much
depends upon how the property Is to be
managed as to what the effect Of having il
In the hands of a receiver will be. / pre-
sumo. however, the receiver will be a good
man and the affairs Of the company will be
well managed. would like to see Capt.
Haoul again in control Of the property, be-
s ssp'' wt he It, thoroughly IS r. fs%,i,
railroad man in every respect. and man
In whose capacity and integrity every one
has the utmost confidence.
COL. GORDON NEXT.
Next to Capt Raoul / would prefer &c
have Col. Gordon, Col. Gordon was long
connected with the road, and, while not i
railroad expert in the sense that Capt,
Raoul is. is we'll known as a good business
man, thoroughly honest and untlinchiue in
the discharge of duty. He is also fully
identified with the country most directly
interested in the operation of the road.
my understanding 10 that il is proposed
fFxw l. 4
only until the annual election in January
next, when the stockholders will be per.
united TO elect officers and resume
control. | have never regarded the
lease to the Georgia Pacific
as being in the interest of Savannah nor the
country served by the road and the liner
controlled by it. Besides. the lessee is not, OF
has not been, able to pay its own fixed
charges, and the security given is totally
inadequate when the value of the property
leased is considered. I am not familiar
with the present financial condition of tht
company. A few years ago ii was sound
and growing stronger all the time.
II had no knowledge y said Mr.. Conner
"of any action being taken in the matter
until yesterday"
COL. eoRDoN's OPINION.
Col. W. w. Gordon, who was named a
temporary receiver in case Gen. Alexande,
enoo1o decline, and who il prominently
mentioned for permanent receiver IL
case Judge Speer should sustain tht
bill for injunction, was seen with regard t.
the situation. He said be was in entir,
ignorance OF the matter until he heard 1t OF
the street Friday morning and had no noti-
ication that bis name was likely to appear
in connection with it.
With regard to its effect upon Savannah
Col. Gordon said be was hardly prepared Il
express an opinion. So far as the city itsel
was concerned, without considering the in
teresss Of the stockholders, be did not thlnl
its interests would suffer by a change. II
fact, If the control could be restored 10 Sa
vannah again the result would be i'm
mensely beneficial to the city. For receiver
of the road COL Gordon preferred Capt
Raoul aboye oil Others mentioned.
FOR CAPT. RAoUL
."He Is an experienced. practical railroad
man," Col. Gordon said, thoroughly &C.
quainted with the railroad situation in thi
section, and from recent acquaintance with
the Central railroad, thoroughly conversan
with Its condition an affairs. aud woulc
make al official thoroughly satisfactory il
every re spect. II Capt Raoul can be pre-
vailed upon to leave the Mexican Contra
railroad and accept the reoelvership lt vii
10 for the best interests Of all concerned