The morning news. [volume] (Savannah, Ga.) 1887-1900, 1892-12-04
H0LLINS CROWD OUT.
AN UNFAvORABLE REPORT ON THE
CENTRAL BY TIE COMMITTEE.

CENTRAL BY THE COMMITTEE.
Unable TO Take Charge OF the Road
IN View of Its Lack of Credit-No
Recommendations Made-Reorgani-
zation of the System Nov Impera-
tive-A New Committee Appointed
Which is Expected to Report by
January.
Capt. &. c. Cunningham, B. A. Denmark,
Esq, and Mr.. T. N. Cunningham arrived
in the city yesterday afternoon from New
York, where they have been in attendance
upon the meeting OF the Central railroad
directors to receive the report Of the HoI-
Inns committee. They came by way Of the
South Bound railroad, leaving New York
city Friday afternoon ct 4:3O o'clock and
arriving here at $40 o'clock yesterday.
Capt. Cunningham was seen last night
with regard to the result of the recent con-
ference between the Centrals directors and
the Rollins committee. He said that the
conference had already been given
TO the public through the newspapers.
The substance was that the Hollins COM
mittee, after a thorough investigation Of
the Central affairs, reported that il was
unable 20 assume charge Of the roads
or entire lack OF credit. The committee
had not found things quite as It had antici-
pated and so was unable to undertake what
it at first expected to do. Consequently the
committee made no recommendation of any
kind with regard to the future conduct Of
the CentraIs finances.
THE REPORT NOT UNEXPECTED.
This unfavorable report was not entirely
unexpected by the directors as they had
had inf t4Glx yof hot fSoC har
acter was likely to be. This leaves tho
directors without plan as to the future
direction Of the property.
The Speyer plan or reorganization was
put an end 20 when the Holins
committee stepped in and undertook
Centrals finances. Its failure to carry out
what 1t undertook leaves the Central direc-
tors in the Same position in which they
were several months ago.
As announced in yesterday's MORNING
NEWS a committee consisting of H b. Hol-
Inns, G. H.Phinizy, Emanuel Lehman james
L. Woodward. Sames Stillman, X. Rollins
Morse, E E. Denniston, F. NJ. Colston and
Louis Fitzgerald, members OF the present
advisory committee, and Jacob Schitf we're
requested to act as q committee TO formu-
late specific plan for the rehabilitation OF
the property and credit of the company.
Directors George J. Mills and U. B. Har-
board TO confer and cooperate with the ad-
visory committee.
ANOTHER REORGANIZATION SCHEME.
This committee will proceed at once to
formulate a plan for the reorganizA-
tion of the Central system.
Capt Cunningham said the committee
might be able to make a report by January.
There does not appear to be any doubt now
that reorganization is imperative, said
Capt Cunningham.
The plan proposed by the committee will.
of course, lie upon the general line |
Of decrease OF the labil- |
titles and a reduction of be |
fixed charges. The reorgs ization may be |
of the heroic order and again it may be |
very mild. Capt. Cunninghsm's opinion is
that the plan to be recommended by the
committee will be of the latter character.
The committee will endeavor TO make q
just and equitable reorganization which will
bear as lightly as pos ible upon the stock
holders Of the different portions Of the
system.
Mr.. Conner aud the directors remained in
New York to confer with subcommittee on
Reorganization. They are expected back
TO morrow or next day.
The utter failure of the Rollins commit
tee to take care Of the Centrals finances, as
it had loudly proclaimed it intended to do, |
was known In Savannah for some time be- |
fore the meeting in New York but was |
KEEP quiet because of the effect such report |
might have upon the securities. After all |
the talk about what the Hollins committee |
would accomplish nothing has been done |
except the postponement OF the Speyer debt |
OF IS, 100000 for six months wi h interest at
the rate OF per cent per annum.
The action OF the Rollins crowd is a great
disappointment to the large number Of hold
ers Of Central securities.