The morning news. [volume] (Savannah, Ga.) 1887-1900, 1892-12-10
Daylight in Centrars Affairs.

At last there is a gleam Of daylight In the
financial affairs OF the Central Railroad and
Banking Company. The plan for the re-
organization Of the company, which has
been agreed upon by the representatives OF
the floating debt and security holders, is
believed by those who are in q position TO
Judge Of its merits, and who desire that
each class of security holders shall be dealt
with fairly, to be the most equitable that
could be devised under the circumstances.
MIR. Conner, the president Of the company,
approves it, and that alone is an
assurance that there is no favoritism
in 1t, and that it provides
for settlement that Is just to all inter
ested parties. Mr.. Conner did not accept
the presidency and receivership Of
the company for profit, but from
sense OF duty. He believed be-
fore he had thoroughly Investigated the
financial condition of the property that 1t
could be restored to a sound financial basis
without reorganization. An investigation
proved that reorganization was necessary,
and he has insisted upon plan that would
preserve the property intact and would
eA'S HhO kEoabost pOsslOA0 P'ONO~'ANN W
security holders.
He realizes more fully than any one else
the distress that would follow the total de-
struction of the value of the junior securi-
ties, upon which so many widows and
orphans and charitable institutions are de-
pendent for their incomes, because his at
tention has been frequently called to the
matter since he has been intrusted with the
control of the companyis affairs, and 1t is
his purpose that the best that can be done
for these securities shall be done. He adj
vises now, as he has all along, the holding
of all securities, because il the plan Of re-
organization is carried into effect, as ii will
be in all probability, they will be worth
much more than their present market
price.
The fnsnoiers in New York who are be-
hind the plan, and who will see that it is
carried out if no insurmountable obstacle
is thrown In its way. are men of high char
scter and prominent in the financial world.
What they say they will do can be relied |
upon implicitly. They will take all securi- |
ties at the value placed upon them after the |
plan OF reorganization has been formally |
adopted.
There is at present only one thing in the |
way of the success Of the plan and that Is
the threatened railroad legislation by the
general assembly of this state. If the
railroad bills that were introduced by Rep
Bacon, and which are now
pending in the Senate, should become laws,
under the proposed plan or
any other would De impossible because re-
organization necessarily requires an In
crease in the amount Of securities. Il can |
hardly be possible that the Georgia legis-
lature will take the responsibility of max
ing millions Of dollars worth of securities |
held by Georgians in all parts Of the state
utterly worthless. Ii is certain that IL |
The proposed plan Of reorganization |
or the Central, or some similar plan, is not |
made effective, all Of the junior securities |
II the property will be worth no more than |
heir weight as waste paper. It is to be |
loped, however, that the legislature will |
axe a second sober thought before making
he reorganization of the Central and other
financially disabled roads of the state i'm
possible.
II there is no unfavorable legislation, 1t is
that within few months the Cen
raj will be again in a sound financial con-
iition, aud will continue to be, as 1t has
been for many years, the most important
actor in the prosperity of Georgia aud