The morning news. [volume] (Savannah, Ga.) 1887-1900, 1892-07-01
TO PAY THE DIVIDENDS.
SOUTH WESTERN STOCKHOLDERS
TO GET THEIR MONEY TO-DAY.

The Central q Day Late In Meeting
the Obligation-A Part OF Its Other
July Obligations to Be Paid To-day
But the Preference Not Armour ced.
The Total Amount Due 100000,
Including S191 900 Of Southwestern
Dividends.
Payment Of the semi-annual dividend
upon Southwestern railroad stock will begin
this morning in Savannah and Macon. A
notice 20 that effect appears in the MORN
ING News to-day signed by w. C. Brant-
ley, secretary and treasurer Of the South
western Railroad Company.
The Central railroad came very nearly
defaulting upon the Southwestern dIvi~
dends, and in fact, did default for one day.
According TO the terms of the lease Of the
Southwestern by the Central, the semi
annual dividends are 30 be paid during the
months of December and June. OF course.
payment lie always postponed unul
the last of the month 70 save
interest on the money. According TO the
contract the payment OF dividends should
have begun yesterday morning, the last day
of the month No announcements 60 that
effect was made, however, and no
ulNluelus NGl6 RsAAAs Aho
a defaulter for one day, but the
stockholders will hardly make any com
plant on that account, as they will be only
too glad to get their money few days late
even in the present state of affairs.
THE TALK ON THE STREET.
IL was generally reported on the streets
and in business circles yesterday that the
Central had defaulted on the Southwestern
stock dividends and that IL would not be
able TO pay them and its other heavy obi
cations maturing to-day. President Conner
Is in New York and very little information
could be obtained from the directors and
officers Of the Central In Savannah.
telegram was probably received from
President Conner during the afternoon, as
Cashier Cunningham stated to MORNING
News reporter at 8 O'Clock that payment Of
the dividends upon Southwestern will be
begun this morning. The total amount or
the semi-annual dividend is $lSl 900.
Mr.. Cunningham was not disposed TO
make any lengthy statements as to the sit
uation. He said the liabilities now due by
theCentral including the Southwestern div
idend, were over $500 600; that money has
been obtained TO pay the Southwestern
dividend and part Of the other obligations.
What obligations will be given the prefer
ence Mr.. Cunningham would not say, as he
said there might be a change in the order as
TO which should be paid first. Mr.. Conner,
be said, is in New York and 1t is not known
how long he will remain there
TIE CENTRAL's JULY OBLIGATIONS.
The obligations now due by the Central
amount to $500 900, distributed as follows:
Southwestern dividends 1881, 900. debent-
ures Sl3S,000, tripsrtite bonds Sl75,000
Montgomery aud Eufaula $45 900 and CO.
lumhus and Western, Columbus and Rome
and other smaller stock dividends complet-
ing the balance.
Mr.. Conner appeared confident when he
left for New York that he would secure the
money necessary TO pay the obligations.
There Is great confidence here in bis ability
TO secure all the money necessary to meet the
present liabilities of the road, and for this
reason there was less uneasiness on account
Of the threatened default upon Southwest
ern stock There was considerable inquiry
Yesterday as to what would be the oonse-
quenoes OF default upon the Southwestern
dividends
A Central director said that according 90
the lease OF the Southwestern six months
would have 20 elapse after default before
action could be taken by the stockholders
or directors to resume possession OF the
road. Why the Southwestern dividends
are to be paid before other obligations due,
il this is so, is not known. There are other
very large obligations which are certain to
be very pressing IN their demands If not
paid at once.
special from New York in to-day's
MORNING News says it Is believed there
that the default Of the Central upon its OBJ
legations will force a reorganization Of the
system upon a differen5 basis. In case Of
the inability OF the present administration
TO raise the money with which to meet the
obligations a move TO reorganiZe the system
is very probable.