The morning news. [volume] (Savannah, Ga.) 1887-1900, 1892-10-15
THE HOLLINS IN EARNEST
IL PHINIZY EXPLAINS THE
SYNDICATE'S PLANS.

No Attempt to Be Made to Pay Up the
Tripartite Bonds in January - The
Rollins People Expect to Control the
$4,000 Shares of StocK-Their Inter
est in the Road-The Speyer Plan.
Col. C. Il. Phinizy of Augusta was in the
city yesterday. Col. Phinizy is director
Of the Central railroad and also a member
of the Rollins committee which has under
taken to re-estAblish the Central. He takes
hopeful but conservative view of the sit-
ustion. He believes the committee, headed
by Mr.. Rollins, has gone about the restora-
ticn Of the road upon a sound basis and that
it is In earnest in its efforts.
Col. Phinizy said he does not think the
committee will attempt to provide for the
paying up OF the tripartite bonds which fall
due in January. Arrangements will prob
ably be made to continue them for
awhile longer, until the credit OF the road is
more firmly established.
THE BONDS A FIRST LIEN.
AS the tripsrtite bonds constitute the first
lien upon the road the holders need not be
worried about their being ultimately paid
with all interest due.
There are some car trust notes falling due
monthly now which the Hollins committee
will look after.
Col. Phinizy said If the Rollins people put
up the money to restore the Central they
doubtless expect TO secure control OF the
road, and in all probability will, IL they de-
eide TO carry out their plan for its restora-
tion. come into possession OF the $4,000
shares OF Central stock now held in New
York. This stock the Terminal company,
Col. Phinizy said, is doubtless willing 70
dispose OF for anything like a
fair return. The Clyde people
who control the Terminal are evil
IDENTIFY in earnest in their suit
against Mr.. Inman and others 20 recover
damages for fraudulent transactions in the
purchase of Central stock, and there is little
doubt that the Inman people will give up"
70 Keep the case from coming to trial
THE HoLLINs PARTY SINCERE.
Col. Phinizy does not believe the effort Of
the Hollins party is merely another effort to
loot the Central. Hollins & Co. have 5000
shares of Southwestern railroad stock, and
with the several million dollars additional
which they will be required 70 put IN they
can have no other interest than in
the proper maintenance Of the property.
1t was the ownership of this Southwestern
stock, Col. PhiniZy thinks, that caused
Hollins & Co. TO undertake the restoration
of the Central. Under the Speyer plan OF
reorganization it was proposed to exchange |
J10tAWccboAu AhlAAOdA bLDOA AOI 7 poi C5hbs
honda This was not at all satisfactory to |
Speyer & Co.. aud they began the attempt |
20 restore the system upon the old basis.
The attempt TO reorganiEe the system by
the Speyer plan would have taken twenty
years Of litigation, Col. Phinizy believes.
THE OTHER SECURITIES.
There were other securities upon which a |
very low estimate was placed. The Savan- |
nab and Western railroad securities were |
not estimated very highly. The debentures |
ID was proposed TO exchange for common |
stock, upon the theory that the debentures
were upon exactly the same footing as the
present common stock Col. Phinizy holds
this theory 10 be incorrect and regards
the debentures as being upon the same foot
ing as an unmortgaged lien, preceding the
stock 10 consideration. Col Phinizy is
satisfied that the Central is a solvent prop
erty, and II restored financially can, with eco
nomical operation, pay all its fixed charges
and q profit 10 the stockholders as we'll.