The morning news. [volume] (Savannah, Ga.) 1887-1900, 1892-09-27
IN COMMITTEES HANDS.
RECEIVER CONFER EXPLAINS THE
CRNTRAL's SITUATION.

| Committee and What IL Is Doing.
No Truth IN the Rumor That Col.
Phinizy Ia to Succeed Mr.. Conner as
President OF the Road.
Receiver Conner returned yesterday from
New York. where hs has been since Thurs
day.
Mr.. Conner did not hear OF Judge Ada ms
death until be reached Savannah yesterday
morning and was greatly affected By it..
His relations with Judge Adams, both of a
business and personal nature, were most
intimate. Judge Adams had besn his CON
tidential adviser aud counsel since his APP
pointment as receiver OF the Central, aud
his loss is a great blow 20 him.
Mr.. Conner was asked in reference to the
recent occurrences In Central affairs and
the result Of the meeting in New York
without exception, almost" said Mr..
Conner, THE newspaper reports published
| in New York aud sent out from there have
been wild, erratic and unfounded. Nothing
sudden and startling has occurred Ia Cen
trial affairs, and there has been no revolu-
| ton or disturbance of any kind among
those interested in preserving the property.
In fact, the greatest harmony prevails"
NO DEFINITE ACTION TAKEN,
| Nothing at all has been done yet, Mr..
| Conner said. The directors met in New
! York Thursday. After a conference with
| a number OF large holders Of Central secu-
| rites in New York and elsewhere, com
/ mIttee was appointed 20 investigate the
| condition of the Centrsls affairs and report
! TO the directors whatever plan might have
suggested itself TO them for re~estab lishlng
| the credit of the road. The committee is
as follows; II. B. Hollins Of II. b. Holins
| & Co. of New York, chairman; +. 2. OIL
colt, president Of the Central Trust Com
| panY of New York; Frederic Cromwell of
I So 81
| New York President Stillman of
the National City Bank, President Wood
ward of the Hanover National Bank,
| Emanuel Lehman Of Lehman Bros. e.
! Denniston OF Z. w. Clark & Co. Of Phila.
delphia, Mr.. Colson OF Wilson, Coson &
| Co, Baltimore, Mr.. Morse OF Boston, Mr..
| Schiff of Kuhn, Loeb g. Co OF New York
| aud Col. c. Il. Phinizy Of Augusta. This
| is about as strong q committee financially
as could be gotten together among the
| bankers Of the country.
THE COMMITTEES LINE OF WORK.
This committee, Mr. Conner said, is pro-
| ceeding upon the idea that the Central is
not an insolvent property. It will request
of him such information as il desires
and will seek information from such
other sources as it may see fit in form
ing an idea as to the solvency or insolvency
of the road. After having completed its in
vestigations it will submit its report to the
| directors.
II the conclusion Is reached that the road
is solvent, the subsequent procedure will
| be very simple. 1t simply proposes to raise
| all the money required to oomletely re-estab-
lish the credit of the company, provided it
| is assured of its sclvency. This amount,
| Mr.. Conner said, will be about 81, 900. 600
with which the SpeYer loan, the New York
Mutual loan and the floating Indebtedness
| will be taken up.
/ will Ia auff 1Nip ais fv,fr
after taking up these debts to provide some
| needed equipments for the road and leave
some cash IN hand with which to operate it,
| The effect Of this, it will be seen, will be to
completely esta olish the credit of the road.
70 ACCEPT CENTRAL SECURITIES.
The money will be placed with the Cen
| trial for the purposes named, and in return
| the lenders will accept securities of the Cen
trial, including probably those which now
secure the present indebtedness, though Mr..
Conner did not say this.
| 1t Is also proposed to raise SIS, 900, 900 10
take up the tripartite mortgage bonds which
fall due Jan. l. This will make $l2 900. 600
in all that the committee proposes to raise
for the Central should the decision be favor
able towardi it.
Mr.. Conner was asked if it is true that the
parties who would supply this money would
accept as per cent. first mortgage bond upon
the Central as has been reported. He re-
piled that details of this character have not
yet been considered.
THB REORGANIZATION PLAN.
In reply to question as to what the or
gauization committee constituted some time
ago in New York Is doing, aud if it has
completed its plan of reorganization as vet,
Mr. Conner said the committee is still at
work upon plan, but is not ready to sub
nit 1t yet. He did not say that the plan
OF reorganization has bean given up.
Mr. Conner would not express himself
with regard to the plans of the new COM
nittee. but judging from his tone he seemed
we'll pleased with the course affairs are taxi
ing. He said he would furnish the commit
tee with all tbs information desired. He
would not give expression to any views as
to the attitude Of Speyer & Co. toward
the new plan, bns they are presumed
too far ahead, he said, TO be making
any forecasts as to the results to the Con-
trail, should the committee be successful in
its undertaking. OF course this would take
the road out of the hands OF the court,
though the opinion seems to be that it will
not dissolve the injunction against the
$4,000 shares of Central stock, 30 long as
they are held as at present.
THE INFORMATION ASKED FOR.
The New York Herald Of Sunday prints
the following statement of information
desired by the Hollins committee OF Mr.
Conner:
''At the first meeting of the Hollins com
mittee, which is considering the reorgRniza-
ton OF the Georgia Central railroad, Re
ceiver Conner was requested to furnish the
following Information:
'Statements showing Q) every dol
lar which the Central railroad of
Georgia owes and the shape
IL is in; (2) how the debts were contracted
(5l securities on hand unpledged; a. business
of the road for two or three years pastJ 81
comparative statement; t6) also rnemoran-
dunn of property acquired during the last
three or four years"
In answer to question, Mr.. Conner said
the reports published in the newspapers to
the effect that the move by the Hollins COM
mittee was revolt against the policy
pursued by him and would result
IN his retirement If successful were without
foundation. The whole Central board is
working in perfect harmony, he said Col.
Phinizy himself, Mr.. Conner said. assured
him that there were no grounds for the res
port and that he had no idea how it could
have originated.
ST. VINCENTs SCHOOL OPENED.
| The C~Opuap+ a rH,o 6Ta-x-