The morning news. [volume] (Savannah, Ga.) 1887-1900, 1893-02-10
A KICK MADE AT MACON.
A FEW HOLDERS OF SOUTHWEST
BRN TURN OBSTRUOTIONISTs.

Meeting AdJOuruB Until IhlS morn
ing Without Taxing Definite Action,
MACON, GA Feb. 9.-The adjourned
meeting of the stockholders Of the South
western road was called to order this morn
ing at II O'Clock. About 100 delegates were
present and a large number Of proxies were
represented. Altogether 40, l12 shares were
either represented in person OF by proxy.
A temporary organization was effected
with Hon. Washington Dessau in the chair,
and Capt. w. s. Brantley was made
secretary.
After brief discussion the chair appointed
q committee of three. composed Of Messrs
Conner, Gresham and Baxter, TO examine
the proxies and determine their validity
The committee asked until O'Clock to
report, and pending it the meeting
took a recess. The report OF abe committee
was not finally made until 4;S0 O'clock,
when the meeting was permanently organ
lied. The report Of the committee showed
that 40,112 shares were represented, 1862
personally aud the remainder by proxy.
The chair announced that 1t was now pre-
pared to entertain motions.
Capt. r. e. Park made motion to hear
the report of the committee, composed of
Messrs. Miller, Cox and Baxter, who cons
ferred with the Central reorganization COM
mittee in New York on the merits OF the
Southwestern entering into the new plan
of reorganization.
THE REPORT.
Frank H. Miller of Augusta, in behalf of
the committee, read the report, TO which
IA Of Nhln IL e.
organization. The report stated that the
committee had in pursuance TO instructions
gone to New York and investigated as far
as possible the merits Of the plan for re-
organization, and that they had a CON
ference with the committee Of reorganiza-
tion. The report says, in brief, that two
conferences were held, at the first Of which
proof OF the agreement Of Reorganization
was submitted. The commtrtee reported
that they had memorandum Of the
matter considered at the meeting on
Feb. 6 after they left, but could
not say what was done. The committee
understands that the shares impounded
await the action Of the federal court. The
committee goes into details about the sltua-
tion Of the Southwestern.
Following is the conclusion of the COM
mittee's report;
Your committee, therefore, respectfully sug-
gesto that If you decide to take action on the
plan of reorganization, that the holders, in
convention, should adopt the following as II is
written, or in substance, so as TO give full pro
lection TO all.
WHEREAS. The plan Of reorganization of the
Central Railroad and Bansine 8iompany Of
Georgia, promulgated Jan. 10. 1853 through tho
public prints states that it is the purpose of the
committee to form en- underwriting syndicate
TO carry out and make effective
this plan and to secure and
guarantee the same, and more par
ticniaFlV tO aacurA the 00uvnroinnsnf thR triOor
tlte bonds of the secured floating debt into the
securities of the new company;
RESOLVED. That this convention approve the
plan and agreement to carry IL out, provided
that when such underwriting syndicate
is formed its responsibility shall be
certified to by resolution Of the board
not only the carrying out and making effective
Of the plan, but also ike payment 20 each and
every stockholder Of this company
who shall elect to reserve the
cate with the trnstes in lieu of the secu-
rites coming to him under the plan and agree
ment the sum OF STA per share, payment to be
made within thirty days from the date of
depositor; aud that until said sum is paid said
depOsltor's shares and rights shall be unaffected
aud unimpaired thereby.
LIVELY DISCUSSION.
At the conclusion Of the reading of
the report lively discussion was
preoipitated. It finally terminated in
a request that Mr.. Conner eluci-
date more fully the plan Of reorganization
and the effect it will have
on the Southwestern road. He
was subjected to a rigid questioning.
He urged the participation by the Sou tn
western road In the reorganization and said
that unless such course was pursued he
would dispose of his stock at a greatly res
duced figure from the now market quota
tion Of the valuation.
AN ATTACK ON THE PLAN.
The feature of the discussion was the
remarks by j. c. Mckay, who startled the
meeting by urging an adjournment im-
medlately on the election officers. He
stated that he had figures to show that Mr..
Comer's report proved the report of Gen.
Alexander relative to the earnings of the
Southwestern road false. He stated that IL
was supreme folly to entertain for a mo-
ment belief that the Central would ulti-
Inately default in the payment of the divi-
dend, that suoh theory was the merest
bosh and that the Central would pay the
dividend beyond peradventure, aud that
the meeting should adjourn at once until
July 2. his remarks were vigorously ap-
plRuded, and it showed that the consensus
OF opinion was hostile to the reorgeniza-
tion.
At the conclusion of Mr.. McKay's re-
ns
the chair put it TO viva voce vote.
Mr.. Conner appealed from the chairs de-
cision, and maintained that every share of
stock was entitled 20 q vote. A motion to
sustain the appeal was defeated, and voting
will proceed in accordance with the ruling
of the chair, viva voce.
AN ADJOURNMENT.
A motion to adjourn until 9 o'clock in
the morning was put and carried.
Nothing definite was accomplished, but
developments showed conclusively that the
Southwestern stockholders are now In
favor Of taking advantage OF the default in
payment by the Central and becoming an
independent system.
Mr.. Miller stated TO the MORNING NEWS
correspondent that the Southwestern could
not be held liable for dollar of indebted
ness since the lease, since the directors had
acted without authority from the stock
holders. The trend lof'sentiment among the
majority Of the stockholders present is hos-
tile to the plan OF reorganization, but IL is
STATED on authority that Receiver Conner
has enough proxies 10 control the voice of
the meeting.
II ia possible that the stockholders may
determine to decline 10 enter the plan and
will give the Central until next
July to pay the defaulted dividend,
or give the committee on reorganization
an opportunity to underwrite. IL is said
that the Louisville and Nashville railroad
is ready 10 take the Southwestern on a
guarantee should the Central Withdraw.