The morning news. [volume] (Savannah, Ga.) 1887-1900, 1893-04-16
A Prompt Settlement Wanted.

A prompt settlement Of the difficulties OF
the Central railroad would be beneficial to
Savannah and TO all OF the roads creditors.
Incomes of people in this city alone have
been cut down at least $4,000 by the in-
solvencY II the road. In many instances
the entire income Of individuals and FAINT
lies have been stopped by the failure of the
road TO pay the interest on its obligations.
Not only has the incomes been stopped but
the business of the road, and consequently
the interests OF Savannah. are being
! injured by the delay in putting
the road 2 upon a sound financial
basis. Speedy reorganization is wanted
! The longer litigation continues the less will
security holders get, and the greater will
be the injury to Savannah. Lawyers
fees, court fees, reorganization fees
ana other charges, combined with the in
! jury that the property will suffer, will
leave little for the junior security holders
unless the road isreorganized promptly and
! litigation stopped.
! A plan Of reorganization is offered to Sc
curity holders. Very little fault has been
| found with it. All things considered it is
the best, probably, that could be proposed.
| 1t is pretty certain that It is the best that
will be proposed. IL any are waiting to
see what Drexel, Morgan & Co., who have
undertaken to reorRsnize the Richmond
Terminal, will do, they have only to read
the letter Of that banking firm to the Rich
mond Terminal directors to become satisfied
that no plan OF reorganization that that
firm are likely to propose will give them as
much as the Hollins plan.
Drexel. Morgan & Co. tell the security
holders Of the Terminal to deposit their
securities and to agree TO abide by the plan
Of reorganization that will be offered. Secu-
rity holders are not informed as to what
they will get for their securities. 1t is GER
tain that the scaling of the securities will
be Of the most radical character.
The Richmond Terminal people are in the
saddle once more for desperate effort to
drive by litgations, and whatever influence
can be brought to bear. the Georgia Cen
trail company into a combined reorgauiza-
ton, and it is a fortunate thing that this
announcement of Drexel, Morgan & Co.'s
conditions CONCERNING the Terminal-oon-
dltions which, there is no reason to suppose,
will be moderated in respect TO any of the
other Companies-com in time for the
Georgia Central security holders to act be-
fore the first day Of May in making their
deposits, that being the date fixed
by the reorganization committee,
and after which the committee
by public notice has reserved to itself the
right TO make a charge of per cent. upon
deposits. If there was any doubt before
about the true interests Of tho Georgia
stockholders being to accept the Holhns
plan, doubt which does not seem to have
prevailed among the Southwestern stock
holders, this yawniug chasm Into which
they would be required to leap without any
guarantee thet there is a bottom, if they
follow Mr.. Pat Calhoun and the Richmond
Terminal, should remove all hesitation.
The deposits are, from this time on, to be
made with the utmost rapidity so as not
only TO avoid embarrassment and friction
which would coma from the imposition Of
any fine or penalty by the reorganization
committee on those who come In too late.
but 80 as to put the reorganization commit
tee in the way Of moving forward
rapidly. The matter is now clearly
seen to be what it has always
been seen to be by those who have had a
fair view of it. struggle between an eff
fort TO organize the Georgia Central, free
and simple, and free from entangling alli-
ances, on the one hand. and an effort to
coerce it into a combination which is, in the
best opinion of those who are conversant
with the affairs, an alliance which cannot
be productive of any good results. either to
security holders of the Central OF to Savan-
nah.