The morning news. [volume] (Savannah, Ga.) 1887-1900, 1893-04-05

Methods for Blocking Reorganization.
! Various methods.~re being adopted to
| prevent the adoption Of the plan for the re-
| organization OF the Central railroad. At
tentton has already been called by the
/ MORNING NEWS 20 the suits which have
been begun, and to what seams to be the
purpose OF them. No one OF them appears
to have the best interests Of the great bulk
of the security holders in view.
And now the opponents OK the reOrgsnizs-
tion plan have gone into newspapers to
! alarm security holders by suggesting that
there is disqualification with Receiver Conner
and Judge Speer- 1t is pointed out that
application has been made to Judge Pardes
for Independent receivers for the Port Royal
road and the Savannah and Western, and
also that an application has been made to
Mr.. Justice Jackson Of the United States
supreme court for an injunction 10 prevent
tbs sale OF the Central under foreclosure. It
is insinuated that the reason Of these appli-
cations IS dissatisfaction with Judge Speer
for what he has done in Centrsps affairs
and with Receiver Corners management Of
the Central's property.
A moments consideration shows that the
application was made TO Judge Pardee for
independent receivers for the Savannah
and Western and the Port Royal roads in
stead Of to Judge Speer because those roads
lie partly or wholly outside OF Judge Speer's
jurisdiction, and not because the security
holders Of those roads are dissatisfied with
Receiver Conner. Judge Pardee said as
much when he was here a day or two ago.
If the great body Of the security holders
had any complaint to make against
either Judge Speer or Receiver Conner
they would not make it through
those who are, as far as the keenest OBJ
server can see, hostile to their interests.
As matter of fact Judge Speer is doing
what he believes to be for the good of the
Central and its security holders, and no
man questions the purity Of the purpose of
Receiver Conner. Mr.. Conner has the con-
fidence of the security holders and of the
people of Georgia in the highest degree.
That is 90 generally admitted that there Is
no occasion for citing proofs Of it.
The bringing of the injunction suit before
Mr.. Justice Jackson. does not indicate
preference for him over Judge Speer. IL
was proper that the suit should have been
brought before him instead OF Judge Speer,
because the suit asking the foreclosure is in
Judge Speer's court.
A rather remarkable feature of that
suit, however, is that in connection
with it the statement is made that
the New York Guaranty and In
IDENTITY Company is ready to take
up the tripartite bonds and carry
them for an indefinite length Of time That
company is the child of the New York
Mutual Life Insurance Company, and the
Mutual Life is the party. as the holder Of
81 200, 900 of the tripartits bonds, that res
quested the Farmers Loan and Trust Com
pany to begin the foreclosure suit. It looks,
therefore. as if the New York Mutual Life
wanted the New York Guaranty and In
demntty Company to get control of the
tripartite bonds and enjoy the emoluments
growing out Of a reorganization Of the Cen.
trail
II the Central is sold under foreclosure
il will be offered to the highest bidder. If
the parties bringing the injunction suit
have plan for the reorganization of the
Central and think it a better one for the
security holders than the present one, why
don't they wait and bid in the property at
the sale? The sale would offer them
chancs to show how much they are will ng
to do for the junior security holders