The morning news. [volume] (Savannah, Ga.) 1887-1900, 1893-02-28
MATTERS MUCH sIAPLIFIED.
Central Securities Now Transferred
at the Central Railroad Bank.

| Central Securities Now Transferred
at the Central Railroad Bank.
a rev departure has been made in the
methods of depositing and transferring
/ Central securities, which will have ten
dency to reduce the amount Of work 10
[ connection with it to a minimum both here
( and, when the organization proper IS IN
dertaken by the committee, in New York.
/ Before this method was adopted IL was
necessary % forward with the securities a
/ special form Of the power Of attorney, be-
I sides making out and signing q separate
! intricate certificate enumeratlng each scrip,
( both mum Der and amount, Cor each kind OF
| security and stock deposited, in addition to
making out a special certificate Of the trans
| fer Of the stock to the Mercantile Trust
| Company Of New York
All this had a tendency TO compicate
matters in the extreme, and in view of the
rush Of deposits, which is expected as soon
as the Southwestern trouble is settled, it
would have made it almost impossible to
have gone through with the work in the
time prescribed.
The new arrangement does away with all
of this, however, and now depositors
of Central securities, such as
stocks, certificates of indebtedness and
registered bonds, instead OF attaching
powers OF attorney, and depositing them IN
that shape with the Southern Bank, will
from this time on transfer their securities
into the name Of the Mercantile Trust Com
pany at the Central Railroad Bank, or at
the points where the transfer books of the
several securities are kept, after which they
will deposit them with the Southern Bank,
which will continue to issue its receipts as
heretofore.
All that is necessary then is for a deposit
tor to take all his scrip TO the Central Rail-
road Bank, where he can have 1t trans
ferred TO the Mercantile Trust Company on
the transfer books. and the bank will issue
him one scrip for which he will
receive a certificate of deposit, and
the transaction is completed. In
the case of Southwestern stock
such transfer will at present be made in
Macon, as the transfer books OF that road
are now there. They will then be for
warded to the Southern Bank without
power Of attorney, and the receipt will be
Issued.
A large amount Of stock which has al
ready been deposited with power of attor-
ney will have to be handled by the com
mittee and transferred by some one APP
pointed by IL who shall exercise the powers
of attorney connected with il, in order to
make the tranfer. which will have to be
done before the reorganization can be uu-
dertaken.
Ia Chae Oh pdTtles at a distance from Sa-
vannah, all that is necessary is for them to
forward their securities to some friend,
with power of attorney. and he can have
the securities transferred on the books at
the Central Railroad Bank, after which the
depositinE of them with the Southern Bank
is q very simple matter.
Executors, administrators, trustees and
guardians can find out on application to the
several transfer offices what it will be neces-
sary for them to do to avail themselves of
the reorganization plan aud TO deposit their
securities. In general way it may be said
that any authority which enables them to
transfer the securities will enable them to
join in the reorganization.
Executors, administrators and others can
transfer the securities in their possession by
presenting the usual aud proper authority
as such, and with this exception the method
of deposit Is as simple as In the case Of an
original holder.
This change in the methods of depositing
the securities has simplifed matters 80 per
cent, aud when they begin to roll in in great
patches after the settlement of the South
western matter, the transfer and deposit of
them will be expedited and it will no longer
be necessary for the transfer to be made hy
a committee appointed by the committee
on reorganization, after the securities reach
New York.