The morning news. [volume] (Savannah, Ga.) 1887-1900, 1893-04-01
THEY WILL BE DEFEATED
ENEMIES OF THE CENTRAL MEET
MANY DIFFICULTIES.

Telegram Said TO be From Macon
The Savannah and Western Almost
Certain to Remain a Part of the
OBSERVATION-DISCLOSURES of Securities Yes
terday Very Heavy,
There seems TO be no doubt that the ap-
plioatlon for an independent receiver for
the Savannah and Western railroad is the
work of parties interested in the Richmond
/ Terminal, who, 1t is believed, have been
responsible for the various reports sent out
from New York which have had a tendency
detrimental to the success Of the reorRaniza-
| ton Of the Central railroad.
/ IL is stated that the opposition to the re-
organization on the part Of these Richmond
Terminal people who are doing most of their
| hostile work under the surface arises from
TWO causes. First, those interested in the
Richmond Terminal are endeavoring to
| cause the disruption Of the Central system
with view TO keeping the main portion OF
il within the control OF that corporation,
and second, another ring is said TO be COM
posed Of some people formerly connected
with the Richmond Terminal. Which is in
terposIng distractions for the purpose of
private gain, hoping to make money by
being bought off. That the reported pur-
chase of the tripartite bonds in the in
terest of the junior security holders was the
outcome Of one Of these undetermined
schemes, there can be no doubt. The tri-
Dartlte bonds are protected by reserve
fund under the reorganization plan, and are
good at any time and under any circum-
stances for principal aud interest, so form
perfectly safe investment. The purchase
Of .r-k Of NIT 60
the foreclosure proceedings is looked upon
as an attempt to make money by being
bought off as there is no chance whatever
to be taken In purchasing them.
A BOGUS TELEGRAM.
1t was learned yesterday from a gentle
man who has been conversant with the af-
fairs of the Central, especially in New
York, that a telegram from Macon APP
| peared on the tape in the exchange just be-
fore the publication Of the Southwestern
report, stating that the report strongly OPP
posed the reorganization plan. This was
another effort on the part of the Central's
enemies to interfere in the proceedings by
| endeavoring to destroy confidence in the
plan.
1t has been since learned that that tele-
gram did not originate in Macon, but was
a scheme ooncocted probably in New York
| by enemies of the Central system.
These and similar schemes have been put
on foot with a view to defeating the re-
| organization of this valuable property, but
SO far they have resulted in failure, and
| nothing will be gained by them on the part
Of those who originate them. Other tele-
grams have been sent out of a similar tenor
which have afterward been shown to be
false
A letter was sent out few days ago by
the reorganization committee denying any
arrangement TO stop the foreclosure pro-
| ceeding by purchase of any or a part of
| the tripartite bonds A well-known mem
| Der OF that committee states:
1--WE are opposed to recognizing the
property through the newspapers, but it
was decided to give out that statement for
the information aud benefit of those con-
! cerned in the success Of the plan. There has
been enough of the securities deposited to as
sure us that the reorganization Of the Central
main stem at least will easily go through,
and there is little doubt but that the sys-
tenn will be reorganized as a whole. The
| enemies of the system have made strong en-
| beavers to thwart the plan, but l think
they have been whipped and am of the
! opinion that they realize It."
THE BoNDHoLDERs OPPOSE 1T.
| There is little doubt that the Savannah
| and Western will remain a part of
the Central system under Receiver
| Conner. Information comes from New
| York from prominent member Of the re-
| organization committee that the majority
of the bondholders Of the Savannah and
| Western not only oppose the application
for an indeDendent receiver for that part OF
the system, but that In most instances they
have deposited their bonds with the Mercan.
| tile Trust Company for the purpose of en-
term G them in the reorganization plan.
One thing is certain, that the applica-
ton for an independent receiver for that
I~vr, 10. L.
| Trust Company of New York was not
sanctioned by a majority OF the bond
holders, nor do the petitioners alIege that in
| their application. Probably il was made on
| the part OF very few Of the security holders
This will strengthen the Centrai's side Of
the case and there is little doubt but that
tho property, which by itself would lose
half its value, will be foreclosed under the
plan of foreclosure Of the entire Central
system.
HOW THE SECURITIES ARE COMING IN
MIR. Conner said yesterday that he was Of
the opinion that enough of the securities had
been deposited to insure the reorganization
of the main stem of the Central system
whatever happened to any Of the auxiliary
lines.
The deposits at the Southern Bank YES
| terday reached over S500,00 There were
deposited over z, 500 shares of Southwestern
| bbOCh, hllO up W uhb6 Ou5-lIG0 OF LQ6 SeCurl-
ties of that road have been deposited, ale
though Southwestern security holders have
until May l to deposit them, as in the case
of the Augusta and Savannah, The de-
posits yesterday were mainly South western
stock and debentures, in which nearly
$780, 900 was deposited.
There are three clerks on duty now at the
| Central Railroad Bank making transfers to
the books OF the Mercantile Trust Company,
aud it is all two men can do to issue receipts
fast enough for the deposits at the South
ern Bank.
THE TIME EXTENDED.
According to the agreement the time for
depositing the securities expired tonight,
but dispatch from New York states that
the reorganization committee has extended
the time to May for all Central securities.
Pertinent to the reorganization of the
Central application has been made by the
reorganization committee to the New York
Stock Exchange to list the Mercantile
Trust Company's certificates of the Savau-
nah and Western bonds and the collateral
trust bonds OF the Georgia Central rail-
road.
The Title Guarantee Company.
The annual meeting Of the stockholders
of the Title Guarantee company will be
held Monday night in Odd Fellows build