The morning news. [volume] (Savannah, Ga.) 1887-1900, 1893-04-09

the rate, by reason of the dividend on the
preferred stock allotted 60 them will be in
creased to per cent. This, it seems to me,
is very much better than au extension of
the tripartlte bonds al even per cent. and
leaving the millions OF floating debt a mill
stone about the neck Of the company, to say
nothing of the other obligations, the intsrS
cot upou all of which, as has been shown,
the company did not earn in it's most pros-
porous years, all at time, too, when busi-
ness was very much depressed, earrings
largely reduced, the property in bad ply
steal condition and confidence generally
shaken.
The truth Is, and It is admitted by Mr..
Calhoun, that there must DO reorgani cation
or an absolute wiping out Of the stock and
large part OF the junior securities, accom-
panied by general disruption of the sys-
tenn This Is "A matter in which not only
the security holders are interested, but it
concerns every person In the state who has
and feels an interest in It's prosperity. The
proposition ls too clear to require demon
stration.
The plan Of reorganization proposed is
the result of careful study. and think gives
TO each and every class Of security holders
az fair an allotment OF or interest in the
securities Of the new company to he formed
as IL Is reasonable to expect possible ! have
heard no serious objection 10 the plan on
strongest and most reputable tinanciers and
financial institutions in this country. ! am
informed that already very large amount
OF the junior security holders have ac-
cepted the plan by depositing their securi-
ties under it. Why then attempt TO stir up
dissensionsl II Mr.. Calhoun was Offering
better plan there might be some cause for
his action, but he admits that be has no
plan, other than to get some one to take up
ond held the tripartite bonds at per cent.
ana then 20 ask some one else to prepare
plan of reorganization for the Terminal
company, the Richmond and Danville com-
pany and this company, with the purpose OF
placing the control Of the Richmond and
Danville, this company and perhaps the
East Tennessee, Virginia and Georgia, in
the hands of the Terminal company. This
Ia clearly against the policy and laws of the
state as well as the wishes Of a large ma
jority of the security holders Of this COM
pany, and would certainly invoke litigation
No, II this property is insOlvent, il reor-
9anization Is necessary, and II the plan
proposed is a fair one, such a course ia
clearly not In the interest OF either the
holders of the stock or junior securities, but
upon the contrary the sooner plan OF re-
organization is contaminated which recog~
nlzes fairly, as l think the plan proposed
does, the different classes Of securities, and
by which the system can be firmly bound
together the better 10 will be for the
country and the security holders.
For the Information Of those Of your
readers, personally unknown TO me, and
who do not know the circumstances under
which / occupy my present position, per-
init me to say that my pecuriary interest
in the affairs Of the company is very small,
too srlall to influence or warp my judg-
ment | have no personal ambition to
crafty other than to restore 70 the country
and TO its owners a grand property extri-
Gated from its ernbarrassments.
H. NJ. CONFER.