The morning news. [volume] (Savannah, Ga.) 1887-1900, 1893-10-09
CEyTRAL'S SALE PUT OFF.
Depressed Financial Conditions Cause
a POStpOnemeRt.


Richmond Terminal Partisan-H His
Headquarters to Be in New York.
The Central railroad will not be sold
before the first of April and the chances
are that it will remain in the hands of
the court even longer than that Such,
however is the effect Of an order passed
by Judge jackson at the hearing which
took place before him on Friday and Sat
urday.
This order was taken at the suggestion
Of Attorney Turner, who was represent
ing the interests Of the Farmers Loan
and Trust Company which is acting as
trustee for the tripartite bonds. He
stated that the present financial troubles
resulting from the monetary stringency
through which the country has just
passed would make it impossible for any
plan Of organization to be put on foot at
the present time, and he suggested on
that account that the decree be changed
accordingly Justice Jackson, it seems,
took the same view Of the matter and is
sued an order changing the decree so as
to make the date Of sale April 1, this be-
ing satisfactory to all parties concerned.
MAY BE IN COURT FOR SOME TIME.
Unless there Is a change in the fnan-
cial situation, however, as the new date
of sale approaches, the probability is that
| the road will remain in the hands of the
court for a much longer time than that
Under the present monetary conditions it
| is impossible TO find anyone who will even
| talk reorganization.
The parties or concerns who undertake
the reorganization Of the property will
| have to be in position whenever they do
| undertake it, to put upan enormous amount
| of money, perhaps Sl0,000,000 or $l2, Co.,
| 600 Under the present existing condi-
| tions. when money is bringing such a
| heavy rate of interest in New York and it
is even then almost impossible to get it in
any amount, that would be impracticable.
| AS long as this is so IL will be impossible
to reorganize the property, and as reor-
! ganizatiOn is the only course to pursue,
| the property will have to await change
in the money market and in the mean
| time remain in the hands Of the court.
The MORNING NEWS predicted some
| time ago that the property would not be
sold on the date originally set, and unless
| there are some decided and quick
changes it will not reach a sale on the
new date which has beer set by Justice
| jackson.
THE oENTRAL's co-EEcEIvER.
The appointment of a co-receiver for
| the Central was not a surprise to Mr.
! Conner, the present receiver, or the attor-
neys for the Central, but, on the other
! hand. was made with Mr.. Corners knowl-
edge and consent before the action of the
| court was taken.
The appointment of Mr. r. Summers
| Hay as co-receiver of the Central system
| will be effective as soon as he accepts and
| files with the court a bond equal in
amount to the bond required of Mr..
L. Ill
| upon his new duties has not yet been
| learned. Mr.. Hay is now in Chicago,
where he is in charge as president of the
! New York and Northern and St. Paul and
| Duluth railroads.
| The appointment was made, as has
| been stated, with Mr.. Corners consent,
| he having been consulted before the
motion was made in chambers. There
was no opposition whatever from him be-
fore the court 1t has been known that
Mr.. Conner did not object to the appoint
ment of a co-receiyer so long as it was not
made under the various charges which
have been preferred against him by those
who have at various times been seeking
such an appointment, and it is fact that
before this appointment was made all the
charges against the present receiver set
forth in the petition of Mr. Tiluey asking
for the appointment, were withdrawn
This having been done, no fight against
the appointment was made.
GOV. CHAMBERLAIN NOT CONSIDERED.
Ex-Governor Chamberlain name was
suggested by Tilney and those Joining
him in his petition to the court. but the
appointment of Mr.. Hay was made at the
suggestion of the New York attorneys in
the case representing the New York Mu-
tual Life Insurance Company, the Cen
trial Trust Company, the Farmers Loan
and Trust Company, the parties holding
the floating debt and other security hold
ers in New York city.
The appointment of q co-receiver was
based solely on the idea that a large prop
erty and large interests Of a complicated
and complex nature were concerned, and
as has been stated the property was
likely to remain in the hands OF the court
for some time to come, perhaps much
longer than is expected, and two receiv-
ers, which is usual in such cases, would,
perhaps, be able to discharge the inter
ests more satisfactorily to all con-
cerned than one. MIR. Conner was APP
preached on that line before the matter
was brought into court and, under these
circumstances, readily gave his con sent.
In none Of the remarks that were made
before the court was the present receiver
criticised, and Justice Jackson in making |
the appointment, distinctly stated that it
was not with any idea Of rejecting on Mr..
Conner, but on account of the fact that the |
property was large and so many interests
were at stake, together with the fact that
1t was liable to remain for some time in
the hands of the court.
NOT PARTISAN
Mr.. Hay, the co-receiver, was appointed
under the highest Recommendations
made by the New York attorneys
mentioned above. He is "A thoroughly |
practical railroad man and is believed
TO be good man for the place He is not
interested in the Central railroad and
owns none of the securities of the road.
His only interest in the road will be in
the performance of his duties as core
ceiver and those duties will be co-ordi- |
nate with those of the present receiver, |
with whom he will cooperate to the best !
advantage for all interests concerned.
While Mr.. Hays duties will be co-ordi-
nate with those of Mr. Conner and he will !
be frequently in Savannah on the bust
ness of the system, he will probably be
located in New York and will look after
the road interests there. The road S inter
ests in New York are2large and it is well.
known that in the prosecution of his
duties the present receiver has been
called there often.
NOT A TERMINAL MAN
Mr.. Hay is not, as was stated. a partisan