The morning news. [volume] (Savannah, Ga.) 1887-1900, 1893-04-13
SOUTHWESTERN TO GO In
THE srOCKHOLDER VOTR IN
FAVOR OF TEE PLAN.

The Vote stood 5G,3s6 Shares in
Favor of Sticking to the Central TO
1857 Against H-Flvo Thousand
Shares Present and Not Voting-Mr.
Gresham Explains His Change Of
Front.
MACON, Ca. April 12-The Southwest
ern stockholders met at noon to-day in the
Academy Of Music in adjourned session
from Feb 10. The day was spent in pre-
pairing summary proxies present and busi-
ness was not transacted until 9:30 O'Clock
Tonight, when the report Of the reorgani-
2ation committee rendered on March 20 was
read. To this Capt. Raoul offered q sup-
plement to the effect that the attor-
neys Of the company take steps
preventing the enforcing of liens upon
It's property and to segregate it's earnings
for future adjudication to be held as a trust
fund for tho Southwestern stockholders.
Ho asked that a meeting be called at a
future date, when any objeotors 20 the reor-
ganizatlon plan might protect their rights.
julius Rensome suggested that the CONS
mittee give their reasons for reaching their
conclusions as embodied in the report, since
it is contrary TO their opinions expressed
at the meeting held in February
CAPT. RAoUL SPEAKS.
Capt. Davis moved tho adoption Of tho
report and supplement-. pending which Mr..
Raoul spoke. He stated that if the road
operated itself the entire net earnings for
four years would be needed to put it in con-
dition. Assuming an earning of per cent.
he AI,I ;, 40
per cent. The Central should earn money
enough TO give above par value for South-
western stock unless there Is great depres-
sion of business, which would have a SINH
lar effect on Southwestern if taken back.
He thought the earnings should be set aside
as a trust fund and not TO pay the debts OF
the road.
Gen. Lnwton Of Savannah advocated
the adoption of the report without unnec-
ossarY discussion.
GRESHAMS FLOP EXPLAINED.
T. B. Gresham of Baltimore gave his
reasons for his alleged flop since the last
meeting He said he bad changed his mind
because he had not had until recently an
opportunity TO learn the merits Of the reor-
gauization plan. At one time he thoughb
that the property in the possession of its
owners would be "a paying one. He had OK
amiued that question thoroughly, and had
been convinced that it would not. Ho de-
clared it a dangerous experiment. ID be un-
dertRken, far more 80 than tho reorgauiza-
ton plan. He was satisled that Che value
OF the new securities. while not as high
as the committee placed upon thom,
would be enough to enable the
realization for the stock. They must put
the property, which 4 ow dead, upon a
live basis. The partie" tacking the reor-
ganization plan wanted a finger in tho pic
and to form plans themselves. II Mr.. Gals
houn, he stated, could get his hands on the
road he would unfold plan himself worse
than the one offered now. 1t was best then
to accept the plan partly under way. He
declared that the Southwestern stockholders
could not take back the road peaceably any
way.
Mr.. Conner offered resolution that oil
litigation be governed by the board Of dis
rectors.
VOTE FOR TIE PLAN.
When the vote upon the adoption or re-
lection Of the report was taken, there were
present 1852 personal shares and "a ,90t by
proxy.
w. G. Solomon of Macon made a poins
against Mr.. Conner voting the 10000 shares
Of the trust company, but nothing came
Of It.
The vote On the report resulted In it's
adoption by an overwhelming majority
$685. shares being voted for it and 2,537
against the plan.
Fully 5000 shares present we're not voted.
Capt. Raours supplement providing for
legal protection and Mr.. Comers resolution
we're both adopted.
The meeting adjourned at midnight after
appointing a committee Of three. with Mr..
Conner as chairman, to arrange the proxies
the day before the next meeting is held to
expedite matters.
TERMINALS REORGANIzA