The morning news. [volume] (Savannah, Ga.) 1887-1900, 1893-02-08
READY FOR DEPOSITS.
CENTRAL's PLAN OF REORGANIzA-
TON PRACTICALLY BEGUN.

The Mercantile Trust Company of
New York and the Southern Bank
of Savannah to Begin Receiving De-
posts of Stock and Securities To
Day-Receipts VIII be Given, Which
Later on Can be Exchanged for Ger
tificates-Heavy Deposits Expected
by March 1.
The deposit of stock and securities Of the
Central Railroad and Banking Company
and leased and controlled lines, for the pur-
poses Of reorganization according to the
plan already made public, will begin to-day
at the Office of the Mercantile Trust Com
pany Of New York, which acts as trustee
for the depositors, and at the Southern
Bank of Savannah, which acts as the agent
of the trust company.
Receipts will be given at the Southern
Bank by Cashier James Sullivan, counter
signed by Vice President Horace Crane.
These receipts are only temporary until
the bank can transmit the securities received
70 the Mercantile Trust Company in New
York, which. upon receipt Of the securities,
will forward to the bank the engraved cer~
tificates OF deposit. which have been pre-
pared for this purpose. The depositors will
then exchange their receipts for oertih-
Gates.
THE COLOR OF THE RECEIPTS.
The bank is supplied with books of these
receipts for this purpose. The receipts for
bonds are printed in black, and those for
stocks in blue, to lessen the possibility OF
mistakes. Stubs are attached so that there
will be no difficulty in keeping a record of
tho parties 70 whom the receipts are issued
and the amount of their deposits. Each de-
positor will be given one receipt, stating the
amount and class Of bonds deposited, and
another of the same description for stocks.
A separate certificate will be issued, how
ever for each bond and share Of stock de-
posted.
The intention is 10 have the certificates in
such shape that they can be traded in as
readily as is the case with the original
securities, and in furtherance of this pur~
pose it is proposed TO list the securities on
the New York Stock Exchange.
RUSH EXPECTED.
Il is expected that very heavy deposits OF
stocks and securities will be made shortly
and that by March large portion il not
a majority Of all the securities of the sys-
tenn Will have been deposited.
The grounds for this belief are the
apparent general acceptance Of the proposed
plan of reorganization. Ii there ID any
opposition whatever in this section it has
not manifested itself. The reorganization
has been accepted as inevitable. Occasional
statements of the amount OF
deposits received will be given
90 the public. The stockholders of the
Southwestern railroad will meet in Macon
tomorrow TO receive the report Of the COM
mittee appointed at the last meeting to
make full investigation Of the plan and re-
port. Upon the report of the committee
will depend the decision of the question of
whether the Southwestern railroad will
enter into the reorganization.
The general impression is that the report
will be favorable and that the Southwest
ern stockholders will heartily agree to the
reorganization.
Receiver Conner is confident that a ma
jority of the stocks and securities of the en-
tire system will be readily deposited for
the purposes Of the reorganization.