The morning news. [volume] (Savannah, Ga.) 1887-1900, 1893-07-21

Inns committee I'm their circular published
this morning. for the failure of the plan.
rs that large number OF security hold
ers did not give the plan their support.
mis- after repeated scmi-ohlCial state
ments made some time since, that O sufi-
cient number of security holders had
come IN under the plan 10 insure lis sue
cess. Another reason given-that the
| net earnings OF the company recently,
I have fallen much short Of the estimated
! net earnlngs-seens TO show that the com
mittee are trying 10 find some excuse for
their failure. It seems unreasonable to
take as O standard the net earnings Of
the road during recent times under Ordi-
nary circumstances, but when large sums
of moneys have been expended in better
ments which have been charged up to Op-
Grating expenses, the idea of taking this
as an excuse, seems more than tlimsy and
weak
The advice given by the reorganization
! committee to allow the property to re-
main in charge of the United States
courts until the earning capacity be re
established should be needed only so
much as to cause the friends of the road
to exert their every power to Consummate
an immediate reorganization. They
must not lose sight OF the fact that the
road is ordered to be advertised for sale
| in January, and if they wait and lie dor
! mant until the earning capacity of the
! system be re-eStablished, - the property
will be sold before a.inEer could be moved
to help it.
The belief, very frequently expressed
lately that DreXel, Morgan & Co.
will, on account Of the large interest that
the Richmond Terminal has in the Cen
tral, take hold of and reOrganize the
! Central, seems to be based on the most
! insecure foundation. 1t will be decid-
| eddy more advantageous for the Rich
mond Terminal to lose its $4,000 shares
! of Central stock and acquire the whole
road under foreclosure sale than to save
| its AZ GOO shares under any plan of reor-
| ganizatiOn that could be devised, and
this is, in the writer's estimation the
| man cause why the Hollins plan failed
Under all these conditions of affairs, it
| seems that the thing to do is for the city
of Savannah to step in and save the prop
erty by reOrganizing it. If it hasn't the
right to do this, let it acquire it; the
beneficial results of which action would
be manifold. The saving of something
for the security holders, among whom are
all the charitable institutions of the city
and who, if the reorganization fail
| through, will either have to give up their
| good and necessary work, or, as has al
ready been the case in one instance, the
authorities will have to be asked
for help, is not the only good TO be
accomplished, but the reorgauiza-
ton of the Central railroad is
! something that each and every man in
Savannah, whether security holder or
not, should work for. Reorganization
/ means the road working in the interest of
| Savannah, foreclosure working in rop-
| position to Savannah. The difference in
! the two being a matter of thousands Of
! dollars year to the city.
Now as to The direct return to the city as
! a corporate body, II. B. HOllins & Co. cid
not undertake to reorganize the Central
! for love or glory, but for the money that
! there was in it for them. The plan that
| they proposed is now acknowledged By all
| TO have been as good as any that could
| have been devised, and the city could I'M
! dertalxe the work from where Il has
| been stopped, saving the great expense
| that. the reorganization committee has
| already been to increasing the profit to
! the city by so much. AS to the practica-
/ bility of the plan, the writer firmly be
| lieves that it will be found equally as
| practicable now as when it was first pro-
| posed. The plan was carefully formulated
| after a most minute and thorough inVesti-
| CATION Of the earnings of the road in the
| past, and with more economical manage
ment than in the past, the earnings will
| be increased. The general stagnation of
| business the past few months, coupled
with the money expended for bettermepts
/ of the road, has proven only a loophole
| for the committee to drop the reorgani-
! cation.
The writer of this is only in a very
| small degree directly Interested in the
| Central but as buslneis man he secs how
| largely Savannah has been dependant on
! the Central railroad. Customers, who
| for years have been deemed the best, are
| now literally unable, despite the best
! intentions on their part to pay accounts,
their entire revenue being cut OF by the
! Centrals downfall. Thus in rehabilitat-
| ing this grand old property, the city
would not only benefit its charitable in
! stitutions and the other security holders,
! but the money thus put again into circu-
| lation would bring indirect but great
| benefit TO each and every person in the
| city, and. besides this. the direct financial
! gain to the city would be immense.
Should the editor of the MORNING
NEWS think it at all within the province
of the city to reorganize this property
and urge it through the columns of
his valuable paper until its completion
he win accomplish one Of the greatest
things Of all ne has done for the Welfare
of our healthful city.
A BUSINESS MAN.
At nAT~, mrJ-, r,yyTEu I'D CNTu