The morning news. [volume] (Savannah, Ga.) 1887-1900, 1894-10-16
ERLANGER HOLDS CONTROL.
Lively Times at the Cincinnati South
eTn Meeting.


the Property Goes to the Block.
Cincinnati, oct 15.-At 10 o'clock this
morning the principals in the fight for the
final control of the Cincinnati Southern
railroad began to arrive at the general
offices of that company They repre-
scented two great railroad systems, both
anxious to secure control of the prop
erty. The first interest is the Cincm-
natl, Hamilton and Dayton syndicate
The other is the recently organized
southern Railroad Company, of which
Samuel Spencer is president and of which
Drexel, Morgan & Co We're the chief
organizers and promoters. Receiver Fell
ton OF the Southern road called the meet
ing TO order a few minutes after 10
o clock. The first business considered
was the report of the president and re-
ceiVer, Samuel M. FELTON,. 1t shows the
! total earnings for the year to be So, 576,-
! 1911, and the expenses for the same pc
riod $2,6G32l5.35, leaving net earnings of
$91l 76i.l2. Compared with the earnings Of
last year, there is a decrease of S596, 500. "A.
but large decrease is shown in operating
| expenses.
The first vote cast was by DR.. I.auter-
bach, the New York attorney who is
! Baron Frlanger's representative and who
offered the proxy for the 10000 shares Of
stock held by the Alabama Great South
ern Railway Company. Mr.. Morgan, rep
! resenting the Central Trust Company of
New York filed q protest against Mr..
/ Lauterbachs vote being accepted on the
/ ground that the shares of stock for which
| Mr.. Lauterbach held the proxy were a
portion of the stock which had been given
/ as security for the Cincinnati extension
/ bonds given by Messrs. Brice and Thorn
I 81, f11sa
/ controlling interest of the Alabama Great
/ Southern Railroad. The proxy Mr.. Lau-
| terbach offered for the 10000 shares was
/ from the Alabama Great Southern Rail
road Company, limited of London, which
company was the Alabama Great South
ern Railroad Company. The proxy was
accepted and the vote counted.
c. c. Harvey then offered the proxy of
| the "Flower" holdings and it was ac-
Cepted without protest.
Townsend Morgan, who represented the
| Central Trust Company of New York, Of
fered the proxy of the company for 1900
| shares.
Mr.. Lauterbach filed a protest against
the acceptance of the vote, on the ground
! that Henry A. Taylor is the owner of
s.. .O01, 600 OF the Cincinnati extension bonds,
! and was entitled to vote the stock in ques-
ton as it was held by the Central Trust
! Company of New York, as security for
those bonds Mr.. Lauterbach stated that
Mr.. Taylor had requested the trust COM
! pany, for a proxy, to vote the stock on
Oct IL, but that the proxy had been given
to the opposition. The vote was accepted,
! however, by the tellers.
This stock voted by Mr.. Morgan is the
5000 shares that Messrs. Brice and Thomas
were required to put up with the Central
Trust Company when they gave Baron
! ErIanger the 5000, 900 of Cincinnati exten-
| sion bonds, in payment for the controlling
! interest in the Alabama Great Southern
/ railroad and Cincinnati, New Orleans and
! Texas Pacific Company. They originally
| deposited $500 600 in cash which remained
with the Central Trust Company until
they succeeded in securing on the market
5000 shares of Cincinnati, New Orleans
and Texas Pacific stock, which they de-
posted with the Central Trust Company
and took down their cash. This gave
Messrs Brice and Thomas with
! 10000 shares in the Alabama Great
Southern road the controlling interest
in the Cincinnati New Orleans and Texas
| Pacific Company, without depending upon
the Flower" stock,
The other stock was voted without pro-
| test.
To-day's election plainly developed the
| fact that Notwithstanding that the Gin
! cinnat Hamilton and Dayton syndicate
have made some sort of deal with Baron
| Erlanger for Cincinnati extension bonds
that the baron still controls the Alabama
| Great Southern and also the Cincinnati,
| New Orleans, Texas Pacific through its
holding of the 10000 shares of mortgaged
Cincinnati, New Orleans and Texas Pa
cifc stock with the Flower holding to
help him. and the stock of the Alabama
Great Southern Company, limited, of
England, which company owns all except
| nine or ten shares of the stock of the
| Alabama Great Southern railroad in the
country. The baron. when he sold out
| the controlling interest in the Alabama
Great Southern and Cincinnati. New Or
leans and Texas Pacific, never let go OF
his voting powers in those companies,
but tied both Messrs. Brice and Thomas
up as a burglar proof safe. He accepted
| the $6O000O0 Cincinnati extension bonds
in payment with a proviso to the effect
that if the bonds turn out all right you
get the stock of the Alabama Great
Southern and Cincinnati, New Orleans
and Texas Pacific, but if not l will keep
| them and vote them for you" That is
what the baron did during the Brce-
/ Thomas regime on the Alabama Great
| Southern and Cincinnati, New Orleans
and Texas Pacific roads. and what he did
| to-day.
This annual meeting of the Alabama
/ Great Southern stockholders at Birming-
| ham and the annual meeting Of the Gin
| cinnat New Orleans and Texas Pacific
| stockholders are merely preliminary
/ sllirmishe6 10 the real DdANie TOT the pos
/ session of the Alabama Great Southern
and Cincinnati New Orleans and Texas
| Pacific which will take place, when the
majority Of the stock of the Alabama
/ Great Southern Railroad Company, linn
tied, OF England. is sold at foreclosure to
satisfy the claims of the holders OF the
Cincinnati extersion bonds The new
board of directors will organize by elect
ing officers later If the Southern rail-
way bids in the property az the fore
closure sale, or the Cincinnati. Hamilton
and Dayton people bid II in the price OBJ
tained will be such that the holders OF the
Cincinnati extension bonds will benefit
The following directors were elected: s.
/ NJ. FELTON,, G. g. Harvey. T.. W. Klttredge
| Alexander Mcdonald, Lawrence Maxwell
| NJ D. Woodford and Eugene Zimmerman
all OF Cincinnati; n +. Shoemaker and
/ Alfred Sully, New York. Messrs. Felton,
I Harvey and Mcdonald are the only ones
/ Of the old board reelected. They were on
/ both tickets and received H,G7O votes out
OF the 10000 shares voted. The other six
directors each received 22,G70, all OF them
T being IA the Cincinnati, Hamilton and
Inwt0u uWWdfrHfo that u0v anaur~a tsta