The morning news. [volume] (Savannah, Ga.) 1887-1900, 1894-10-23
TO REoReAH1zE THE PROPERTY
A Plan for the REORGANIZATION Of the
Electric Railway Soon to Be An

A Plan for the REORGANIZATION Of the
Electric Railway Soon to Be An
nouncsd.
plan is now on foot for the reorgani-
cation Of the Electric Railway Company's
properties. An effort has been made TO
keep the fact a secret, and the details OF
the plan will not be made known for sew
eral days. The plan is believed to be
practically complete, however, and Mr..
". W. MackaH. one of the attorneys for
the company, who has had principal
charge of the work of preparing it, said
yesterday that 1t would soon be in shape
to be given to the public.
President Collins said some time before
that he had a surprise for the people OF Sa-
vannah, WHICH would be made known
within few days. He probably alluded
to the plan Of reorganization, which per-
haps he did not expect to become known
so soon.
Mr.. Mackau admitted to a Morning
News reporter that the report that plan
Of reorganization was in preparation was
correct. He declined to state any Of the
details of the plan, however, which he
said is not yet complete. and for that
reason he could not discuss it. All in
terests involved in the Electric railway,
Mr.. Mackall said, are aware Of the plan
and are united in the effort to bring ABOUT
a plan which will give satisfaction to all
concerned. There viii be no shrinkage of
the holdings OF any of the bondholders,
he said, and in the new Issue of bonds the
holdings Of the various parties interested
viii be in the same proportion as their
present holdings.
'The object Of the plan" said Mr.
Mackall 'is.to Substitute for the present
holdings a single lien upon all the prop
erty supporting all the bonds. There are
at present two sets Of first mortgage
bonds, those Of the Belt line people and
those Of the original Electric Railway
people, each having a first lien upon one
portion of the property and a second lien
upon the other portion. This complexities
matters. II is our intention to substitute
for these separate holdings single bond,
which can be placed upon the market as
the only first mortgage bond of the Elec-
trio Railway Company. This will simplify
matters greatly. The reorganization will
complete the consolidation of the proper
ties contemplated when the deal with the
Belt line people was made, by which the
two properties were brought together. All
interests will be taken care Of and there
will be no ground for complaint from any
quarter The indebtedness of the com
pany will, of course, be provided for
Our indebtedness IS not large and
the greater part of 1t is by stockholders
of the company"
Mr.. Mackall said that there is no dan
ger of a receiver. There are one or two
small accounts in dispute which will be
readily settled. as soon as adjusted" he
said. 'The Electric railway company is
in a good condition. In spite of the money
stripgency, general hard times and the
street railway war, It has managed to get
along and make some money. We are not
losing any money at present on account
of the fight that is being waged upon
us and can afford to keep up the present
fight indefinitely"
Mr.. Mackan said that the plan of re-
! organization will in all probability be an
nounced next week.