The morning news. [volume] (Savannah, Ga.) 1887-1900, 1894-02-10
ALL PARTIES SATISFIED.
The Conditional Resolution Harmon
lied the Southwestern Meeting.

Nav Arise-Beleved That a Fair
Valuation win Be Given Its Securi-
ties Under the Reorganization-The
Southwestern's Earnings Ready to
he Paid over-Mr. Mills Thinks the
Result Entirely Satisfactory to All.
From all accounts the meeting OF the
stockholders of the Southwestern rail
road at Macon took harmonious course,
snd-she property's affairs are now in po-
sition to better insure its future we'll
being
The stockholders came to conclusions
in much shorter order than it was eI-
pected they would, and it is not at all IN
likely than the changed features Of the
RaouI resolutions by which they were
made conditional were prearranged and
well understood.
The Savannah stockholders all seem to
be well satisfied with the results Of the
meeting, and none are Directing TO the
severance Of the Southwestern from the
Central being made conditional upon
their road not being given proper recogni-
ton in whatever plan Of reorganization
may be put forward and adopted.
ADVOCATED By Mr.. ooMEE.
Receiver Conner, of the Central, who Is
himself a stockholder of the Southwest
eru, voted at the meeting 1879 shares OF
stock including the l,19S owned BY the
Central railroad. de also nao WIN MIN
the proxy of the Mercantile Trust Com
pany. for the shares held by them on de-
post, but that proxy was not voted.
When asked about the result of the meet
ing yesterday he said:
1T took the course which l have advo-
Gated all the time, a course which has
been advocated by every stoCkholder In
Savannah and every man who owns any
amount Of the stock anywhere else. The
resolution adopted was substantially on
the line / have advocated all along, and
was In accordance with the views of the
large stockholders here and in New York.
1.-THE proviso that the company would
not undertake to sever from the Central,
unless some plan of reorganization YVES
proposed which would be inequitable and
unjust TO the Southwestern made all the
difference in the world. There was never
any substan tial difference between myself
and any one else on these questions, as
stated when the resolution was first dis
cussed. | don't think 1t was Contempla-
ted by those who brought forward the
resolution in the directors meeting that
it would be carried out except as last
resort for the protection Of the South
westerns interests, and that is all that is
contemplated by the action Of the stock
holders meeting.
THE ONLY DIFFERENCE.
''The only differences that arose on any
questions, said Mr.. Conner, "were in the
election Of the board of directors. l was
in favor of retaining Gen. Lawton and
Capt John A. Davis on the board, and l
also nominated Capt. E'lannery. was in
favor of Gen. Lawton and Capt.
Davis because they were old di-
rectorsy they are largely inter
ested in the property, and are informed
OF all its conditions, needs and the cir
cumstances surrounding II. I favored
Capt. Flannery because of his wide expo
rience and because he is largely inter
ested in the property. They are men of
unexceptonal character and high-stand-
ing, not only In their own community,
but throughout the state.
Il have not word TO say against those
who were elected, however. The board
is a good one Its members are all
known to me personally, are friends of
mine. and there could be no objection
whatever raised to any Of them"
do you think the reorganization plan
that is to be put out will do full justice to
the securities of the Southwestern 2" MIR
Conner was asked.
YES was the reply. "If the property
is recognized under plan, put forward
by people who know anything about the
road, don't see how they could help
giving the Southwestern a fair showing
OF course, the question of the roads
liability on the trlpartite bonds has got
to be settled first by the appellate court,
as that must determine what value will
be placed on the Southwestern stock, at
least TO great extent.
''Ihe earnings of the Southwestern
Railroad Company are on hand in cash, y
Mr. Conner continued, land are TO be paid
n no pTr1f, my a. am ,.,1sa
OF court is obtained to do so. The appli-
cation for an order of court to turn over
this money has been postponed, at the re-
quest of the president Of the Southwest
ern Railroad Company, until the appeal
had been filed and the supersedeas bond
made"
MR.. MILLS ON THE RESULT.
Mr.. George J. Mills was one of the most
untiring workers in Savannah before the
meeting in securing proxies, and working
against the Raoul movement. He was
under the impression at one time, in
which many other stockholders shared,
that an attempt was to be made to sever
the Southwestern from the Central at
once, and this was his reason for taking
SO decided a stand against the resolution
proposed by Capt Raoul and others.
Mrs. Mills said yesterday that the
plan on the whole is very fair one,
and that after it was seen how things
were going, it did not take long to har-
monte matters.
1.-THE directors elected" MIR. Mills said,
fare new men, entirely unconnected with
the Central railroad All the Central
railroad men were left of. because IL was
thought they could not serve both inter
ests as well as they could one. Gen.
Lawton, Capt. Davis and Capt. Flannery,
who were nominated by Mr.. Conner all
declined TO serve, and the ticket put for
ward was generally consid cred a good one.
at was seen that there was TO be no
undue haste or immediate danger of Sc
verance, and this board will only be
called on to act with regard to the mat
tiers in this resolution passed by the for
mer board of directors in case the South
western railroad is unfairly dealt with.
If the question Of severance had come up
for immediate settlement, have no doubt
but that we would have whipped them
The resolution passed, however, is only
precautionary, and the company can hold
itself in reserve to take action, if neces-
sary, when the reorganization plan has
been announced.
WITHIN THEIR POWER TO WITHDRAW.
IF the reorganization plan proposed or
put forward does not offer the South
western a fair allotment of securities UNI
der the resolution as passed, the new
board of directors has power TO withdraw
the property from the Central unite with