The morning news., 1894-11-11
A SURPRISE ALL AROUND.
That Strange Report From New York
About The CeltTal'S Presidency.


Mr.. Conner Returned From Atlanta Yes
terday, but the Statement Sent to the
Newspapers Was All That He Had
Heard Of It-Dlrector George J. Mills
Was Surprised, and Thinks There
Must Have Been Some Mistaks-The
Minority stockholders Do Not Like the
Idea Of Giving Up Their Stock Even
for Bonds.
Receiver H. N. Conner of the Central
railroad returned yesterday from Atlanta
where he has been for the last three or
four days en- business connected with the
road
He was asked on his return about the
report sent out from New York that the
new president Of the company is 10 be
New Yorker identified with the Mutual
Life Insurance Company. Mr.. Conner said
the newspaper report was the first inti-
nation he had had Of any such intention
on the part of those who are concerned in
the work of reorganizing the property.
With regard to the new plan Of reorgani-
zation Mr.. Conner said it has been printed
but has not yet been made public and that
it will not be published until it was given
out by the trust company which viii have
charge Of the work of collecting the se-
curities. This will probably be the ller-
camille Trust Company of New York It
Is expected, however. that the entire plan
will be given TO the public within few
days.
Mr.. Geo J. Mills, one of the Central's
directors. was asked about the report. and
he said that he was never more surprised
in his life than when he read the state
ment in the newspapers.
while Mr. Conner has never talked
about it," he said. 1T has been pretty well
understood that he was TO be the president
Of the property under the new plan. Such
a report is incomprehensible TO me. / can
not believe that the men in charge of the
work Of reofganizing the property would
be so discourteous to Mr.. Conner as to
make any such arrangement without let
ting him know anything about it and with
out consulting him.
Mr. Conner has been one of the most
loyal men not only to the interests Of sa-
vannah and the people in this section. but
10 the road itself, that the property has
ever had in charge of it, and it would be a
great pity II any change were made at the
present time. After meeting Mr.. Conner
and talking the matter over with him in
the way they have done, / don't believe
they would take any such step without a
conference with him. ] don't think a man
more loyal to the property's interests could
be found. ] am inclined to think there
must have hean f11ie raj la al,
report. Capt. Hayes is in New York and
he is closly watching the interests of the
property there. If there had been anv
such step contemplated he would have
sent word here surely by this time and
there is no doubt that something more def
mite would have been known before now" -"
Mr.. Mills in speaking Of the expressions
ne had heard with regard to the new plan
OF reorganization said that oDiniou
seemed to be a little divided on the aues-
ton of the minority stock. but otherwise
the plan, so far as he could learn was
considered very good one on all sides.
Many of the minority stockholders IS
Mr. Alllls said, SAY they had rather have
thelr minority stock than a bond although
the latter comes ahead of the stock in the
matter on interest. They look on il as
case OF fear on the part of the New York
people and say they are going to take III
the stock and give the minority interests
income bonds because they do not want to
leave loop hole for any minority stock
hoider to bring an action against the road
winch might put il where Mrs Pou,a,a
Clarke did through her bill. The boIdino
OF the minority stock. though il gives no
control gives power to its holders to
seek redress in the courts A stoc5boIde,.
IN corporation has a great power under
the laws OF this state, and many of them
IoI .hese reasons would prefer to hold on
10 their stock. Barring that. however
mink the plan is very good one, ana on
the whole 1t seems about the best that
could be done for the property"