The morning news. [volume] (Savannah, Ga.) 1887-1900, 1894-01-06

Cured to him that my associates and
allies are the holders of all the unpooled
bonds and a ma GRITTY of the pooled. He
has not been informed of this fact by com
munications upon tinted paper, but he
will hear of it before the end of the year
and can rest assured that the minority
Gondhoders will throw themselves in our
power and ask to be protected from his
committee, for out of them must come that
which he proposes to give the junior Sc
curity holders,
He says ''all the reports to the effect
that our committee is negotiating for the
transfer of the road to any other system
are absolutely false. OF course they
are; he could not deliver the road to the
Seaboard and Roanoke unless he sells
them the bonds at par and accrued inter
est; but his committee can, if the bond
holders sit down and quietly say nothing,
do much in electing board of directors
who may operate in the interest'of that
road.
am glad to know that the acts of his
committee will bear the closest scrutiny
from beginning to end, for l am of the
opinion that the bondholders will, in the
near future appoint an expert 10 examine
his books. | hope we will find them as
correct as his expert claims to have found
mine.
He says. eve have thus far succeeded
in protecting the interest confided to our
care, and will continue to do So" He
has protected the interest contided to his
care and will continue. 70 do, 50 for the
simple reason that we will not allow him
10 do anything else.e
Now that the road has been ordered
sold by the court, and commissioners APP
pointed to conduct the sale, leJ me state
my position to you In as few words and as
clearly as | possibly can ! shall do
everything in my power to make the
property bring its full value If it does,
you will get your principal and interest I;
if it should not sell for more than your
bonds and accrued interest and ii is pur-
chased with them. you are entitled to
the property and your pro rata share Of
all the stocks and bonds that may be is
sued upon it.
The property to-day is in frst-class
physical condition Since it has been in
my hands as receiver, l have put in over
four hundred thousand new eross-ties,
built twenty miles of sside-track, filled a
dozen of the largest trestles upon the
road, and now taking out every. iece OF
timber that can be economically removed
have built several depots, purchased lots
in the city of Macon, rebuilt and i'm
proved the shops and yards, put in the
most impro we'd machinery, purchased two
sleeping cars, and done many other
things, all of which have benefited the
bondholders, and which have been
charged for the last eight months to
operating expenses. The footing debt
has been reduced from sly 900 to so, 900,
and car trust notes from SlS0,00 to
$l20, 900, interest not included
| make moathly report to the court
showing where my earnings come from
and where every dollar is Q ypended, and
will take great pleasure in mailing copy
To any bondholder who may request it.
will also take great pleasure in answer
ing any questions that you may see fit to
ask, and will send you at any time over
the property TO show you what has been
done. would like to have Youexamine
my reports carefully and compare them
TO those of other new railroads in the
south. l will furnish you at, any time
with copies Of my payrolls, and challenge
Mr.. Shaw's committee to name a road in
the United States that is more economic
cally run than this. We believe that in
every department we are abreast OF the
best managed roads in this country, and
far ahead of many w. b. SPARKS.