The morning news. [volume] (Savannah, Ga.) 1887-1900, 1894-06-22
CONFER MAY Be PRESIDENT.
The Stock TO Get a Good Deal in the
CeltTal'S New Plan.

Drexel, Morgan & Co. Refuse to Han
die ANY Plan Unless it Has the In
dorsement of the Central's Two Re-
ceivers-The' 1900 Shares Prove
a Blessing in Disguise-Under the
New Plan the Annual Fixed Charges
VIII Be About 81, 500, ooo-To Be
Announced in a Few Days.
Capt. Evan p Howell, of the Atlanta
Constitution, director of the Central
railroad, returned from New York last
night, on the City of Augusta.
Capt. Howell said that rapid progress
is being made with the Central's reor-
ganization plan, and the committee will
be ready to announce the plan within
few days. Receiver Conner, he said, is
there to stay until the plan has been
made up and announced, which will, in all
probability, be some time next week.
The trouble has been between the two
conflicting parties. At the head of one
was r. T. Wilson, and in charge of the
other Gen. Samuel Thomas and Mr.. 7. L.
Ryan. A great deal OF time was con-
sumed in bringing about an agreement
between butot 1dCblOuos w nAA0 0NAAs
Thomas and Mr.. Ryan are practically in
charge of the reorganization, they are
not by any means in position to dictate
terms Back of them is a stronger power
in the shape of the receivers, as well as
the insurance and trust companies, which
are large holders of the securities.
STOCK TO BE PROTECTED.
"The power of the receiversrcan readily
be understood" Capt. Howell said from
the position that has been taken by
Drexel, Morgan & Co. That firm has
stated to those preparing the plan that
it will not take charge Of, and attempt to
put into execution, any plan that does not
receive the unqualified Endorsement and
approval uof Messrs Conner and Hayes.
The result was Messrs. Wilson, Thomas
and Ryan had to come to their terms.
''This puts the stock held in the south
in a good position. The possession Of the
$4,000 shares by the Terminal company
will result in the saving of the stock down
here. That majority stock is held by
concern largely interested in the reorgan-
ization, and this fact, as much as anything
else perhaps has not only averted a sale
and the wiping out of all the stock, but
will bring for the stock fair and unex-
pected return.
PLENTY OF MONEY BACK OF IT.
"There will be no trouble about the
plan" Capt. Howell said, when it is
agreed upon. There is plenty of money
back of it, and there will be no trouble
whatever on that score. The parties in
terested are at present engaged in fgur-
ing out the basis of the distribution of
the new securities, and Receivers Conner
and Hayes will remain there until it is ac-
complished. They are working on the
plan every night, and it will probably be
announced within few days.
1.-The basis of the new securities, as has
been announced will be per cent, which
will make the total annual fixed charges
about 81 5000 The debentures will
have to take an income bond / suppose
they win get it at dollar for dollar A
great deal has been done for the stock,
and ] advise all who have any of it to
hold it. The basis is a solid one for the
road, and will, think, prove generally
acceptable.
MR.. CONFER MAY BE PRESIDENT.
'It is altogether possible" said Can't.
Howell, "that Mr.. Conner may be con-
tinued in the management of the road as
its president. This has been generally
talked in New York, and while it is not
known definitely, it may be that he will
be retained in control"
1.-THE road will, of course, be run as an
individual road" said Capt. Howell in
response TO a question. "The inference
has been, because the terminal owned a
majority of the stock, there would be
some traffic arrangement between the
Central and the Danville Nothing, how
ever, has been said about this.
at is my opinion, from what / can
hear, that the Southwestern stockholders
will accept the per cent. that has been
offered on their stock, and that as re-
suit of the agreement the litigation
will be stopped. Under that agreement
the Central would assume the whole of
the tripartite indebtness, and there would
be no object in continuing the litigation.
understand from what hear that about
so per cent. of the Southwestern stock
holders are willing to accept the agree
ment. think the plan will now be car
ried forward with dispatch"