The morning news. [volume] (Savannah, Ga.) 1887-1900, 1894-01-11
NO PLAN IS FORMED YET.
The CentTal'S Floating Debt Is Be-
Ing Consolidated.

Capt. Hayes Thinks a Plan of Re-
organization viii Be Formed and
Announced, However, Long Be-
fore the Date of the Sale-The
Floating Debt People the Only
Working People The Old Com
mittee at Work on the Situation.
Mai. shellman's Successor Not Yet
Decided On.
Receiver Conner and Co-receiver r.
Somers Hayes. of the Central railroad,
arrived from New York last night via the
South Bound. Mr. Conner was suffering
from the effects of his trip last night, and
was rather under the weather when he
reached the city. He retired early and
could not be seen.
Capt. and Mrs. Hayes are stopping at
the De Soto. There are many important
matters which the receivers will have TO
consider in the near future, and Capt.
Hayes will remain in the city for three
weeks or perhaps month. While here
he will go over the entire property, and
will be able perhaps, to make decidedly
favorable report as to its condition to the
New York interests when he returns
north.
NO PLAN PROPOSED YET.
Capt. Hayes was asked last night what
progress is being made among the New
York interests towards the reorganiza-
ton OF the Central
"No committee has as yet been adver-
tised as a reorganization committee
said Capt. Hayes. Moreover no plan of
reorganization has been advertised or
made public, and | do not believe thata any
plan has been circulated privately.
THE same committee that had charge
of the former plan, | believe, is work
ing in the interest of the floating debt,
together with Gen. Fitzgerald, Gen.
Thomas, MIR. Ryan and others, but they
have not come together as yet in any
public way.
Il think the consolidation of the float
ing debt is making considerable progress,
and this may be made the basis of reor-
ganization. The only working peoplenow
are the floating debt people, but whether
they will form plan or not l don't
know"
PLAN BEFORE THE SALE.
81 found the property, when I went
over it," said Capt. Hayes, Gin very good
condition. The earnings, too, are show
ing up well. In fact, the property is do
ing exceptionally well, considering the
condition of business, and as compared
with what it did last year.
All interests in New York are har-
monizing, and they realize that it will be
to their interest 10 act in harmony l
think that plan will be formed and an
nounced long before Sept. l, the date the
court has set for the sale of the property
The floating debt has got TO be CONSOLE
dated first, and that is the work that is
now in progress"
SOME CIRCULARS TO BE ISSUED.
Capt Hayes was asked if he aud MIR.
Conner had decided on any successor to
Maj. Shellman as traffic manager of the
Central when he assumes his new duties
as president and general manager of the
Western Railroad of Alabama and the
Atlanta and West Point. The meeting
of the stockholders, which was to have
made the change, and put Mai. Shellman
in charge OF these two roads, was to have
been held at Montgomery to-day, but has
been postponed again, on account of the
business which detained Mr.. Conner in
New York.
Capt. Hayes replied that no one had
been decided on as yet to fill Mai Shell
mans place, but that he and Mr. Conner
and Mr.. L4owrey, co-receiver of the Sa-
yannah and Western, would confer within
a few days, and several circulars would
be issued, both with regard to matters
concerning the Savannah and Western
and the Central. He said that he and
Mr.. Conner would probably at that time,
select man to fill Maj. Shellman's place.
INTERESTED IN THE PROPERTY.
Capt. Hayes takes great interest in
the property. He spoke highly of its
good condition and the earning power it
has exhibited within the last few months
While here he will go over the entire
property and make thorough examina-
ton into its condition. He will probably
be able to make a most favorable report
OF its condition to the New York inter-
ests when he returns north.