The morning news. [volume] (Savannah, Ga.) 1887-1900, 1894-12-06
GOING TO OPPOSE The BILL.
The DOOlan Railroad Bill Comes Before
The House Committee TO-mOTTOW.

Several Savannah Railroad MeT and
sseurity-holders Who Win Appear
Before the Committee in Opposition to
the Measure-A WelI-Known Security
holder Says Its Introduction in the
Legislature Has Already Cost the
Holders of Central Railroad Securities
in Savannah Alone Between $500, 900
and 81, ooo.o 900.
There will be an interesting gathering
of railroad men in Atlanta tomorrow.
when the Doolan railroad bill comes up
for a hearing before the railroad commit
tee in the House Of Representatives.
Receiver H. NJ. Conner of the Central
is already in Atlanta, and will remain
there until after the hearing. President
Samuel Spencer of the Southern Railway
Company will be on hand, as will repre-
sentatives of other lines interested. The
greatest interest in the matter, however
attaches to the Central and Southern rail-
way companies and the security holders
of the latter company. The members of
the debenture committee, who are in the
city, Messrs. Malcolm Maclean. r. NJ.
Demere, Judge w. D. Harden and Capt.
John Flannery, chairman, will hold a
meeting to-day for the purpose of deciding
what action they will take in the matter,
and it is decidedly probable that two or
three or all of them will go up to Atlanta
tonight to appear against the measure.
d A III -
bingham are in Atlanta and will be pres
ent at the hearing.
1t is understood that some influence was
brought to bear to have the bill with
drawn, but another view was taken of
the matter and IL was decided to fight it
out before the committee. 1t is well known
that there is a number of Legislators in the
general assembly who are opposed to
railroads and who are ready to do all
whatever they can against them. If the
bill were withdrawn, therefore, 1t is more
than likely that 1t would be introduced
in some shape or other by some of these
legislators. If the railroad committee of
the house reports on it unfavorably, how
ever, that is practically an end of it at
this session, at least, unless there is so
strong a sentiment in favor of some such
legislation that II is called UP for discus
sion in spite of an unfavorable recon-
mendation. This, however. is rarely done,
and If unfavorably recommended there
will be little trouble with it in the future
Another interesting feature of the hear
ing will be that the Southern railway will
have to define its position exactly with
regard to the Central railroad, and state
just in what manner it intends to control
it by it's power through the majority stock
There has been good deal of talk and
many rumors of one kind and another
hfrf
along that, while the Southern would
elect its officers and prescribe its policy
II would be run as an entirely independ-
ent system, and no reason has been shown
to demonstrate that these expressed inten-
tons are not good ones. But it will never
theless be interesting to hear the Southern
say to state officials Just what policy thew
intend to pursue toward the road. This
will necessarily come up in the nature of
the case on account of the fact that the
measure contemplates, as has been stated
the breaking up of the present re-organi-
cation plan for the Central railroad pron
critics. 1t is a species of hostile legisla-
ton which will necessarily drive away
northern capital from southern railroad
enterprises if it should be passed. as has
been stated by large number of those
interested in railroads in this section.
Why" said a well-known security
holder yesterday "the very fact of the
introduction OF that measure in the gem
eral assembly has already caused a de-
probation of the Central railroad securi-
ties in Savannah alone of between $500 O0o
and $1,0OO0O0. Southwestern stock. Cen
trail stock and debentures have fallen ran
idly in market price, and if it is not
stopped they will not be able to recover
Northern capitalists are not going to nut
their money back of the CentraFs re-or-
ganization plan, and underwrite its bonds
with such hostile legislation staring them
in the face as may result in depreciatins.
them far below their real value. A strono
effort will be brought to bear to have this
measure stopped in the railroad commit.
tee of the House of Representatives ana
unless it is done there is very little doub+
that the Central railroad win, instead Of
being re-organized be put on the bIoct
and sold out to the highest bidder. Tben ~
will be the junior securities that s1ffa-
as they have already suffered as the -
suit of the agitation of such legtsIa t,o,,
and the result, Furthermore. will he -
Keep away northern capital from soutbar,
enterprises. They have little enonpb -,
dueement to invest here as it is. and ever,,
effort should be made to draw cantta1
instead of keeping it away.