The morning news. [volume] (Savannah, Ga.) 1887-1900, 1894-01-05
THINKSIT WON'T BE SOLD.
The Central Nay Remain in the
Hands Of the Court.

Mr.. Mills Believes the Southwestern
Stockholders Should Take No Ac-
ton at the February Meeting-The
Circular Calling for Proxies viii
Not Be Drawn Up Until Next Week.
Anxiety That Some Of the South
western Stockholders Are Exhibit
ting.
The Southwestern railroads stockhold-
ers in Savannah, who intended to get to-
gether to-day and formulate a circular
calling for proxies for the February meet
ing, have decided to postpone action until
some time next week.
There are several reasons why they
have decided to wait In the first place
they want TO learn just what action the
court takes in reference to all the matters
which were to come up at yesterdays
hearing This viii relieve great deal of
the uncertainty and doubt which exists
with regard to the future OF the property,
and also with regard to the resolution
which was offered at the recent meeting
Of the board Of Southwestern directors
held in Macon.
Since that resolution was brought for
ward, s'sprllng on them, as some of the
stockholders put it, there has been much
doubt in their mind as to how or where
they stood Several impressions were
left on their minds. On The one hand
they could see nothing but opposition TO
the Central and Savannah's interests,
and on the other yaey saw some vague
outline of hobgoblin of New York capi-
talists ready to swoop down on their
property, and make it as worthless as
che Central's stock has been made.
DrpN SLEEP ALL NIGHT.
This hating between two opinions, and
tnclining mostly to the former, has put
many of the stockholders of the South
western in somewhat Of quandary.
Some of those who have opposed the reso-
luton from the beginning, have seemed
rather unwilling to place their proxies in
anybody's hands, feeling that 1t would be
better for them to go to the annual meet
ing and cast their own votes as they
thought best.
One Of Sayannah's large stockholders
rushed into the Office of one Of the Sa-
vannah directors of the Southwest
ern yesterday morning and wanted to
learn just what the situation was, and if
the property were in immediate danger.
He had not slept at all the night before,
he said, but lay awake thinking of what
Capt. Ra0ul had said, aud the chances of
the roads getting into the hands of finan-
cial highwaymen, who were ready to
take it by force and divide the booty.
lie was assured, however. bUdJ bnefB
was no immediate danger. He was told
that the road was still in the hands of
the court and that the court would not
allow 10 to 90 under the hammer and
be sold for no more than the
amoun3 Of its indebtedness, and that the
sale would first have to be approved by
the court, which would not allow it to be
sacrificed. This set his mind at rest. In
fact, this is the way in which many look
on the situation, and they believe the
court will take the best possible care of
the stockholders interest,"
DON'T THINK ACTION ADVISABLE.
''What action do the Savannah stock
holders think should be taken at the
February meeting}n was asked of
Director George J. Mills.
well, the matter is in much doubt at
present." Mr.. Mills replied, land it
will probably be best to take no action
at all until the future of the
entire property can be more definitely de-
termined There is no particular anxiety
as 10 the road. 1t is in the hands of the
court, which is sufficient protection | do
not believe the court will allow either the
Central or any of its lines to be
sold out for the amount of their
secured indebtedness to the humiliation
of the junior securities The sale must
first be approved by the court, and in my
opinion it will be nothing more than
tOA hint SetAC AoA hAS pun bpSS VI
new titles
THE property is one of the few south
ern roads that has done much better this
year than last. The receiver, as a
rule, is more inclined to look
at the dull side of things aud say it is not
doing well, and the fact that he was jubi-
liant over the showing made to the direct
ors the other day is good indication that
1t is doing unusually well. If he can
show, as he thinks he can, that
the property can make by July
nearly $2,000,000 there will be no
doubt about the payment of the tripartite
bond interest," and they are such a good
security that as long as thu interest
comes their holders will not care TO force
q foreclosure too fast
THAT NEW YORK CROWD.
"Capt. Raoul seems to be of the opin-
ion, 4 continued Mr.. Mills, THAT there is
a crowd in New York organized for the
purpose Of getting hold of the property
for the lowest possible price, and that
they are ready to wipe out all the junior
interests. have no doubt that he is con-
seientious in his convictions, but l don't
think the court viii permit
any such disposition of the property.
In fact / don't think that, considering
Mr.. Corners showing, the road will be
sold for some time. MIR. Conner is also of
that opinion, and If the matter of the
tripartite bond interest is satisfactorily
met, the sale may be postponed from time
70 time until everything is satisfactorily
arranged between the property and the
creditors.
An analogous case is that of the Mari
eta and North Georgia railroad, which
has been ordered sold three times, but
which for reasons similar to these that
have been brought out in the case of the
Central, has been deferred"
GETTING BACK THEIR STOCK.
Whatever the Southwestern stockhold-
ers intend to do, one thing is evident.
they are going to be prepared for the Feb
ruary meeting. The advice TO Withdraw
the stock which was formerly deposited
with the Mercantile Trust Company
under the HolliHs reorganization plan,
has not gone unheeded.
Vice President H. A. Crane, of the
Southern Bank, has had as much on hand
as he could do since the Macon meeting
going through the necessary forms to re-
turn the stock to its owners. He has had
requests TO return nearly 100 deposits
since the Macon meeting, some OF
which were as large as 200
shares. In each case he has
TO forward an application for the stock
and then return receipt to the deposit