The morning news. [volume] (Savannah, Ga.) 1887-1900, 1894-08-16
BAKING POWDER.
THE PLAN IS ALL RIGHT.
Mr.. Conner Saws DrexeI, Morgan
Co.'S Scheme Is Not Abandoned.

Go. s Scheme Is Not Abandoned.
Mr.. Conner was asked yesterday in re
gard to the rumor that Drexel, Morgan &
Co. S plan of reorganization of the Cen
trail railroad properties had been aban.
doned and that the property would be re-
organized on the old basis by Senator
Brice and Gen. Thomas, who had formed
a syndicate to buy the controlling interest
in the underlying securities.
Mr.. Conner said that the rumor was
without foundation, and he believed it
was put in circulation merely for the pur-
pose of interfering with the plans of the
reorganization committee. The commit.
tee, he said, is proceeding very satisfac.
torily with the work of reorganization,
and there is every reason to believe that
its work will soon reach successful con-
clusion.
ITS SUCCESS ASSURED.
The opinion in New York seems to be
that the plan is practically an assured
success. The New York Times says that
Is the belief of persons who have taken
an active interest in the readjustment OF
the affairs OF the company. Salts.
factory concessions, it is said,
have been made TO conflicting interests,
and it only remains now for the parties
chiefly concerned to get together and
arrange the final details
The underwriting syndicate which it
is expected will take care of the new
issue of securities is composed of a num-
Der of the strongest financial institutions
IN New York. The reorganization COM
mittee also comprises some tnanciers of
high character and strong influence. The
reorganization plan, 1t is hoped, will be
effective by Oct. l. The details of the
plan, as published in New York, are the
same as already given in the MORNING
News.
GEN. THOMAS TALKS.
The Commercial Advertiser prints a
statement by Gen. Thomas, who, with
MIR. Ryan, is in charge of the reorganiza-
ton movement, in which some additional
particulars of the status of negotiations
are given. The most important point
made by Gen. Thomas, the Commercial
Advertiser says, is that all interests
which have been opposing the scheme
mapped out by the committee, summary
OF which has already been published,
have been placated. The last opposition
to equieted was that of Patrick Calhoun,
VINO represents one of the older interests
in the property, and whose brother, John
Z. Calhoun, was formerly prominent in
its management. The chief cause of de-
lay at present, says Gen. Thomas, is the
difficulty OF getting together the repre-
sentatives of the many interests involved
and this may send the whole matter over
until some time next month. Meanwhile,
the syndicate to underwrite the plan is
ready to be called upon at any moment.
1t is headed by the Mutual Life Insur-
ance Company, but ell the large life insur-
ance companies are represented. Most of
the prominent trust companies are also
represented, the Mercantile Trust Com
pany heading the list.
MR.. CONFER THE MAN.
Gen. Thomas says that the matter of
the presidency OF the reorganized COM
pany has not been considered yet, but he
sees no reason TO suppose that the selec-
ton for the position would be other than
Mr.. Conner, who is now president and one
of the receivers. 1t is too early yet, he saws,
TO discuss the probable relations between
the reOrgani4ed Georgia Central and the
Southern hallway Company, which owns
majority of the Georgia Central stock.
There will probably be harmonious but
not Joint operation. 1t is reported that
the plan will be so arranged that the
Southern Railway Company will not
De Obliged to pay an assessment
upon its holdings Of Georgia Central
shares