The morning news. [volume] (Savannah, Ga.) 1887-1900, 1894-04-08
A PLAN BEING PREPARED.
Reorganization in the Hands Of Gen.
Thomas and Mr.. Ryan.

They Are in Practical Control of the
Centrars Floating Debt and Tripar-
tite Bonds-They Have Prepared a
Plan Which Is Said to Give Debent-
ures and Southwestern Stock Poor
Showing-It Is Still in Typewriter
Form, But It May Be Used to Sound
Security Holders.
There is no doubt that there is in ex-
istence a reorganization plan for the Cen
tral railroad properties. This statement
is made on good authority.
The plan has been, or is being formed
by Gen. Samuel Thomas and Mr.. T. F.
RYAN. of New York. The situation these
gentlemen occupy with regard to the
Central railroad securities, is well
known to those familiar with the status
of the property.
As yet the plan is merely in the form
of a typewriter statement, the strict
est secrecy having been preserved with
regard to its formation, and the allot-
ment of new securities that
is contemplated under its complex
provisions, for it is understood
that they are very complex while it has
been arranged according to the ideas of
those who have it in charge has been
kept very quiet. The statement, as it
stands, is not called a reorganization plan
exactly, but suggestions" for reorgan-
ization plan for the Central railroad prop
critics.
THEY ARE IN CONTROL.
1t will be remembered that Mr.. Henry
Crawford stated some days ago, in an in
terview with a representative of the
MORNING News, that Gen. Thomas and
Mr.. Ryan were in practical full control
of the tripartite bonds and of the floating
debt, which has been consolidated. Mr..
Crawford is the attorney for these gen
tlemen.
From this 1t seems they are in posi-
ton to control the situation. 1t is well
known that they have been working to-
ward getting these securities under their
control for some time, evidently with
some such purpose i'll view. 1t is no
wonder that they should endeavor to
work up a reorganization plan according
to their own ideas and notions. From the
same source it is understood that Mr..
Jacob Schiff, who is quite largely in-
terested in the Southwestern and other
securities, is hand in glove with them
The report of the existence of such a
plan of which, while it is still supposed
TO be a secret, there can be little doubt.
is still further confirmed by the state
ments made by Capt. John Elannery, aud
Mr., B. A Denmark, at the meeting of the
deDentUre holders about two weeks ago,
to the effect that they knew something
about what was going on, and the deben-
ture holders would have to be on the
alert if they wished TO obtain their just
dues.
EFFECT ON THE SOUTHWESTERN.
From the same source it is understood,
and the authority is good, that the plan
does very little for the debentures, and
is not very favorable to the Southwestern
stock. The allotment TO Southwestern
stock is rather a poor Que, ii is stated
and would probably result in some deter
mined action on the part of that company.
The stockholders Of the Southwestern
have been called to meet in special SEES
sion next Friday and il is probable that
the question of severance from the Cen
trail railroad will be discussed 1t is said
that the meeting is the outcome of the
failure to declare reorganization plan,
but it may be that some of the prime
movers in the Southwestern have some
inside knowledge with regard to the plan
of Gen. Thomas and Mr.. Ryan, and that
fears from this source may be brought
into the discussion
1t is said that what the Southwestern
people have most to fear is that Gen.
Thomas and Mr.. Ryan may buy out r. T.
Wilson, who is perhaps more largely in
terested in the Southwestern than any
other man in New York The outcome Of
this movement on the part Of these gen
tlemen and the publication of these plans
will be awaited with much interest.
The Southwestern petition to have
Receivers Conner and Hayes pay that
road its semi-annual rental for the period
from July l, TO Dec. 81, 1898, will be heard
before Justice White in Washington, Fri
day April ID, Justice jackson sitting
with him. The amount asked is SlS1, 600.
1t is understood the petition will be re-
sisted by the holders of the tripartite
bonds, for whom Mr.. Crawford will prob
ably appear on the ground that it should
go to defraying the expenses Of the re-
ownership.