The morning news. [volume] (Savannah, Ga.) 1887-1900, 1894-04-26
no AGREEMENT REACHED.
The Debenture Holders Still Further
Postpone Action.

Signatures of Holders of About
500, 900 Debentures SO Far OBJ
tained-The Committee to Canvass
for Others.
The meeting Of the debenture holders
of the Central railroad, held in the long
room at the city exchange at noon yester-
day, was largely attended, and while
much interest in the situation was mani
Tested, the representation was not so
large as at the former meeting.
The meeting was called for the pur-
pose of discussing the agreement formu-
lated sometime ago, copy Of which had
been sent out to each holder of deben-
lures. MIR. J. Rauers was chairman Of the
committee in charge of the matter. 1t
will be remembered that the agreement
as presented provided for the appoint
nent Of a committee, with power to act,
and if necessary to~emplOy counsel to aid
It, 1t also provided for an assessment Of
10 cents on the 500 as a starter, the
total amount of assessments not to exceed
30 cents onrthe 800. The meeting yester-
day was called to order by Chairman A.
r. Lswton.
There was some discussion about the
published notice calling the meeting to-
Cether Judge W. ID. Harden seemed to
think that the notice calling for meet
ing gave the right TO participate only to
those who have signed the agreement to
have representation through organization,
He said there was nothing in the circular
about such meeting.
The notice was read, and Mr.. Rauers
said he thought il stated plainly enough
that all who had not signed the agree
uent were called on to come in and par
ticipate in the meeting, Mr.. l.. i. Turner
said the agreement did not become of
force until II mad been signed by holders
Of $1,000, 900 of the face value of the de-
bentures Therefore he thought all de-
bepture holders had right to partici-
pate in the discussion, until it
had been decided what would
be done. Judge Harden was opposed to
discussion until he knew whether he had
a right to participate in the meeting
Mr.. Turner moved that the subject be
opened for discussion by all debenture
holders. Gen. Lawton put the motion,
which was unanimously carried.
MIR. r. D. Guerard asked If the holders
were to be required to pay $12 on the 500
for expenses. 1t was explained that the
assessment was only 10 cents on theSl00,
and could ot,-under the agreement, be
more than 80 cents on 800 par value
JUDGE HARDEN SUGGESTS PLAN.
Judge Harden was then invited to read
plan of action and agreement which he
had prepared. Judge Harden said he had
intended to call meeting of debenture
holders, but had been forestalled by 9TH
ers. He said he had found strong feel
ing in many places against the present
agreement, not so much against what was
in it, but what was not in it. He had
then, after consultation with others, pre-
pared a circular on the subject.
He said he had been told by one gentle
man that he had been asked if he would
accept the position of attorney for the
committee which was to be appointed I'M
der Rauers' agreement.
MIR. Rauers said the idea about the
employment of an attorney was errone-
Gus. He said the agreement went no
further than to suggest the appointment
of a committee which was to be given
power to act.
Judge Harden said what was needed
was harmonious action. His call was ad-
dressed to all the unsecured security
holders of the Central railroad All
classes of unprotected security-holders
should hold separate meetings, appoint
committees of five, which committees
should meet and appoint an ex-
eCutive committee of one from each
class, as the Augusta and Savannah
stock, debentures, Central railroad stock,
and other junior securities A committee
representing majority of the junior
securities, he said, would receive great
consideration from the court and from
those who had the reorganization under
consideration. The system, he said was
on an upward trend toward prosperity.
The longer sale is postponed, he said
the better IL would be for the Junior
securities, while the protected securities
need no further protection to get their
full value
AN ISSUE OF RECEIvER's CERTIPICATEs
He suggested plan by which the court
might postpone the sale of the road, or
provide for an issue of receivers certifi-
Gates by which the protected debt, he
said, could be paid of at Sa wing of per
cent. per annum TO the property On the
whole protected debt, His call, he said
was only a suggestion and was written or
the impression that the other agreement
would not DE sufficiently signed to form a
nucleus around which the others coulC
gather. His idea was not that there wa:
to be no expense, he said, as it would, o.
course, require some expenditures The
committee to be appointed must have its
expenses paid and its members must b,
paid for their time. He said he had il
his mind number of details which hi
would give the committee if they so de
sired
Mr.. John Nicolson, Jr, asked why i
was that 81 ,00o, 900 of signatures had no
been obtained to the Rauers' agreement
Mr. j. r. Anderson suggested that il wa
because the agreement was not under
Stood He said Judge Harden's plan wa
exactly on the line of MIR. Rauers' agree
ment, and that Judge Harden's only ob
lection was that no definite plan for tn,
action of the proposed committee was out
lined. He thought Judge Harden's sug
gestions entirely in line with the propose(
agreement. There is, he said, no neces
sity for the employment of any legal couu
sci at this state of the game. He sal,
there was no difference, as far as he coulC
see, under which plan the necessary com
mittee was appointed.
There was considerable discussion upo
this point. Mr.. w. L. Clay wanted u
know what it is proposed for the com
mittee to do, as he was at the meetin
for the purpose of obtaining information
THE SITUATION REMEDIED.
Mr.. Denmark moved that those presen
who had not signed the agreement be rC
quested to do so, and if the Sl,000,0OO c
signatures was not made up that tn
meeting be adjourned subject TO the ca
of the chair, until such time as tn
committee could get together that amour
of signatures
After some discussion the motion wa