The morning news. [volume] (Savannah, Ga.) 1887-1900, 1894-07-14
THE CENTRAL TO Be TAXED.
The New Charter Will Wipe Out Some
Provisions Of the Present One.

AL AfNW NatAhsNA ~ 80 - A'~ANAN
Provisions Of the Present One.
Estimated That 1t Will Cost the Road
Something over $4,000 Annually.
Receiver Conner Gone to New York
TO Attend a Meeting of the Southern
Railway and Steamship Association
and to Confer With Those Who Are
Working on the REORGANIZATION
Plen-what He Thinks About a
Coaling Station in Savannah.
Mr.. H. NJ. Conner, receiver of the Cen
tral railroad, left yesterday on the City Of
Augusta for New York, where he goes to
confer with the parties now engaged in
preparing a plan Of reorganization for the
Central railroad properties, and to attend
meeting of the Southern Railway and
Steamship Association, which will be
held there Tuesday, July II.
This is the meeting that was to have
been held at Horrogate, Tenn, but was
adjourned to Manhattan Beach, n. Y.
The meeting, Mr.. Conner said, will be
held for the purpose of preparing
and signing an agreement between the
railroads of the southern section. It will
be remembered that the agreement was
partially prepared and settled upon at a
meeting held in New York last month.
This meeting will have to finish the work
as the present agreement made for one
year expires July 81.
Mr.. Conner said he has no doubt that
an amicable agreement will be reached.
Some steps will probably be taken to pre-
vent, to certain extent, the cutting OF
rates or giving rebates. He could not say
what would be done With regard to rates
to the South Atlantic ports, out he said
the committees to be sent from Charles
ton and Savannah will be heard, and the
association will probably take the matter
under consideration.
THE PLAN IN sTATU QUO.
In regard to the Central's plan of reor-
ganization, Mir Conner said it is still in
statu quo. When asked if it was true
that some holders of Central securities
were Directing TO the plan as 1t has been
proposed so far he said there were some
small objections, which did not amount TO
much, and which. he thought, will be
cleared away within a comparatively
short time.
He had had no further details, he said,
than those which he gave the MORNING
from New York. He said at that time
that it might be several weeks be-
fore any plan was published and prob
ably it might be several weeks yet, but he
hoped, he said, that it would take some
definite shape next week. The different
interests are still at work on it and he
believes that il will be ready for publica-
ton within short time.
WILL BE SUBJECT TO TAXATION.
been brought out is that the Central rail
road, after il has been sold and reOrgan-
lied under a new charter, will be subject
to state taxation the same as any other
real or personal property. When the
road is sold IL will have to obtain new
charter under the recent law which pro
vides that they be issued by the control
Ter general on the payment of q nominal
fee. In obtaining this new charter, how
ever, the road will lose some of the char
ter rights of its present charter. The
chief among these is the fact that it is
not at present subject TO state taxation on
its roadbed and appurtenances.
Under the charter of the Central rail
road from Savannah to Macon, and also
under the act by which the road was con-
solidated with the Macon and Western
from Macon to Atlanta, the entire road
from Savannah to Atlanta is exempt from
taxation except to the extent of one-half
of per cent. on its annual net income.
No municipal or other corporation is al
lowed 10 tax the stock, but can tax the
real property of the road within its juris-
diction in the same proportion in which
similar property is taxed.
WILL BE A LARGE ITEM.
When new charter is obtained, how
ever, the roadbed and its appurtenances
from savannah to Atlanta will be made
subject to the state tax the same as any
other property within the borders of the
state. What the property would be re
turned at, of course, cannot be stated ex-
actly, but it is estimated that in obtain
ing new charter, ana foregoing some of
the privileges extended in the present
charter, the Central railroad will lose $50, =
600 or more year This amount might be
much larger. 1t would. of course, vary
from year to year, and so would como un-
der general expenses rather than fixed
charges 1t is probable, however. that
this will be taken due notice of in the
preparation Of the reorganization plan.
A CoALING STATION HERE
Mr. Conner was asked what he thought
about the establishment of coaling sta
tlon for steamships in Savannah. He
said that one had been established in
the harbor which he thought would in
time prove a very successful enterprise
he thought this port could be made a
coaling station for large vessels. He said
the Central railroad has already brought
over coal in considerable quantities fol
this coaling station, and while the road
can not go into the coaling business, it car
bring over from Alabama all the coal thai
is wanted for the purpose.