The morning news. [volume] (Savannah, Ga.) 1887-1900, 1894-01-14
THE CALL FOR PROXIES.
Savannah Stockholders Appeal for Har-
mOly and Conservative Action.

of Reorganization Proposed Win
Offer the Southwestern Road-The
New York Interests Believe the
Road Should Remain With the Gem
trail.
The Savannah stockholders Of the
Southwestern railroad, who oppose any
hasty action at the meeting of the stock
holders to be held Feb. S, prepared the
circular yesterday which they will issue
to all the stockholders Of the road.
The circular is a plain business letter.
There is nothing sensational about it, but
on the other hand it is most conservative.
1t is not aggressive, it is not antagonistic,
but seeks to disabuse the public Of the
impression that there is any fractional
fight, and appeals for harmony through
out
The circular, which is as follows, was
prepared by several of the Savannah
stockholders after discussion Friday
3 night and yesterday morning, and with
the signatures of eighteen or twenty Of
them attached, will be mailed TO all the
stockholders of the Southwestern Tues
day:
To the Stockholders OF the Southwestern
Railroad Company: Your attention is re-
specially called to the importance Of having
the largest possible representation Of shares
at the annual meeting of the stockholders to
be held in Macon, on Thursday, Feb. 8, proK-
imo as important questions, involving the
future, if not the very existence of your com
pany, may have to be passed on by that meet
ing We, therefore, earnestly urge each
stoc kholder to be present, IL possible, or II he
cannot attend in person that he give proxy
to some one in whom he has confidence and
who Will be present at this meeting.
We would suggest to those who
have no special choice for representatives
that they send proxies, 10 vote their stock, to
Messrs. John Flannery Henry Blum and Nal
comb Maclean. of this city.
We regret that some Of the papers IN this
state have had paragraphs in their columns
asserting that your stockholders are divided
into factions, having hostile views about fu-
ture management, etc. We do not believe
thai there is any good foundation for such as
sertions, and on behalf Of ourselves, and Of a
large majority OF stockholders in this section
we beg to diselaim any feeling OF this descrlp-
ton. In view Of the difficulties that con
front our company IT is all important that we
be united and work in harmony for what may
appear to the majority to be for
the good Of the whole. Each and every
plan that may DO presented should receive
calm and deliberate consideration, so that
Ill advised measures may not receive the ap-
proYal Of the meeting. 1t is our duty to elect
men to direct the affairs Of our company who
will administer them with prudence ana
Judgment. and who will. without undue haste
or unnecessary delay, take such steps as may
seem necessary to protect our interests and
80 keep our company from being drawn into
entanglements which might lead it into en-
barrassments or ruin. Our property is val
liable one and merits our best effort TO pre-
serve It. While we believe IL to be TO the
future interest OF our road as well TO as that of
the Central, to be united as parts OF the same
system, we do not favor such union unless
It be on basis which will fully recognize the
value and work OF our property
THE SITUATION IN A NUTSHELL.
"That circular" said Mr.. George ].
Mills yesterday, sis intended to let the
stockholders and the public know what is
coming. IL will be signed by eighteen or
twenty of the Savannah stockholders,
and, with stamped envelope and a blank
proxy inclosed, will be mailed to each of
the stockholders of the road. We would,
of course. rather have the stockholders
attend in person, but if they are unable to
be present they are asked to send their
proxies TO either of the gentlemen named
in the circular.
"The situation in nutshell is Just this.
There is no antagonistic feeling on our
part towards Macon or anybody else, but
we simply desire TO preserve the system
as u Is and to preserve the Southwestern
railroad. Justice Jackson has said the
southwestern cannot be sold before the
Central, and If the Central cannot be sold
a. the earliest, before Sept. l, it certainly
follows that the Southwestern cannot be
sold earlier. We say then that there is
no need of hasty action, which might be
Tar more disastrous in its results than
anything that could possibly happen by
waiting developments.
SHOULD WAIT FOR PLAN.
If the road cannot be sold early, why
not wait and see what will be done for il
under a plan of reorganization The
New York people hardly believed Mr.
Conner when he told them that he could
earn over 81 SOC, 900 this year They told
him If he could do that they would re-
organize the property without any trouble.
Delleve the earnings will reach nearly
s2,OOV,OO0, which will give a surplus of
$500, 600 above the figures they asked for
I'VE ask then, is it not better to waltz
There viii be a reorganization plan, per-
haps two or three of them, out within the
next month or two, and it is better to
wall ana see Wnat Will be offered the
road than TO take some action that might
be regretted If the offer is not cousid
cred proper or sufficient under the cir
cumstances action can be taken then. II
is the safest and wisest policy to have the
road remain with the Central, and IL is
without doubt. better to take fair allot-
ment Of the new securities than to draw
out and go it alone
HOW THE NEW YORK INTERESTS STAND.
I'VE have been charged with being dia
metrlcally opposed TO the Raoul resolu-
ton. In some sense we are and in an
other we are not. We are opposed to
taking any decisive action until il is seen
what will be offered our road The circu-
lar was issued only in the interest of har-
mony and for the preservation of the
Southwestern road. There is nothing in
u antagonistic TO anyone We believe
the property valuable one and think it
will come out all right.
II am informed that MIR. Conner made
inquiries when he was in New York and
learned that the interests there were not
opposed 10 us as we were told they were
IN Macon, Messrs. Il. L. VIII son, Kuhn.
Loeb Il Co, aud others who control from
5000 TO 10000 shares were found to be in
favor of keeping the road with the Cen
tral, and they, too, are opposed to any
hasty action until it is found what will be
oHered the property under the new allot-
ment Of securities
To RI ErT Drpvrrnps