The morning news. [volume] (Savannah, Ga.) 1887-1900, 1895-11-01

you must understand. of our own making.
I The ownership of that stock ante-dateI
the connection with the southern Of amy
or It's present owners We found IL in "a
certain relation 60 the properties Of the
Southern railway as 10 now exists Those
who reorganiz7d the southern railway
found themselves in The position OF trus-
tees. Among the the interests involved
then was the majority stock or the central,
which was practically FG+ueless at
that time. and possibly, Tor all 4 know,
forever But Dc had 20 De cared Tor ana
defended, and this became the duty OF
the trustees. We had nothing 90 DO with
LAS representative now Of the South
ern railway. . have 40 hcsitaucy now in
saying that The reason OF the Southern
railways controlling that stock cannot
WITH propri-ty- DE simply 90 make it
feeder 20 us own lines. The only proper
way ls 70 operate lt Tor us own goou- TO
see that the business runs in IT'S proper
channels. and not TO force Ia into channels
where il does not belong. The main bust
ness of neither of these systems flows to-
ward the other. The main business OF
the Central D. from The interior 10 the sea
board on the South Atlantic coast; that
or the southern ls n another direction.
no attempt viii be made TO pump that
water up hlli, in order that IL may flow
90 the southern
"Tne policy OF the Southern is that the
Central shall Zoe operated in It's own inter-
ests, ana that il shall even Dee opened 10
NOSE lines which are competitors Of the
southern, where the interests of the Cen
tran are al stake. / am not going TO eX-
tremes You have in the Central itself,
as ~ mas been operated for several years,
"a tair Illustration OF that policy. II you
vii study that policy you viii see that
Ihtre IS no reason for any apprehension.
J. Will Illustrate. The Central Railroad
company, built up the lines of the Ocean
steamship Company and The New Eng
land ana Savannah Steamship Company.
All the freight received and brought out
sy nose nnes was not required TO 90 TO
tAe central railroad, but they have al
ways been operated principally in
their own interests and the inter
ests OF the Central railroad, the owner
OF all their stock, has been secondary.
Does IL require any stretch OF imaginG-
Qoh upon your part 10 apply that 10 the
Southern holding OF all the Central rail-
road stock? The ownership OF the STOCK
gets its benefit cOllaterally and incident
ally, instead of directly.
mat summed tp states the whole sit
uaton as far as the Southern is con-
cerned. What it will ask of. the Central,
whose management is independent. ana
when IS preserved and located in your
city-all l say that the Southern is going
Centrafs interest does not conflict it's in
uuence, power and business shall be
thrown to its owner. There is nothins
in that to which any objection can be
made. That can be done according 10
fair and equitable principles. and without
disturbing the rates, uniformity and the
Importantly between communities. which
the Centrals own interests must die
tate ID should conform to-
THAT Is the basis on which you must
expect that this business will be done.
but done with no discrimination at any
points. The Southern viii work for itself.
Inc southern does not reach Savannah,
but the Central does, and the Central is
as free now as 10 ever was 70 build up
your city. AS long as its operations are
talrly ana equitably conducted, there need
he no fear that any hand will be put
upon 1t TO prevent those results which you
can and should expect"
President Spencer said that was all he
could say except 10 thank those present
Tor their cordial greeting, and that he was
deeply gratihed to be able to be present
on such an occasion.
Following President Spencer Gen. A.
r. Lawton was called. Gen. LawtOn
said: Il feel somewhat embarrassed i'm
being called upon to respond to those
sentiments that are so near and dear to
us J. belong to the olden time ! was
identified with the Central. ] loved il as
4 never loved any business enterprise IN
the world and never viii again. / re-
member after the war; when there was
no railroad between here and Macon
over which you could pass. In that condi-
ton of times | was hOnOred with the po-
sition of chief counsel of that road. The
man then put at the head of the Central
did not look too much to the past, but
realized what there was to be done In
the future That man was William M.
Wadley. Under him, / was called upon
TO act, and / was trusted by him in a
manner that was the pride of my life.
The whole of the Central was recognized
that needed reorganization He
had his ideas and he carried them out"
Gen. Lawton spoke of the fact that jay
Gould said TO him when here that the
terminal property of the Central railroad
was worth the whole of the property and
its stock. lie referred pleasantly to Mr..
Spencer, who, he said, like Wadley. in
tended 10 do the duty that is before him.
Confidence in its resources and the power
OF the men who controlled them, he said,
made the Central what il was. Gen. Law
ton said he welcomed President Spencer,
and always would in everything which he
undertook. knowing that he would do all
that he justly could for the people who
are interested.
Hon. +. G. duBignon, in responding,
said Georgians should be grained that
the new owners of the Central arr rep
resented by a Georgian to the manner
born. AS representative of another
system, he saiQ, Il have fed the lean
and hungry lltigant for many months, l
am glad We have another to come in and
take up the cudgel but l trust we will
not have many cases He welcomed
President Spencer, saying that a Geor-
welcome in Savannah.
Hon. Pope Barrow INDUCED in "A little
humor at President spencer $ expense. He
spoke of Mr. Spencer ana himself having
been students at the University OF Geor-
gia, but" he said, Mr.. Spencer ante
dates me. When l was boy in knicker-
bockers / used TO look up and wonder
II | would ever be as great man as
Sam Spencer He spoke of the frank and
open statement President Spencer had
just made which means that trade shall
flow in the channels where 1t belongs, and
said he was one of those who believed
that policy would be observed.
Before Receiver Hayes spoke, Receiver
Conner said that Mr. Hayes connection
with the property came at a time when
everything looked dark, and-the property
was flooded with Il sea of litigation. IT
appeared that the Junior interests were
going to be wiped out. Mr.. Hayes came
as a railroad man, he said, and with the
confidence of those on whom the junior
security holders relied, and to him has
been largely due the credit for what has
been secured for the junior interests
Receiver Hayes said he was present 60
bid SaVannahians a farewell in q busi-
ness capacity. He spoke of the friends
he has made here, and said he would con-
slider Savannah as one Of his homes
He said the Central would be turned
over to it's new owners in a better phys
zeal condition perhaps than any other
railroad property IN the south. He spoke
of the financial troubles under which the
property labored when ne first became CO.
receiver with Mr.. Conner, but was glad tC
be able to say that the property was to
be turned over to the new owners in a
good physical condition and with q very
good bank account The road, he said
would die from hamilton If not supplied
from Savannah as a seaport This he
said. was a business proposition. and MIR
I Spcnccr'S statement was the CONCLUSION