The morning news. [volume] (Savannah, Ga.) 1887-1900, 1895-10-20
THE CENTRAL'S NEW COMPANY
ORGANIZED TEMPORARILY N Or
DER TO ISSUE NEW SECURITIES.

Receiver Conner Not Inclined TO say
Anything About What He Calls the
Absurd and Ridiculous Reports
With Regard to New Appointments.
The Report of the Trustee of the
Montgomery and EufauIa sinking
Fund and the Compensation Al
lowed IL and Its Attorneys.
Receiver Conner of the Central railroad
/ returned yesterday from Atlanta where
/ he has been in attendance on the ses-
/ sion Of the United States court which
has had in hand the matter Of confirm
I ing the sales Of the Savannah and Wes-
} tern and Central railroads. and the
/ Montgomery and Eufaula Railroad Com
! pany's sinking fund.
The Central is now on the high road to
! its new organization, having obtained
\ its new charter under the general laws
/ Of the state The new charter names
| persons as incorporators who have not
! heretofore had any connection with the
/ company. They will have no permanent
connection with it, however, but will live
a sort of butterfly life directors in or
der TO fulfill the purposes Of temporary
! organization.
The temporary organization is provi-
ded for in order TO get everything in
connection with the new company in
shape. Messrs Thomas and Ryan have
contracted TO issue to the security hold
ers in the new company certain new Sc
curities in exchange for the old ones, and
the temporary organization is the only
practical way in which 1t can be done.
The new charter obtained Is In accOr-
dance with the general laws of the state,
and under it the Central railroad is
obliged to forego some of the privileges
it enjoyed under the old charter, such
for instance, as certain exemptions from
taxation.
Receiver Conner was not inclined to talk
about the new company. He is to be its
president. and he has already gone on
record with regard to its policy in many
respects. What he has said, he considers
sufficient, and he does not care to say any
thing about the many rumOrs that have
recently been circulated. When asked
about the rumors as TO the appointment of
J. NELL Mitchell as treasurer and A. Il.
Plough as general manager of the Central,
Receiver Conner said he thought the ques-
ton of too little importance TO give II any
Il have said all ! have to say on that
subject" he said. Il stated TO the Morn
Of the employees in the service of the com
pany who We're doing their duty properly
need have any fears. / am not gong TO
be put in the ridiculous position OF deny
ing all the absurd rumors that are put
in circulation. 1t is undignihed, absurd
and ridiculous to have all this nonsense
published, and then come to me ana ask
for a denial of il. ~
That portion of the property of the Cen
trail railroad which is not covered by
mortgage, or, rather which there is some
doubt about, win be sold and the proceeds
turned into the registry of the court Ior
distribution. There Is considerable OF TINS
property in the way of real estate and as
sets of one kind and another 1t was this
property which Messrs. Glen and Roun-
tree asked the court TO turn over 70 the
unsecured creditors, but the court refused
to grant their petition.
Receiver Conner was asked about the
organization of the Southern States
Freight Association in New York.
An 1 can say on that subject, he SAID,
els that have kilograms from New YORK
stating that the association has been
formed and that the Georgia railroad Is
Among the orders passed by Judge Par
dee at the hearing in Atlanta and which
was filed in the United States court here
yesterday, was one approving the sale OF
the securities and property OF the SINKING
fund of the Montgomery and Eufaula
Railroad Company, for which the Ger
mania Bank has for the last two years
acted as substituted trustee. The trustee
reported the sale of all of the fund, with
the exception of the cash on hand and the
bonds Of the Montgomery and Eufauia
railroad. Everything sold at fair prices,
with the exception of the railroad iron,
which went to Messrs Thomas and Ryan
at nominal figures.
The other assets. the report stated,
brought in some instances fair and IN
others unusual prices. Many of the Sc
curities belonging to the fund have adj
vanced since the Germania Bank took
Il in charge. 1t has been the policy OF the
trustee to retire the bonds of the Mont
gomery and Eufaula at every possible OPP
I lowest nTfrRS
and its efforts in this direction have been
attended with much success but when
Montgomery and Eufaula bonds could NOT
be purchased With the money on hand il
has been put into bonds of the state of
Georgia, which were converted into cash
whenever an opportunity OF securing the
/ bonds of the railroad presented itself
| The trustee did not make any detailed
statement with regard to the care it had
! taken of the property or with regard to
| the fees that it desired, the fees having
been agreed upon by those interested.
| erty turned over to the trustee was valued
/ at 1852. 800 49, and that the receipts from
the sale of the assets exclusive of those
mentioned were SIP l0O. 1t will be remem-
| bered that the railroad iron belonging to
| the property brought very low prices, all
| of it being sold to Messrs. Thomas a
| Ryan at nominal figures. The receipts
| by the trustee since it has had charge
| of the fund have been Sis, S29O6, and the
/ disbursements $69,676.S5, leaving balance
/ on hand to the credit of the fund of
! Inc Ofuer OF Judge IaFuee directed that
/ the report Of ...e trustee be filed and
that 5000 be allowed as the final COM
! pensation of the trustee, and that 81 600
| he allowed as the final compensation II
the attorneys Of the trustee, Messrs. CharI-
ton, Mackall 81 Anderson. The court
also directed the trustee TO pay all costs,
after which all the residue of the fund
| is to be turned over to the Farmers Loan
| and Trust Company, to be used for the
| retirement of the bonds of the Montgom-
cry and Eufaula railroad, which are to
be cancelled as soon as they are bought
in.
The final session of the court in con-
| nection with Central railroad matters was
held In Atlanta yesterday, that is in so far
| as the recent sales were concerned. The
/ Savannah attorneys who were there as
! representatives of different interests Will
probably return to the city to-day