The morning news. [volume] (Savannah, Ga.) 1887-1900, 1895-01-18
NEARLY ALL INDORSE IT.
Director WTelne Says The Electric Rail-
way viii Soon Be ReOTgdlized.

Practically ALI ofthe BondhOlders Have
Endorsed the Plan and the Road May
Be Taken Out Of the Hands of the Re-
ceivers Next Month-The Floating
Debt VIII Be Taken Care of-Judge
Speer Regards the Plan Favorably.
Mr. Thomas w. Wrenne Of Nashville is
IN Savannah ia connection with the az
fairs Of the Electric Railway Company.
ne being one of the largest bondholders Of
the Savannah Street railway. which was
consolidated with the Electric Railway
Company. Mr.. Wrenne does not seem at
an disturbed at the situation. He says the
plan Of reorganization which was agreed
upon some time ago viii be carried into
effect, and he thinks il more than likely
that the bondholders will be ready 10 put
the plan into operation by the time the
hearing for a permanent receiver comes
up before Judge Speer next month.
Judge Speer has been made acquainted
with the situation" he said, land the
plan Of reorganization has been fully ex-
planned to him, and he has shown his de-
sire that the interest Of the property
should be conserved for the benefit Of all
concerned. The receivership viii not stand
in the way Of the reorganization. There
is no disposition on the part Of the bond
holders TO take advantage Of the receiver
ship TO foreclose upon the property. and
sacrifice the interests of the bondholders
Of the floating debt which could be done
by foreclosure. The plan is an emlnenty
fair one and provides for the satisfac-
ton OF all interests. We are not disposed
to hurt our friends. I think if Mr.. Pevear
who brought the petition for a receiver
had fully understood the situation he
would have acted differently. OF the $3.50,
900 of bonds of the Savannah Street Rail
way the holders of $23S01O of them
have entered into the reorganization,
there being only 1000 of bonds outside of
the $4,000 held by Mr.. Pevear, which
have not entered into the reorganization.
The holders of the $4,000 OF bonds of the
Electric railway have entered into the
reorganization practically unanimously,
there being only two or three small
holders, outside OF Savannah, who have
not signihed their acceptance of the
plan, and this chiefly because they
could not be gotten at. When the Sa-
vannah Street railway and the Electric
railway consolidated about a year ago
was over $4,000. Heavy expenditures
were necessary for new equipment and
improvements. Last year was a poor
year for street railroads. as well as al
most every other class of property, and
in addition to that we had the street rail
way war, yet the floating debt to-day is
only $4,000, which. under the circum-
stances, is very good showing
capt William Litterer, eX-mayor Of
Nashville, who is also largely interested
in the Electric railway accompanies Mr..
Wrenne as representative of the Nash
Vile holders capt Litterer is one of the
most prominent business men and capt.
talists of Tennessee. He is president of
one of the largest Touring mills. the
Model. in Tennessee and is vice president
of the Cumberland Telephone Company,
operating through Tennessee, Kentucky
and Southern Indiana.
Mr. w. w. MackaH, of counsel for the
Electric Railway Company, said yester-
day that hfteen-sixteenths of the bond
holders have entered into the reorganiza-
ton, and that it is only a question of
short time when the plan will be car
ried into effect. Mr.. Mackall said that
not quite 81 400. which has been borrowed
by the receivers. as stated in yesterdays
Morning News. was for the purpose of
paying accounts which had already ma
tured.