The morning news. [volume] (Savannah, Ga.) 1887-1900, 1895-11-13
SOUTHWESTERN AGAIN SOLID.
THE DIRECTORS sTRAIGHTEN OUT
THE TANGLE.

Dividend OF $40 Per share TO BE
Declared Within the Next Few
Weeks-A Total of s27O,OOO TO BE
Divided between n. T. Wilson and
the Lawyers for Their Services.
President Wilson's share of the
Amount UudcrstoOd TO he $780,
600.
Macon. Ca. Nov 12-The southwes-
tern stockholders meeting. which has
been in secret session for the past two
days adjourned this afternoon. The OBJ
ject of the meeting was to consider the
question OF fees for the several parties
who We're engaged IN negotiating the deal
with the rcorganizers of the Central
railway. but as none Of the directors
consented to talk about the boards
transaction, exact information could not
be had yesterday. The total amount to
be received from the Central railroad is
1885,, 1884, being . per cent. annual div
idcnd on the southwesterns capital
stock since July. 1872, to Nov. 1. 1895. OF
this amount only $4,000 is to be
paid out in fees Just how this amount
is to be divided could not be learned, in
fact. the directors would not say II this
point had been settled, although II Is un-
TO r. T. Wilson, the president, and the
$4,000 to Maj. Bacon and Mr.. Beeman, but
whether the latter amount Is to be equally
divided, they would not say. special
pains have been taken throughout the
meeting to keep the transactions from
the public, but before the adjournment
yesterday IL was determined to give the
press a statement, which Is as follows;
To the stockholders Of the Southwest
ern Railroad Company.
1t has become the duty, and II Is the
pleasure OF your board to inform you that
the struggle which has been so continu-
ously and laboriously carried on for the
past three years 20 preserve your prop
erty from the destruction threatened
through its entanglements with the Gem
trail Railroad and Banking Company OF
Georgia after the insolvency of that COM
pany has reached a successful termination.
A lease IN perpetuity has been signed ana
your road delivered hereunder 70 the
Central of Georgia Railway Company. BY
the terms Of this lease your company Is
to receive a rental equal 10 5 per cent.
per annum on It's capital stock, beginning
from Nov. /. 1895, under which the first
payment Of rental is to be made on Jan.
!, next, which will cover the months OF
November and December Of this year,
and thereafter payments Will be made on
the first Of each July and January.
Provision is made for the payment by
the lessee of all necessary expense for
maintaining your organization and for
the transfer OF stock and the distribution
of dividends so that the per cent. rental
will be net to the stockholders.
Also your company is relieved and ac-
quilted Of any and all liability growing
out Of It's being party to the so-ealled
tripartite bonds and from it's indorse-
ment upon the bonds of the Montgomery
and Eufaula Railroad Company, thus leav-
Ing your company entirely free from any
debt In addition to this the lessee Is to
pay TO your company the defaulted rem
tai Of the Central Railroad and Banking
Company OF Georgia on the basis OF
per cent, that Is your company Will re-
ceiVe from the lessee a sum equal TO B
per cent annual dividends on its capt.
al at frnr I'm i n /
amounting in all to $S65,1S3A
Your board has determined so soon as
this money shall be received, and which,
Il Is believed viii be during the present
year to declare a dividend Of 10 per cent.
10 the stockholders payable TO those OF
record or about the date OF declaration,
notice OF which and notice as TO the claim
Of the bonds, will be duly advertised.
Out of the said sum Of Ss65, 1884 50 70
be received for back interest your direc-
tors have agreed to pay approximately
$40. 600 which viii cover all the fees and
expenses Of the litigations and compen-
sation for all services rendered to this
company by those who have conducted
the negotiations which have led TO the
present most satisfactory status of your
After the payment of said dividend of
10 per cent, and said sums to cover fees,
expenses etc, there will be left in the
treasury OF your company about $4,000,
which your directors think should be in
vested to meet such unforeseen contin-
gences as may hereafter arise.
Your directors feel that you should be
satisfied with the outcome which places
your property free from debt and en-
tanglements of every kind, and upon such
a basis that for the future there can be
no reasonable doubt of your receiving a
per cent. annual dividend upon your
stock.
we at least are gratihed at the result.
and believing that you will be, congrat-
ulate you.
r. T. Wilson, President,
J. s. Baxter, Vice President,
b. A. Denmark,
j. +. Minis.
Il. B. Gresham,
J. NJ. Johnston.
w. G. Raoul,
w. b. Cox, Directors.