Birmingham age-herald., 1895-08-27
AND MIR BORG |S PLEASED That the Plan of Reorganization
 Was Approved BY 5. 6 w. BONDH0LDERS. He Says the Meritsof the Property Deserved
 Higher Recognition. HIS COMMITTEE DID BEST THEY COULD. It Was Confronted With Many Difficult ties and Complications A Tribute
 to the Skill and Ability
 of Counsel.
HIS COMMITTEE DID BEST THEY COULD.

New York, Aug. 26-The consolidated mortgage bondholders of the Savannah and Western Railroad company met this morning at the office of Messrs Simon Borg & Co, to consider the proposition of participating in the reorganization of the Central Railroad and Banking Con- pany of Georgia, submitted to the Mer- cantile Trust company by Gen. Samuel Thomas and MT. T. P. Ryan. The meet ing was organized by the election of Si- mon Borg as chairman, and was entirely harmonious. A number of questions were asked the chairman and the various per sons present.
 The plan for the reorganization of the Central Railroad and Banking Company of Georgia was unanimously approved by all the bondholders present or represent ed by proxy. More than 70 per cent of all the bonds deposited with the Borg com mittee were represented, and the agree ment required the approval of only 50 per cent. The assent of the Savannah and Western bondholders to the plan has now been given, and the reorganization of the Central Railroad and Banking Company of Georgia will soon be per fected.
 Speaking of the final adjustment, MT. Simon Borg said: "I am, of course, very much pleased with Savannah and West ern bondholders and the other security holders of the Central Railroad and Banking Company of Georgia in regard to arriving at satisfactory agreement. I have thought the merits of the property deserved a higher recognition, but all parties had to make concessions in order to get any plan through.
 My committee, especially, was con fronted with many difficulties and com plications growing out of the relations of the Savannah and Western Railroad company to the Central Railroad and Banking Company of Georgia.
 '.The Central Railroad and Banking Company of Georgia held all the stock of the Savannah and Western Railroad company and in addition it held in Its treasury and had hypothecated to secure of the consolidated bonds issued by the Savannah and Western Railroad compa- nv. To add to the complications, the re- ceivers of the Georgia Central, one Of whom was the active and. managing re- ceiver of the Savannah and Western rail- road, claimed debt against the Savan- nah and Western and the rolling stock owned by the company, aggregatinS ln the neighborhood' of $1, ,800,00O.
 I've were further confronted with the fact that the Savannah and western Railroad company owed an underlylns lien of Sl .UUU,UUU, WlIn dcCTutu lnttiSSe, for several years. By the settlement we secured the payment of all underlying liens, the cancellation of all claims of the Central Railroad and Banking company or it's receivers against the Savannah and Western, the payment of all costs of the receivership and foreclosure of the mort gages based on the Savannah and Vest ern railroad and in addition to the above the cancellation of the $1,62S,000 of the bonds of the Savannah and Western Railroad company claimed by the Cen tral Railroad and Banking Company of Georgia.
 "While believe that if the bondholders had united a year or so ago and enabled us to avail ourselves of the offer of the courts to give us separate receiver when a majority of the bondholders re- uuired it, that we would have done bet ter for bonds, I am perfectly satisfied, however, with the settlement made and am sure that under the circumstances 1t was the best that could have been ob- tained. It must be remembered that the Savannah and Western bonds sold as low as 32 and 11a per cent. If 1t had not been for the active work of the commit tee and the skill and ability displayed by the counsel which represented us, the Savannah and Western bondholders would never have obtained anything like the amount they will now receive"