The morning news. [volume] (Savannah, Ga.) 1887-1900, 1897-10-12
CAN STAND TWO MORE LIKE 1T.
CENTRAL'S MACON LOSS NOT so
HEAVY As THOUGHT.

The system Had Been Paying S75, -
ance Premiums-The Loss Report
ed TO the Directors Yesterday by
Vice President Egan-NO Changes
in the Directors at the Annual
Meeting TO-dny-Mr. Conner VIII
Remain President.
At the third quarterly meeting of the
directors of the Central of Georgia Rail-
way Company, held yesterday, in the Of
flee of President II. NJ. Conner, on Bay
street, Vice President John NJ. Egan re-
ported to them the loss of the Centrals
shops in Macon by fire.
Vice President Egan, who has just re-
turned from Macon with Supt. T. d.
Kline, where they went for the purpose
Of looking into the loss and deciding upon
the best course to pursue, gave his esti-
mate Of the loss as $4,000, which is
great deal less than it was first thought
it would be-
In speaking of the matter, President
Conner said the Central system had been
in the habit of paying out something like
between $4,000 and 100000 year in insur-
ance premiums, whereas il had been re-
ceiying on losses only from $1,000 to $10,
900 a year. 1t was suggested by Vice
President Egan and the plan was adopt
ed by the directors, that practically all
of the insurance be dropped, and that the
company lay by that amount every year
70 meet all possible losses. Under these
circumstances, it is said it will he posi-
BILE for the company to have two more
losses similar to the Macon fire during
the wear and still come out even.
With regard to the accident to the
steamship Gate City of the Ocean Steam
ship line, the repairs to which cost about
$1,000 it mas not been determined yet
whether that loss will fall on the company
or the owners of the schooner which
caused it. This will probably not be set
tied without a contest.
The meeting of the directors yesterday
was preliminary in a measure to the meet
ing of the stockholders, or rather the
stockholder of the company which will be
held to-day, and which will be followed
by another meeting of the directors for
the purpose of electing officers. There
were present at the meeting Messrs. S. r.
Jacques and j. +. Hanson of Macon, u.
b. Harold of Americas, Capt Evan p.
Howell of Atlanta, of the out-of-town d.
rectors, and Messrs George j. Mills 10,
seph Hull A. Vetsburg, H. M. Conner and
J. M. Egan of the Savannah directors.
None of the New York directors wers
present, nor were Hon. Patrick Walsh OF
Augusta and Col. A. r. Lawton of Sa.
vannah.
The proxy for the $4,000 shares of stock
is in the hands of President Conner, and
will be voted by him at to-day's meet
ing The proxy was given Mr.. Conner by
the owners in New York, they having
signifed their intention of sending it to
him when he was on there some months
ago.
So far as is known there is very little
business to be transacted at the meeting
to-day. A new board OF directors will be
elected and that new board will be COM
posed of the same directors who have
served the system during the present year
Director g. NJ. Williams of Columbus died
during the year, and this vacancy will be
filled at the stockholders meeting.
Almost every vestige of talk about Pres
ident Conner being succeeded by Vice Pres
ident Egan at the present time has dis
appeared. 1t is pretty well understood
now that President Conner will remain the
executive head of the system for the pres
ent, and, in fact, no doubt, until he de-
stres to withdraw from the active service
of the company. 1t has never vet been
made apparent where the report to the
contrary originated though it was pub
lished first in a New York newspaper.
President Corners services in behalf of
the system in the most trying times, and
mis- successful efforts in behalf of the jun
iOr securities are abundantly apprecia ted,
and there are many who would like to see
his identity with the system maintained.
The directors assembled at O'Clock in
the afternoon and went down TO the
wharves for an inspection of the new work
that is now in progress there. They went
all over the property noting the improve
ments in course of construction and the
additional facilities that the railroad and
steamship company will enjoy on their
completion. The rosin and lumber yards.
which will be very c0mmodious after they
are finished, were gone over, and the
large slip that is being built was observed
with interest.
An attraction TO the directors was tho
| large amount of traffic that is being
handled. The busy state of affairs on
| the wharves shows that the company is
! doing big business. Two or three hours
were spent by the directors in going over
| The property. Comprising the party thai
visited the wharves and terminal prop>
| crty were President Conner, Vice Presi-
dent Egan, Directors Jacques, Harold,
| Howell, Hanson and Mills
TO THE KITTHER