The comet. (Johnson City, Tenn.) 1884-1916, 1886-05-27
'THHE BIG SAFE.
The y. H., ". & 6. Road Sold fssr
@1O,25O. Zoo.


cree was made In the circuit court OF
the United States for the eastern dis
trict OF Tennessee, held in this city,
Judge John Baxter presiding, foreclos-
ing a mortgage held by the Central
Trust Company Of New York, ON the
East Tennessee, Virginia and Georgia
Railroad, and directing the sale of that
road. VIM. Rule was appointed qpe-
cial master to sell the road, and yes
terday was fixed as the t5lae of the
sale.
The property sold is pDe of the most
valuable railroad properties in the
whole south.
The entire length Of the line sold
was 1,123 miles, besides 100000 of
the capitol stock of the Memphis and
Charleston railroad company and $780,
600 OF the Knoxville and Ohio railroad
company.
Under the decree of Judge Baxter,
the minimum at which the road could
be sold was $1O,OOO,OO0, of which $780,
600 was required to be paid in cash on
the day of the sale.
The sale came of yesterday at s.
o'clock p. M, in the presence OF a large
crowd, at the door Of the United States
court house and postofice building.
After the decree was read by the spe-
cial master, the road was offered for
sale by the aaetioneer, Mr.. Akers, UNI
der the direction of the special master
and the property was bid off by Mr.. f.
f. HydeR, vice president of the Cen
trail Trust company, for the reorgani,
cation committee, consisting of E. P
Olcott, G. NJ. MeGhee, Robert Elem.
ing, F. D. Tappen, G. w. Smith and
E, w. Corlies. The terms of the sale
regarding the transaction, were fully
compiled with by the bidders, and the
price bid was $1O,25O,0O0. The sum O.
100000 in money, all legal tender
notes was paid, and the special mas
ter's report was made last night.
A special term of the circuit cour
will be held here by Judge Jackson
June 2Sth, at which the report of thu
special master viii be considered anC
the sale confirmed or set aside, as tn,
case may be. AS all the suits hav,
been withdrawn, and all the securitie
being now represented by the reorgan
ization committee, of course there i
no one left to object to the plan of re
organization. AS soon as PRACTICABLE
alter the sale is confirmed, the roa,
Will pass out of the hands OF the receiy
er and into thd hands of the steckhol
| ders.
| 1t is scarcely necessary to add tina
it is one of the most valuable pieces O
railroad property in the Unite,
States, especially in the south. TIL
character Of the gentlemen who com
pose the reorganization is sufflcien
guarantee that it will be organized an,
operated on strict business principle
and that it is about to enter upon
new era of prosperity. 1t is certainl
to the interest of Knoxville and a
East Tennessee that it should. Thi
road has contributed more to the pros
perity of East Tennessee than all othe
agencies combined, and every we
wisher of East Tennessee shonld ais
be q well wisher of the East TENNESSEE
Virginia and Georgia railroad comps
n.y. Ii it is prosperous, all East Tel
nessee mast share in its prosperity
and il it is depressed this whole Sc,
ton Will feel it. We hope and expeC
to see the new management live
liberal and progressive one, conduct
ing it's business upon the principl
that to build up railroad, it is niece;
sary to aid in the development of tn
country it trayerses, and upon whic
it depends for business We beliey
that all this will come to pass undo
the new management.