Herald and tribune. [volume] (Jonesborough, Tenn.) 1869-current, 1886-05-27
THE BIG SALE.
The e. T., v. & Ga. Rordroad Sold for
*i0,e5o,oo0-To the Reorganization
Orw,..

q Uas horuro8u 5Olu tor
*io,e5o,ooo-To the Reorganization
Company.
On the 18th day Of last March, a decree
was made in the circuit court Of the Unit.
ed States for the eastern district Of Ten.
nessee. held in Knoxville, Judge John Bax
ter presiding, foreclosing q mortgage
held by the Central Trust Company Of
New York, on the East Tennessee, Virgil
MIA and Georgia Railroad, and directing
the sale of that road. VIM. Rule was
appointed special master TO sell the road.
The property may be generally describ-
ed as a line of railroad extending from
Bristol, Tennessee, through Knoxville to
Chattanooga, Tennessee, from Morris
town, Tennessee, TO Unaka, Tennessee
from Ooltewah Junction. Tennessee 10
Cohutta Georgia. from Cleveland, Ten
nessee, through Dalton and Rome, Geor-
gia, TO Atlanta, Macon, and Brunswick,
Georgia, with a Branch Line extending
from Cochran, Ga, to Hawkinsville, Ga.
and the line from Rome through ITALIA
dega. Admission and Selma, TO Meridian,
Mississippi; together with all the rights
Of way, franchises, rolling stock, and
equipment of said Railroad Company,
and all other property real. personal and
mixed mentioned and described in the de-
cree of March 18Th, 1886, and in said
Mortgages or Deeds of Trust; including
the capital stock in the Memphis & Charles
ton and Knoxville & Ohio Railroad Com
panies, owned by said East Tennessee,
Virginia & Georgia Railroad Company.
The entire length of the line sold was
1923 miles, besides 81. 4U0, 900 Of the cap
ital stock. of the Memphis and Charleston
railroad company and 5000, 900 of the
Knoxville and Ohio railroad company.
Under the decree of Judge Baxter, the
minimum at which the road could be sold
was $40, 900. 900 of which 800, 900 was
required to be paid in cash on the day Of
the sale. =
Subsequently n petition was filed be-
fore Judge Howell L. Jackson by junior
bondholders, praying that the decree or
dering the sale be annulled and set aside.
The prayer of the petitioners wasrcfused
by Judge jackson, and the sale was al
lowed to go on.
The sale came off Tuesday at 3 O'Clock
p. M, In me- presence OF q large crowd,
at the door Of the United States court
house and post office building in Knox.
vile. The property was bid off by Mr..
+. +. Hyde, vice president of the rcor.
ganiZation committee, consisting of +. p.
Olcott, G. M, McGhee, Robert Fleming,
+. d. Tappen G. w. Smith and e. W.
Corlies. The bid was $40, $50. 900. The
sum of 800, 900 in money, all legal tend
er notes was paid.
A special term OF the circuit court will
be held at Knoxville by Judge jackson,
June 2Sth, at which the report of the spe-
cial master will be considered and the
sale confirmed or set aside, as the case
may be. As all the suits have been with.
drawn, and all the securities now repre-.
sented by the reorganization committee.
AS soon as practicable after the sale is
confirmed, the road will pass out of the
hands of the receiver and into the hands
Of the stockholders.
1t is scarcely necessary to add that it is
one of the most valuable pieces of rail
road property In the United States, es.
p~ecially in the south.