The morning news. [volume] (Savannah, Ga.) 1887-1900, 1889-08-25
TO GO ON THE BLOCK.
THE TYBBE ROAD TO BE PUT UP
AT AUCTION DEC. 10.

100000 the Minimum Price Fixed
bv the Court. at Which the Road
Nav Be Sold-The Terms of the Sale
The Suit Against the Road and
Verdict Upon Which the Final De-
cree Was Based.
The Savannah and Tybee railroad is to
be sold at receivers sale on Tuesday, Dec.
TO- Judge Falligant granted q decree to
that effect yesterday in the superior court,
and fixed 100000 as the minimum price.
The receiver is authorized to offer the road
for sale ten days later in the event the sic
cessfuI bidder does not comply with the terms
Of his bid, and he may. even at the day of
that sale, designate another day for offering
the read, not to exceed ten days, later still
If he chooses so to do, from failure to sell
The sale is to be advertised eight weeks
before the day OF sale in one OF more papers
in Savannah, and in one New York paper.
The terms fixed are Is per cent. to be paid
down before adjudicating the sale with the
successful bidder, aud the rest wittNn
twenty DAYS after the confirmation OF the
sale by the court.
THE TERMS OF THE SALE.
After the payment by the purchaser of
such sum in cash as may be sufficient to pay
the costs charges and expenses OF The trust
of the petitioner, including costs of all the
interventions and Indebtedness of the
receiver and state, city and county taxes
for the year 1889 which may be then due,
all such fees to counsel as may hereafter be
allowed. all receivers certificates which
may have been issued, and not paid for out
of the net earnings of the running and
operation of the road, and the amount of
the judgments, principal and interest and
costs in said interventions of
Lewis NJ. Lane, Ross 81 Sanford, and
George Harland for the use Of John &.
Rowland and Herman Myers, which are de-
clared to be liens prior to the lien Of the
trust deed OF mortgage, the receiver may
receive from the purchaser in part payment
of such purchase money the bonds with q
per cent. interest, accrued from Oct. n,
1888, secured by the trust deed or mortgage
of Sept l, 1886, declared to be in the hands
Of bona fde purchasers for value.
THE SUIT AGAINST THE ROAD.
The order Of sale followed a verdict yes
terday in the superior court, supplemented
by decree in the case of the Oglethorpe
Savings and Trust Company, complainants,
and the Savannah and Tybee Railway Com
pany, defendants.
The suit was to recover on bonds amount
ing to S175, 900 issued Sept. /, 1886, bearing 6
per cent interest in gold, payable seni-annu-
ally and the company having defaulted upon
the coupons of March / and Sept. !, 1888.
The savings and trust company succeeded
the American Loan and Trust Company as
trustee In addition to the bonded indebt-
edness, which, under the terms Of the trust
deed fell due Oct. q, 1888, by a default in
the payment of accrued interest, there were
large sums due and the road was put into
the hands of receiver by consent and has
been since operated under receivership,
and by consent terminal facilities were pro-
vided for, so that the property has appreci-
ated in value, as before the appointment of
of a receiver there were no terminal facili-
ties.
WHO ARE TIRE CLAIMANTS.
The verdict and decree are put in favor
of the Oglethorpe Savings and Trust Com
pany for S175,000. and accrued interest.
and for the bondholders whom the com
pany represents and ali costs and expenses,
and finds for Louis Mcl4ain for the use of
John C. Rowlan nd and Herman Myers for
50, 097 s., Ross and Sanford for the use
of Rowland and Myers $l,50S %, an d
George Harland for the use of Rowland
and Myers for 81 ,55l is, which are held TO
be liens
The following intervenors are decreed
them under the verdict the following sums,
with interest: