The Dawson news. (Dawson, Ga.) 1889-current, 1893-07-05
WRECK OF TIE CENTRAL.
THE soUTHwEsTER MUST BE SOLD,
TOO.

Justice JacksOn's Unexpected Decree--The
sale to Begin February LIST.
All hope of saving the Central railroad
from being sold seems to have been d $
PEELED by a decree issued by Justice
jackson at Savannah Thursday. 1t APP
pears, too, that by the same decree, the
Southwestern road is held liable for one
third of the tripartite mortgage bonds,
and will go the same way the whole Cen
trail system is destined to 60.
AS briefly capitulated by the Savannah
correspondent of the Atlanta Journal,
here are theimportant points decided BY
j stice Jackson in the Central railroad
cases yesterday:
The justice held that the trpartite
bond is joiRt and several obligation,
and that the Southwestern railroad com
pany is liable on that bond as joint
maker, and that it does not stand in the
relation of a surety. This brings the
South western along with other lines into
the general wreck, which is to be fore
closed on.
THE ORDER OF SALE.
The properties are to be sold in the
following order:
LIST. The Southwestern is to be sold to
meet one-third of the tripartite mort
gage, and he gives them until Decemte'
1st to pay that amount, 81, 900 into
court, which it is not believed they can
possibly do.
He also ruled that the distress warrant
that they had been allowed to take out
for their unpaid rental in January was
of no effect; that they were not entitled
under the lease to the income from the
property, and that, as regards any claim
they had against the Central for rem al,
they stood in the position of an unsecur-
ed creditor
WILL BE SOLD ABOUT FEBRUARY l.
On December LIST all the Central prop
erty, including the Southwestern, is to be
advertised for sixty days, so that the sale
will take place about February LIST.
The justice also decided that the de-
benture holders stood in the position of
unsecured creditors.
He further ordered the receiver to re-
port which leased lines are doing more
than earn their rentals and to tender the
immediate surrender Of the leases t. all
that are not.
A new trustee is to be app 5ined for the
linking fund OF the Montgomery and
Eufau a.
ALL AGAINsT THE SOUTHWESTERN.
The justice ruled against the South
western on almost every point.
The effect Of his decision will be to
bring b)ut speedy sale of all the prop
critics and he intimated that it was his
intention to effect the sale in such man
ner as to protect tue Junior security
holders. There Will be little or nothing,
however, leftfor them.
LEASED ZINES MUST ELECT.
An order was Signed to-day directing
Receiver Conner TO 5rep)rt to the South
western, the Augusta and Savannah, the
Mobile and Girmd and the Eatont
branch on the amount of earnings from
their operations since March 4, 1892, to
date, with the expenses incurred, with
in thirty days from receipt of this com
munication. These companies must no.
tify the receiver and the court whether
they desire to permit their properties to
remain in the hands of theareceiver, with
the right On their part to claim the net
results of their operation, or whether
they desire the surrender of the lease
hold interest held in them by the receiv
er Of the Central.