The times. [volume] (Richmond, Va.) 1890-1903, 1893-06-29
TO SELL THE CENTRAL.
PROPERTIES HELD RESPONSIBLE
FORT THE TRIsARTITE MORTAGE.
Justice Jackson's Decree in Ordering the
Sale OF the Road-Bill for the Re-
movai of Receiver Conner.

SAVANNAH. GA, June 2S-Argument
on the liability OF the Southwestern on
tHpartite mortgages was continued this
morning, and at the conclusion Justice
Jackson announced his decree OF sale OF
the Central railroad properties.
Three companies, he held, were jointly
liable on the tripartite mortgage, which
is most pecunar and well-drawn in
strument. The Court decided that seven
per cent. should be paid on the tri
partite bonds before and after maturity,
ana that the Southwestern was liable for
one-third Of this mortgage and interest,
and that If that was not paid il should
be sold first, and that one-thrd realized;
that the Central from Macon TO Atlanta
was liable for two-thirds OF the tripartite
mortgage and interest.
The Court ranked the tripartite mort
gage as the first lien. and SSOOO,0OO, out
standing bonds Of s13O00,OO0, per cent
mortgage seconds as a lien only on the
assets OF the Central
Taxes due the cities and counties will
rank as first mortgage. The receiver was
ordered to give up ali leased lines not
earning more money than operating ex-
penses.
Justice JacksOns decree is as follows:
I'VE direct the sale of the Central rail-
road property to pay, including lease
hold interest, the Tripartite mortgage.
We direct that the Central railroad and
the Southwestern railroad be sold I'm this
way: That the Southwestern Company
have the permission, within the time the
court shall grant. Of paying one-third
Of that Indebtedness and interest there
on, and I'm the event II does not pay 1t
that IL be sold I'm the first instance TO
make the payment, or one-third, and that
the Central railroad, extending now under
the consolidated line from Savannah TO
Atlanta, be, with It's incidental proper
ties and auxiliaries, bases, etc, sold 10
cover the other two-thirds Of this In
dehtedness That II it fails to make the
other two-thrds that the Southwestern
be held responsible for the balance, and
that in order Of priorities the trioartite
bonds declared first and primary lien full
amount; with the second mortgage of
5000 900 % the extent of SS000O00 bonds
that have been issued. be declared "A
second lien upon the Central railroad
properties and the auxiliary properties
thereto attaching In the shape OF leases.
and that in making the sale these proper
ties be offered separately, first lease ~
lease, interest by interest, and then offer
ed as a whole, and the special master
to report both the price offered for the
whole and the price for the separate
parts In detail and the mode or method
OF sale under this foreclosure. With
reference 10 outstanding debenture GER
tihcates. they are certain floating credi-
tors. and in reference to the lien that IS
claimed by the Southwestern for pay
ment Of rental. and on which a distress
warrant has been issued, and which,
by permission of the court. has been le-
We'd subject and without prejudice 10
the writs and interests OF any other
claimants or any other creditors in this
cause. that claim will stand upon the
footing Of common unsecured creditor
as other unsecured creditors stand.
These parties will be allowed until the
| first day Of December 10 appear In court
and upon their failure to pay into cou-i
OF the first day OF December 1893, thai
this property be advertised for sixty
| DAYS thereafter in papers Of New York
| Savannah. Atlanta, Macon and Moni-
gomery. The special master will ther
expose il TO sale I'm the order Indicated
The bill for the removal OF Receiver
Conner will be before the court to-mor-
row.