The morning news. [volume] (Savannah, Ga.) 1887-1900, 1894-06-10
NAY Be SOLD FOR The LOAN
4 Plan to FOTeClOSe the Mortgage on
the Middle Georgia and Atlantic.

4 Committee Appointed to Take Steps
to Secure the Payment of the Syndi-
cate Loan Which Is Five Months
Over Due-Probably Means the Sale
of the Road if the Company Is
Pressed for Payment.
There is a movement on foot to put the
Middle Georgia and Atlantic railroad in
the hands of a receiver and to foreclose
the property in the interest of the holders
Of the syndicate loan, which was created
in order to enable the Seaboard company
to complete the line
The loan Of $lS5, 600 was contracted at a
time when the line was being projected
between Machen and Coyington, on the
Georgia railroad. 1t had been con-
structed from Eatonton to Machen, and
the object of the Seaboard company was
TO ultimately extend its line into Savan-
nah in this direction and to acquire con-
nections or build line to Atlanta. The
lease of the Milledgeville and Eatonton
branch road gave them line from Gov
ington to Milledgeville. The line was
completed into Covington about four
months ago, and since then has been in
operation between Milledgeville and Gov
inRton.
THE SYNDICATE LENDERS ACT.
A meeting of the holders of the syndi-
cate loan certificates was held yesterday
at the office of the Savannah Bank and
Trust Company The chairman of the
committee declined to say what had been
done
1t is understood, however, that com
mittee was appointed to represent those
interested in the syndicate loan, and to
take steps at once to foreclose the mort
gage on the property. The mortgage is
at present in the hands of the Oglethorpe
Savings and Trust Company, as trustee,
but there is little doubt that the trustee
would comply with the wishes of those
interested.
The committee has placed the matter in
the hands OF its attorneys, Messrs.
Garrard, Meldrim q Newman, who, it
is understood, unless something is done to
arrange for the payment of that portion
of the loan the holders of which are urg-
ing it, will take steps at an early date to
toreclose ana sell the property.
FIVE MONTHS OVERDUE.
The syndicate loan has been due now
about five months, but the road is in good
condition, is showing good earning right
along, and is claimed to be fully
able to take care of its interest.
On this account a large number
of those interested in the loan were willing
to allow it to remain as an overdue loan
at least for year longer. but it is in
snch shape that when one or more of
those interested urges the payment of
the money due him he can demand
foreclosure sale of the property There
would have been no trouble about hold
ing the loan over, perhaps, until arrange
ments could have been made to pay it off
had il not been for the urgent demands
of some Of those who are interested in
the loan.
THE PROPERTY AT STAKE.
There is a good deal of property at
stake besides that represented by this
loan that is the stock in the company, the
money which was paid in having gone to-
ward building the road. The stock
holders are, Of course, deeply interested
in the matter, for if the property should
be foreclosed under such conditions that
it would bring no more than the amount
of this loan, there would be little in it for
them. The property, of course, is worth
a good deal more than the amount of this
loan, and it is the general opinion that it
would be unfortunate to have it so into
the hands of o receiver at this time Just
what will be done, however, remains to
be seen when the matter gptS into tho