The Atlanta constitution. [volume] (Atlanta, Ga.) 1885-19??, 1894-07-09
SPENCER ROUGIIT 1T.
the President of the southern BUYS the East
Tannessee-Over Two Million Paid.

Knoxville, Tenn, July 7-(Special)-
Promptly at 10 o'clock this morning Col
onel Joseph Caldwell adjusted his eye
glasses and said: Now, gentlemen II
you will give me your attention Will offer
for sale the East Tennessee, Virginia anu
Georgia railroad"
His air and manner was that of the et-J
cry day of auctioneers when they hold
llp before the anxious bidders at a country
store a tin dipper or a coffee pot, and ask:
How much do | hear for it?' He was as
cool as a cucumber on ice and to a passer-
by not knowing what was going on no idea
could have been drawn OF the significance
of the moment. The men standing close
beside the auctoneer would never nave
been taken for millionaires or representa-
tives of millonaires. There was Mr.. Sam
Spencer, president of the new Southern
Railway Company. and his immedlates as
socates representing Drexel, Morgan d
Co. Mr.. Spencer, a man OF snail STATUE
stood right under the crier clad IN Simple
suit of blue serge, wearing u very plain,
narrow brmmed straw hat. IN ms vest
pocket were two little bits of blue paper
They were certified checks heraldlnS
million and a half dollars, and Il few NM
utes later were passed over TO tne i0h
nessee colonel with spectacles on his nose
That moment the East Tennessee, Nir-
pinia and Georgia railroad it's naming
red seal vanish forever from the copsteila-
ton of southern railroads in when IL mas
figured so Ing as a leading light for with
the changing hands of those tiny scraps Vi
paper of robins egg blue, this colossal sys-
tenn of railways became the property Oh
the Southern Railway Company, and mere
after will be nothing more than the west
ern division of the new system.
The sale was witnessed by 200 spectators
and took place in front of the East Zen
nessee depot here. Colonel Josh Caldwell
special master, by authority of the United
States courts, read the order of sale. rms
took several minutes. The requirements
of the order are well understood by the
reading public, having been published IN
all of the leading dailes of this section OF
the south.
When he finished reading Colonel Cald-
well looked over the edge of his spectacleS
and announced that the first bid must be
on the pi>oerty |>vered by equipment anu
Improvement mortgages The NUMBER Oh
engines cars, miles of track, etc, were
named. "Now," said he, a smile playing
in his face at the humor OF the sltuatloh'
chow much do l hear for it?
.Twelve hundred and fifty thousand dol
lars" said Mr.. C. II. Coster, one OF the re-
organizers. as though it had been Is cents
on potato crater.
The crowd laughed.
An old negro hack driver shouted Good
Lord"
Nobody cared TO Dld hlSher ana inc PioP-
erty was knocked down to Mr.. CoSter.
The second sale was property covered py
general mortgages, such as tools, pumps,
etc Mr.. Coster bid $3.50 900, which was not
raised, and the property was knocked OH 10
him. Then came the sale Of the road ana
property in the entirety.
What do | hear from your shouted the
colonel.
Mr.. Sam Spencer, representing the South
ern Railway Company quietly said, FIJI
teen hundred and five thousand dollars
going just S. 200 above the total amount Oh
both of Mr.. Coster's bids
Going, going-last time and fair warn
ing" said the genial Colonel Caldwell
gone"
The lowest bid that could have been made
was the sum total of Mr.. Coster's two bids
ST. ,OOO-according to the order Of sale
AS to the operation of the East Tennes-
see by the Southern, Mr. Spencer SAID TO-
''This will be called the western division
of the new system and light changes, II
any, at least for the present, will be made
in the management. Headquarters will re-
main at Knoxville for the present. AS to
the personnel, l am not inclined to go out
of the way for officials, and so far prac-
,icable VIII hold to the present officers. l
have no favorites among the present Off
GERS. l have favortes to bring here
from other roads and believe the men here
know more about the road anyhow than
The sale will not be ratified by the courts
until July 18th. Quite a sensation was
of Columbus, special attorney for the state
of Georgia on the Western and At
notice that the East Tennessee has
usurped in Georgia towns and
and particular in Atlanta the track of the
Wee tern and Atlantic and that the pur-
sidrration in making their BIZ