The morning news. [volume] (Savannah, Ga.) 1887-1900, 1894-09-12
BOUGHT FOR ITS DEBT.
The Middle Georgia and Atlantic Rail-
road Under the Hammer.

| Mr., Herman Myers Bid S195 900 for
| the Property for the Pooling Com
mittee Representing the Holders of
the Syndicate Loan Scrip-This
Leaves Only So, 500 for the Seaboard
Claim Against That Company-The
New Owners of the, Road Will En-
deavor to Complete the Line to
Savannah.
The Middle Georgia and Atlantic rail
road was sold yesterday before the court
house door under the authority vested in
the Oglethorpe Savings ard Trust Com
pany, trustee for the holders of scrip is
sued to certain individuals and corpora
tions which loaned money to the Sea
board Company for the purpose of COM
plotting the road.
The property sold consisted of 1892 900
CT first mortgage gold bonds on the prop
erty, 5,279 shares of the capital stock of
the road, and all the other assets of the
Seaboard Company, which were pledged
to secure the syndicate loan. All the
rolling stock and real estate belonging to
the company was included.
DObOAAA d. I'M NOohhA LEE
Mr.. j. J. Dale, president of the Ogle-
thorpe Savings and Trust Company, bid
1872, goo, which was raised $500 by Mr. J.
P. Williams, and MIR. Herman Myers, act
ing chairman of the committee represent
ing the holders of the syndicate loan,
bid $4,000 and got the property.
The total indebtedness under the
mortgage held by the trustee
to the parties interested in the syndicate
loan, including interest and expenses of
the sale, amounts to about 1892, 800. This
leaves a surplus of $500, which will be
turned over TO the Seaboard Company
This amount is now the total assets of
that company, and will be applied to pay
ing whatever debts it may owe.
MR.. GRANGER MADE A CLAIM.
Just before the sale of the road Mr.. A.
o. Granger, who stopped it last time by
temporary injunction, announced that he,
representing certain stockholders of New
born, Ca, who, by resolution of the Sea-
board Company, were at one time
offered bonds for their stock
in the road, would hold the pur-
chasers liable for the amount of
those bonds, about So, zoe, which had never
been delivered according to the terms of
the resolution. After the sale he came to
the conclusion that the Seaboard Com
pany was liable for the amount and
withdrew his demand on the purchasers.
1t will be transferred to the
| Seaboard Company and an effort
will probably be made to settle the claim
amicably. At the price at which the
| bonds were sold, in the neighbOrhood of 20
cents on 81, the value of the claim would
be something like 800. 1t is not known
as yet, however, on what basis the settle
| Inent will be.
WHAT THE sEABOARD COMPANY GETS.
1t will be seen that there will be very
little left for the unsecured stockholders
| of the SeabOard Company out of the
| 81, 500 MIR. Granger, who made an at
| tempt to stop the sale on account of GER
| tain stock which he held of the face
value of about S21, 600, secured himself by
the purchase of syndicate loan scrip at
par with interest, and he has now with
drawn his suit against the Seaboard
! Company for an accounting. The Juno
tion which he asked for was denied, but
| he still maintained his suit for an &C
counting. This however has been with
| drawn.
The property was bought for the pool
| ing committee representing the holders
of the syndicate loan. The committee is
| composed of Messrs. j. d. Weed, Herman
| Myers, Edward Karow, f. f. Jones, l. G..
Haas and others. Mr.. Weed is president
| of the road, and its present organization
will probably be maintained for some
time. The sale of the road will not inter
| fere with Supt. Thomas, and the line will
continue to be operated as it has been
| heretofore.
The new owners of the road will now
| look into the feasibility of extending the
| line into Savannah by connection with
other roads that are now working this
way, and which will probably be com
pleted within short time. This will
give another independent line between
Savannah and Atlanta.