The morning news. [volume] (Savannah, Ga.) 1887-1900, 1894-09-24
STORY OF a RAILROAD DEAL.
How the Central Got Left in Purchas-
ing a Short Line.

A railroad man tells the following
anecdote of a transaction which took
place in 1879 in connection with the sale
of the Vicksburg and Brunswick railroad,
short line running between Eufaula,
Ala, and Clayton, a distance of about
twenty miles.
Capt. d. G. Purse was appointed COM
mitteeman to go to Eufaula and bid on
the Eufaula and Clayton Railroad, which
was being sold under a Jud yment and fore
closure in the United States court, and in
which some of Savannahs surplus money
had been sunk, there being a bonded in
debtedness of about $i03, OUO on the prop
erty. Ct these the Savannah Bank and
Trust company, in which Capt. Purse was
a director, was the largest holder. So
valueless was the property considered
that before leaving he consulted with
President Green OF that bank in order to
have fixed a limit which the bank was
willing to bid for the property. He was
instructed to bid so, 900. but was given
discretion if he saw tit after looking over
the situation to bid as high as 80, 900.
There was quite gathering of railroad
men at the sale in Eufaula. Among them
was A. j. Lane, then receiver of The
| Montgomery and Eufaula railroad Col
| William NJ. " adley, Judge Gresham of
! Macon, a dire, tor in the Southwestern,
MIR. Virgil Powers, superintendent of the
! Southwestern, and others interested in
the Central and Southwest tern railroads.
While IL was thought the Central would
| have to be the purchaser of the property
TO prevent it's passing into hostile hands,
/ or becoming competitor, the impression
was gi en- out by Col. Wadley ana others,
| that the Central, or rather the South
! western, which was the same
| tn ng practically, did not want
! the property unless it could be
! bought cheap. Mr. j. G. Mills, also di-
rector in the Savannah Bank and Trust
Company, and large holder of the bonds
accompanied Capt. Purse TO the sale, and
there seemed TO be persistent E. Tort
made to impress on Mr.. Mills and others
that the Central did not want the
property.
On the day of the sale all those in
terested gathered at the court house.
Col. shorter now chairman OF the Ala
bama rallro d commission, was the attor-
ney of the bondholders who brought the
matter to foreclosure, and he and Mr..
I Mills and CapJ. Purse consulted together
/ from time to time, and the matter of
/ bidding was left TO Capt. Purse. Mr.
! Lane represented the Central railroad,
though ii was sought to produce the i'm
preston that he represented some other
party.
Inc Uluulug commenced al flU,UUU ana
went up $1,000 at a time until it reached
$4,000. Then it went up by $1,000 and
s. 900 again. 1t seemed to those who had
looked into the matter that the south
western or Central had determined to
pay as much as the Judgment and interest
in order to get the properly. The road
was Anally knocked down 10 A. j. Lane
for $4,000. Mr., Mills and Capt.
Purse returned to Savannah in the Cen
ira railroad car, and while in the depot
at Macon Judge Gresham and Capt.
Purse were passing the time by chatting
about the sale. Judge Gresham remarked
during the conversation, as If 10 show
| Capt. Purse how badly he had been left:
by the way, Purse, Lane claims Col.
. Wadley owes him $4,000"
"How's thai" Capt. Purse asked, some
what surprised.
why, his limit was S92, 0j0" replied
Judge Gresham, land he bought the road
for co., go"
According to that" Capt Purse re-
piled with a smile, "the bondholders owe
rue 10000, Tor l went there with a
limit of $4,000 with discretion OF carry
ing it TO $4,000, and got $4,000
Judge Gresham quietly walked off and
said no more, PROBABLY thinking what
Mr. Lane might have got the property for
the Southwestern for il he bad only
known il.