The morning news. [volume] (Savannah, Ga.) 1887-1900, 1895-11-21
TITLES TO THE CENTRAL FILED.
THE DEED AND MORTG AGES TO
THE NEW COMPANY put on
RECORD.

All Of the Property Rights in the
Central Railroad and banking
Company Transferred TO the Cen
traI OF Georgia Railway Company.
The Property Covered by the Mort
xngeS-The New York Guaranty
and Indemnity Company and the
Mercantile Trust Company of New
York Made Trustees for the bond
hoIderS-The Other Property to BE
sold.
The deed 90 the properties Of the Cen
tral Railroad and Banking Company.
made by Messrs. Samuel Thomas and
Thomas r. Ryan. To the Central Of Geor-
gia Railway Company, together with the
first mortgase and the consolidated mort
gage executed by that company, were
nled for record yesterday ia the office
OF the clerk of the superior court, Dy
1Iessrs. Lawton & Cunningham.
These deeds and MORTGAGES viii be sim
iarly recorded in every county through
which any line connected with the sys-
TEN runs. Copies IF them have already
been sent 20 The clerks of the superior
courts and the process of recording viii,
no doubt he completed within few days.
The deed from Messrs Thomas and Ryan
10 the Central of Georgia Railway Com
pany after lot OF whereases in which
il is stated that the parties of the nrst
part have fulfilled their contract and re-
organized the property pursuant TO the
plan announced, il says that Messrs
Thomas and Ryan, for and ia considera-
ton Of the sum Of S43,3l00o0, paid and 70
he paid i'm bonds and stocks of the party
Of the second part i'm accordance with the
terms Of a contract dated oct u, 1895.
and in consideration that the party of the
second part Will in all respects comply
with the further conditions OF the de-
cree Oh foreclosure oL sane aasuIneu 10y
an ouledlory upon llselI as assignee OF
the purchasers have sold, bdrgalhed, as
signed, etc, all The properties OF the
Central Railroad and Banking Company
OF Georgia to the Central of Georgia Rail-
way Company, TO have and to hold, etc.
The deed ls signed 10y MeSsrs. Thomas
and Ryan, and witnessed by Alfred q.
JOplng and William II. Garrison, commits
sioner for Georgia in the state Of New
York. It, Of course gives the new COM
Pany all the property rights in all that
belonged TO the Old company.
Inc New FORK Guaranty and Indemnity
Company OF New 50 rk city is made
trustee under the first mortgage, which
Will not exceed $1,000. 100, and which COW
ers the main line OF The Central, the Mil
ledgeYille branch, and the equity of the
OLD company in the 1886 shares of ocean
Steamship Company stock. This mort
gage was provided for by a resolution
OF the board of directors of the new
company under temporary organization,
held in Atlanta oct. H. 1895 at which
il Is stated In the morteage the holders
OF the entire capital stock in the new
company were present and the resolu-
ton was passed by a unanimous vote,
the ballots being cast by representa-
tive OF the Southern Railway Company,
the owner Of the 1000 shares Of stock
IN the new company OF this amount
9,01, 1870 VIII 90 TO pay of the tTipar-
tite bonds ana the interest on them
The mortgage concludes with a statement
OF what the bondholders may do, or what
courses are open TO them in case the
contract is not carried out or there is
default in the payment of interest.
The Mercantile Trust Company of New
York is made trustee for the bondholders
under the consolidated mortgage, which
was provided for by a similar resolution
OF the board of directors OF the new COM
pany. This mortgage VIII be in aggre-
gate SIS, 500,OO but only S6,5U000 of the
bonds can be issued at once. The re-
naming SZ,OV,O00 are 70 be issued for bet
terments ana new equipment. and can be
issued az the rate OF only S509,uW year.
These bonds are second mortgage on
the properties covered by the first mort
gage, and are first mortgage on all
the lines of the Savannah ana Western, the
Montgomery and Eufaua, the Mobile and
Girard, the Macon and Northern, the Sa-
Nannah ana Atlantic, the leasehold in
terests in the Southwestern and Augusta
and Savannah railroads, and all of the
bonds and stocks in other lines owned by
the company.
The bonds Of both mortgages are 5 per
cent. gold bonds, and mature Nov. /, 1915.
Both mortgages are signed by r. l.. Ander-
ton Jr., vice president, and w. Il. Find
ley secretary, officers under the tempo
rary organization. They are also signed
by the presidents of the trust companies
winch act as trustees under them, W. g.
Oakman being president of the New York
Guaranty and Indemnity Company and
ii. q. Deming, vice president of the Mer-
camille Trust Company The signatures
are all attested by II. Clarkson, commits
sloner FOR Georgia in the state of New
York
The property of the new company will
be complete when the cert passes on the
sales Of several other lines that belong
to the system. The Port Royal and West
ern carolina railroad was sold Yesterday
put the new company owns only a jOr-
hy interest IN that property, and ii will
not become directly a part of the system
The Mobile and Girard railroad will be
sold Nov. "a. and the Montgomery ana Eu-
faula Nov. p. This will practically COM
plele the legal proceedings in connection
with the main portions of the system so
Tar at least as the new company is con-
cerned, and the properties will pass en-
urely out Of the hands of the courts as
soon as the receivers have rendered their
hnal accounts.
Now that the temporary organization
mas completed the work for which il was
Drought together, il will resign in favor
OF new officers and directors, to be elect
ed by the stockholders The perma-
nent organization VIII likely be perfected
within very short time.