The morning news. [volume] (Savannah, Ga.) 1887-1900, 1895-08-24
TO TAKE ORDERS MONDAY.
JUDGE PARDEE 70 FIX THE DATE
OF THE GENERALS SALE.

The Hearing to BE Before Him in
AtIanta-The Central to Be Fore
closed Under the Consolidated
Mortgage-An order for the Clos
ure of the Savannah and Western
Also to Be Secured-The Sale
Likely to Take Place About Nov. 1.
Judge Don A. Pardee Will preside at a
session of the United States circuit court
in Atlanta next Monday, when he will
consider an application for orders for the
foreclosure and sale of the Central rail-
road properties.
This is one of the final and necessary
steps toward reorganization, but as all
interests have been harmonized and have
accepted the plan. the hearing and grant
ing of the orders will be rather formal
proceeding Messrs. Lawton and Cunning
ham received a telegram from New York
yesterday announcing that a session OF
the court would be held at that time and
that all the necessary papers for the hear
ing would be brought down.
The Central railroad proper will be fore
closed under the $13,OOO,O0O or consolidated
mortgage for which the Central Trust
Company of New York is trustee. A cross
bill for foreclosure under this mortgage
was filed by the Central Trust Company
some time ago, but all proceedings under
it were stopped on application of the
Southwestern railroad, which made the
claim that such proceedings would
damage it's interests. The Southwestern,
however, has accepted the plan of reorgan-
ization, and it is understood has consent
ed to withdraw any objections to the fore
closure of the property under this mort
gage. The Central Trust Company is rep
resented by Mr.. Henry B. Thompkins of
Atlanta and Messrs. Butler, Stillman q
Hubbard of New York Mr.. A. H. Joline
of the latter firm, however, represents the
firm in this proceeding.
An order for the foreclosure and sale OF
the Savannah and Western railroad Will
be secured al the same time. The sale OF
this property will be had under the con-
solidated mortgage which is outstanding
on it. and there will be foreclosures also
of the different properties which compose
it, under the mortgages outstanding on
them. There are several other portions
of the system also upon which mortgages
will have to be foreclosed, and the prop
critics sold before the reorganization OF
the entire system can be affected.
There has been some talk to the effect
that the reorganization would be COM
pleted sometime in November, but this is
hardly looked on as possible now. II the
orders for the sale Of the property, now
| ever, are secured at once, as they doubt
less will be, it is probable that the prop
critics will be sold by Nov. j. The sale of
such properties usually takes place after
| an advertisement of sixty days, and un-
| der such circumstances there would be
no trouble about bringing the properties
to a sale by the first of November.
Every important property connected
with the system has accepted the terms of
| the reorganization, the only exception be-
ing the Chattanooga Rome and Column
bus railroad, which has been considered
| by many as dead weight to the property.
There is reason to believe now, however,
| that this road will accept the terms that
have been offered, and will come into the
plan. The committee in charge of reor-
| ganization has not been particularly anx-
| ious for it, so far as can be learned, but
at the same time would no doubt like to
see the integrity of the entire system pre-
| served.
Among the lawyers from Savannah who
will attend the hearing Monday will be
Capt II. c. Cunningham of the firm of
| Lawton & Cunningham, representing the
| receivers of the Central railroad; Messrs.
| Denmark & Adams representing the re-
| ceiVers of the Savannah and Western rail-
| road and Judge VIM. d. Harden, the at
| torney here for the reorganization COM
| mittee A large number of others inter-
ested in the legal work, from New York
and elsewhere will no doubt be present.