The morning news. [volume] (Savannah, Ga.) 1887-1900, 1895-10-08
SOLD TO RYAN AND THOMAS.
THE CENTRAL KNOCKED DOWN TO
THEM FOR S2.OOO.OOO.

should Have Brought Several
Times That Amount-The S50.OOO
Check Handed over to the Com
mi.sioners-The Magnates Take a
Look at the Property 90 see what
They are Gettine-NO Danger of
Any OF the Employees Going a.
Long as They stick to business.
1t was sad day for many savannahians
yesterday as they stood by and saw SOLD
under the auctioneer's hammer a prop
erty that was built by Georgians and OPP
Grated By them for nearly sixty years
under the most favorable circumstance.
Ii may really be said to have been like
a funeral: it was practically the end Of a
corporation in which for almost sixty
years the Georgia people have been tax
ing great pride, and which they have been
seeking to build up. Another corpora
ton will. of course. take its place, bur
it can never be viewed by the people
with whom it will have to deal as was the
old Central Railroad and Banking Com
pany Of Georgia
The sale took place in front Of the pas
senger depot on West Broad street. A
number OF Plant system officials were
among the first on hand They were Cen
erai Superintendent b. Durham, Passer-
ger Traffic Manager B. W. Wrenn ana
Hon. 5. G. MeLendon, one Of the sys-
TENS attorneys Some one who came up
asked them if they We're going to pur-
chase the property for Mr.. Plant. Per
haps so, was the reply. have you got
blank check in your pocket?" and thar
was about as near as anybody connect
ed with Mr.. Plants system came to bid
ding
1t was nearly y o'clock when the big
railroad men who took the active part
in the days proceedings arrived They
came up on d street car. Those present
VINO were more directly interested IN the
proceedings were Gen. Samuel Thomas,
Mr. Thomas +. Ryan, Mr. henry Craw-
ford, constituting practically the ,reor-
ganization committee, Receiver II. NJ.
Comer. Receiver Robert j. Lowry of the
Savannah and Western; Senator A. y.
Bacon, representing the Southwesterni
Judge Henry Is. Tompkins, representing
the Central Trust Company or New
DIRK, under whose cross bill the sale
took place; Messrs. LaWton a. Cunning
ham, who represent the receivers OF the
Central; Judge William ID; Harden, the
Savannah representative Of the reorgan-
iZauon committee, ana Col. a. +. Buck
and Mr.. George w. owens, the special
commissioners appointed TO conduct the
sale. Others present were capt John A.
Davis OF Albany a prominent stockhold-
er in the Southwestern railroad Judge
Robert Falligant, Col; John SeIreven'
Messrs. I. p. RaveneI. Marion Erwin,
W. A. c. Even, M. J. Solomons, w. d.
Basley, j. c. Haskell. T. NJ. Cunningham,
Jr, Nj. b. Lane, and George A. Mercer,
Jr
Besides those mentioned. some 200 or $50
people gathered to witness the brief pro-
ceedings that took the property entirely
from the hands of the old company. They
did not have long to wait after the ar
rival of the railroad men who were TO
buy It. I he sun was pouring down, and
the thermometer stood about where II
does on a pretty warm summer s day.
They retired for few moments inside the
depot for conference, and then the sale
was proceeded with.
warm where tney had to stand that an
umbrella had to be used to shield the
aucuoneers. The time has arrived" Col;
Buck announced, at which the Central
railroad must be sold. Commissioner
Owens, appointed one of the special mas
ters to sell the property, will proceed to
read the advertisement of the sale.
Commissioner owens then read the ad-
vertisement describing the Central rail-
road main stem between Savannah and
Atlanta, together with all of its appur-
tenances, equipments and properties, and
showing that the sale took place in pur-
suance of decree Of the circuit court of
the United States for the Southern district
or Georgia, eastern division, entered on
Aug. Is, 1895, in the suit of the Farmers
Loan and Trust Company against Central
Railroad and Banking Company of Geor-
gia ct al. and Alexander Brown & Sons
against the Central Railroad and Bank
ing Company of Georgia Ell al, console
dated cause in equity, upon the cross bill
of the Central Trust Company Of New
York the latter being the bill for fore
closure under the consolidated or Sl3,0OO.
900 mortgage.
Commissioner Owens then read another
notice from the receiver Of the Chatta-
ncoga, Rome and Columbus railroad to
that effect that it claimed a certain par
Tor car, the number of which was blank,
and which was in the possession of the
was car No 400 of the Cvhattanooer
no
yerusement and notice having been read,
Col Buck then proceeded to auction or
Gentlemen" he said, you have heard
the advertisement read according to the
decree OF sale. presume all who ex-
pected TO bid either have or will de-
post their checks as required. Ii is USE
less for me to speak TO you of this mag
nificent property. You already know more
perhaps OF its extent, its merits and its
value than | can tell you. 1t is now
ready to be bid for. Gentlemen, how
There was silence for amoment and
Col Buck said again and then a third
time, How much am / offered?" before
there came a response.
In behalf of Samuel Thomas and
Thomas r. Ryan. bid $2,O00.000," said
Mr.. Henry Crawford
f'Gentlemen, this property is worth ten
times that amount" Col. Buck said
Think OF II, only two million. Are there
any other bids? How much more am 1
offered than two million2 l see no one
here who wants to pay more than S2.0lo.-
0oe. Then l get no more? Why gentle
men, IL | had four million or six million
/ would like to pay it for the property.
DO / hear any more? Two million once,
two million twice and two mil-do I hear
any more? No more; then two million
third and last time and sold to Mr.. Ryan
and Gen. Thomas for 100000"
That was practically all there was to
il so far as the crowd was concerned.
Some Of them looked as if they would
have liked to raise the bid a little just for
the sake Of getting up some competition,
lr4f fHlrn was mol r4fisr f1agga aarffh
than $780, 600 in his pocket at the time, so
no raise was made. There were some there
too, who did not understand how it was
that the whole Central railroad did not
bring any more money than that amount.
The sale, however, was no more than a
formal proceeding, and almost any
amount bid would have answered all
necessary purposes.
The bidding closed, Messrs. Ryan and
Thomas came forward and handed the
comml ssioners a certified check on a New
York bank for $4,000, required to be paid
under the decree at the time the bid was
made They then went over to the general
offices to complete the work before them
MaSsrs RYAN and Thomas to sign a