The morning news. [volume] (Savannah, Ga.) 1887-1900, 1895-02-08
THE CENTRAL DON'T WANT 1T.
SALE oF THE &. :. & r. RAILROAD
AND PROBABLE PURCHASERS.

Railroad Man says the Central
Could Not Buy IL without an order
of Court, and Is Not in Position
10 Do 80 AZ such an order Were
Cranted-The First Upset Price Is
4,5OO.OOO Dollars, but the Order Of
Court Is such That in the End IL
aiay BE sold TO the Highest bidder.
The Probable Purchasers of the
Property.
There Is considerable discussion about
the sale OF the Georgia Southern and Flor
ida railroad which is TO take place on
March 6.
IT Is absurd" a well known railroad
man said yesterday. Ito think that the
Central railroad should want that prop
erty. The Central is in the hands OF the
court and could not buy it without an Or
der Of court with its affairs in the condi-
ton that they are now in. e is hardly
probable that the Central would make any
attempt to purchase il at the present time.
OF the court would allow It TO do So"
Another gentleman interested. and who
knows considerable about the situation.
sad, in his opinion. he hardly thought the
Seaboard Company would be allowed to
secure control of it. or that il would want
to DO so. The Seaboard Airline does moi
control the Macon and Northern. which
runs from Athens TO Macon and hence
could have no connection with the Geor-
gia southern. Arrangements looking to
this end however. might be made. Tbs
other probable purchasers in the market he
said, outside Of the bondholders are the
Southern Railway Company and the Plant
system. Both of these lines could use the
road to advantage. but whether they will
bid on it remains TO be seen. This road
now makes connection with both The
southern and the Plant lines and either OF
them could use 1t to advantage.
The sale takes place on March 6, and the
Developments in the meantime will be
watched with interest. The syndicate
which has in charge the plan of reorgan-
ization has deposited with it S2,9J0,OUO Of
the first mortgage bonds. The fun amount
Of these bonds is $S42O.OO0. Tor some rea-
son more than million of them have fail
ed to so into the plan of reorganization.
So far as can be determined, these bonds
are not held by any Of the competing lines
that might be purchasers of the property,
. but by individuals. Still the fact that 50
many have remained outside has led to
some talk with regard to who may be pur-
chasers of the properly.
The upset price which will have to be bid
on March 6 to get the property has been
fixed at A,500,000. If the property is not
sold then it will be put on the block two
weeks later and the upset price then will
be $3750,00J If this arrangement does not
effect a sale the property viii be placed
on the block two weeks later when the
upset price viii be 100000. and if not
sold at that figure II will be offered again
within two weeks after that time and will
be knocked down to the highest bidder.
II not sold at the first offer, the property
viii be placed on the market on the other
occasions with intervals of two weeks
without any further advertising this
having been decided by order Of court
a large number Of the bonds Of the com
pany are held in Savannah, the amount
being about 100000 and the bondhoders
here are watching the developments in the
matter with interest All the Savannah
bondholders have gone into the syndicate,
and the committee representing the syn
dictate will bid on the property to a suf-
ticient extent to preserve the interest Of
those in the syndicate. Just how far they
VIII so in this matter, however. has not
yet been decided.