The morning news. [volume] (Savannah, Ga.) 1887-1900, 1895-10-06
TO BE ON HAND AT THE SALE.
RAILROAD MEN WILL BEGIN AR
IRVING IN SAVANNAH TO-DAY.

They VIII Bid the Central in fer the
REORGANIZATION Committee and as
Soon as the sale Is Ratified the Last
Straw in the Way of ReOrganIza-
ton VIII BE ACKNOWLEDGEMENTS
10 lie Operating as the New Com
Dany by Nov. ITO BE Sold by Col.
A. f. Buck and MIR. George W.
Owens.
There win no doubt be quite a gather
ing Of prominent railroad men in Savan-
nan tomorrow. They will begin to come
to-day, Mr.. Henry Crawford Of the reor-
ganization committee having telegraphed
that he and others would be here this
morning.
Messrs. Samuel Thomas and Thomas
H. Ryan. also Of the reorganization COM
mittee. are expected TO arrive at the same
time. Receiver Conner. who has been alb
sent in New York for the last two weeks
on railroad business, attended the sale of
the Savannah and Western railroad in
Birmingham yesterday, and will arrive
here this afternoon. Other railroad men
and lawyers from New York, Atlanta and
other points are expected to be on hand
when the Central goes under the auc-
tioneer's hammer tomorrow at y o'clock.
Only the mainstem and its appurten-
ances will be sold, and they will, of course,
be bid in by Mr.. Crawford or some other
member of the reorganization committee
for nominal sum. The sale will be con-
Quoted by Col A. Z. Buck of Atlanta and
Mr. George w. Owens of this city, both
appointed special masters for the purpose.
1t will probably be decided to-day or to-
morrow morning which one of these
gentlemen will have the pleasure of
knocking down to the only bidder a prop
erty that is worth millions of dollars. The
sale viii take place in front of the Cen
trail depot on West Broad street and will
no doubt attract large crowd, inspired to
a great extent by curiosity, for there will
hardly be any who want to buy it, out
purpose.
The sale of the Central and its pur-
chase by the reorganization committee
will wipe out all the old securities on the
property, and there will then be nothing
Whatever in the way of reorganzing IL.
1t is confidently expected that the new
company will have its charter and be
ready. Tor operation as the Central of
georgia hallway Company by Nov. l. At
least this has been calculated on by the.
committee, and il does not appear that
there Is anything in the way of the plans
1t is interesting to note that even all
rumors with regard to the Southerns con-
tfolIng the Central in manner to inn
- 49, - A+Ali case rs OWl BUSINESS, nave
subsided. The general feeling now is one
OF confidence, the belief being that the
property will be operated and managed
separately and distinctly from any other
system
There appears to be little doubt that
Receiver Conner will be the first pres
ldent Of the reorganized company though
Mr.. Thomas f. Ryan, in an interview in
Atlanta Friday, stated that nothing could
be said on that line until the property had
been sold and the sale finally ratified, as
the final arrangements of the new COM
pany will not be made until then
All of the railroad nagnates declare that
in their opinions brighter days are dawn
ing upon the south than have ever yet
beamed down upon this favored section
They say the south is too rich in natural
resources to lie undeveloped, and they are
of the opinion that the recent uplifting of
the various old bankrupt railroad proper
ties in the south has meant more of prom
Use than anything that has yet happened
for the material development of the coun-
try between the mississippi and the Po-
tomac.
The sale is in pursuance of a
decree of the United States court
entered Aug. 20, 1885, in the
suit of the Farmers Loan and Trust
Company against the Central Railroad and
Banking Company and a lexander Brown
4 Sons against the Central Railroad and
Banking Company-consolidated cause in
equity upon the cross bill of the Central
Trust Company of New York.
OF the price paid for the Central 1t is
stipulated in the decree that $4,000 shall
be paid cash on the spot. From time to
time afterward such amounts must be
paid as the court may direct.