The morning news. [volume] (Savannah, Ga.) 1887-1900, 1895-10-13
THE SALES TO BE CONFIRMED.
THE CENTRAL's NEW CHARTER
WILL BE SECURED THIS WEEK.

The New Company VIII Do strictly
Railroad business and the Bank
VIII Go by the BOard-The Bank
and Its Assets Yet 10 BE Sold.
There VIII he n Temporary Organ
fEatIOn Until Jan. I-Judge Pardee
VIII Not Pass on the Fees in the
Case.
Judge Don A. Pardee will hold ses-
sion Of the United States circuit court
in Atlanta next Wednesday for the pur-
pose Of entertaining the motions to con-
firm the sales Of the Savannah and Wes-
tern and Central railroads.
The court will not pass on the fees Of
the lawyers and others who have had
charge of various branches Of the litiga-
ton. a certain portion Of the fund in the
hands of the reorganization committee
has been reserved for that purpose and 1t
will be distributed among those who
have had a hand in the work according
to whatever agreement with regard TO it,
is reached by those Interested.
There is no doubt about the confirma-
ton of these sales. The proceedings have
been merely formal all the way through,
being carried out In pursuance Of plan
that was outlined and contracts that
were made with the security holders by
the purchasers of the property, Messrs.
Thomas and Ryan. 1t it propsble that
the new company. the Central of Georgia
Railway Company, will apply for and Sc
cure its charter in Atlanta on the same
day. The charter is secured from the
controller general.
1t is stated on good authority that the
new company will operate under tenn
porary organization unui about Jan. l.
Directors will probably be elected, but 1t
is likely that the temporary organization
will be controlled by Messrs. Thomas and
Ryan, so as to enable them to carry out the
contracts they have made with the Sc
curity holders in the old company. They
have received the old securities and
are under contract to furnish certain new
securities in the new company in exchange
for them. This work will probably be en-
tirely completed by Jan. /, when perma-
nent board of directors and permanent Of
ncers will likely be elected.
Under the plans, when the company has
finally organized, there will be no Savan-
nah and Western railroad, no Savannah
and Atlantic, and no more Montgomery
and Eufaula; the whole thing will be
Company, and the new securities that are
issued, whether in exchange for savannah
and Western or Savannah and Atlantic,
or any other securities, will be securities
in that company. The savannah and At
lantic, Mobile and Girard, and Montgom-
cry and Eufaula railroads are yet 10 be
sold, so 1t may require a temporary or
ganization of the new company lasting
until Jan. to carry out all the plans.
One feature of which nothing has been
said, so far, is that there will be no more
Central Railroad Bank. The bank will
be done away with under the new char
ter and there are no plans whatever for
the. company's entering into a banking
outside of a railroad business. The as
sets of the bank, including some real es-
tate which 1t has on hand, having been
taken for certain Indebtedness to it, are
yet to be sold. They were not included in
the sale of the Central railroad which took
place in this city last Monday, but will
likely be sold within a short time. Like
the other properties, they will, of course,
be bought in for the new company by
Ali feeling Of anxiety with regard to
the reorganization OF the property APP
pears TO have entirely subsidized. 1t IS
to deliver the new securities some time
in November The new securities will all
be in one company, covering all of the
property II owns. The status of the South
Carolina railroads, namely, the Port Royal
and Western Carolina and the Port Royal
and Augusta, In relation to the Central
Will be practically the same as IL was with
the old company. The new company will
own the same securities in those roads
that were held by the old Central Railroad
and Banking Company of Georgia Both
of those roads are yet to be sold. The
Port Royal and Western Carolina will be
sold some time next month, but the liti-
CATION over the Port Royal and Augusta
Is in such a shape that 1T is a pretty
hard matter to tell just when II can be
put under the hammer.