The morning news. [volume] (Savannah, Ga.) 1887-1900, 1895-08-27
CENTRAL REORGANIZATION.
DECREE RENDERED OF JUDGE
PARDEE ORDERING SALE
OF THE PROPERTY.


ed by the Court TO Conduct the
saIe-Date of Selling Not Fixed,
hut VIII De About Oct. I-COntext
of Judge Pardee's Decree of Sale.
Atlanta, Ca, Aug. 2s-The Central and
Savannah and Western roads viii be sold
some time during October next under the
decree issued to-day by Judge Don =.
Pardee Of the United States circuit court.
Col. A. E. Buck OF Atlanta and W. W.
owens of Savannah are named special
commissioners to sell the Central. Z. A.
Angler of Atlanta is the special master
10 sell the Savannah and Western.
No upset price is fixed. The roads are
70 be sold without reserve and the plans
of the reorganization committee carried
out without modification. The sale is on
account of foreclosure of the consoI-
dated mortgage bonds Of SS,OO0,OOO under
action of the Farmers Loan and Trust
Company and the Central Trust Company
OF New York The substance OF the de-
cree Of sale is as follows:
J. That the lien of the bonds and cou-
pons issued under and secured by the con-
solidated mortgage dated April 1, 1890, is
valid lien upon the railroads and other
property hereinbefore mentioned and de-
scribed, prior and superior to any other
lien or incumbrance, except the lien of
said tripartite mortgages and so far as it
relates to property described I'm and cov-
cred by said tripartite mortgages.
, That the defendant, the Central Rail-
road and Banking Company of Georgia,
shall, within ten days after the entry of
this decree pay, or cause to be paid to the
said Central Trust Company, of New York
or to the clerk of this court for the use
and benefit, as may be shown, Of the hold
~. H. aaAT4 4la.4a
gage bonds and coupons thereunto apper-
tanning, the sum of 81 200, 600 in gold coin Of
the United States.
3. That unless said payment hereinbe-
fore directed shall be made within the
time prescribed as aforesaid, the said con-
solidated mortgage dated April /, 1890 be
foreclosed and all the railroad, property,
rights or interests, conveyed thereby and
upon which said mortgage is a lien as
aforesaid, including all equipments, sup
plies and material owned by said railroad
company, or purchased or constructed by
the receivers for use in the operation of
said railroad, be sold as is hereinafter
directed. and that under and by said sale
all the rights, title, estate and equity OF
redemption of the defendant, the Central
Railroad and Banking Company of Geor-
gia, and of all other persons claiming by,
through or under the said defendant, ex-
cept the interest of the Farmers Loan and
Trust Company as trustee of said tripartite
mortgages, and the rights and equities of
the Southwestern Railroad Company, of, in
and to the said mortgaged premises prop
erty, rights and franchises, and every part
and parcel thereof, embraced or included
or invented to be included in the said con-
soldated mortgage shall be foreclosed and
cut off and forever barred.
4. That the railroad and property COW
cred by and described in said consolidated
mortagel of the Central Railroad and
Banking Company of Georgia, dated April
/, 1890, including all equipment and mate
rial and all interest and title therein,
owned by the said railroad.
5. OF the price for which said property
shall be sold there shall be paid in cash
at time of the sale the sum of $4,000, the
amount of any cash deposit which may
have been made by the bidder at the time
of making his bid, being received as a
part thereof; and also upon the confirm
alton of said sale andofrom time to time
thereafter such further portions of the
said purchase price shall be paid in cash
as the court may direct in order to meet
the expenses of foreclosure and sale and
allowed preferential claims. All sums Of
money received by said special master
shall be placed in such bank or banks
as the court may direct. The court re-
serves the right to reject any bid and to
retake possession of and resell said prem
ises and property upon failure of any pur-
chaser for twenty days to comply with
any order of the court requiring further
payment of such bid or any decreed pre-
terential claim of the balance of the pur-
chase price not required to be thus paid
In cash may either be paid in cash or
the purchaser may satisfy and make good
said balance of his bid in whole or in
part by paying over and surrendering to
the special master outstanding consolidat-
ed mortgage bonds and overdue coupons
appertaining thereto, or either.
The approved purchaser or purchasers at
Aaid sale shall take the property pur-
chased subject to the lien of any and all
debts, obligations and liabilities of the
receivership heretofore or hereafter to be
lawfully incurred by or under the au-
thor1ty of the court or arising out of the
operations of such railroad, and subject
also to the lien of any and all claims here
toIore filed in this cause or in the causes
consolidated herein which the court has
allowed and adjudged or shall hereafter
allow and adjudge to be prior in lien or
superior in quality to the said consoli-
GATED mortgage hereby foreclosed and
order to be paid by such purchaser.
Ihe fund arising from the sale of the
SAID mortgaged property shall be ap-
pied as follows, to wit:
first, to the payment of costs of the
central Trust Company of New York,
complainant in the cross bill and any other
ISIS VI the proceedings unuer Salu cross
Dill, Including all proper expenses of the
sale herein ordered, and such compensa-
Ton as may be awarded by the court to the
special master for making said sale, and
the compensation of the Central Trust
Company of New York. for its services,
charges and expenses in the execution of
It's trust, to be allowed by the court and
such proper allowances as the court may
make for the fees and disbursements of
the solicitors and counsel of said cross
complainant.
seeond-To the payment, ratably, of the
interest and principal of said
consolidated mortgage bonds secured by
sald consolidated mortgages.
Third-Should there be any surplus re-
naming after making the payments above
directed the same shall be paid into the
registry of this court to abide such order
OF decree as the court may make in respect
thereto. Provided, however. that this de-
cree and the sale Hereunder and the title
obtained thereby, shall be subject in all
lhings TO the tripartite mortgages dated
oct J. 1872, executed 70 the Farmers Loan
ana Trust Company as rected IN che ORR