The morning news. [volume] (Savannah, Ga.) 1887-1900, 1895-07-13
DIDN'T LIKE THE TERMS.
NO BID MADE FOR THE ATLANTIC
SHORT LINE PROPERTY.

Receiver Young TO Report to Judge
sPeer and the Road to BE offered
Again. Probably AZ Terms Salts
factory 10 the Macon, Dublin and
Savannah PeOpIe-Lhwycr Cain An
nOunced an Appeal Against the
sale by Schneider Bros.
The Atlantic Short Line railroad was
not sold at receivers sale yesterday. The
sale had been ordered by the court and
was advertised TO take place in front OF
the custom house at noon
The reason that there was no sale was
that there was no bidder for the property.
Mr.. J. T. Wright, general manager Of the
Macon. Dublin and Savannah railroad.
which has been enGeavoting for some time
to acquire possession Of the property. was
present, but did not make a bid. He ex-
planned afterwards that the terms Of the
sale. as ordered by the court, were not
such as he had expected.
EIr. j. r. Cain Of Cain & Kennedy ap-
peared before Mr.. Young offered the prop
erty for sale and announced that an ap-
peal against the sale ordered by Judge
Speer had been taken by Schneider Bros.
of Texas. creditors and stockholders Of
the road, 10 the circuit court Of appeals
at New Orleans, and that the purchaser
would buy subject 10 the appeal. An az
count Of Schneider Bros, claims was pub
lished in the Morning News several days
ago. They first appealed TO Judge Specr
against the sale. Judge Speer denied the
appeal unless the parties would agree TO
give a bond for $4,000 that the road
would bring that amount should the sale
be withheld until November, as prayed
for by the petitioners.
Schneider Bros. did not let the case rest
here, however, but carried their appeal it
seems, to the circuit court OF appeals at
New Orleans. Mr.. Gains announcement
was the first intimation here that such had
been done.
Mr.. Wright said. however that il was
not Mr.. Gains announcement that kept
him from bidding on the property, as he
did not consider Schneider Bros. case
would amount to very much. The terms
of the sale were not what he had expected.
he said, though he did not particularize
as TO what feature of the terms prevented
him from making a bid He commented.
however, upon the wide difference between
the figures of the cash price and the
credit price named by the court.
In the first case the lowest
bid which the receiver was authorized to
accept was 900 in cash. The credit or
time price, however, was fixed at $780, 900
as the lowest figure, $4,000 OF which was
10 be paid within ten days, and the bal
ance before the expiration Of three years,
with interest at per cent, payable semi
annually.
There is also a bond for $4,000, suit upon
which is pending in the superior court of
Bibb county, being for money advanced
recently by the principal back
ers of the enterprise The con-
ditions of the credit sale required
that the purchaser should pay the amount
of this bond in cash whenever Judgment
should be rendered against the property.
The Macon. Dublin and Savannah people
have had a rather unsatisfactory time in
their efforts to secure possession of the
Atlantic Short line. After much decker
ing deal was made in the spring. which
was about to be put through, when 10 per
cent OF the stockholders objected, and the
result was to throw the property in the
hands of a receiver. The receivers sale
would have settled the question of own
ership, had the Macon, Dublin and Savan-
nah people been satisfied to buy on the
conditions named. Receiver Young will
report to the court the failure to sell the
property, and the road will doubtless be
put up for sale again soon, with the de-
sired change in the terms for the benefit
of the intending purchasers
IF the sale had not been prevented in
the spring." said Mr.. Wright to a Morn
ing News reporter. 1--WE would have al
ready had a considerable portion of our
line between Dublin and Savannah built
and in operation. We are bound to come
60 savannah sooner or later"