The morning news. [volume] (Savannah, Ga.) 1887-1900, 1895-11-03
THOMAS AND RYAN BOUGHT 1T.
THEY TOOK IN THE TYBEE ROAD
on Aid OF $4,000.

Judge Wm. ID. Harden Representing
Them Deposited s24I.5OO of the
First Mortgage Bonds with the
Commimssioners-1I Herman Ny
ers Gives Notice OF the Outstanding
Receivers Cerfificates-The Road
VIII 60 Into the New Central sys-
tenn as soon ns the sale Has Been
Approved.
The savdnuah and Atlantic or Tybee
railroad was knocked down 10 Messrs.
Samuel Thomas and Thomas f. Ryan
yesterday on a bid Of 5000 made by
Judge William ID. Harden. the local at
torney Of the reorganization committee,
and the representative Of these gentlemen,
who ar known as the purchasers Of III
property
The advertisement stated that the prop
erty was TO be- sold at z o'clock noon,
ana by II AS all those interested mad gath
cred. Among those present at the sale
We're the commissioners appointed 10 sell
the property, Col John screven and Mr.
j. y. Tally of Macon, Mayor Herman Ny
CTS. representing himself and other hold
ers Of receivers certificates against the
property; Mr.. J. J. Dale, president of the
Oglethorpe Savings and Trust Company,
which Is the trustee for the bondhoiters;
Judge William ID. Harden, representing
the reorganization committee Mr. !. X.
LaWtOn, Jr., representing the receivers
of the property: Messrs. j. G. Butler,
Emile Newman and William kehOe, all
of whom are bondhOlders.
It was decided after a consideration OF
the order Of sale and the advertisement,
that the property must be sold by sun
time, which meant just twenty-fOur nln-
&c -. c.. ooh
50 there was a little wait on the part OF
those gathered. When that time rolled
around. however. Mr.. Tailey read the adj
vertisement and then proceeded TO call
for bids on the property.
Before any bids We're made, however,
Mayor Myers placed in the commissioner
read. 1t was simply notice TO those
interested that there were $1,000 of recelv-
crs' certificates on the property. with in
terest at Z per cent. from May ], 1880,
which constitute "A superior lien TO the first
mortgage of March /, 1880. These are
still outstanding and notice was simply
given that the purchaser of the property
had TO take IL subject TO this prior lien.
This notice was given by Mr.. Myers for
himself and other holders of the receiv-
ers certificates. The bids were then called
for.
I'm behalf Of Messrs. Samuel Thomas
and Thomas f. Ryan" Judge Harden said,
II offer $50 600 I believe the order requires
that $4,000 in bonds be deposited with
you, before you can accept the bid.
haven't so small an amount with me,
but here are S2H, 800 of them. which l
suppose will answer just as we'll"
With that Judge Harden placed in Mr.
Talley's hands the receipt of the Mer-
camille Trust Company for S244. 800 of the
first mortgage bonds Of the Savannah and
Atlantic Railroad Company. Mr.. Tauey
called several times to see If there were
any other bids. but the crowd present
was not in a bidding humor, and he closed
the deal at $4,000 with Messrs. Thomas
and Ryan, through their representative,
Judge Harden.
Judge Harden handed Messrs. Screven
and Talley a certified check for 5000, as
required by the order Of court from which
the expenses of the litigation will be
paid. This check was drawn in favor of
the commissioners, and was on the New
York Guarantee and Indemnity Company
of New York city. 1t was deposited with
the Oglethorpe Savings and Trust Com
pany.
The property sold the attorneys pro-
ceeded to draw up the proper papers in
connection with it, and they were filed in
Among them was the report of the COM
missioners, which will go before Judge
Emory Speer for his approval
As soon as the sale Is confirmed Judge
Speer will issue an order directing Re-
ceivers Conner and Hayes to turn the road
become a part of the Central of Georgia
Railway Company system. The commit
tee in charge of the reorganization, IL is
understood, will pay in full the receivers
certificates, which were issued for Ne
purpose of rebuilding the road after the
storm of August. 1898.
The commissioners viii turn the bonds
into the court, when they will be can
celed just as soon as the new securities
agreed upon are issued to replace them.