The morning news. [volume] (Savannah, Ga.) 1887-1900, 1897-01-02
WAS NOT MAKING MUCH MONEY
M. G. AND A. PEOPLE WE'RE ANX-
IOUs TO SELL THE PROPERTY.

lOUS TO SELL THE PROPERTY.
Thought Its Purchase by the Central
Would Benefit Savannah-SecurI-
ties of the Property All Held by
the Syndicate Except $4,000 of
Bonds on the EhtOntOn Branch.
None of Those Interested willing
to Say What the Central Paid for
Its Purchase-The Central Has Sc
cured Two Branch Roads within
"A Month.
The purchase by the Central OF Georgia
Railway Company of the Middle Georgia
and Atlantic railroad has been the prin-
cipal topic of discussion in railroad circles.
Its announcement in the Morning News
yesterday was rather in the nature of
surprise, as no one except those interested
in it knew anything about IT, though the
trade has been in progress for two months
or more.
The trade was made between Mayor
Herman Myers and President Fl NJ.
Conner, instead of the latter and President
Weed as stated Mr.. Myers being a mem
Der of the central committee of the syn
dictate which owns the Middle Georgia ANA
Atlantic railroad. The committee is COM
posed of Messrs. Herman Myers j. D.
Weed, Edward Karow, J. G. Haas, VIII
liam Kehoe T. F. Jones, W. c. Clark OF
Covington and Samuel Huey of Philadel-
phia.
The forty-four and a half miles OF the
road between Eatonton and Covington was
owned entirely by the syndicate, which
held upon it $4,000 in bonds and $1,000 In
stock per mile. These securities were all
in the pool, however, the bonds never
having been issued. The twenty-one
miles of the Eatonton Branch road, when
control of it was secured by the Middle
Georgia and Atlantic was put under a
bonded debt Of S16SOO OF this amount
$4,000 was given 10 the minority stock
holders for their holdings, and the bal
ance went into the pool. which also held
all OF the stock, amounting in par value
TO s1eS,OOO
One of those interested in the property
said yesterday that the syndicate did not
get for it. what it was worth, but they
were willing, he said. to let it go even at
a sacrifice as the property was barely
paying interest. It has not paid all OF its
fixed charges by any means, and has been,
80 to speak, an elephant on the hands oil
the syndicate. Certain members of the syn
dictate have for a long time wanted the
Central to purchase the property, both for
the reason that they desired TO get rid
Of it, and then again they believed 1t would
be the best thing for Savannah to have il
go to one of her principal railroad systems.
The Central. in connection with its other
lines it is believed, can use il to decided
advantage.
This, it may be said. is the second branch
road the Central has secured coptrol Of
within the last month. The Atlantic
Short Line was purchased for it, when sold
at public cutlery, and as stated some time
ago in the Morning News will be eN-
tended from it's present terminus, near
Stillmore, in Bulloch county either to a
connection with the Central at Pineora,
or to a connection with the Cuyler and
WOODBURY. railroad. which latter road
connects with the Georgia and Alabama
at Cuyler, in Bryan county. This viii be
determined no doubt after the Cuyler and
Woodburn railroad has been sold at pub
lie cutlery which will probably be within
a short time.
Thus the Central has practically the
control OF the traffic between Savannah
and Macon, and between Savannah and
Augusta, and in that belt entirely across
the state, except that portion that is COW
cred by the Georgia and Alabama rail-
road.
Those interested i'm the trade still refuse
30 say what the price paid was. The
Middle Georgia and Atlantic people say
they did not get enough for it, while the
Central railroad people think they paid
too much, if anything The chances are,
however, that both sides are fairly well
satisfied, or there might not have been a
deal.