The morning news., 1897-01-06
BID IN BY THE BoNDHoLDERS.
ELECTRIC ny. BOUGHT BY THE
COLLINS SYNDICATE FOR s211 900.

Can't. III. Cunningha ham Bid I'D 10
S21O,OOO For the Minority BOndhol-
tIers, hut Pres. Johnston stopped
short mt SI2G,OOO-A New Company
to he Organized Which VIII Spena
$4,000 to 100000 in Building IA
New Power House and Improving
the Property.
The Electric railway was sold yesterday
at the Office of the company at Gwinneu
and Price streets. by order of the United
States court. The property was pur-
chased by Mr.. Herman Myers, acting for
the majority bondholders. The price paid
is s211,OOO. The property is to be reor-
ganized at once, the track viii be relaid
with new rails, and the equipment Of the
property will be practically new.
There was a gathering Of prominent bus
mess men in front Of the office Of the COM
pany when United States Marshal J. D.
Harrell mounted the steps and began to
read the official advertisement Of the sale.
Among those present were Receiver John
r. Young, President and Receiver j. ).
Collins, Messrs. ]. r. Anderson, w. w.
Mackall, II. H. Hull Jacob Paulsen'
Thomas Nugent, Hugh Logan and W. *.
Wilkinson, Savannah directors; Messrs.
]. II. Fall, Van Lear Kirkmau and T. w.
Wrenne, Nashville directors Capt. H. c.
Cunningham Mr.. Lee Roy Myers and Mr..
H. P. Smart representing the Savannah
Investment Company and the minority
bondholders; President ]. II. Johnston,
Directors ]. N. Hartman and f. J.
Thomas and Hon. Pope Barrow, counsel
of the City and Suburban railway; Pres
ident J. ]. Dale and Col William Car
rard, attorney of the Oglethorpe Savings
and Trust Company, trustee for the bond
holders and number Of others having no
direct connection with the company, so
far as known.
The advertisement was a lengthy one,
and il required some time to read il. Aft
er reading the advertisement Marshal
Harrell announced that he was ready TO
receive the checks of those wishing 10
bid. President J. II. Johnston of the city
and Suburban railway Capt. II. G. Cum
ningham, representing the minority bond
holders, and Mayor Herman Myers, rep
Tesenting the majority bondholders, eacn
stepped forward in turn and handed to
the marshal certified checks for $4,000.
President Johnstons check was on the Sa-
vannah Bank and Trust Company, Capt.
Cunningham's on the Southern Bank, and
Mayor Myers on the National Bank of
Savannah. Marshal Harrel examined the
checks and found that each was properly
certified to by the cashiers Of the
banks. He then announced that he was
ready TO receive bids for the property.
Capt Cunningham started the ball roll
ing with bid for $4,000. President john
ston raised him 5000 Capt. Cunningham
went to $4,000, and Capt. Johnson an
swered MIN with S95 600. The two gentle
men continued to raise each other at this
rate until S115,O00, by Capt. Johnston, was
reached. Mayor Myers entered the game
at this point with a bid for $4,000, and
Capt. Cunningham promptly made it $l25,-
OO0 Cant Johnston bid $l26O00, after
which he dropped out of the game. Mayor
Myers and Capt. Cunningham each bid
S127, 600 but the marshal decided that it
was Mayor Myers bid, whereupon Capt.
Cunningham made it $1,000 more. The
mayor and Capt. Cunningham raised each
other 81 900 alternately until $lS5,0N was
reached.
At that point Mayor Myers added life
to the game by bidding $4,000 Capt.
Cunningham saw the raise and came al
him 5000 better. They continued to raise
each other 5000. each until 100000 was
reached by Capt. Cunningham. Mayor
Myers bid S201 900 and the bidding then
progressed slowly at the rate of 81 900 in
by Mayor Myers. Marshal Harrell cried
the property some time at this figure with
out getting an additional bid and, after
giving everybody full opportunity to make
other bids announced that the property
had been sold to the highest bidder.
TO Herman Myers Of Savannah and ].
II. Fall of Nashville" said Mayor Myers,
when the marshal inquired for the names
of the successful bidders. Their certified
checks tor $4,000 each were returned 10
President Johnston and Capt. Cunning
ham.
Marshal Harrell announced that if the
terms of the sale were not complied with
within two hours it would be resumed a I
the same place at O'Clock He also
stated that the sale was subject to the
approval of the United States court. The
entire party boarded the next car aud
came down town, the successful bidders
and their attorneys, together with the
marshal and others interested, stopping
at the National Bank of Savannah, where
the terms of the sale were compiled with.
including the deposit Of a check for $4,000,
properly certified, in the hands of the mar
shall, in addition to the check of $4,000
already deposited with him.
The members OF the syndicate which Sc
cured the property seemed very well sat-
isfied with the price. and one of the Nash
willie men remarked that it was less than
they had already put into it. Regrets
were expressed in certain quarters that
the minority bondholders did not bid a
higher figure for the property. There was
also surprise at the low bid of Presiden;
Johnston. representing Mr.. Parsons, owner
of the City and Suburban and Savannah,
Thunderbolt and Isle of Hope railways.
The property would have been a bargain,
it Is said. to Mr.. Parsons at $250,000, or.
even, $4,000 more than it was sold for.
How many thousands of dollars Mr.. Par
sons has spent in the last three years in
fighting the Electric railway Is not known,
but the figure must be large one.
Mr. Kirkman, who is evidently one OF
the leading spirits in the reorganization
left for his home in Nashville last night
Messrs. Fall and Wrenne are still In the
city. Before his departure Mr.. Kirkman
said that meeting for the purpose of re-
organization will be held in Savannah
in about two weeks. which will be at
tended by himself and several others oi
the Nashville security holders. There ara
about fifteen persons in Nashville inter
ested i'm the Electric railway. The form
OF reorganization has not been agreed
upon nor the officers selected, Mr.. Kirk.
man said il is likely. however. that those
e.f~ fFsf.. a, a