The morning news. [volume] (Savannah, Ga.) 1887-1900, 1897-01-13
--11Irrc SHORT LINE SALE.
Judge speer's Decision Con-
Tea firminG 1t.

1udgc speer's Decision Con-
Tea firming 1t.
,no 70 admit the objections OF
n To- sor certain stockholders of the At
eouls' .s,rr Line railroad to the confirma-
anu .,o sale of that property to Mr.
uon - Daley. representing the Wrlsnts-
D. .,5 Tennine Railroad Com rl,Id,S,
vie Lymorv Speer rendereG the IOilo"-
Jads5 -i5n which was filed yesterday,
ns op3rv of which was puolishe4 ia 10
slh'n Morning News having oeei' NC
lsi,-s5 orally the day oeIoIe, ootor the
byere" 0'roGeedng of this character the
IN ~ court must necessarily be
4 action o. ~. the attitude of the parues
Il onJTol'Clt, with their various equities.
n Iespeeu ~ Ciiy,'il1rity which as matter OF
4 inl u0 ,sf mark the transactions III
4 COURSE record. Here a property was
ours tro hands OF a receiver. II was
\ )iace1 . ~ of a railroad company whlch
ne i,.nt There We're NUMBER OF
vas lls ,+s against it, many other claims
udsIie.i-rtIy went to judgment. Inc re-
4 iuose4 ,s conserved the property as pest
4 laRv FINALLY, on bill properly nled'
Re eo e, The property were foreclosed, ana
ens o s,sr there were various trans
heTeai' liens and claims be-
ieIs nersons holding interests
%e' t5is property, or between sucn
ms and outside parties, but the court
- concern with any OF them' me
I'M Nv was ordered to be sold, was Iully
4 p,Y.ir,ctised. an upcet price OF SzoO'U0V was
n sa'5l1 III tbere was no bid, and no sale.
,f,sr another period 1t was aoN oed 'Iseu
A and an upset price of &lOOOO was
sglH' o1d there was no bid. Now a sale
N.Y. te.,,rT,ably to the decree has been MADE,
w'AH1srrorer advertisement, for the sum Oh
d $500. ,eou,,,ad that nersons who
Interested in the purchase Of the prop
Nv have. by agreements between theIl-
~ ~ hought up outstanding liens exist
sn1 agajnst the property. The price bid
me- sufficient TO satisfy all these liens,
"a II nersons outside have agreed pc
Won themselves as to the satisfaction OIL
,"o5 liens. it is not a matter for the court,
. hos anv stockholder the right to COM
-,"in The liens win be satisfied and dis
asorosd so far as the railroad property
!. concarned and a clear title Will pass
n Mo purchaser, if it be lawfully passed.
oBnt if is said that this ale is contrary
:, rba poucy of the state of Georgia, 9s
,,a down in it's constitution in that II
|. bought by Mr.. Daley, who is general
nmnsel of the Wrightsville and Tennille
plroad, which road is controlled by
Central of Georgia Railway Com
rsny competitive. line. That may
y trpe and If it be true it may be a
serious matter hereafter, but it is not a
matter that the court is concerned with
oow These stockholders whose railroad
had been placed in the hands of receiver
and has been directed to be sold by a
aral decree are not in the position to in
yoke the public policy of the state of Geor
ga. nor is the court guardian OF that
m policy Now, as heretofore, we express
our views with regard to that constitu-
tona question only upon case where
he HEADINGS and proofs seem to justify
and it does not matter to this stock
holder in the insOlvent corporation
whether a purchaser who pays in the
money for the purchase under final decree
! making a void purchase or not. That
none of his business, so long as the
money goes to be credited on the debt of
he corporation.
The court does not pass on the ques-
4 ton in any manner. 1t simply holds
that these objections in so far as this
sale is concerned, in the present condi-
ton Of the case are not sufficient to avoid
The continuance of the sale. Nor is 1t
made to appear that any better price can
obtained for this property hereafter.
The court has called upon counsel to say
whether they are in a position to guaran-
&c such a bid as they say will be an ad-
quate price for the property and In fe-
ponse they are discreetly silent.
SO We nave done the best we can do
18th this property and if it brings a low
nice 1t is not the fault of the court. We
ave done all We could for the stockhold-
u.s. The stockholders had the right TO
ONE in and bid the property up. They
re presumed to know all about the sale.
hey did know all about it. They stood
" and made no bid, and after a sale is
Iaefed for the third time, they come in
Al make these objections, and they hinge
ner objections upon illegalities in the
Ilgnal decree. Well, a formal solemn de-
rec Oh court i'm equity. which appears to
llsll and proper, is not to be impeach-
W objections to a continuance of the
ae OF tne property made under that de-
ee. IL lakes formal bill with appro-
aF dverments directed against the de-
rec itself either a bill of review or bill
se' aside the decree for fraud or some
Vi such nature. That would have
gu tne appropriate remedy. OF course
n davidson who argued this case SC
az Is not responsible for the present
'a-.'lon' as he did not draw the bill. For
~ reasons shall have to override the
gscuons and order the confirmation OF