The morning news. [volume] (Savannah, Ga.) 1887-1900, 1897-01-09
ELECTRIC'S SALE CONFIRMED.
MOST OF THE UNDERLYING BONDS
ALREADY TAKEN UP.


The Receivers Directed to Turn the
Property Over 20 the Purchasers
Upon Presentation of the Master
commissioners Deed-They viii
Probably Take Charge at Once.
The Grand Jury Returns Twenty
Five True Bills and Is Discharged.
Two COunterfeiters Given Light
Sentences Because of Former Good
Characteristic Cases Assigned for
Trial Next Week.
Judge Speer yesterday confirmed the
sale of the Electric railway property to
Messrs. Herman Myers and J. II. Fall, rep
resenting the majority bondholders, for
$211, 900.
Marshal j. D. Harrell filed a report stat
ing that he had sold the property in accord
anee with the courts decree at the price
stated and that the bidder had deposited
with him $4,000 of which $52,5S1.4 was in
| cash, and S27. 41S.59 in underlying bonds, to-
gether with the coupons on them and the
accrued interest on them up to the date of
the sale. These are the bonds which, I'M
| der the decree of the court, were to be
paid off in full, par and accrued interest,
and that is why they were accepted in
part payment of the $50, 900, from which
amount they were to have been paid. All
| of them but about $4,000 have now been
| taken up, and the purchasers of the prop
erty will no doubt see that these are
| taken up as soon as they can be secured.
With the master commissioner report
| there was filed the bid of the purchasers,
and their motion to confirm the sale,
they stated they were ready in every par
ticular to comply with its terms. Judge
Speer then signed an order confirming the
sale and directing the master commission
er to execute a deed to the property, upon
| the payment of the balance of the pur-
! chase price, which will, of course, be in
| bonds and unpaid coupons of the consol-
| idated mortgage. The payment of the bal
| ance must be made within thirty days,
! and upon presentation of the master COM
| missioner's deed to the receivers, Messrs.
John r. Young and j. s. Collins, they are
! directed to turn the property over to the
| purchasers.
| 1t is also directed that the Oglethorpe
| Savings and Trust Company, the trustee
| for the bondhoders of the old company,
| shall execute to the purchasers all neces-
|
| commissioner is to keep ali money receiv-
| ed on deposit with the National Bank of
| Savannah, and all bonds and unpaid cou-
pons are to be deposited with the Ogle-
thorpe Savings and Trust Company.
Under this order the purchasers of the
property will no doubt take charge of it
at once. AS ali their bonds in the syndi-
cate. amounting to nearly $450,O00 are
| ready to be paid over al once, there is no
apparent reason why they should not Sc
| cure practically immediate possession of
the property. 1t will no doubt be reor-
ganized and put upon a financial basis,
which will enable it, at least, to pay in
| terest on its obligations now and then.
The grand jury of the United States
| court adjourned at 2 o'clock and returned
| about twenty-five true bills in cases they
have been considering for the last three
days. The grand jury failed TO indict in
about the same number of cases, several
of them being Savannah parties charged
with violations Of the internal revenue
| laws.
Foreman ]. R. Sheldon on behalf of the
grand jury rendered the thanks of that
body to Judge Emory Speer for his clear
and able charge. which, he said, had as
| sisted them materially in their investi-
| cations. He then read a resolution passed
| by the grand jury thanking and compli-
| menting the district attorney, Maj. w. T.
| Gary for mis- able and careful presentation
| of the cases which came before them, and
| his rapid dispatch of the business in hand.
Judge Speer, in d!scharging the grand
| jury for the term referred pleasantly to
! the resolutions with regard to Maj. Gary,
! and complimented the district attorney
| on his able conduct of the court BUSH
! ness during his term, which is just now
| drawing to a close. He said he would
| order the resolution entered on the min
| utes He also thanked the grand jurors
! for their pleasant references to himself,
! and for their careful and earnest iuvesti-
| cation into the matters that were present.
! ed to them by the district attorney. Tho
grand jury returned the following true
| bills:
Neal Gidea, Thomas Anglin, William
| Riley. Henry Schroeder, G. H. Lankenau
and Michael Lynch, all of Savannah,
! drawing beer from kegs without eancelsng
the United States internal revenue
| stamps.
steven. r. McElvern and William A.
| Grower of Bulloch county, May Horace
| Pierce of Emanuel county. Tude Hostello.
| w. c. Chalker and George Manning Kemp,
setting up and operating Illicit disti-
| leries.
| George Washington Newman, alias
| George Newman of Emanuel county.
| Samuel Moses Walden of Emanuel county
| and Jerry Williams, retailing liquor. with
| out government license.
| John Il. Meyer retailing oleomarsarine
! without a United States license
Benjamin II. Pope Of Thomas county.
| violation Of the pension laws, receiving