The Savannah morning news., 1904-09-01
SEABOARD BUYS
TWO CONGRESSES
PRICE AGREED ON $4,000.
ATLANTIC COMPRESS co. SAID TO
BE REAL PURCHASERS.

Articles of Agreement and Bond for
Titles Filled in Superior Court.
Cotton Presses Located on Hutch
inson's Island and Were Owned
by Union Shipping Company, OF
Which Mr.. j. +. Minis and Mr..
]. C. Harris Were Chief Owners.
Under the terms of an agreement fill
ed in the Office of the clerk of the
Superior Court yesterday, the Sea-
board Air Line will this morning as
sumo ownership of the two cotton
congresses on Hutchinson's Island
heretofore owned and operated by the
Union Shipping Company.
The price agreed on was $12O, 900, to
be paid in monthly installments of
81 900 each. The agreement was dat
ed Aug. 10, 1904.
It is understood that the congresses
were really purchased by the Atlantic
Compress Company, which now owns
all of the congresses in the city.
Were Erected in 1898.
The congresses were erected and
Installed by Mr.. ]. f. Minis and Mr..
J. Cooper Harris upon the property
of the Georgia and Alabama Terminal
Company on the island in 1898. At
the time an agreement was entered
into between the Georgia and Ala
bama Railway and the two gentle
men named under which the COM
presses were to be operated. Certain
rights were secured as to the cotton
to be compressed and other facilities.
This agreement was later taken over
by the Union Shipping Company, of
which Mr.. Minis and Mr.. Harris were
the chief stockholders. The Seaboard
having absorbed the Georgia and Ala
bama, the former road became the
party of the second part.
One provision of the agreement is
that the contract between the old
Georgia and Alabama. and the Union
Shipping Company shall be annulled.
and a new one substituted.
AS a result of recent negotiations
the SeaIboard has agreed to become
the purchaser of the congresses from
the Union Shipping Company at the
price named. Besides the congresses,
a number of cotton trucks and other
supplies on hand will be taken at an
appraised valuation.
The shipping company has issued
an agreement covering this sale in
the nature Of a bond for title, which
has been filed for record.
Will Appraise Plant.
It is provided in the agreement that
on Oct. /. three appraisers will in
spect the plant and estimate its value,
their figures being conclusive. The
inspection is for the purpose of keep
ing a record of the condition of the
plant, as the purchasers covenant to
keep the plant up to its present state.
Triennial inspections will be held for
the same purpose. Insurance must be
carried in q sum not less than the
amount due the shipping company.
For payments made in advance of
the date of maturity, there is a dis
count allowed of per cent. If the
full payment were to be made at once
this discount would reduce the price
70 a round 100000. For all delayed
payments an interest charge of Z per
cent. will be made. A default of six
ty days will give the vendors the
right to put up the plant for sale.
While the Seaboard will make the
payments, the Atlantic Compress Com
pany will furnish the money, it is
understood. Adams & Adams rep
resented the Union Shipping Company
in the deal and Mr.. J. Randolph An
derson the Seaboard.