The times dispatch. [volume] (Richmond, Va.) 1903-1914, 1907-10-25
THORNE ADMITS
SALE WAS MADE
Belief That Projected Line from
Raleigh to Augusta Will Con-
meet Two Big Systems.
Marsden ]. Perry in
Both Com
panies.


trail of Georgia railroad has been sold
to the Norfolk and Southern. oakleign
Thorne. one of the owners OF the form
er property, admitted In New York. on
Tuesday that 1t had been sold. but
declined to give the names OF the
purchasers, Marsden J. Perry, part
owner with Thorne, Is chairman Of the
board OF directors OF the Norfolk and
S ~ Company. which.
controls practically Eli OF the net
work of lines in Eastern North Caro-
lima. with Norfolk as the main port
Of entry.
Railroad men consulted here did not
seem able to comprehend the report at
first, or to explain the reason why the
Norfolk and Southern should acquire
possession OF q system with which 1t
had no connecting link. From Raleigh.
n. c., to which point Its line has just
been opened. there are projected roads
to Augusta. Ga. and Charleston. s. c..
the ownership OF which has peen some
what in dispute. The general idea.
however. Is that the Norfolk and South
ern will get control OF the rood from
the capital of North Carolina ITO Au-
gusta. there to connect with the tracks
VI the Central of Georgia
In the event OF this the parent road
would touch Norfolk and Savannah. on
the ocean. extending to Chattanooga
Birmingham and Montgomery. and
reaching Atlanta. Macon and practt-
cally the entire business heart OF the
great State OF Georgia.
Speculation as to Ownership.
Al meeting of the stockholders OF
the Norfolk and Southern at Norfolk
on Wednesday the action OF the direc.
kev, re hnn IR
amounting to s25.000,o00 for the pur-
chase OF rolling stock and other equip
ment was approved. Frank s. Can
non. the president. is an old Southern
Railway man, who stood nigh IL rail-
road circles. There are two opinions
especially in North Carolina. as to
the real ownership OF the company.
one being that the Southern Railway
is backing 1t, and the other that the
trolling interest. While 1t had to spec
ula,e on these points, the public has
never thoroughly satisfied itself as to
the true status OF affairs. Starting
with a handful of short lines, the Nor
folk and Southern has gradually ex-
tended its territory, having acquired
the Atlantic and North Carolina Rail-
road, from Goldsporo to Morehead and
the sea, for term OF ninety-nine
years.
Efforts made recently to annul the
lease failed. There was great deal
OF interest in the development and
expansion policy of the company, as
shrewd railroad men did not clearly
understand why 1t should invest go
heavily and issue large bond obliga-
tions IL 1t was to confne its territory
to the eastern part OF Carolina, in
which there were no extraordinarily
large shipping centres.
Georgia Afraid of Hartman.
With a link. however, to Augusta
and connection there with, the Central
OF Georgia. and It's 1000 miles OF track,
the reorganied concern would be one
OF the strongest in the south, Behind
which there would be unlimited tnan-
cial backing. The feeling in Georgia
was that Edward Fl. Hartman was
after the Central fact which has
been bitterly opposed by the news
papers
can,saItle1 soId to PcEEy o6" ana 6on Thqrns. .
Of Georgia operates l.9ia miles 81
nessss; . Until the early part Of the
w as the hsaPsgSsda 19 R
way this causing more or less adverse
sntIsrn sTitiiIism on on the ground that ths
.
gotiations were concluded for the sale
OF the road and its steamship lines
Marsden j.. Perry and Oakleigh Thorne
ing as the purchasers. Instantly, there
was howl in Georgia, the news
papers emanding to know Who L
9 ". Morse was soon to take over s
the property
Eight ny Bondholder..
The Central of Georgia came prom,,
nea easeue te he rEss faesp
the holders OF s15.Oo0,Oo0 s per cent
income bonds.
a committee to represent these
bondholders met q few weeks ago In
New York to examine the, books o
the ths company Intended to default .s OF
the payment OF interest on the income
bonds OF the second and third class
or SsNsIa VIM
aisting that ii, the books had bee:
correctly kept the earnings were ain:
a the ntsssst
passed the Interest on the third clas
OF bonds, paying only q small part o.
the second class; Thereupon, tll'
S mittee an and I announced m @ that they wouls Hiit
+ fight the matter In the courts, OBJ
! taining the deposit of q majority Of
the bonds to carry out that determina
lIlOU,5at SOlllVS INV
the sale OF the road Is merely a par
OF the fight. M & II
,'8 Railway Oacinls Silent.
The Times-D Dispatch instructed 1T
Raleigh correspondent last night, t
ind out something aboutgthe proposet
lines from that city to Augusta. III
wired, in fleet, that g move ment wa
underway some time ago to build be
tween Lumberton and Fayetteville, con
Meeting at the latter point with tn
WeId give sontinuo,s osa route n' Ia
tween Raleigh and Marion, S. Cs. an,
z thence to- Augusta. w hen these pro
tects were first iscussed the Id ca wa
n Italy Interested In the propertte les.
Norfo Dix and Southe erne II officials de-
elined TO talk bout the report OF TIL
EEiintSsp 81 Gsosfia
loWsyer. from that end ot the sdeal..