The Lee County journal. (Leesburg, Ga.) 1904-19??, 1907-07-05
SALE OF ROAD
A SURE FACT
Control Of the Central Of Georgia is
Transferred to New Hands.
RUMoR is CONFIRMED
Contamination of Deal Causes Much Spec
ulation in Railroad Circles and Among
People of Georgia in General.

Rumors which have been freely circu-
lated for the past few days have final
ly eliminated in the definite announce
ment that the controlling interest in
The Central of Georgia railway has
been sold, or transferred, to oakleigh
Thorne, president Of the Trust Com
pany of America, ana Marsden j. Per
ny, president of the Union Trust COM
pany Of Providence, r. l.
According to New York dispatches
the Southern arranged the transfer.
1t was formally announced Thursday
by Adrian H. Joline, chairman of the
Richmond Terminal reorganization
committee, that the committee has sold
to Thorne and Perry all the capital
stock of the Central owned by said
committee, and which was received by
that committee in 1895 upon the con-
summation Of the Richmond Terminal
reorganization, and after the reorgan-
iza5ion of the Georgia Central Rail-
road and Banking company
The net proceeds Of the sale are to
be paid over to the Southern Rail-
way company, which, as stated in the
testimony given by the late President
Spencer and now on file at Macon, was
entitled to the financial benefit of any
sale of the stock, though it did not as
sumo to control the railroad.
AS part of their purchase Messrs.
Thorne and Perry have declared their
purpose to be to operate and to de-
velop the system as an Independent
one for the benefit of its stockholders
and the public served thereby, and,
accordingly, they will, for at least two
years, continue to hold sixty per
cent of the stock.
The control of the Central will even
tually pass to the Rock Island-Frisco
interests. if predictions made in rail-
road circles prove well founded.
It is said that Messrs Thorne and
Perry purchased the road with an un-
derstanding between themselves and
the Rock Island interests that formal
control should pass to the ST. Louis
and San Francisco after the expira-
ton Of the two years during which the
present holders Of the road have
agreed to keep it as an independent
line
Mr.. Thorne would neither confirm
nor deny the report. People could draw
what inference they would, he said.
It was pointed out that close relations
have existed between Mr.. Thorne and
b. f. Yoakum, who is the guiding spir-
it in the affairs Of the Rock Island
Frisco system. Mr. Yoakum is a. d.
rector in the Trust Company of Amer
lea of which Mr.. Thorne Is president.
and in other ways Mr.. Thorne and
Mr.. Yoakum have co-operated in bust
ness undertakings.
At the session or the directors or
the Central of Georgia in Macon a
few days ago, Charles Steele resigned
as member of the board. George M.
Hayel resigned last fall and another
vacancy was created by the death of
Samuel Spencer. These three vacancies
we're filed by the election OF NJ J.
Perry, w. F. Sheehan and Oakleigh
Thorne
Following this meeting President
Hanson said that the sale Of the road
would not mean any change in its Of
fcers and that he would remain as
president He said that the same poll
cies would prevail and all pains would
be taken to keep the property abreast
Of the times.
The operations Of the road will be
investigated by the new officers who
are expected to come south in the very
near future