New-York tribune., 1909-06-17
GETS GEORGIA CENTRAL
Hartman Turns OUer Property to
the Illinois Central.

J. r Hanson. president Of the Central Of Georgia
Railway Company. announced yesterday that the
road had been taken. by the Illinois Central
Railroad Company. The announcement caused no
surprise in railroad financial circles as It has
been understood ever since f II. Hartman Sc
cured control OF the property. IL November 1901.
that # was his intention ultimately transfer II
TO the Illinois Central The directors OF the Illinois
Central met yesterday in this city and formally
ratified the purchase Immediately after the meet
ing J. T Harahan. president Of the Illinois Central
left for the West arrange for the physical trans
fer Of the property. The Illinois Central and the
Central Of Georgia connect Birmingham, Ala,
and tire acquisition the latter by the Illinois
Central gives that road outlet the Atlantic
Savannah, where the Georgia line has extensive
terminals
The entire s. 100000 Cpar vaiue) capital stock or
the Central Of Georgia purchased in -NoVem-
her, 1907. by William Nelson Cromwell and John
W Castles. acting for z II. Hartman. from OAK
leigh Tnorue and Marsden ]. Perry, who had
bought it in June Of that year from the Richmond
Terminal reorganization committee. The voting
power was not to pass 10 the buyers for two years
from June. 1907. This time is just up The price
Mr.. Hartman paid for the stock. it was learned
for the first time yesterday, $50 share. max
ing total of 100000 paid for the property.
Following the sale Of their stock Mr.. Thorne and
Mr. Perry resigned from the board OF directors o.
the Central Of Georgia and were succeeded by Mr..
Cromwell and Mr.. Castles Ex-Judge r. s Lovett,
xice-president of the Union Pacific and general
counsel for the Hartman lines, was elected a
director in October 1905.
When Mr.. Hartman IN Georgia last winter
s,st before starting on his 100a mile trip he said
n the course OF an address that he stood ready 10
spend s10.0oO.ee0 IN improvements and extensions
on he Central of Georgia provided the Legislature
would leave the railroads alone and not enact any
morn restrictive legislation affecting them Up TO
she rresent however Mr.. Hartman has not founo
The attitude Of the Legislature of the state such as
to warrant him spending the money
An important decision. affecting the holoers OF
the income bonds OF the Central Of Georgia, was
rendered on May 81 last, when Colonel WilIiam
C5arrsrd. the auditor appointed by the supreme
Court st Savannah. in the suits brought hy ule
Central and Manhattan trust companies OF TINS
ri- as trustees for the holders Of the second ana
third income bonds. 20 obtain a decision holdlhg
What the fun Per cent interest was paYaoe on 1he
Two classes OF bonds out OF the earnings or the
fiscal year ended June 50. 1907, filed report N
zhic, Judgment was rendered IN favor Of the :
hondholders for the full scSse7e interest unpaid
with interest to the date OF payment II sustained
N. decision will have important bearing on lhe
sleston of the liza bility Of the company for pay
r77euts or the income bonds for the fiscal year
-eY7-'ag for which no dividends have been declared
The transfer Of the Central Of Georgia carries
with II the control ot two steamship INES one
Savannah 20 Boston, operated by the Ocean Steam
ship Company. The Central of Georgia operates
little over go miles Of road.