Article clipped from The Atlanta Constitution

SIGNED BY HIS HONOR Judge Newman Confirms the Sale of the Marietta and North Georgia Road. PURCHASED BY A SYNDICATE Bid Transferred by Original Purchaser to the Atlanta, Knoxville and Northern Construction Co. The sale of the Marietta and North Georgia railroad was contirmed by Judge Newman, in open court, yesterday morning. Instead of the original purchasers, however, the property, with all the rights and titles appertaining thereto, was confirmed to the Atlanta, Knoxville and Northern Construction Company. The property was sold the 25th day of last November, due and legal notice of the sale having been given. Messrs. R. J. Lowry and H. H. Taylor were the special commissioners appointed to conduct the sale of the property. Including the sidetracks, bridges, rights of way, depots, equipments, telegraph lines, property and franchises the road brought $956,500, of which amount about 10 per cent was paid cash. The property was purchased by the Car Trust and Investment Company. it was shown to the court that the Car Trust and Investment Company had transferred its bid, without realizing any profit therefrom, to the Atlanta, Knoxville and Northern Construction Company. The officers of this company are Charles E. Kimball, Summit N. J., president; George D. Mumford, New York city, secretary, and M. F. MeLanahan, New York city, treasurer. By this deal the railroad becomes the property of a strong syndicate and will doubtless be completed to Atianta. Marietta was the terminus of the old Marietta and North Georgia road. A part of the road lies in Tennessee and a part in North Carolina, the latter consisting of a branch line, running as far as Murphy, N. C. The road lies through the most diversified and picturesque region of the country, abounding in hills and valleys and beautified by all that renders natural scenery sublime. Among those present yesterday morning at the confirmation of the sale representing the several interests involved, were Messrs. C. E. Cates, C. E. Lucy, W. L. Welcher and Tully R. Cornick. On behalf of the creditors of the Marietta and North Georgia railroad there were present Judge H. B. Tompkins, representing the Central Trust Company of New York and the Boston Safe Deposit and Trust Company, of Boston, Mass.; Messrs. John T. Glenn and John M. Siaton, representing bondholders, and Messrs. Alex and Victor Smith, solicitors for the Atlanta, Knoxville and Northern Construction Company. In view of the stringency of the times Mr. Alex Smith, on behalf of the purchasers, asked that special indulgence be given the purchasers. He referred to the scarcity of gold, the Venezuelan question ard other matters and declared the stringency of the money market to be the result of divine interposition. He based his motion, therefore, on a providential act. "Grover Cleveland's act, you mean," said one of the attorneys. "It's just the same," retorted Mr. Smith impatiently, in the heat of his argument, and the courtroom was convulsed with laughter. The laughter, however, was of that kind that indicated a difference of opinion. However, Mr. Smith carried his point and the purchasers were given sixty days in which to come up to the scratch with the remainder of the purchase money. As a matter of form the sale of the road must also be confirmed in the circuit courts of Tennessee and North Carolina, as the, property lies partially in those states also. The confirmation of the sale brings to Atlanta a new railroad and increases her importance as the Gate City of the South. Railway Notes. C. W. Hinsdale has been appointed trainmaster of the Seaboard's third division to succeed E. E. Anderson, who resigned to take a place with the Georgia and Alabama. Mr. Hinsdale was formerly with the Seaboard, but has recently been with the Baltimore and Ohio Southwestern. His headquarters will be at Abbeville, S. C. Mr. A. Maddison has been placed in charge of the compilation of rate sheets for the Southern Passenger Association. The Seaboard Air-Line discontinued trains 36 and 43 yesterday. These were local trains between Elberton and Atlanta. One train arrived in the morning and the other left Atlanta in the afternoon. Next Sunday trains 34 and 45, running solid between Atlanta and Columbia, will be discontinued. A general change of schedule will be made January 19th. Faber Weissiger, formerly secretary to President Collier, of the exposition, has been appointed to a position in the office of Mr. C. E. Harman, general passenger agent of the Western and Atlantic. President Jim Hill has engaged F. H. •McGuigan to be general manager of the Great Northern. McGuigan was a division superintendent on the Wabash. Oscar G. Murray, vice president and freight triffic manager of the Big Four, has been made third vice president and general traffic manager of the Chesapeake and Ohio. The Abbeville and Waycross railroad is to be sold today. The line is about thirty miles long and extends from the Georgia Alabama, to Lulaville. on Abbeville, The Georgia and Alabama and the Grand of the Republic colony at Army Fitzgerald will probably be the bidders. When the road was first projected its backers expected it to become a great trunk line.

Article from 07 Jan 1896The Atlanta Constitution(Atlanta, GA)

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