2565. Central Rail Road & Banking Company of Georgia (Savannah, GA)

Bank Information

Episode Type
Suspension → Closure
Bank Type
state
Start Date
October 7, 1895
Location
Savannah, Georgia (32.084, -81.100)

Metadata

Model
gpt-5-mini
Short Digest
d4c836f70254bd51

Response Measures

None

Description

The items describe the Central Railroad and Banking Company of Georgia (a railroad corporation with 'Banking' in its corporate name) being in receivership, foreclosure sale of its property (Oct 1895), and the transfer of assets to the new Central of Georgia Railway Company with receivers discharged (Dec 16, 1896). There is no mention of depositor runs or payment suspensions; the company was under court receivership and effectively reorganized/taken over, i.e., permanent closure of the old corporation's operations and transfer of assets. I therefore classify this as a suspension/closure (receivership leading to permanent takeover). OCR errors corrected (e.g., Central Railroad and Banking Company of Georgia).

Events (4)

1. October 7, 1895 Other
Newspaper Excerpt
SPECIAL MASTERS' SALE ... will, on Monday, the 7th day of October, 1895 ... sell at public auction ... all the railroad, property, rights and interests described in the consolidated mortgage of the Central Railroad and Banking Company of Georgia ... (sale notice).
Source
newspapers
2. October 19, 1895 Suspension
Cause
Government Action
Cause Details
Court decree in consolidated equity causes led to receivership, foreclosure and sale of company property.
Newspaper Excerpt
Pursuant to a decree rendered in the above stated cause on the 19th day of October, 1895 ... certain properties of the Central Railroad and Banking Company of Georgia are to be sold ... and the report of the receivers thereof filed ...
Source
newspapers
3. October 30, 1895 Other
Newspaper Excerpt
The properties ... will be turned over to the new company, the Central of Georgia Railroad Company to-morrow night ... For the next fifteen or twenty days the company will remain under the temporary organization ... H. M. Comer, now receiver, as president.
Source
newspapers
4. December 16, 1896 Receivership
Newspaper Excerpt
THE RECEIVERS DISCHARGED. THE CENTRAL RAILROAD RECEIVERSHIP AT AN END. ... order ... overruling exceptions ... cancel the receivers' bonds and their liability terminated ... receivers' assets turned over to the Central of Georgia Railway Company.
Source
newspapers

Newspaper Articles (11)

Article from The Morning News, October 3, 1895

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LEGAL SALES. Central Railroad and Banking Co. of Georgia. SPECIAL MASTERS' SALE. Notice is hereby given that in pursuance of a decree of the circuit court of the United States for the Southern district of Georgia, eastern division, entered on Aug. 26, 1895, in the suit of the Farmers Loan and Trust Company against Central Railroad and Banking Company of Georgia et al. and Alexander Brown & Sons against the Central Railroad and Banking Company of Georgia et al., consolidated cause in equity, upon the cross bill of the Central Trust Company of New York, we, the subscribers, special masters, thereby designated, will, on Monday, the 7th day of October, 1895, or the day to which we may adjourn such sale, at 12 o'clock noon, at the from door of the principal passenger station of the Central Railroad and Banking Company of Georgia, in the city of Savannah and state of Georgia, sell at public auction, without valuation, appraisement, redemp tion or extension, to the highest bidder or bidders, all the railroad, property, rights and interests described in the consolidated mortgage of the Central Railroad and Banking Company of Georgia, dated April 1, 1890, and upon which said mortgage is a lien, said railroad being described in said mortgage as follows, viz: 'Commencing at the initial point of said line of railroad of said railroad and bank ing company in the city of Savannah, in the county of Chatham, state of Geor gia, and running thence in a northerly and northwesterly direction through the counties of Chatham, Effingham, Screven, Burke, Jefferson, Vashington, ilkinson, Jones, Bibb, Monroe, Pike, Spalding, Hen ry, Clayton and Fulton, in said state of Georgia, to the terminal point of said line of railroad in the city of Atlanta, in said county of Fulton And, also, com mencing in the town of Gordon, in said county of Wilkinson, at a connection with the line of railroad of said railroad and banking company above described, and running thence in a northerly direction through the counties of ilkinson and Baldwin, to its terminal point in the city of Milledgeville, in said county of Bald win; together with all the estate, right title and interest of said railroad and banking company of, in and to the said lines of railroad, and every part and par cel thereof, including all rights of way road-bed, superstructu tracks, bridges trestles, viaducts, side-tracks, switches and switching apparatus, turn-tables, wat er-tanks, and signalling apparatus, all terminal facilities of every character wharves, warehouses, depot grounds, yards, stations, station houses, engine houses, coaling stations and machine and repair shops, and all engines, tenders cars and rolling stock and tools, machinery, materials, supplies and other equipment now held, owned or acquired by it or which It may hereafter acquire for use in connection with said lines of railroad or either of them. And also all equipment, supplies and ma terial, and all interest and title therein, owned by said Central Railroad and Bank ing Company of Georgia, or purchased or constructed by the receivers for use In the operation of said railroad or now in use on such railroad system. The same will be sold in the manner and upon the terms hereinafter stated, viz: The said property will be sold in one parcel and struck off to the highest and best bidder. The special masters will receive no bid for the property unless at the time of making the bid the bidder shall deposit with them either the sum of $25,000, or consolidated bonds secured by the said mortgage to the amount of $25,000 par value, of principal, as a pledge that said bidder will make good his bid if upon being reported the same is a.c. cepted by the court. Of the price for which said property shall be sold, there shall be paid in cash at the time of the sale the sum of $50, 000, the amount of any cash deposit whic may have been made by the bidder at the time of making his bid being received as a part thereof; and, also, upon the con firmation of said sale, and from time the time thereafter, such further portions 0 the said purchase price shall be paid in cash as the court may direct in order to meet the expenses of foreclosure and sali and allowed preferential claims. The court reserves the right to reject any bio and to retake possession of and resel said premises and property upon failure of any purchaser, for twenty days, to comply with any order of court requir ing further payment of such bid or any decreed preferential claim. The balance of the purchase price not required to be thus paid in cash may either be paid in cash or the purchaser may satisfy and make good said balance of his bid, in whole or in part, by paying over and surrendering to the special mas ters outstanding consolidated mortgage bonds and overdue coupons appertaining thereto or either; said bonds and coupons to be received in satisfaction and paymen on such bid at such price or value as shall be equivalent to the amount tha the holders thereof would be entitled to receive thereon in case the entire pur chase price were paid in cash. If any bio shall be accepted by the court, and the person or persons making the same shal fail to comply with all the conditions o sale and all orders of the court in re spect thereto, the sum deposited by the bidder shall be forfeited and shall be ap plied as the court may direct. The approved purchaser or purchasers at said sale shall take the property purchased subject to the lien of any and all debts, obligations and liabilities o the receivership heretofore OF hereafte to be lawfully incurred by or under the au thority of the court, or arising ou of the operation of such railroad. and sub ject also to the lien of any and all claims heretofore filed in said cause or in the causes consolidated therein, which the court has allowed and adjudged or shal hereafter allow and adjudge to be prior in lien or superior in equity to the said consolidated mortgage, and order to be paid by such purchaser. The approve purchaser or purchasers, and his or their assigns, shall be entitled to appear, re sist and take evidence on all such at lowances, and to appeal from any and all orders or decrees of the court in re


Article from The Morning News, October 22, 1895

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LEGAL SALES. CIRCUIT COURT of the United States for the Eastern Division of the Southern District of Georgia. The Central Railroad and Banking Company of Georgia vs. The Farmers Loan and Trust Company of New York, et al. And other cases. In Equity. Consolidated Causes. Reference being made to the decree of the court in the above stated caused dated October 19th, 1895, and filed in the clerk's office at Savannah on the 21st day of October, 1895, notice is hereby given by the undersigned, that in pursuance of the said decree certain properties of the Central Railroad and Banking Company of Georgia are to be sold for the benefit of all parties interested in the said litigation, and that a list of the said property is of file and of record in the above stated court, in exhibit A, to the petition of the Central Railroad and Banking Company of Georgia, and the report of the receivers thereof, filed in the clerk's office at Savannah on Oct. 21st, 1895, copies of which may be obtained by any parties interested on application to the undersigned. In and by said decree it is provided that any person claiming any right, title or interest in and to any of the property described in the said Exhibit A., which property is in the possession of the court, may file with the undersigned, to wit, George W. Owens, Esq., master in the above stated cause, at Savannah, Ga., at any time prior to the 16th day of December, 1895, a claim to the said property setting forth in writing the facts on which such claim is based, and that said claims shall be heard and determined by the undersigned, who shall report his findings to the court without delay. For further particulars, reference is made to the said decree of file as aforesaid. Notice is therefore given to all persons having such claims that they must be filed with the undersigned prior to the 16th day of December, 1895, and that all claims not presented on or before that date shall be forever barred from all relief in this cause. Dated at Savannah, Ga., this 22d day of October, A. D., 1895. GEORGE W. OWENS, Master in Chancery.


Article from The Morning News, October 22, 1895

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LEGAL NOTICES. CIRCUIT COURT of the United States for the Eastern Division of the Southern District of Georgia.-The Central Railroad and Banking Company of Georgia vs. The Farmers' Loan and Trust Company of New York, et al. And other cases. In Equity, Consolidated Causes. Pursuant to a decree rendered in the above stated cause on the 19th day of October, 1895, and filed in the clerk's office at Savannah on the 21st day of October, 1895, to which reference is made for further particulars, notice is hereby given to all parties interested that the amount, lien, relative rank, priority and validity of all claims of every nature whatsoever against The Central Railroad and Banking Company of Georgia, or the receivers thereof, are to be ascertained by the undersigned, George W. Owens, standing master, heretofore appointed special master in this cause, to whom all claims concerning the same have been referred, and that all parties having such claims must present the same to the undersigned on or before Feb. 1, 1896; and that thereafter the undersigned will proceed to hear and determine the claims of all parties who may file such claims with him, and report to the court the nature of such claims and their validity; if liens, their rank and priority; and at the same time and place the said master will report to the court the amount of funds in hand for distribution among such creditors, and the proportion to which such claims shall be entitled. All claims of every nature or kind whatsoever against the Central Railroad and Banking Company of Georgia, or the receivers thereof, not presented to the master as hereinbefore provided, on or before the first day of February, 1896, will, under the terms of said decree, be forever barred of all right to participate or share in the distribution of the proceeds of any property or assets of the said Central Railrond and Banking Company of Georgia. Dated at Savannah, Ga., this 22d day of October, A. D., 1895. GEORGE W. OWENS, Master in Chancery.


Article from The Morning News, October 29, 1895

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LEGAL SALES. CIRCUIT COURT of the United States for the Eastern Division of the Southern District of Georgia. The Central Railroad and Banking Company of Georgia vs. The Farmers Loan and Trust Company of New York, et al. And other cases. In Equity: Consolidated Causes. Reference being made to the decree of the court in the above stated caused dated October 19th, 1895, and filed in the clerk's office at Savannah on the 21st day of October, 1895, notice is hereby given by the undersigned, that in pursuance of the said decree certain properties of the Central Railroad and Banking Company of Georgia are to be sold for the benefit of all parties interested in the said litigation, and that a list of the said property is of file and of record in the above stated court, in exhibit A, to the petition of the Central Railroad and Banking Company of Georgia, and the report of the receivers thereof, filed in the clerk's office at Savannah on Oct. 21st, 1895, copies of which may be obtained by any parties interested on application to the undersigned. In and by said decree it is provided that any person claiming any right, title or interest in and to any of the property described in the said Exhibit A. which property is in the possession of the court, may file with the undersigned, to wit, George W. Owens, Esq., master in the above stated cause, at Savannah, Ga., at any time prior to the 16th day of December, 1895, a claim to the said property setting forth in writing the facts on which such claim is based, and that said claims shall be heard and determined by the undersigned, who shall report his findings to the court without delay. For further particulars, reference is made to the said decree of file as aforesaid. Notice is therefore given to all persons having such claims that they must be filed with the undersigned prior to the 16th day of December, 1895, and that all claims not presented on or before that date shall be forever barred from all relief in this cause. Dated at Savannah, Ga., this 22d day of October, A: D., 1895. GEORGE W. OWENS, Master in Chancery.


Article from The Morning News, October 29, 1895

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LEGAL NOTICES. CIRCUIT COURT of the United States for the Eastern Division of the Southern District of Georgia.-The Central Railroad. and Banking Company of Georgia vs. The Farmers' Loan and Trust Company of New York, et al. And other cases. In Equity. Consolidated Causes. Pursuant to a decree rendered in the above stated cause on the 19th day of October, 1895, and filed in the clerk's office at Savannah on the 21st day of October, 1895, to which reference is made for further particulars, notice is hereby given to all parties interested that the amount, lien, relative rank, priority and validity of all claims of every nature whatsoever against The Central Railroad and Banking Company of Georgia, or the receivers thereof, are to be ascertained by. the undersigned, George W. Owens, standing master, heretofore appointed special master in this cause, to whom all claims concerning the same have been referred, and that all parties having such claims must present the same to the undersigned on or before Feb. 1, 1896, and that thereafter the undersigned will proceed to hear and determine the claims of all parties who may file such claims with him, and report to the court the nature of such claims and their validity; if liens, their rank and priority; and at the same time and place the said master will report to the court the amount of funds in hand for distribution among such créditors, and the proportion to which such claims shall be entitled. All claims of every nature or kind whatsoever against the Central Railroad and Banking Company of Georgia, or the receivers thereof, not presented to the master as hereinbefore provided, on or before the first day of February, 1896, will, under the terms of said decree, be forever barred of all right to participate or share in the distribution of the proceeds of any property or assets of the said Central Railroad and Banking Company of Georgia. Dated at Savannah, Ga., this 22d day of October, A. D., 1895. GEORGE W. OWENS, Master in Chancery.


Article from The Norfolk Virginian, October 31, 1895

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The Central Railroad's New Owners. Savannah, Ga., Oct. 30.-The properties of the Central Railroad and Banking Company of Georgia, in accordance with the order of the Court, will be turned over to the new company, the Central of Georgia Railroad Company to-morrow night. Dr. Samuel Spencer is here as the representative of the Southern, the majority stockholder. Circulars will be issued to-morrow announcing the change. For the next fifteen or twenty days the company will remain under the temporary organization, with Ralph L. Anderson, Jr, of New York, as vice-president. After that the new company will be permanently organized with H. M. Comer, now receiver, as president.


Article from New-York Tribune, October 31, 1895

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GEORGIA CENTRAL REORGANIZATION. Savannah, Ga., Oct, 30.-The properties of the Central Rallroad and Banking Company of Georgia, in accordance with the order of court, will be turned over to the new company, the Central of Georgia Railway Company. to-morrow night at 12 o'clock. President Samuel Spencer is here as the representative of the Southern, the majority stockholder in the old and the only stockholder in the new company. Circulars will be Issued to-morrow announcing the change. For the next fifteen or twenty days the new company will remain under the temporary organization, with Ralph L. Anderton, jr., of New-York, as vice-president. After that the new company will be permanently organized, with H. M. Comer, now receiver, as president. All


Article from The Morning News, November 5, 1895

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LEGAL NOTICES: CIRCUIT COURT of the United States for the Eastern Division of the Southern District of Georgia.-The Central Railroad and Banking Company of Georgia vs. The Farmers' Loan and Trust Company of New York, et al. And other cases. In Equity. Consolidated Causes. Pursuant to a decree rendered in the above stated cause on the 19th day of October, 1895, and filed in the clerk's office at Savannah on the 21st day of October, 1895, to which reference is made for further particulars, notice is hereby given to all parties interested that the amount, lien, relative rank, priority and validity of all claims of every nature whatsoever against The Central Railroad and Banking Company of Georgia, or the receivers thereof, are to be ascertained by the undersigned, George W. Owens, standing master, heretofore appointed special master in this cause, to whom all claims concerning the same have been referred, and that all parties having such claims must present the same to the undersigned on or before Feb. 1, 1896, and that thereafter the undersigned will proceed to hear and determine the claims of all parties who may file such claims with him, and report to the court the nature of such claims and their validity; if liens, their rank and priority; and at the same time and place the said master will report to the court the amount of funds in hand for distribution among such creditors, and the proportion to which such claims shall be entitled. All claims of every nature or kind whatsoever against the Central Railroad and Banking Company of Georgia, or the receivers thereof, not presented to the master as hereinbefore provided, on or before the first day of February, 1896, will, under the terms of said decree, be forever barred of all right to participate or share in the distribution of the proceeds of any property or assets of the said Central Railroad and Banking Company of Georgia. Dated at Savannah, Ga., this 22d day of October, A. D., 1895. GEORGE W. OWENS, Master in Chancery. NOTICE is hereby given that we, the executors of the estate of William S. Hicks of New York, now deceased, intend transferring fifty shares of the capital stock of the Savannah Gas Light Company, now standing in the name of the said William S. Hicks on the books of the said company, after this notice shall have been published according to law. Letters testamentary having been granted us by the surrogate's court of the city, county and state of New York. This 12th day of October, 1895. EDWARD D. HICKS, Executor, COLL J. TURNER, Executor, W. M. HICKS, Executor. EMMA W. SPENCER, Executrix. GEORGIA, CHATHAM COUNTYNotice is hereby given to all persons interested that the estate of George M. Fountain, deceased is unrepresented and that in terms of the law administration will be vested in Jordan F. Brooks, county administrator, on the first Monday In December next, unless objections are filed thereto. Witness the Hon. Hampton L. Ferrill, ordiary for Chatham county, this the 2nd day of November, 1895. FRANK E. KEILBACH, Clerk C. O., C. C.


Article from The Morning News, November 19, 1895

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LEGAL SALES. CIRCUIT COURT OF THE UNITED STATES FOR THE EASTERN DIVISION OF THE SOUTHERN DISTRICT OF GEORGIA. The Central Railroad and Banking Company of Georgia In Equity. vs. Consolidated The Farmers Loan Causes. and Trust Company of New York, et. al, and Other Cases. Reference being made to the decree of the court in the above stated caused dated October 19th, 1895, and filed in the clerk's office at Savannah on the 21st day of October, 1895, notice is hereby given by the undersigned, that in pursuance of the said decree certain properties of the Central Railroad and Banking Company of Georgia are to be sold for the benefit of all parties interested in the said litigation, and that a list of the said property is of file and of record in the above stated court, in exhibit A, to the petition of the Central Railroad and Banking Company of Georgia, and the report of the receivers thereof, filed in the clerk's office at Savannah on Oct. 21st, 1895, copiès of which may be obtained by any parties interested on application to the undersigned. In and by said decree it is provided that any person claiming any right, title or interest in and to any of the property described in the said Exhibit A. which property is in the possession of the court, may file with the undersigned, to wit, George W. Owens, Esq., master in the above stated cause, at Savannah, Ga., at any time prior to the 16th day of December, 1895, a claim to the said property setting forth in writing the facts on which such claim is based, and that said claims shall be heard and determined by the undersigned, who shall report his findings to the court without delay. For further particulars, reference is made to the said decree of file as aforesaid. Notice is therefore given to all persons having such claims that they must be filed with the undersigned prior to the 16th day of December, 1895, and that all claims not presented on or before that date shall be forever barred from all relief in this cause. Dated at Savannah, Ga., this 22d day of October, A. D., 1895. GEORGE W. OWENS, Master in Chancery.


Article from The Morning News, December 10, 1895

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LEGAL SALES. GIRCUIT COURT OF THE UNITED STATES FOR THE EASTERN DIVISION OF THE SOUTHERN DISTRICT OF GEORGIA. The Central Railroad and Banking Company of Georgia In Equity. vs. Consolidated The Farmers Loan Causes. and Trust Company of New York, et. al., and Other Cases. Pursuant to a decree rendered in the above stated cause on the 19th day of October, 1895, and filed in the clerk's office at Savannah on the 21st day of October, 1895, to which reference is made for further particulars, notice is hereby given to all parties interested that the amount, lien, relative rank, priority and validity of all claims of every nature whatsoever against The Central Railroad and Banking Company of Georgia, or the receivers thereof, are to be ascertained by the undersigned, George W. Owens, standing master, heretofore appointed special master in this cause, to whom all claims concerning the same have been referred, and that all parties having such claims must present the same to the undersigned on or before Feb. 1, 1896, and that thereafter the undersigned will proceed to hear and determine the claims of all parties who may file such claims with him, and report to the court the nature of such claims and their validity; if liens, their rank and priority; and at the same time and place the said master will report to the court the amount of funds in hand for distribution among such creditors, and the proportion to which such claims shall be entitled. All claims of every nature or kind whatsoever against the Central Railroad and Banking Company of Georgia, or the receivers thereof, not presented to the master as hereinbefore provided, on or before the first day of February, 1896, will, under the terms of said decree, be forever barred of all right to participate or share in the distribution of the proceeds of any property or assets of the said Central Railroad and Banking Company of Georgia. Dated at Savannah, Ga., this 22d day of October, A. D., 1895. GEORGE W. OWENS, Master in Chancery.


Article from The Morning News, December 16, 1896

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THE RECEIVERS DISCHARGED. THE CENTRAL RAILROAD RECEIVERSHIP AT AN END. Judge Pardee Overruled the Exceptions of the Western Union Telegraph Co., and of Mrs. Paul and Has Ordered the Receivers' Bonds Cancelled and Their Liability Terminated-The Receivers' Assets Turned Over to the Central of Georgia Railway Company. The order of Judge Pardee of the United States circuit court, overruling the exceptions of the Western Union Telegraph Company, and of Mrs. Mary F. Paul, to the discharge of the receivers of the Central railroad, was filed in the office of the clerk of the court here yesterday. The Western Union and Mrs. Paul endeavored to prevent the final discharge of the receivers, on the ground of alleged errors in the report of the master, Geo. W. Owens, Esq., and a lack of proof of the correctness of the receivers' accounts and final reports, Three other exceptions existed, those of the Southwestern Railroad Company, the Augusta and Savannah railroad, and the Farmer's Loan and Trust Company, but were either withdrawn or abandoned. Judge Pardee overruled the exceptions by the Western Union and Mrs. Paul. The order discharging the receivers reads as follows: "It is ordered that Hugh M. Comer and R. Somers Hayes, as receivers of the Central Railroad and Banking Company of Georgia, of the Ocean Steamship Company of Savannah, of the New England and Savannah Steamship Company, and of the Savannah and Atlantic Railway Company, having fully complied with the orders of this court, signed Feb. 3, 1896, for the turning over of their assets to Samuel Thomas and Thomas F. Ryan, and having done all of the things required by them in and by the said order, are entitled to be and remain fully and forever discharged and released from all other and further accounting or liability of any kind whatsoever by reason of their appointment as receivers as aforesaid, and that from and after the filing of this order In the clerk's office, the receivers shall be and they are forever discharged and relieved from all accounting as such. It is ordered that on the filing of this order the clerk shall cancel the official bonds filed by the receivers and return the same to them or their counsel." Judge Pardee's order making the Central of Georgia Railway Company a party in all pending interventions whether they be against the receivers or for preferential claims, or for the enforcement of any rights or claims against the assets of the company or the receivers, with full right to appeal from any orders or decrees which may be rendered and to exercise all the rights which could have been exercised by them or by the corporations whose assets they held, was filed along with the order discharging the receivers. The order conveys all the assets and the property held by the receivers, except the claims against the Port Royal and Western Carolina and Port Royal and Augusta roads, and all the assets of the Central Railroad and Banking Company and the Savannah and Atlantic, which were in the receivers' hands, except such as were sold under foreclosure and those ordered sold by Master Commissioner W. R. Leaken, to the Central of Georgia Railway Company. Judge Pardee states that nothing in the order shall be construed to discharge Messrs. Thomas and Ryan as parties under the order of Feb. 3, 1896, nor to relieve them from accounting for the cash and assets which they received from the receivers under its provisions. The order directs the receivers to turn over to the Central of Georgia Railway Company all their vouchers, books and ac-