The morning news. [volume] (Savannah, Ga.) 1887-1900, 1889-12-04
THE TYBEE ROAD SOLD.
BOUGaT BT The BOEDHoLDzRs
FOR sIOOIOO.


4 New Company 20 be Organized a.
Once, 'snd the Road 20 be Re
equipped - The Purchasers OF the
Property. snd the Bo1dhoIdsrs They
Rspresert-E:zto-y OF the Rosd-Its
Ups sn1 Downs
The Savannah and Tybes railway ana
ts-ninal facilities were sold 81 rscsiver's
sale yesterday for 800, 100. The bood-hold-
srs are tie purchasers There is 70 Be q re-
organization Of the company after ths sale
las been confirmed by the superior court,
which granted the order OF sale last August,
although the rad has bssa in the hands Of
9 receiver for the past year.
| The recsiTership and or der Of sale were
At TIE instance OF the Ogle thorpe Savings
and Trust Company. trustees, Va the Savan-
nan and Tybes Railway Company. La
Roche & Mclaughlin were the aucEionears
engaged 70 sell the property. and r D. La
Hocns was the suctiOnesr. The sale began
| promptly at noon in front Of the court
| house, and the property sold includes ali Of
the property Of the corporation, both real
and personal, It's railway, depots, franchises,
etc. Mr.. LaRochs, before crying the prop
erty for sale, read the lengthy ad vertise-
nent, in which was set forth the extent Of
the property, and the terms Of the sale.
ONLY TWO BIDS MADE.
Under the decree of the court no bid for
| less than 800, 900 could be received, and a
| deposit Of Is per cent. had to be made be-
| fore the property was knocked down by
the auctioneer. On the call for bids Samuel
r. White Of New York, one Of the holders
Of bonds outside Of Savannah, offered $780,
| 900, which was Immediately followed by
bid from John c. Rowland for
SOD, 100. This being the highest bid Mr..
Rowland returned with Receiver Myers 10
the Office Of the clerk of the superior court
and drew a check for 5,0l5, being the Is
per cent. deposit, and presented it to the re-
ceiver, and the auctionesr having been in
formed taat the check had been
given in conformity with the order Of the
court. the purchase Of the property was
awarded to j. c. Rowland, J. h Estill,
ct al.
It is understood that the bidders repre-
sented the following holders Of the bonds of
the defu1ct company: Herman Myers, j.
II. Estfli, S. 2. Hamilton, D. g. Purse,
Henry Blum, ]. c. Rowland, J. J. Nc
D5nough, j. L. Walthonr, A Einsteins
Sons, A Lefflsr, B. H Levy & Bro, and
Edward LOvell's Sons Of Savannah, and B.
o. Bowers aud Samuel p White of New
York, who have agreed upon basis to or
ganize new company 70 operate the rail-
road.
TO ORGANIZE A NEW COMPANY.
Immediate steps will be taken to secure a
charter, and as soon as that is accomplished
the company will be organized, and the
railroad re-equipped for business.
The sale did not include the rolling stock.
excepting two old cars. The passenger car
equipment Is owned by the directors Of the
old railroad company.
The Savannah and Tybee Railway Com
pany was incorporated Oct. 6, 1885, and the
company was organized July %, 1886. The
road extends from the foot OF President
street. in this city, to some distance beyond
the Ocean House hotel, on Tybee Island,
about eighteen miles, and cost about $780,
600. The railroad is completed to South
End, about mile farther, but the super
structure belongs 70 private parties.
A contract was made in the fall of 1886
with Mr.. Thos. b. Inness, of New York, to
build the road, but in the spring of 1887
Mr.. Inness was compelled to give I'D his
contract, owing to his inability to secure
the funds necessary to carry on the
work aud the railway company under took
its completion, To do this the directors
had to take bonds, purchase liens and ad-
vance money in various other ways, as il
wes not possible to secure any further sub
scriptions to the preferred or common
stocks.
THE ROADS UPS AND DOWNS.
A majority Of the bonds, however, were
helol by parties not otherwise interested in
the enterprise, and the directors, after ex-
hausting all available resources, and lend
ing their own credit to large
amount, realized the fact that the
inevitable end was bankruptcy. Appli-
cation was made to the superior court
for the appointment of a receiver, which
order was taken at the December term,
1888, and Mr.. Herman Myers, who repre-
sentod Urge number of bonds of his own
and also those held by Mr.. Inness creditors
in Now York, comprising a majority of the
bonds, was appointed receiver, and has had
charge of the property since it went into
bankruptcy. Doubtless if there had been
liberal stock subscription the company
would have had a prosperous life, but the
local subscriptions outside of those Of the
directors were very small, probably not
repres enting 5per cent. of the cost Of the
constr uctlon Of the road.
1t is to be regretted that the company
which inaugurated this important enter
prise should have had to succumo to ad-
verse circumstances, but there is some con-
solatlo n, even to those who have sacrificed
the most in it, that Savann ali has a railroad
to the ocean. With the opening of the
new hotel at Tybee. the building of new
cottages and club houses, and the influx of
people to the island, the coming year will
be the first year that the road will have had
good showing, and under the new organ
ization 1t is expected that it will make a