The morning news. [volume] (Savannah, Ga.) 1887-1900, 1892-03-25

count commission of III per cent upon all
bonds that may bs bought under the option
given.
FORM OF rHE NOTE.
The form Of the note is interesting. Il
is as follows:
NEw YoRK. Nov -, 1891
For value received, the Central Railroad and
Speyer & Co.. managers aud agents. or
order - having deposited with them as
collateral security for the payment OF this
ooligation, the following securities, wiz
and In case OF the default of this com
pany in the payment Of the interest hereon due
May !. 1892 or of any of its obligations. this
obligation shall forthwith become due, with full
power and authority To them or their assigns
in case OF such default or OF the non payment
OF this obligation at maturity, TO sell, assign
ana deliver the whole or any part of such secu-
rifles or any substitute therefor or additions
thereto at any brokers board or at public or
private sale at their option at any time or times
thereafter without advertisement or notice to
this company and with the right on their art
sales freed and discharged of any
equity or redemption. And after deductiug all
legal or other costs aud expenses for collection,
sale and delivery to apply the residue of the
proceeds of such sale or sales so made TO pay
this obligation. returning the overplus to the
undersigned and this company still remain liza
bic for any amount so unpaid.
The eighth section repeats the agreements
stated in the note. The ninth gives the
syndicate the preferential right Co buy such
Of the consolidated first mortgage bonds as
it shall wish TO sell for the purpose of rails.
ing money TO redeem its so-oalled tripartite
bonds falling due Jan. l, 1898.
NO NEW DEBTS.
The tenth section says the railroad COM
pany agrees that it will not, without the
consent of Speyer g. Co., incur any floating
debt nor allow any OF the companies COM
posing its system either to incur a floating
debt or to increase its bonded Indebtedness
before Nov. l, 1899, or until the loan made
shall be fully repaid, except that 1t may in
addition to the S3, ,700,0 900 and the s700, 900
already mentioned, increase ite floating
debt TO the amount OF about $3.50 900 to
liquidate its other indebtedness If IL is not
able to pay 1t off by the sale Of securities or
otherwise
Additional security was TO be deposited
with Speyer 81 Co. by the railroad as fol-
lows: Van Kirk Land Company notes,
Sl50000; savannah and Western first mort
gage consolidated bonds, $100, 900: Central
railroad and Banking Company conson
dated first mortgage bonds, Slg3, 900, Mo-
bile and 0frard first mortgage consolidated
bonds, 1886, 900; Port Royal and Western
Carolina first mortgage bonds, S4I0 900;
capital stock Savannah and Western,
S3 ,000. 600. These securities are also SUBJ
1ect to be sold for the payment Of this loan
The contract produced in court is the
duplicate of the original contract held by
Speyer & Co., and is signe dby Gen. Alex
ander for the Central Railroad and Bank
ing Company and by Speyer & Co. for
themselves and their associates.
The MORNING News is the only paper In
the state to secure a synopsis of the Speyer
loan to-day, and il took good work TO get
it. j will be interesting reading to Savan-
nah financiers.