The morning news. [volume] (Savannah, Ga.) 1887-1900, 1894-04-10
GUARDS TO ISSUE BONDS.
They Will Consolidate Their Entire
Indebtedness.

Indebtedness.
The Total Issue to be $50, 900, Which
viii be the Only Indebtedness on the
Building-The OElethorpe Savings
and Trust Company to be the Trus-
tes-The Committee to Take 10000
of the Bonds When $685. 900 Have
Been Subscribed to-The Guards
Ninety-Second Anniversary.
There was big meeting Of the Savan-
nah Volunteer Guards at the arsenal last
night for the purpose Of discussing the
finances Of the corps, and taking action
with regard to funding it's outstanding
Indebtedness.
Nearly 200 members were present,
among them many of the veteran and
honorary members of the corps. The
principal subject before the meeting was
the matter of funding the corps indebted
ness. Col. VIM. Garrard, ex-oficio
president of the club, read a
resolution which had been prepared by a
committee consisting of Capt. w. w.
Williamson, Capt J. w. Fretwell, Col. J.
L. Whatley, Lieut.. J. NJ. Bryan, Messrs.
George J. Baldwin, Lee Roy Myers and
himself, suggesting a sound and appro-
pirate plan for the funding of the corps
Indebtedness, which, after very little dis
cussion, was unanimously adopted.
THE GUARDS DEBT.
Besides the debt of s55, 900 to the Penn
Mutual Life Insurance Company, the
corps owes about $4,000 to the contrac-
tors and for material used in construct
ing the arsenal. The resolution mapped
out plan for funding this indebtedness
The committee above named is to be
given power to prepare an issue of $4,000
of bonds to be secured by first
and only mortgage on the building
The bonds are to be issued in de-
nominations of $1,000, $500, 500
and $50, the smaller amounts in order to
give the mem sers of the corps oppor-
tunity to aid individually in paying off
the Indebtedness and to have at the same
time valid security and good invest
ment. The bonds are to bear 6 per cent.
interest.
TO BE DEPOSITED IN TRUST.
The bonds are to be deposited with the
Oglethorpe Savings and Trust Company,
which will be the trustee under the
mortgage. OF the issue sos 900 is to be
held by the trustee to take up the indebt-
edness to the Penn Mutual Life In
surance Company. The bonds are to
become due in twenty-five years,
and the balance of the Issue
is to be marketed TO take up the other in
debtedness against the corps.
Some time ago when $40 600 subscrip-
ton loan was called for from among the
members of the corps they responded to
the amount of Sl2 ,000, which has been paid
in. 1t was suggested and urged last
night that this loan be transferred
to this bond issue to be used for
the purpose of taking up the indebted
ness to the contractors, etc. This was
readily agreed to by all the subscribers
TO the loan present There is at present
$50, 900 in all on the bonds to be raised.
The foregoing committee has magnani-
mously entered into an agreement among
its members and with the MEM
bers Of the corps that when $25, 600
has been subscribed to the loan
they will themselves take the remaining
$4,000 of the bonds. AS $12, 900 has al
ready been raised, this leaves but $4,000
more to be subscribed to the bond issue.
A great many of the bonds will be taken
by members of the corps. This plan
simply puts the Indebtedness of the
corps into consolidated form, and one
which will fully protect the debtor as
agreed to.
THE GUARDS ANNIVERSARY.
The corps will celebrate its ninety-sec-
ond anniversary April g. Memorial day,
by turning out in full force with the CON
federate veterans, whom they will escort
on the parade on that day. The occasion
will be celebrated after the parade by a
lunch in the hall at the arsenal, which
will be given the corps by Col Garrard
Aresolution was adopted heartily thank
ing the Ladies' Aid Society to the Savan-
nah Volunteer Guards for large donation
of china silverware and other useful and
ornamental articles, which was recently
received.
An election for captain of Company D
will be held Thursday, April 10. in the
company room. Mr. George M. Gadsden,
the present acting captain of the COM
pany, will be elected to that position.
An election for second lieutenant of Com
pany B will also be held the same even
ing. An election for first and second
lieutenants Of Company ID will be held
Friday evening, April IS, in the company
room. The elections will be held between
s and 1890 o'clock in the evening.