The morning news. [volume] (Savannah, Ga.) 1887-1900, 1894-02-16
MUST RAISE THE CASH.
The Tybee Railroad Cannot be Re-
built Until the Certificates are Sold.

None ofthe Bidders Willing to Accept
Lien on the Propsrty-Thsy Want
Cash or Nothing for Their Work.
The Bondholdsrs and Others In
terested viii Haveto Purchase the
Certificates if They Want to See the
Road Running by Summarize
Time is Short as it win Require Two
Months to Do the Work.
1t finally falls back upon the people of
Savannah to determine whether or not
they will, in conjunction with the bond
holders, purchase the receivers certifi-
Gates, thereby supplying the money with
which TO rebuild the Tybee railroad.
1t is simply a question whether or not
they desire to see the road built to that
extent that are willing to pay the money
and take the road as a security.
1.-The road will not rebuilt" said Mr..
Conner yesterday, unless the certificates
can be sold"
This seems to have been the result of
the advertising for bids for restoring the
property. Bids were called for on this
work about two weeks ago. The amount Of
the bid accepted was to be paid, according
to the advertisement, in receivers GER
tificates.
WILL NOT TAKE THE CERTIFICATES.
About half dozen bids were received
from as many contractors, but none of
them were in accordance with the adver-
tisement. These bids were only recently
sent to Receiver Conner, but it was stated
By the MORNING News a day or two ago
that none of the bidders would accept the
certificates as compensation for the work.
1t was cash or nothing. That much then
fS aartafu 10 r-nad ha htsflf
the certificates are first sold Nobody is
willing 70 undertake the work unless they
receive q contract guaranteeing them
cash payments.
The question then remains can the GER
tiflcates be sold At all events, no more
than $4,000 of them can be issued on the
property, and perhaps not more than
$4,000, which is all that has yet been
authorized by the court. The certificates
cannot be sold at the present time in
New York. The people there are very
cautious about putting out money. They
do not care, either, to go into an extern
sive investigation of so small an affair.
The idea Of disposing of them there, then,
had 70 be given up.
DEPENDS on THE PEOPLE.
The prime proposition Is il the road is
TO be rebuilt, the certificates must be sold.
AS they cannot be negotiated in the
money centers, the next place 70 look for
purchasers is among those who are most
deeply and most directly interested in the
property.
The road is certainly worth $50, 600
which Is as large an amount as the first
lien, namely the receivers certificates, Cah
be made. If not, certainly more than
$780, 600 would have never been spent in
constructing it. Receiver Conner esti-
mates that the road would earn under the
new conditions, something over 5000 net.
This would more than pay the per cent.
interest, even if the first lien was as large
as $4,000. But there is possibility that
the court may refuse to increase this lien
beyond the amount required TO restore
the property.
The only thing that remains to be done
is for the bondholders, the people Of Sa-
vannah, who en- oy Tybee as a resort, and
those who have valuable property inter
ests on the island to take the certificates
themselves. Certainly, under the present
circumstances, there is no other chance to
see the road IN operation this summer.
No TIME TO BE LOST.
If the road is 10 be rebuilt and put in
operation by summer, there is not a day
10 be lost. 1t will require at least two
months TO reconstruct the road and build
the pier at Lazaretto creek. The Tybee
season usually begins about May l. In
that case the quicker some arrangement
of the certificates the better for the prop
erty As 1t stands now delay will simply
make it more difficult to put it IN repair,
as the action Of the water and weather is
not doing il any good.
The bids last received are in
the neighborhOod Of SIS, 600 These
bids were made on some plans
and Specifications furnished by the
Central under the advertisement
for them. These specifications were
more in detail and differed somewhat
both with regard to the pier and the rail
road, from those under which the former
bids We're made Consequently these bids
are about 5000 or $3.50 higher than
were the Others. But So. 600 is about
what II will cost, and those who figure
on the matter will have that amount in
view, Tybee is too important a resort for
the people Of Savannah to leave this road
IN its present condition, and it is TO be
hoped that something will be done TO put
1t in repair by summer.