The morning news. [volume] (Savannah, Ga.) 1887-1900, 1894-02-09
TO EXTEND The LOAN.
The SeabOaTd Company Asking Further
Time From the Syndicate Lenders.

The Middle Georgia and Atlantic Rail-
road Completed to Covington Yes
terday, and a Through Coach to Run
From Milledgeville to Atlanta To-
day-The Directors Trying to Extend
the Sls5, 900 Loan For Eighteen
Months, When the Company Expects
TO Be in a Position TO Pay 1t.
The Seaboard company, which owns
the Middle Georgia and Atlantic rail
road, is endeavoring to make arrange
ments to extend for eighteen months its
syndicate loan Of about $4,000, hoping
by that time to be able to make final ar
rangements TO pay it off.
Circulars have been sent out to all par
ties interested in the loan, asking them if
they will agree to an extension Of eighteen
months, with the request that they reply
by Feb. a. The money was borrowed at
8 per cent, and it is reasonable TO pre-
sumo that most of those interested would
be quite willing to extend the loan at so
high a rate
There are just seventy parties inter-
eSted in the loan, and most Of the money
obtained by the company was borrowed
from only few of those to whom the cir
culars were sent. and though some Of
them seem very ready and willing TO ex-
tend the loan for that time, others want
to get their money for other uses, and
have refused to agree to an extension.
WILL EXTEND HALF or IT.
The probability is that about half the
amount of the loan will be extended for
that time, and that the money will have
to be raised from elsewhere TO pay of
the other portion. President Williams.
of the Seaboard company, anticipates no
trouble in making arrangements to pay
those subscribers TO the fund who will
not agree to an extension.
A meeting of the directors Of the COM
pany will be called by President Williams
for next Tuesday, when it is believed the
answers Of all the subscribers TO the syn
dictate loan with regard to the request for
an extension will be before them and
they can take suitable action. They be-
lieve that by extending the loan for this
length Of time they will be able TO pay it
off In full.
THE ROAD COMPLETED.
The last rail on the Middle Georgia and
Atlantic railroad that was required to con-
meet Milledgeville with Coyington was laid
yesterday The road is now complete be-
tween those two points, the Seaboard com
pany having built about % miles of the
line within the year that it has had
charge of it. The building of the road
was stopped for sometime pending the
arrangement Of part Of the syndicate
loan, but was soon taken up again and
was finally completed to COvington, where
1t connects with the Georgia railroad
The Middle Georgia and Atlantic has
now direct line from Milledgeville to
Atlanta and passengers from that point
TO the Gate City can go back and forth
without changing cars The road will
run its first through car from Milledge-
vile TO Atlanta to-day, and will from to-
day run regular daily through coach
each way between those two points This
will be great advantage to the people of
that section, who have heretofore been
reached only by branch roads.
WANT TO GET THE LOAN SETTLED.
No further action has been taken with
regard TO extending the road in this di-
rection. The directors first want to- get
the syndicate loan out of the way which
they confidently expect 10 be able To do
with the contemplated extension, and as
soon as that is done arrangements will be
made TO bring the road on in this direc-
ton.
The only thing remaining to be done. so
far as the present line is concerned, is a
little filing in along the portion Of the
road which has Just been completed.
There are also a few outstanding ac-
counts which will soon be adjusted The
syndicate loan was due Dec 20 and the
money thus obtained was used 10 com
plotting the line to Covington and furnish
ing 1t with equipment.