The morning news. [volume] (Savannah, Ga.) 1887-1900, 1894-02-03
BY POPULAR SUBSCRIPTION.
The People Must Help Rebuild The
Tybee Railroad.

4 wv AANAAASNN'
win Not Be Donation, But the Pur-
chase of a 2 Per Cent. Security-The
Bondholders Will Put Forward the
Security and Take Part of the Ger
tifcates-Under the New Arrange
ment the Property Will Be Run on
Paying Basis, and the Certificates
VIII Be Secure as to Intersection
mittees Appointed to Solicit Pur-
chases Of the Receivers Certificates.
It now remains with the people Of
Savannah whether they will have the
Tybee railroad repaired and in operation
In time for the summer season.
According to the bids sent in the re-
building of the road will cost just little
less than $32 600, and that amount must
be raised as early as possible by popular
subscription. The Central railroad has
the matter in charge and will accept no
bid until the money has been raised.
The idea of popular subscription, how
ever, must not be mistaken for dona-
tion-that is not what is wanted. Sub
scribers TO the fund are to receive the
amount Of their subscription in receivers
certificates issued against the property,
which under the new arrangement will
be a first class security.
THE BoNDHoLDERs' MEETING.
The bondholders of the road and the
property owners of Tybee Island held a
meeting yesterday afternoon at the Office
of the National Bank of Savannah. Both
these interests were largely represented,
and an enthusiastic interest in the imme-
date reconstruction of the property was
manifested. The meeting was presided
over by Mr.. Herman Myers as chairman.
The information given by the receivers
TO the bopdholders' committee, that they
were unable TO dispose of the certificates,
was transmitted TO the meeting, and the
bondholders decided if the receivers could
not float the certificates, they aust arrange
TO get the money in some other way.
The meeting soon came to the conclu-
sion that there was only one way TO meet
the emergency, and that was by calling
for. q popular subscription.
A COMMITTEE APPOINTED.
The chairman was authorized to APP
point committees to solicit subscriptions
Messrs. d. G. Purse, J. @. Butler and r.
I. Lowell were appointed committee to
see the residents and property owners of
the island and see what they would do to-
ward taking their share of the certifi-
Gates. Other committees to solicit sub
scriptions among the people of Savannah
who are fond of T'ybee, will be appointed
and announced to-day or tomorrow.
Under the new arrangement the prop
srty owners along the line of the road
have given their land to be used as a ri hit
Of way Internationally, and hereafter he
property Is TO be operated only during
the simmer months, the season during
which 1t pays fairly good net earnings.
The Central, too, in making up its bills
of expenses, may be prevailed upon not to
consider the road only as so many miles
of the system and make it stand its ex-
penses accordingly, as has been done
heretofore. This is said to have been one
thing which operated largely against the
earnings of the property, and which has
led the receivers of the Central road to
apply to the court for an issue of $4,000
more certificates TO pay the Central for
money expended in the operation of the
Tybee road.
This application for an additional issue
of certificates will probably be heard
some time in March before Justice Jack
SON. 1t will be opposed, however, by the
bondholders, who claim that the Central
must stand theloss from the operation of
its own property.
THE OEhIlfICATES WILL BIZ GOOD.
Under these circumstances the bond
holders, the property owners on Tybee
island and the citizens of Savannah gem
orally, may feel perfectly safe in taking
the certificates. They will constitute a
first lien on the property to come in be-
fore the bonds.
The bondholders have thus agreed to
furnish a good security for the certih-
Gates, which will bear per cent interest,
payable out of the net earnings ahead of
any other interest or obligations of the
road except operating expenses. As the
road is to be operated only during the
summer months, and as at that time ii
shows good net earnings, the purchasers
of the certificates will be secure in their
interest. In other words, the certificates
will constitute a bonded indebtedness OF
$4,000 on the property, which will take
precedence of all others.
But the bondholders of the road have
gone further than furnishing merely
the security for the certificates. They
have agreed to take portion of the GER
tificates themselves, and five of them made
quite liberal subscriptions at the meet
ing yesterday afternoon. Others have
signihed their intention Of doing the
same and large amount OF the certifi-
Gates will be taken by them.
THE ENTERPRISE MUST GO.
The people of Savannah, as well as the
owners of property and the residents or
Tybee Island, will no doubt respond
literally to the call The rebuilding OF
the road means a great deal to the city
and it cannot afford to see the property
go to ruin. The clubs on the island have
taken an active interest in the matter, a,
their property is also at stake, and they
have signified their intention in advance
OF this movement in aiding literally in tn,
rebuilding of the road. There is little
doubt but that the call will meet with
hearty response.
The money has got to be raised before
the Central will agree to go ahead with
the work, and if it is to be ready for sum
mer travel there is no time to be lost
The bondholders will probably have tn,
certificates issued by the receiver in any
amounts to suit the subscriber, and those
who wish to help with small amount.
will no doubt be readily accommodated.