The morning news. [volume] (Savannah, Ga.) 1887-1900, 1895-07-26
NO MORE SECURITIES TAKEN.
THE TYBEE RAILROAD BONDS PUT
IN AT THE LAST HOUR.

About s8.OOO.OOO of DebentureS ana
10000 shares OF Common stock De-
posited With the Mercantile Trust
Company Through the southern
BanL-security Holders Who Have
Rot Deposited Are Now at the
Mercy OF the REORGANIZATION Com
mittee-The Action OF the Tybec
BondhoIderS.
The time for the deposit OF Central rail-
road securities came to an end yesterday.
The reorganization department Of the
Southern Bank was busy all day Issuing
receipts for the steady stream Of stocks.
bonds and debentures which came right
along from morning until night.
The Tybee railroad bonds were, perhaps.
among the largest deposits made during
the day, as there is one party here who
owns and represents about $4,000 of them.
other holders have all the way from $1,000
10 $1,000 All Of the Tybee railroad bonds
held in the city were deposited during the
afternoon.
The total deposits OF all classes of seeu-
rifles have been very large here, and they
are quite satisfactory TO the committee.
There have been in all about 100000 of
debentures and about 10000 shares of com
mon stock deposited with the Mercantile
Trust Company through the Southern
Bank Of this city. besides a small amount
Of several classes of bonds on the system.
Those who have held of and who may
desire TO enter the plan are now at the
mercy Of the committee which may or may
not be lenient one. The committee has
the right to reject the securities offered
altogether, or to impose such terms as it
may see fit.
The bondholders of the Savannah and
Atlantic Railway Company met
at ! o'clock, at the National Bank of Sa-
vannah, and after a brief discussion Of the
eituation. decided TO accept the amended
offer of the reorganization committee of
81 per cent. of first incomes and so per
cent of second incomes for their bonds.
This, IL IS said, makes the bonds worth
about 40 cents on the dollar. Ever since
the reorganization plan was made public
there was a strong feeling in favor of
kicking out of the Central railroad scheme
and taking the property back, equipping
Il with electric cars and operating II in
dependently. One of the largest bondhold-
ers ana a prominent city official spoke of
getting the city TO grant the company
rights of way through the streets, and
making it a terminal and belt line.
The discussion Of any of the plans pro-
posed, however. made it appear that it
would require heavy assessment on the
bondholders to do all that would be nee
essary were the company to sever its
present connection, and the result was
that when the bondholders met to make
their final decision. there was not much
opposition to accepting the last offer
made by the New York people.
Before o'clock nearly all the bonds had
been presented at the Southern Bank for
deposit. Those which had not been al
ready transferred to the Mercantile Trust
Company, the depository for the reorgan-
ization committee had to be taken to the
Central Railroad bank for the necessary
endorsement.
Judge Harden received Information from
the bondholders OF the acceptance of the
plan by them as soon as the meeting was
over, and he wired the reorganization
committee Of the fact at once. This, he
said, was what the committee expected,
as it was clearly impossible under the cir
cumstances for any better terms to be Of
fered.