The morning news. [volume] (Savannah, Ga.) 1887-1900, 1897-02-23
NO IMPROVEMENTS YET BEGUN.


The Savannah Traction Company has
not yet begun to eSpend any of the s50-
0Oo or 100000, which il was announced
would be put into improvements at The
time the property was brought in. At
least none Of it has been spent where
the public can see it. The new name
has not been painted on any of the ears
which stlll bear the name OF the Electric
Railway Company.
About the only information by any Of
the directors Of the company is that they
are sim considering sites for new pow
er house on the river front.
It is impossible to ascertain just what
the company or its directors intend do
ing Mr.. J. II. FAN, vice-president and
MT. i. W. Wrennc, one OF the directors,
both of Nashville, who were here when
me sale was made in the early part Of
January, are sun here and apparently
with no idea of departing. They are
apparently enjoying their stay, and as
both are very clever gentlemen no one
desires to hasten their departure. The
inference is. OF course, that they are here
for a purpose, but the purpose seems
TO be slow in Undertaking.
Mr.. j. n. Hartman, managing direc-
tor Of the City and Suburban and Coast
Line properties, who is also at the De
Soto. asserts that he has no deal on by
which the traction company Is TO ne alb
sorbed by the Parsons properties. Pres
ident Herman Myers and Manager }. S.
Collins Of the traction company seem
TO be resting on their oars and awaiting
Developments. The developments are
slow comm, however. What the pub
lie would Ike to know is, will the prop
erty be improved and how soon. There
is no question that improvements are
needed, both to track and rolling stock.
One of the minority bondholders of the
company informed a Morning News re-
porter that the minority bondhOlders had
not yet received their proportion of the
purchase money. When he made inquiry
about the matter the other day, he said,
ne was informed that all of the purchase
money had not yet been paid in. The sue
cessful bidders for the property were re-
CURED to deposit a check for $4,000 with
the master who made the sale as a surety
of their intention to complete the pur-
deposit an additional check of $G1WJ0. This
was to guarantee the payment of court
costs. which were very heavy, including
receivers salaries and attorneys fees, and
liens prior to the bonds.
The bid for the property was $211 900. 1t
was estimated after the sale that the
bonds would realize about 22la. AS the
majority bondholders held nearly $4,000
of the bonds, they would have a discount
in round figures OF about 100000 against
their bid which would reduce the amount
of cash to be paid in to $l11 600. Having
already paid $4,000 they should have
about S3i 900 more to pay. IT may be that
the purchasers are waiting to find if there
Is anything left of the $4,000 which they
were required to pay in in two big Jumps,
in which case the pro rata of the bond
holders would be increased and the
amount to be paid in by the purchasers
9ould be decreased
One thing which has been pushed by the
company, however is the change of track
from South Broad street, between West
Broad and Montgomery streets, to Presi-
dent streets. The new track is already
down and the cars viii soon be running
out Of president instead of West Broad
street