Atlanta tri-weekly journal. [volume] (Atlanta, Ga.) 1920-19??, 1921-08-16
BIDS ARE ASKED
BY GOVERNOR ON
RAILROAD RENTAL

Governor Hardwick on Saturday
order to launch at once the discount
Of the rental of the Western and At
lantic railroad for period of five
years to pay the deficit in the treas
ury, and to plan early action in the
matter of leasing the governors man.
sion property at Peachtree and Cain
streets, in Atlanta.
The proceeds Of the discount Of
the Western and Atlantic rental are
needed at once to pay override Con-
federate pensions and other obliga-
tons outstanding against the treas
ury, Governor Hardwick pointed out,
while the mansion property is too
valuable to BE allowed to stand idle
day longer than necessary.
For the purpose of getting prompt
action in the Western and Atlantic
rental discount, Governor Hardwick
on Saturday issued an executive proc
lamation requesting bids to be sub
mitted to him not later than Sep
TENDER 1, this invitation being adj
dressed to private and corporate in
vestors within and without the state
of Georgia. In connection with the
proclamation, the governor express
ed the belief that the state would
not have to pay higher discount
rate than per cent, and expressed
desire to sell the rental to Georgia
investors in so far as the bids Of
Georgia investors would Justify. The
act Of the legislature authorizing the
sale Of the rental allows him to
handle the rental in separate sections
If that arrangement is advantageous.
Governor Hardwick announced Sat
urday that he would endeavor to OBJ
tain an early meeting Of the COM
mission created by the legislature to
lease the governors mansion prop
erty. The bill provides that the COM
mission shall be composed Of the
governor, secretary Of state, attor-
ney general, two members Of the SEN
ate and three members Of the house
appointed by the presiding officers
Of those bodies, and three citizens
appointed by the governor.
w. and A. Rentals
The Western and Atlantic railroad,
owned by the state of Georgia, brings
an annual rental Of $4,000. The
total rental for five years, therefore,
is $2,7O0,OoO. Governor Hardwick ex-
poets to realize, he stated. at least
$2,300,000 from a discount of the
rental for five years, this figure be-
ing conservatively estimated on the
basis Of a six per cent rate for the
entire period, with the probabilities
favoring lower rate for part of
the period.
Of this amount, Governor Hard
wick pointed out, at least $1,300,0O0
will be needed to pay Confederate
pensions for 1920 and 1921 which
cannot be paid from the states reve-
nue. for the present year. The whole
Of last years pensions to pensioners
made eligible by the constitutional
amendment of 1919 was deferred be-
cause Of insufficient funds in the
treasury. A substantial portion OF
this years pension payments have
been deferred for the same reason.
The remainder of the proceeds of
the Western and Atlantic rental dis
count, the governor further stated,
will be needed to pay miscellaneous
deficits for departments and institu-
tions. and there may be net balance
Of about 100000 in the treasury.
But all Of this balance, Governor
Hardwick pointed out, will be need
ed, in the eveLt it materializes, to
pay current bank loans made by
Governor Dorsey and extending over
into Governor Hardwick's admins
tration, so that in the final analysis
Governor Hardwick does not expect
to be able to do more with the West
ern & Atlantic rental than to pay
all obligations outstanding against
the treasury for last year and this
year, and to start next year with a
clean financial slate.