The morning news. [volume] (Savannah, Ga.) 1887-1900, 1892-11-19
THE ELECTRIC LINE SOLD
A SAVANNAH SYNDICATE GIVEN
AN OPTION ON IT.

The Price Said TO Be in the Ne,ghbor-
hood of $25o,OOO-An Electric Light
and Power Plant to bs Added-The
stockholders to Net a Handsome
Profit if the Deal is Contaminated.
The Electric railway of Savannah has
been sold, so President Collins said yester-
day. The price paid for the property is not
given out, but it is intimated that the
option which is held on it puts it in the
neighborhood of $25O,OOO. This gives a
good sized profit 60 the stockholders.
The option is held by syndicate Of bust
ness men of Savannah. The syndicate pro-
poses not only to operate the present rail-
way, but to extend and increase it. In ad-
dition it proposes to put in a large electric
light aud power plant at the right o. the
present power house of the railway, costing
not less than S250,OO
Orders for two 1,300-light incandescent
machines, two Scare light machines and
boilers and two new 250-horse power engines
and boilers for the railway department. will
be placed next week.
The deal for the road was made some
time ago, but was kept quiet.
NOT AN INSPECTING TOUR AFTER ALL.
Directors Wilkinson and Hicks to Nashville
and other southern cities was not for the
purpose of inspecting other electric rail-
ways as announced. They had as
good a line Of their own In Savan-
nah as any they saw on their
trip. Their object was different one en-
tirely. President Collins was requested by
the new syndicate to make an inspection Of
the electric light and power plants OF neigh
boring cities and report as to their cost and
results for the purpose Of enabling the syn
dictate to make its estimates as to the cost
and character of the plant it proposed to
establish here. Mr.. Collins has made his
report, and the machinery is to be ordered
in few days.
His visit to Nashville caused some rumors
that the Electric railway had been or
would be bought by Mr.. Rhea and the
Nashville syndicate which owns the Belt
Line.
NO CONSOLIDATION,
A MORNING NEWS reporter saw Mr. Col
Inns yesterday in regard to this report. He
said the report was not true, and that there
would be no consolidation of the Electric
railway and the Belt Line or any other
street railway in the city. He said he was
not at liberty yet to state to whom the sale
was made or what is the price paid. While
the sale is not fact as yet, he said, an
option has been given on the road to Jan.
l and bonus paid. The fact that
the machinery for the improvements ia to
be ordered at once satisfies him, however,
that the deal will be carried through to
completion.
The sale is made by the Savannah Real
Estate, Loan and Building Company, tine
owners OF the road. The Electric railway
is the youngest railroad Of the city, having
been began only eighteen months ago, and
the best portion OF its system has only been
in operation for six months. 1t has been re-
markably successful, 1t is bonded for
Sl25,0OO, and its capital stock is S125, 900.
THE STOCKHOLDERS PROFITS.
The transaction is a rather remarkable
one from a business point of view. The
profit to the stockholders, altogether is es-
timsted at $3.50 a share. The men who share
most largely in the profits are President
Collins, W. K. Wilkinson, Robert NJ Hicks,
Hugh Logan. Thomas Nugent and Jacob
Paulsen. The Savannah Real Estate, Loan
and Building Company, which is capitalized
at $3.50 ,000 remains intact, and will con-
tinue the development Of its lands east of
the city.
Mr.. Collins of the Electric railway
has been requested to re.sin his present
Office as president aud may possibly do so,
but has not decided as yet.
The benefits TO the city from the deal will
be more miles of street railway aud a new
electric light and power plant.