The morning news. [volume] (Savannah, Ga.) 1887-1900, 1893-09-05
THE BELT LINE MERGED.
The Electric Railway Company 10
Take CHARGE IO-mOITOW.

ANAh AUNANA 4 " taANAAN"f
The Deal Ratified by the Stockholders
Of Both Systems The Belt Line
stock wiped Out-A New Board Of
Directors 20 Be Chosen and Re
organization 20 Take Plaoe-some
Chancss in Routes to Be Made.
The deal by which the Electric Railway
secures control Of the Belt Line Railway
was cous1mmaled yesterday, and the
Electric Railway VIII take charge Of the
Belt Line tomorrow. The papers trans
feriug the property win be signed by the
directors of both roads today.
The stockholders OF the Belt Line met
yesterday at the Office Of Lawton *
CUNNINGHAM and ratified tine transfer of
the road Besides the Savannah stock
holders Messrs. Thomas w. Wrenne, j. II.
Fall and a. NJ. FogE of Nashville, were
present with the proxies of the other
Nashville stockholders. Among the Sa-
vannah stockholders were, President w.
G. Cooper Of the Belt Line. Capt. II. G.
Cunningham, d. r. Thomss, c. II. Dor
sett, Lee Roy Myers and several others.
TIE DEAL RATIFIED.
The deal was ratified unanimously
This put the finishing touches TO it and
the property viii be turned over to-day,
and all the cars ana machinery OF the
Belt line viii be moved TO the Electric
railway power house on Gwinnett street
The deal is something more than
consolidation. The Electric railway
line practically purchases the Belt line.
giving in payment therefor stocks and
bonds Of the combined systems. The
Of hp Ignf1
unchanged, and its present board Of di-
rectOrs viii remain IN charge
until an election is held for a new board
which will be about month hence.
The capitalization Of the Electric rail
way will be increased TO 5000 00O and the
bonded debt viii be 100000. The bonds
bear per cent. interest, payable semi-an-
nually.
THE BELT LINE STOCK WIPED OUT
The Belt Line stock is wiped out Prest
Collins would not say last night on what
basis the exchange Of Belt Line securities
for those of the Electric railway would be
made, but it is known that the Old. secur-
ity-holders Of the Electric railway viii
have majority of both stock
and bonds OF tine new issue
and will practically have the
entire control of the property. The new
board of directors will consist of eleven
members, several of whom viii be from
Nashville Nearly all the stock and
bonds Of the Belt Line were owned in
Nashville, and it was the Nashville PEG
pie who made the deal The property, it
Is well known, was not paying interest on
the investment and the owners were de
sirous of making change which would
mako their property a paying
one. The Belt Line was
in need of new equipment and would
have to have been equipped throughout
II "a 4 n q b. III
were continued. BY transferring it to the
Electric Railway the expense Of a new
equipment is saved as the Electric line
has new machinery sufficient TO furnish
power for the whole system, besides a
greater num- Der OF cars than were actually
needed on its own line
BOTH SIDES SATISFIED.
Both parties to the deal expressed
themselves well satisfied last night
President Collins and the directors of the
Electric Railway appeared to be greatly
their line. Messrs. Fogg, Wrenn oe
and Fall, representing the Nashville
owners of the Belt Line said they con-
sidered the deal they had made an ad-
vantageous one. They have not cleared
any money so far on their Savannah in
vestment, but hope TO do so now. These
gentlemen represent one of the wealth.
lest syndicates in the south, if not the
wealthiest. Messrs. Wrenne, Fogg, and
Fall are worth over half d million EACH
at least. Mr.. Wrenne is president of the
National Street Railway Company, of
Nashville, which operates about so miles
OF street railway, and IS also president of
the Nashville Abstract Company
Mr.. Fan is vice president Of the Fourth
National Bank Of Nashville, the largest
national bank in the south and is inter-
ested in a number of industrial enter
prises.
Mr. Fogg is general counsel of the
Nashville. Chattanooga and St. Louis
Railway, and is president Of the South
ern Iron Company, which has a capital of
$4,OOOO0O, BESIDES icing interested in sew
eral oil, cotton and rolling mills. All
three Of these gentlemen win probably be
on the new board OF directors. The com
pany as rcorganizcd viii have their sup
port and influence, which viii be Of great
assistance.
TO IMPROVE THE BELT LINE.
portion Of the new issue of bonds
will be devoted to the improvement and
rehabilitation of the property and also
probably to some eXtentions
The rolling stock viii be improved and
added to and the track of the Belt Line
will be relayed whenever it is needed, as
soon as the summer limit prohibiting the
upturning of the soil expires
THE whole system will be put in first
class condition, ' said President Collins
last night. The same spirit which has
animated US heretofore in our endeavor
TO give the very best possible service to
the people viii be continued in the en-
larged system. We intend to have the
very best street railway system in the
south If money and brains viii secure
it."
''Wiu you operate all the lines that are
at present being operated by both sys-
tens ~ President Collins was asked
We will continue to operate all
the lines for the present.
he replied: I'VE shall probably make
some changes in the future, but lust what
cannot say yet We shall also make
some extensions of the system but these
have not yet been decided upon"
" gu can say one thing" continued
Mr. Collins land that is that we win soon
have the largest electric lighting plant in
the city. Our electric lighting plant will
be largely added to and special attention
will be given to this branch of the bust
ness. We are receiving orders now as
fast as we can put in The lights. Our
motto is to give the pest possible service
for the money. We shall bid for the city
lighting when It is given out a year
hence "