The morning news. [volume] (Savannah, Ga.) 1887-1900, 1893-10-10
The TRANSFER COMPLETE.
The South Bound Becomes the Prop
eTty Of the F. c. and P.

The Transfer Made in Baltimore
Where Presidents Denmark and
Duval Went to Make All Final
Arrangements With the Mercantile
Trust and Deposit Company-Terns
of the Sale of the Road to the Florida
Central and Peninsular-one Thou
sand Miles of New Railroad Terri
tory Opened Up for Savannah.
The South Bound railroad has, by this
time, probably passed into the legal pos
session of the Florida Central and PENN
sular railroad, or at least such is the case
if the transfer which President Denmark
of the Savannah Construction Company
went to Baltimore to make yesterday
was carried into effect as was intended.
Mr. Denmark left for Baltimore Sun
| day night in company with J. E. Tucker,
the land commissioner of the Florida Cen
trail and Peninsular railroad, and other
officials of the latter road, who went on
to be present when the road was legally
turned over.
Under the terms of the original agree
ment of lease the connection with Florida
known as the Florida Northern railroad
was to have been completed by Oct l.
This condition of course has not been
complied with, owing partly to the tinan
cial state of the country, and partly to
the delays caused by storms and bad
weather, which prevented the work of
construction from being pushed as rapidly
as it otherwise would have been.
THE TERMS OF THE SALE.
Under the original agreement which
Id L. 10
Savannah Construction Company gave
the Florida Central and Peninsular rail
road an option on the capital stock of the
South Bound at 10 cents on the dollar.
This option expired on the first of OctO-
Der, but by authority of the board of di-
rectors Of the Savannah Construction
Company President Denmark was au-
thorized to close a new contract of sale at
about 81 cents on the dollar, the Florida
Central and Peninsular road agreeing to
assume certain Liabilities. The Florida,
Central and Peninsular in buying the
road, becomes Of course responsible for
its bonds, and these are among the liabili-
ties which it will have to assume. The
stock of the South Bound is to be pur-
chased in bonds of the Florida Central and
Peninsular at 92$, which will be equal
as stated TO 81 cents on the dollar for the
81, 600, 900 of South Bound stock
President Denmark of the Construction
Company and President Duval of the
Florida Central and Peniusular railroad
are now in Baltimore arranging with the
Mercantile Trust and Deposit Company of
that city, the trustee for the bonds of the
S luth Bound, and also holders of the
stock OF that company in trust for the
syndicate loan, for the transfer of the
railroads property to the new owners.
SAVANNAH HAS BEEN THE ONLY WINNER.
The Florida Central and Peninsular
railroad will be running into the city by
the first of the coming month, and will
be in good shape in time for the orange
crop and the heavy tourist travel which
commences about that time.
With the addition of the South Bound
and the Florida Northern between here
and Harris Road, the Florida Central and
Peninsular will have about 200 miles of
railroad lines.
The Savannah Construction Company
stockholders are said to be well satisfied
with the result of their enterprise. They
have not made any money out of their in-
vestment, and will probably lose nothing
but their outlay of interest, but they have
given to Savannah 900 miles of new rail-
road territory from which it can get bust
ness. That, some Of them say, is sufficient
reward for them