The morning news. [volume] (Savannah, Ga.) 1887-1900, 1896-05-19
READY FOR ORGANIZATION.
THE GEORGIA CAR AND NIANUFAC-
TURING COMPANY.

The Final Purchase OF Eighty Acres
of Land at the Junction of the c.
and ;. and +. c. and p. Railroads
Made YesteFday-The Price Paid
sI5,OOO-The 100000 in Bonds
Raised and the Company PractI-
caIIy Ready to Go Ahead With the
Work ON the PIant-What the Com
pany COntempIates.
A petition for the Incorporation Of the
Georgia Car and Manufacturing Com
pany viii probably be filed in the superior
court within the next day or two.
This IS the company that several we'll
known Savannah capitalists have been
working on for the last several months,
and the finances Of which have just been
gotten in shape for the organization OF the
company
The company Will be composed Of capt.
talsts of this city, many Of them having
subscribed literally 10 the bonds. The
capital stock VIII be something Ike 500,
COO. most of which has already been OBJ
talned IN various forms.
The deal for the land upon which the
plant is to be located was just completed
yesterday afternoon. 1t is an eighty acre
tract, just At the junction or crossing of
the Florida Central and Peninsular and
the Charleston and Savannah railroads.
The Central railroad will also have ac-
cess to IL by way Of the Florida Central
and Peninsular.
This tract, it Is understood, was pur-
chased from Mr.. A. r. Fawcett, the price
paid being S15,0OO of which $1,000 will be
in the first mortgage bonds of the com
nd ic
well located for the purposes for which
IL IS TO be used, being at the junction of
two unimportant railroads and within easy
access OF the other. The papers We're
signed last night, and the land Is now the
property Of the company.
The idea of this plant was conceived by
several Well-knOwn Savannahians, who
some time ago bought car works plant
at Huntington, Pa This plant, IL IS UNI
derStOOd, they paid SJ5,OJJ for, which was
considerably less than its real value, but
the plant had been shut down for some
time, and IL was secured al a bargain. II
is said the property in this plant is to be
represented by 100000 Of common stock,
that is to be issued.
After securing this plant the gentlemen
interested went to work to secure further
working capital, their object being to get
100000 in first mortgage bonds. This they
have finally succeeded in doing, the bonds
being taken quite generally by those In
the city who have money for investment.
The subscription to the bonds being COM
important precedent, the company is now
ready for organization.
There are to be four branches to the
plant; first, a car-building and car-repair-
ing branch, next mandatory
of Vulcanzed wood, sub
since which is now being used
largely as crossties by many railroads
north and for other purposes where a
hardened material is required; third, a car
wheel foundry, and fourth, an establish
ment for making aXles. This covers prac-
ticaly the whole range of the railroad car
industry.
The railroads running into Savannah
have agreed to give the new company a
the car-building and car-repairing line,
which has been the real encouragement
that the enterprise has received. The
company will give employment to 200 to
800 men, and Will probably build up a little
community of its own in that section.
such company as is proposed has sew
eral advantages in being located in this
section. one of the principal materials
used in the construction of cars is Geor-
ga pine, which can be secured here with
out freight charges, and this is worth con-
siderable in the construction of a single
car. 1t has also an important railroad
from surrounding territory.
1t is expected TO commence the work of
construction at an early a date as posi-
BILE. The financial part of it is practically
arranged and there is no reason why
there should be any further delay. The
Huntingdon, Pa, plant is TO be moved here
and, it is understood, the whole industry
is to be put in working order as soon as
possible.