Richmond dispatch. [volume] (Richmond, Va.) 1884-1903, 1898-06-28
ROADS TO COMBINE.
PETERSBURG AND RICHMOND AMI
PETERSBURG TO CONSOLIDATE.
STOCKHOLDERS TALK IT OYER.
Those of the Former Company I'm
Favor of the scheme, which Will
he Acted Upon the 2ofh-steps BE-
ing Taken in south Carolina.

The stockholders OF the Petersburg
Railroad Company held a meeting at the
Byrd-street depot yesterday asd consid-
cred for some time the question OF con-
solidatinc with the Richmond and Pc
tersburg Railroad Company. The con-
ference was an extended one, lasting over
two hours, and IL was practically de-
cided to consolidate. There were present
nearly oil OF the principal stockholders
OF the company representing most OF the
stock, among them being President Wal
tors, OF the Atlantic-Coast line; President
Elliott, Of the Petersburg Railroad Com
pany; President L. T. d. Myers. Of the
Richmond, Fredericksburg and Potomac,
and President John Shelton Williams, of
the Georgia and Alabama.
After a free discussion of the subject
and an interchange of views 1t was de-
cided best that no action should be taken.
The sentiment Of the meeting was over
whelmingly in favor of consolidation, and
this will be carried out by decision TO
consolidate I'm the near future This de-
cision will be submitted TO the stock
holders Of the Richmond and Petersburg
Company at their meeting TO be held on
July 10Th, and it is believed that that
company will agree TO 1t.
UNITY THE ENTIRL SYSTEM.
There seems now TO be a concerted eff
fort on the part of the roads constituting
the Coast-Line system to consolidate un-
der one head, as is Indicated by the
meeting here yesterday and the meeting
to be held at Florence, S. c., on July 18th.
This meeting will be held for the purpose
Of forming into one corporation all the
railroads operated by the Atlantic-Coast
Line IN South Carolina.
The consolidation will be effected under
an act of incorporation secured recently
from the Legislature OF South Carolina.
The roads involved are the Wilmington,
Columbia and Augusta. Northeastern,
Florence. Manchester and Augusta, and
tho Cheraw and Darlington Railroad
companies. The plan of the new cor
poration has already been formulated
and the incorporated properties will be
known as the Atlantic-Coast Line Rail-
road Company OF South Carolina. The
financial plan contempiates the issue of
a 41-2 per cent. mortgage, and Of pre-
ferred and common stock, possibly sufh-
Gent to take up the present outstanding
issues on the properties involved. The
details as to the new securities, how
ever will not be completed until the
meeting Of stockholders of the several
roads Is held when this part OF the UNI
dertaking will be more fully matured and
adopted.
These roads. while forming part of
the existing Atlantlc-Coast Line system,
have heretofore been operated separate
lv. with distinct officers and accounting
departments and with authority to act
in the matter OF making
freight and passenger rates and consld-
ering questions of policy for the better
ment and improvement of their respec-
tive lines.
THREE WAYS TO DO 1T.
The one exception was the Wilmington,
Columbia and Augusta road. when Is
operated under ninety nine-year lease
by the Wilmington and Weldon Railroad
Company. TO enable the w. c. and A.
to become part of the new corporatloh'
the option to convert Its stock VIII De
given to existing stockholders by one OF
the three following methods:
The new company will pay Sl3O In cash
FOR each share, or sl20 in per cent GER
tincates Of indebtedness of the Atlantic
Coast Line for each share or by con-
version OF the present stock into the Sc
curitles of the new company.
1t is thought the consolidation VIII
simplify the management and operation
OF the roads, though it affects only those
propcrties operated within the state OF
south Carolina. 1t was made necessary
however. by the railroad act passed by
me last Legislature Of that State, com
oelljng uniform rates to be maintained
on all xsads controlled by any one sys-
tenn within the State.
Baltimore capitalists are largely I'M
terested in these properties through own
ership Of securities, both stocks and |
bonds. and the management is largely In !
the hands of Baltimore interests. Mr.. |
Harry Walters is president and Mr.. b. f. |
Newcomer vice-president Of the Atlantic
Coast Line.