The times. [volume] (Richmond, Va.) 1890-1903, 1898-06-28
TWO ROADS TO
CONSOLIDATE
Petersburg and Richmond & Peters
burg Lines.
THE STOCKHOLDERS FAVOR IT.
AZ a Conference of the Principal own
Crs Of the Former Road the Scnti-
mcut Was Strongly for CONSOLE
dation-Coast Line Branches.

There seems 20 DO strong probability
that tho Petersburg Railroad Company
and the Richmond and Petersburg Rail-
road Company viii consolidate In the
near future IN accordance with bill
pased 1y the last Legislature granting
Fhis authority.
Tbe stockholders OF the Petersburg
RAILROAD Company held an extended con-
yeTeuce iu the Offices OF the company
at the Byrd-street depot yesterday for tie
purpose OK considering tho question OF
Consolidating with the Richmond and
Petersburg Railroad Company.
The meeting was OF an INFORMAL ma
sure. There were present nearly an OK
tho principal stockholders OF the com
panv representing most OF the stock. The
conference lasted over two hours. Among
those present wcrc President Walters
az the Atlantic Coast Line, President
ELLIOTT. of the Petersburg Railroad;
President T. u. ID. Myers of the Rich
mond. Fredericksburg and Potomac Rail
road and President Williams, OF the
Georgia and Alabama Railway.
The subject OF consolidating the two
-ords was freely discussed from all
ttaudp0Ints. and an interchange OF opin-
tons given. While uo direct action was
taken and no decision reached the
recruitment OF The meeting was over
whelminglx - favor OF consolidation. IL
ss understood this sentiment will be car
giod out by O decision 20 consolidate at
q meeting ln the near future. This de-
cieion wll De submitted 10 the stock
holders OF tho Richmond and Peters
burg Railroad 90 be- neld on July 10Th.
Tor action. and 10 is believed tat the
latter company Will agree 10 g.
Tho Richmond and Petersburg railroad
runs from Richmond TO Petersburg
while the Petersburg railroad extends
from Petersburg 20 Weldon. n c.,
distance Of about sixty miles.
COAST LINE BRANCHES.
A meeting viii be held at Florence. s.
C.. on july 18th 90 form into one cor
poration ala the railroads operated by
The Atlantic Coas, Line On South Caro-
lima. The consolidation viii 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 the Chcraw ana Darlington
RAILROAD Companies. Tho plan or tho
new corporation has already been form
ulatod and tho Incorporated properties
viii be known as the Atlantic Coast Line
TaUpad Company OF South Carolina.
Tho financial pluu contemplates the IS
sue OF q . 1-2 per cent mortgage, ana or
preferred and common stock. possibly
sufficient 20 take up the present out
standing issues ON the properties In
Volvcd. Tho details as TO the now Sc
,urities. however. will not be completed
until The meeting of stockholders OF the
several roads ie held. when this part
az the undertaking viii be more fully
maturod and adopted.
These roads. while forming a part or
the existing Atlantic Coast Line system
have heretofore been operated separate
lv with distinct officers and accounting
departments and with authority 20 act
independently 200 the matter OF making
freight and passenger rates and consid-
erI1c questions of policy for the bet
torment and Improvement 81 their re-
fpeCuyo lines.
TO CONVERT ITS STOCK
The ono exception was the Whining
ton. Columbia and Augusta Road. which
s. operated under a nnety-nine-Year
lease by the Wilmington end Weldon
Railroad Company. To enable tho W. G.
and A. 90 become part Of the new cor
poouou the option 20 convert It's stock
VIII he given DO existing stockholders by
one OF tho three following methods:
The new company win pay $3.50 IN cash
Tor each share. or fl20 In per cent. Ger
tiGratee of Indebtedness OF the Atlantic
Coast Line for each share, or by con-
version OF the present stock into the
securities of tho new company
DO g. Thought tho consolidation VIII
simplify the MANAGEMENT and operation
ar Tho roads. though DO affects only those
properties operated within the state OF
South Carolina. 10 was made necessary
however hY The railroad act passed 10y
the last Legislature OF that state. COM
peulrC uniform rates 60 be maintained
on an roads controlled by any ono sys-
tenn within the State.
Baltimore capitalists are largely inter-
crfed 300 these properties through owner
chip ~ securities both stocks and bonds
las frs n.e.
hands of Baltimore interests air Harry
Walters is president and Mr. b. T. New
conner vice-presilort OF the Atlantic
C0frt Line