The news & observer. [volume] (Raleigh, N.C.) 1894-current, 1899-09-07
THE SEABOARD
CONSOL|DATES
Raleigh and CASTOR Railroad
Stockholders.
THE AMENDED CHARTER
am
THE FINANCIAL PLAN WAS NOT
DISCUSSED.
ANOTHER MEETING HERE ON SEPT. 9TH
AT That Time All the Details of the CONSOLE
dalton VIII be Determined Upon. Sub
scription to Chesterfield and
kershaW Railroad

kershaW Railroad.
! A general meeting of the stockholders
of the Raleigh and Castor Railroad
Company was held here yesterday after
noon, in the office of the company on
Halifax street, and it was decided to
accept the amendments to the charter
granted by the last Legislature, author
izing a consolidation of the various
branches of the Seaboard Air Line in
this State
The time originally fixed for the meet
ing was 10 o'clock, but many of the
largest stockholders from a distance
failed to reach here by that time and
the meeting was adjourned to 4 O'Clock.
AT that hour the meeting was called to
order by Secretary John NJ. Sherwood
and Col. Bennehan Cameron was re-
quested to act as chairman.
1t was found that majority of the
stock was represented and II was stated
that the object of the meeting was to
consider the terms and conditions upon
which the Raleigh and CASTOR may
consolidate with the Seaboard
and Roanoke, the Raleigh and
Augusta Air Line. the Car
DINA Central, the Georgia, Carolina and
Northern, the Durham and Northern,
the Roanoke and Tar River and the
Iouisburg; that the consolidation OF
these roads was preliminary to the form
alton of the Seaboard Railway Company
which will include the Seaboard Air
Line system, the Georgia and Alabama
Railway Company, the Florida Central
and Peninsular Railway Company.
Upon this statement a resolution pre-
pared by Judge Leigh r. Watts, gene
raj counsel, was introduced by Mr.. Jo-
seph Il. Bachelor accepting the amend
ed charter of the Raleigh and CASTOR
Railroad Company, and authorizing said
Raleigh and CASTOR Railroad Company
to consolidate with other railroad, trans
portation or other companies or to
lease or otherwise acquire the property
and franchises of the same.
Consideration of other matters re-
ferred to in the call-terns and condi-
lions of the consolidation and increase
of the capital stock-together with all
questions growing out of the cons0lida-
ton, was postponed till September 9th,
when another meeting will be held here.
Another resolution was passed ratify-
ing subscription of about $3.50, 900 that
had been previously made to the Ches-
terfeld and Kershaw Railroad, and au-
thorizing further subscriptions to the
stock of this road, not to exceed ST.
100000
This completed the business of the
meeting and it adjourned to meet again
September 9th.
The financial plan was not discussed
and it is understood that it mas not yet
been definitely determineds The amount
of stock and bonds to be issued, it is
certain, will be smaller than any rail-
road system in the South. This is a
detail that will be fixed in the meet
ing on September 9th, as will also
the scale of value of stock III various
roads to be consolidated. Each stock
holder in any road now owned by the
Seaboard will be given in exchange for
his stock a certain amount of stock in
the consolidated road. How much
1t will be must be determined by
scale of values yet to be adopted.
Following were the stockholders pres
ent at the meeting: President John
shelton Williams, Richmond; Nlce-PreS-
ident L. st. John, Portsmouth; j. VIM.
Aliddendorf, Baltimore; John NJ. Sher-
wood, Portsmouth; Leigh r. Watts, Nor
folk: Mr.. Leavenworth, Petersburg;
MIR. Hester, Oxford; Mr.. McGill, Peters
burg; b. Cameron, Stagviiie; JOS. b.
Bachelor, Raleigh; w. c. Stronach,
Raleigh; ID. Y. Cooper, Henderson,; A.
NJ. McPheeters. Raleigh: Il. Il. Gray,
Raleigh; John w. HinsdaIe, Raleigh;
Chas. e. Johnson, Raleigh; Glen
Wright, Greensboro.
The stockholders from Baltimore,
Richmond, Norfolk and Portsmouth
came in on a special train, arriving here
ut $40. They left at 6 o'clock for
Atlanta, where a meeting of the stock
holders of the Georgia, Carolina and
Northern Railroad will be held today
From there they will go to Augusta and
thence to Charleston.
After the meeting yesterday President
Williams Vice President ST. John. Mr..
Middendorf and Judge Watts drove over
the city and expressed themselves az
much pleased with Raleigh and the
signs of progress seen here.