The Savannah morning news., 1900-06-17
BUYING OLD CENTRAL STOCK.
A SAVANNAH FIRM WHICH CON-
sIDERs 1T A GOOD INVESTMENT.

1t Is Buying old Central Stock and
Debentures to Exchange for Sec
Ond and Third Income Bonds of
the New Central RaiIway-Mr. C.
s. Wood Explains Why He Con-
siders This n Good Investment-He
Believes the Bonds VIII Be VAL
uabIe Some Day. Even If the Hold
ers Have to Wait Until They Ma
ture-Over $5OO,OO of These I'm
exchanged Securities Held in Sa-
vannah and Elsewhere.
For the last several days an advertise
ment has been appearing in the Morning
News for old Central Railroad stock and
debennres by ]. S. Wood Bro. 1t
seemed a little strange that anybody
should be advertising for old Central stock
and debentures at this late date. Mr.. c.
S. Wood was asked the meaning of the
advertisement.
I'VE simply wish to get hold OF some
of the old stock and debentures,' he re-
Piled.
us there any considerable amount of
the old securities to be gotten hold Of"
he was asked.
Il think there is he replied. AT least
the books of the secretary of the Central
Mr.. T. M. Cunningham, show that there
are about $4,000 of these old stocks and
debentures which have not been exchanged
yet. They are scattered all through the
state, including many at Savannah"
What do you expect to do with these
old securities?" Mr.. Wood was asked.
1--WE simply think it a good invest
ment," he replied. "Our purpose is to ex-
change the stock and debentures for the
income bonds issued in exchange under
the reorganization plan. These income
bonds are in denominations of 81, 900 EACH
so that it is, necessary to get together
900 face value of the old paper TO get
one Of the new bonds. Under the reor-
ganization plan, third preference income
bonds were offered in exchange for stock
and second preference incomes for Cen
trail Railroad debentures The first pre-
ference income bonds were given in ex-
change for the floating debt and other
liabilities of the old company. A small
dividend has been paid on the first pref
erence bonds every year since the reor-
ganization, and it is believed that the full
dividend of 5 per cent. will be paid this
year. This will, of course, improve the
standing of the second and third incomes
We are offering So a share for old Cen
trail Railroad stock and $40 share for
Central debentures. This is slightly I'M
der the market quotations for the in
come bonds, but we pay all the expenses
of the transfer and attend to the ex-
change"
1.-THE Central Railway property is i'm
proving in value under the management
of President Egan,' said Mr.. Wood, land
though 1t may be several years before
dividend is paid on the second income
bends they are a good investment as life
insurance They are 50-year bonds and
will be due and payable As years hence
having already run five years If you
have time you might sit down and figure
out what the profit would be on a bond
purchased at a cost of say $50 to-day, and
realizing $1,000 As years hence. For man
who expects to live long time and who
wants to make provision for his heirs
this is about as good a means as 1 can
think Of"
Mr. Wood said that the firm had receiv-
ed a good many offers of bonds and deben-
lures from parties throughout the state
and had made several purchases.