The semi-weekly messenger. [volume] (Wilmington, N.C.) 1897-1908, 1900-04-24

A, a special meeting OF the stock
,o,aa-s ~ the wilmington and Weldon
Railroad Company held at L O'CLOCK
noon Yesterday in the general Offices
here. the action taken by the OF
directors at its meeting held IN the
city OF Baltimore on the 18TH instant
which resulted in the adoption o. 4
Joint agreement for the consolidation OF
the company with all the other COM
panies composing the Atlantic coast
Line system. was reported TO the meet
ing and after a full discussion the
agreement was adopted and approved
by the unanimous vote Of all the stock
holders present and represented at the
meeting.
The consideration of this matter was
the special object OF the meeting. and
es per cent. of the stock was repre-
scented.
AS Messenger readers are aware ac-
ton similar to that taken by the Will
mington and Weldon stockholders yes
terday was aiken by the Virginia COM
panies on Thursday in chmon and
a meeting OF the ~tockholde Of the
South Carolina company is TO be held
in Charleston today, and after the mat
ter has been favorably acted upon by
that the result viii be that
the Wilmington and WELDON railroad
Company, the a Coast Line
Railroad Company of Virginia, the At
lantic Coast Line Railroad Company
of South Carolina, the Norfolk and
Carolina Railroad Company and the
South Eastern Railroad Company Will
be consolidated into one company TO be
hereafter known as the Atlantic Coast
Line Railroad Company, which Will
have a mileage of about 1,7s0 miles,
and Wilt control by lease OF joint own
ership an additional mileage Of about
500 miles, making a total OF about eco
miles.
According to the plan of consolida-
ton adopted, the new viii
issue common and preferred stock and
certificates OF Indebtedness. which will
be delivered to the stockholders Of the
constituent companies in exchange for
their present stockholdings. There is
to be no new mortgage and the present
bonded Indebtedness will not be in
creased.
The certificates of Indebtedness of
the Wilmington and Weldon Railroad
Company now outstanding ave been
assumed by the new company, n will
remain as they are.
The general offices of the conSolida-
ted company will be continued in Will
mington.
The new tlantic Coast Line Rail-
road Company will be under the man
agement of the following officers and
board of directors, to-wit:
President-W. G.. Elliott. of Whining
ton.
First Vice Presidential. Walters. #
Second Vice Observation-Disclosures
Hamilton, Esq, of Petersburg. Va.
Third Vice President-C. S. Gadsden,
Of Charleston, S. c..
Secretary and Treasurer-James +.
Post, of Wilmington.
Board of Directors-B. F. Newcomer.
Of Baltimore, Md; f. b. Borden, of
Goldsboro, n. c.; George Howard, %
Tarboro, N. c.; Donald MacRae OF
Wilmington, y. c.; H. Walters. of VIII
mington, n. c.; J.. W. Norwood. %
Wilmington, y. c.; Michael jenkins,
Of Baltimore, Nd: Fred w. Scott. OF
Richmond. Va; D.. w. Lassiter. of Pc
tersburg, Va; H. b. Short. of Lake
Waccamaw. y. c.; and j. j. Lucas. OF
Society Hill, S. c.
1t is ~anpounced that the other off
GERS of the company Will be continued
as heretofore.
Among the out of town stockholders
and others connected with the compa-
ny who attended h meeting yesterday
were Mr.. Michael Jenkins and Mr.. J.
]. Milligan, Of Baltimore; Mr.. g. NJ.
Serpell, Of Norfolk; Alexander Hamil-
ton, Esq, Of Petersburg, Va; and Mr..
H. b. Short, OF Lake Waccamaw.
The Coast Line officials and 9TH
ers left this city for Charleston last
night TO attend the meeting Of the
stockholders of the Atlantic Coast Line
Railroad Company Of South Carolina.
to be held today.
GnNrEz TNTU-D u-cT-T~-r EycT-DL-c
In commenting upon the matter Of
the movement for the consolidation Of
the Atlantic Coast Lin system into
one big company, the Richmond Dis
patch gives the following statement "a
to mileage and finances, which viii b.
OF interest TO Messenger readers.
tc-wit:
The mileage OF the Atlantic Coast
Line Cf Virginia is 100: OF the Norfolk
and Carolina ZIG; Atlantic Coast Ling
Of South Carolina. 615 miles. AID WIZ,
mington and Weldon. sI3 biles. The At
Iantic Coast Line also controls the
Charleston and Western Carolina. go
miles. the Central Of South Carolina,
II miles; the Wilson and Summertor.
40 miles; Cape Fear and Yadkin Val
ley. Ia miles This consolidation UiII
give the Atlantic cast Line d total
mileage Of 2.l59.
1t is understood that one general
@ADA A-abE DE tEEs@A-l I'D AFIAaGF k4t
various mortgages now outstanding,
but the promoters Of the scheme de-
cline to max public the amount. II is
understood, however. that the mortgage
VIII be for about $39. O00. 00o, and that
the new bonds will bear interest at the
rate OF 1 per cen The mortgages will
be filed in the various states trayersed
by the constituent lines. and viii re-
quire revenue stamps to the amour. ct
SIS, 600. The stamps have been aEixcd
to the mortgage. The new charter or
thu Atlantic Coast Line Railroad Com.
| pany is = very liberal one. permitting
the acquisition, either by lease or pur-
| chase. and the operation Of companies.
| There is a slight uncertainty about the
merging Of the properties in South
| Carolina with the others having, heavy
fees that you'd amount
! fees that would be exacted In that
state. l per cent. Of the entire authoriz-
ed capital stock, whether issued or not.
AS n authorized capital stock under
the amended charter granted the COM
pany by the Virginia legislature In