The Savannah morning news., 1901-12-31
PREPARED TO ACT
SAVANNAH ELECTRIC COMPANY rs
NOW READY For BUSINESS.
BALDWIN IS PRESIDENT.
OTHER OFFICERS AND DIRECTORS
ARE TEMPORARY.

me Charter of the Company Ac-
cepted, and 1t Is Now in Position
to Acquire the Properties to Con-
troll Which 1t Has Been Organ
ized-The Entire Issue of Capital
stock, Amounting TO $4,000. 900,
subscribed for at the Meeting,
The Boston Capitalists Behind the
ACCOMPLISHMENTS Will Begin
Active Business Probably by jan
uary Ii.
The Savannah Electric Company was
formally organized yesterday after
noon. The charter of the company was
accepted. its entire issue of stock SUBJ
scribed for, Mr.. George j. Baldwin was
elected permanent president and a tenn
porary board of directors and other
officers was chosen.
Mr.. Baldwin presided and his selec-
ton as president was one of the first
acts of the incorporators. Messrs.
Baldwin, w. w. Mackan, j. Randolph
Anderson, Abram Minis and A. L.
Alexander were made temporary direc-
tors, Mr.. w. V. Davis, temporary sec
rotary and Mr.. L. H. Boggs, tenn
porary treasurer of the company.
The charter. which was described in
the Morning News when the advertise
ment of the application of its grant
by the Secretary of State was first
made, permits the company to do an
extensive. business, in various lines Of
industry, the most important being the
operation of electric railways and the
furnishing of electric light and power
to consumers.
The charter provides for the issue of
$780, 600 in common stock and 81 ,000, 900
in per cent, nom cumulative preferred
stock. All of this was subscribed for
by those inxerested in the enterprise,
the greater portion by the syndicate of
Boston capitalists that is financing the
company. This syndicate is headed by
the Boston banking firm of Lee, Hig-
ginson & Co. and Stone e. Webster, the
latter electrical experts and promoters.
The remainder of the Boston capital
lists are clients and business associates
of these two firms.
The meeting was for purposes of
organization solely and the issue of
bonds contemplated in the scheme Of
reorganization of the electric interests
of Savannah was not considered. Mr..
Baldwin stated, however, that 50, $780,
900 of per cent, fifty year, gold bonds
will be issued as soon as 1t becomes
necessary to do so in order to further
and effect the purposes of the COM
pany.
The company, If no untoward events
prevent, will assume charge of the
property and franchises of the Savan-
nah, Thunderbolt and Isle of Hope
Railway Company and of the Edison
Electric Illuminating Company about
Jan. is, The final meeting of the
Edison Company will take place Jan.
6 and that of the street railway COM
pany sometime before the middle Of
next month. At these meetings steps
will be taken to turn over the property
of the old companies to the new and
the Savannah Electric Company will
then begin active business. 1t is in full
shape for business to-day.
The shares of stock subscribed for
by the syndicate will be used in large
part in exchange for the stock and
bonds of the Edison Electric Illumi-
mating Company and the first mortgage
bends of the City and Suburban Rail-
way Company.
Mr.. Baldwin said after the meeting
that no steps for the improvement of
the properties the company was organ
lied to acquire and operate will be
finally taken until these properties
have been transferred to it's control
While the matter is under consider
alton and various suggested plans of
improvement are being discussed, moth
ing definite has yet been done.
Mr. Edward J. Thomas acting for
the company, is making preliminary
surveys for many possible improve
ments and it is very probable that
there will be some extensions to the
lines. There will certainly be con-
siderable Improvements in the tracks
and rolling stock.
1t is probable that some of the direc-
tors temporarily chosen will be made
permanent directors when the company
begins to operate the properties it is
to acquire.