The Savannah morning news., 1901-01-17
To MERGE The LINES
PLANT SYSTEM ROADS TO BE CON-
soLIDATED WITH s., f. d w.
S., r. & W. TO ISSUE STOCK.
PLANT INVESTMENT COMPANY ADD
ING TO ITS BOND HOLDINGS.


and Alabama Midland Induced sa-
vannah Brokers to Suspect an
Impending Railroad OeaI-SOuth-
ern's Prospective Acquisition
Talked of, but Inquiry Developed
That Plant Investment Company Is
HuyinE Bonds to Bring About Con-
sOIidatiOn of Plant system Lines
with s., +. Il W.-dnes in and Out
of the Plan.
Unusual activity in Brunswick and
Western and Alabama Midland Railroad
bonds for the last day or two has given
rise to the rumor that the Southern Rail-
way is after the Plant System. AS soon
as the brokers began receiving inquiries
about Brunswick and Western and Ala
bama Midland bonds and orders to buy
they at once came to the conclusion that
a railroad deal was on.
Two points above the price at which
the bonds were held was offered by one
broker, who was instructed to gather in
all he could. He did not know who his
customers were, but surmised they were
the Southern people.
One broker said his order had come
from the treasurer in New York of the
Plant Investment Company, for whom he
bought ten four percent bonds of the
Brunswick and Western at SO.
Another broker said he had received
several inquiries for Brunswick and
Western and Alabama Midland, but the
holdings in Savannah arc small He would
not reveal the source irony which the in
quiries had been received, but said no
transfers had been made because the
prospective buyers would not pay the
prices he had been quoted. The lowest
he could secure was S71s, and his corre-
Alabama Midland per cents. 1oS is
asked.
The information about the treasurer Of
the Plant Investment Company buying
the bonds placed a different color upon
the situation, as was shown by further
inquiries 1t developed that the effort to
buy the securities in Savannah is only
of secondary importance, as there ar very
few held here. The real movement is in
New York, and the Plant Investment
Company is seeking to acquire the bonds
in order to merge most of the lines conf
prising the Plant System into consoli-
dation of which the Savannah, Florida
and Western, the principal line, is to be
the head.
A general reorganization of railways in
cluded in the system has been determined
Upon, provided the plans of the directors
can be carried out The meetings of the
boards at which the reorganization is to
be effected will be held, it is understood
in April.
The Savannah, Florida and Western is
to be the leading line in the reorganiza-
ton 1t is to acquire the stock of other
lines comprising the system, and issue
preferred stock upon all the property in
Guided in the reorganization.
No change in the operation of the Plant
System will follow the reorganiza ton
For years the several lines have been
consolidated in so far as their operation
| is concerned, but their accounts have
been audited independently. The control
Ter keeps separate records of the earnings
and expenses of each of the lines, and
| each line has its own board of directors.
1t is said that the principal object aim
! ed at by the Plant System people in the
| proposed consolidation is the simphhca
| tion of the work of the auditing depart
| ment The labor of conducting the affair:
| of many separate lines, too, would b'
! greatly decreased, and a general board o.
! directors might, with comparatively Sign
! increase in time and work, transact TIT
business of the entire system. On th'
| boards of directors of the several line
are found the same names, in numbe
of cases, the Plant Investment Compan!
being represented as the principal stock
| holder.
All the lines now operated by the Plan
| system. it is understood, are to be in
| cluded in the consolidation save the Bont
Bailey Branch of the Savannah, Florida
and Western, the Thonotosassa Branci
of the Savannah, Florida and Western
the Sanford and St. Petersburg, the st
Johns and Lake Eustis and the SANFORD
and Lake Eustis. Those to be included
| therefore, will be the Savannah, Florid'
and Western. as the corporation of tn
consolidation, the Charleston and Savan
| nah. the brunswick and Western, the AL
ALBANIA Midland, the st. Johns River Rail
way. formerly the Jacksonville, Tamp'
| and Key West, the Florida Southern. tn
South Florida, the Silver Springs, Ocal'
and Gulf. the Green Pond Walterbor,
and Branchville, the Abbeville Southern
| and the Southwestern Alabama.
-ee
MRS H. A. CHARLTON DEAD.