The Savannah morning news., 1901-05-19
TERMS ON PURCHASE
now CENTRAL OF GEORGIA AC-
oUIRED IT'S TWO NEW ROADS.
PRESIDENT GAVE THE PLAN.
STOCKS OF THE ROADS TAKEN UP
BY CENTRAL PER GENT. BONDS.

Al 100000 of Per Cents Issued to
Take Up Present Stock Chatta-
nooga, Rome and Southern and
Chattanooga and Durham-$343,-
600 Same Sort of Bonds Reserved
for First Mortgage Bonds Out
stnnding-S217, 900 of Bonds TO
Furnish New Equipment for the
Roads-CentraI VIII Perhaps As
anne Control About June 1-Mr.
ECnn on Future Policy.
President John NJ. Egan OF the Central
Railroad returned yesterday morning
from Chattanooga and Rome, where he
had been to attend the meetings of the
Chattanooga and Durham and the Chat
,anooga, Rome and Southern Railroads.
I4A was seen yesterday about the acquisi-
ton of those roads by the Central of
Georgia. Asked for the terms upon which
The purchase had been made, Mr.. Egan
said:
"Four per cent bonds were issued to
take UP the present stocks of the Chatta-
nooga, Rome and Southern and of the
Chattanooga and Durham Railroads. For
this. the issue of the per cent bonds
will amount to s1,S40,OOo. Then there is
S343. 900 worth Of per cent. bonds reserved
for the first mortgage bonds that are now
standing on the property. Bonds 90 the
amount of $4,000 to furnish equipment
10 the road are also provided for, which
makes a total of 81, 100000, all of which
&c set forth in the terms of the mortgage.
NIessrs. Simon Berg & CO. of New York,
the former owners of the property, are
10 make the terms with the stockholders
and the holders of the bonds on the roads
prior to this late purchase.
of is not vet known when the Central
Railroad will assume control, but 1t will
perbaps be on June /. THE information
given out about the injunction proceed
snes that. for a few hours restrained
the sale of the property, was, in part in
correct The injunction was against the
owners Of the property selling, not against
the Central of Georgia. The Central was
not in any way interested In the injunc-
ton.
after the Central assumes control il
4 will endeavor to improve the present
physical condition of the property and
manage it with view of serving its pa
irons in the best possible manner. The
Durham coal mines will be a valuable
feeder to the line, as the coal is of a very
superior quality for steam purposes and
for blac4lsmiths.
There is no extension to the property
contemplated at the present time, but il
Is hoped that the Central will be able 10
develop several mining interests along the
line. Valua bic deposits of iron ore are
said to exist at certain points, and on the
upper portion of the line there are good
limestone quarries operated. On the same
portion of the line, along the
mountain sides, peach orchards
are being planted and producers are now
marketing large quantities of luscious
Il Strawberries. l saw a grower Of straw
berries at Chickamauga who has beer
4 very successful. He showed me a quar-
basket that was flied with berries, and
when we counted them, there were only
eleven in the box. That was a pretty
good showing, wasn't 1t? The grower had
obtained forty crates from an acre of LAND
planted in strawberries, and he sold them
81 at $3.50 a crate
q I'VE anticipate no change in the present
traffic arrangements that exist between
q the Central and other lines and the Chat
tanooga, Rome and Southern and othel
lines, as a result of the acquisition of the
property by the Central. The continuous
mileage rates will become effective aftel
the Central assumes charge, which VII
make quite a reduction in the present
rates for freight and passengers.
81 AT all points where our party stopped
the people seemed well pleased with the
contemplated change. The present man
agement of the property is very popular
and has the confidence and respect of the
people. We expect to make no change
whatever among the executive officers Of
the company. The auditing and treas
ury departments will, of course be trans
ferred to Savannah, but President G. b
Wilburn will remain in charge as super
intendent, and the section between Car
rollton and Griffin will be placed undel
his control"
About 10 miles will be added to the
mileage of the Central by the acquisition
OF the property. The Central has beer
building several branches of late, and thu
total mileage will be 1850, when the oper
alton of the Chattanooga, Rome ant
Southern and the Chattanooga and Dur
ham is begun.
The Chattanooga, Rome and Southern
railroad Company was a corporation
formed in 1897 in pursuance Of the reor
ganization plan of the Chattanooga, ROM
and Columbus Railroad, which was sole
under foreclosure Jan. 10. 1897. The roaC
extends from Chattanooga to Carrolton
Aiess ana mas elguL iulleS "
branches. The company also owned thu
chattanooga and Durham, seventeen
miles, SO that its total mileage was l6S
Inc rolling stock consists of twelve loco
motives. eleven passenger cars and 80
freight cars. The preferred stock of tn
company was S1,6OO,00O, and there was thu
same amount of common stock The fund
ca debt was $4,000 of first mortgage
per cent. bonds on the Chattanooga, ROM
ana southern, due 1947 January ant
july and S25o,oOO Of first mortgage pc
cent bonds on the Chattanooga and Dur
nam due 1917. The preferred stock wa
per cent. non-cumulative. The frs
mortgage was for $4,000. In 1890 ant
~" the company paid dividends of pc
cent on the preferred stock in annua
payments in January. Last January
per cent. was also paid on the preferred