The Savannah morning news. (Savannah, Ga.) 1900-current, 1901-07-02
BONDS OF THE SEABOARD.
subscriptions Invited for $s,OO0,O00
of 1O-Year IS.

SUBSCRIPTIONS Invited Tor &S,OUU,UUO
of 1O-Year IS.
Vermilye e. Co, and Hailgarten & Co.
invite subscriptions for 100000 Seaboard
Air Line Railway refunding, collateral
trust . per cent. 1O-year gold bonds. They
are part of a total authorized issue of
$40 10000. of which 100000 are reserved
to retire an equal amount outstanding of
collateral trust per cent. gold bonds,
maturing Oct. J. 1902. They are secured
by deposit with the Central Trust Com
pany of New York. trustee. OF S20,000,00O
first mortgage 5O-year per cent. gold
bonds of the Seaboard Air Line Railway
which latter bonds are selling in the
open market at about So. The entire is
sue of the refunding bonds, but not any
part of the same, is subject TO redemp-
ton al 105, and accrued interest on any
half-yearly interest day on three months
notice. The proceeds of the bonds are
to be used for the immediate retirement
Of s., AGO. 900 6 per cent. certificates of in
debtedness, to pay for one-siXth inter-
est in the Richmond Washington Com
pany. to meet car trust instruments, to
pay floating debt and to provide a fund
of al least 100000 for additions and i'm
provements.
Upon the issue of the refunding bonds
and the redemption of the per cent. GER
tifcates the annual interest on outstand-
ing bonds and the rentals of the system
will amount to S2.524.900 The business of
the system for the eleven months ending
May 81, 1901. shows gross earnings of Sl0,
COS, 773, against $SS01, 1886 in the revous
year, an increase of $1,2O6, 1877 or 1877 per
cent. From Jan l to April 30. 1901. the
mileage of the system has increased 1872
per cent, gross earnings 1871 Der cent,
and net earnings 46 per cent The net
earnings for the four months ended April
80, have amounted 10 $l,2S1, 667; interest
and rentals were 1896 l64, leaving a surplus
of S455. 500.
A considerable part of these bonds bav-
ing been placed, subscriptions for the Ie-
mainder win be received at 102, and ac-
crued interest to date of payment, at
which price, IL not redeemed before ma
turity, they will net about ~, per cent.
upon the investment. The subscription list
will be opened at the bankers office at
10 a. m. on July 5. and closed at D. m.
or earlier on the same day. Payment on
allotments are to be made on or before
July H.
Mr.. F. V. Peterson is no longer with
the Seaboard Air Line His service with
that company terminated day before yes
terday. Though Mr.. Peterson has had
long experience in the railroad business,
and is regarded as an excellent passen-
ger man, he has decided to branch out
into new field, and insurance will now
be his avocation. Mr. Peterson's sue
| cessor as travelling passenger agent has
not been chosen.
Mr. w. B. Matthews OF Atlanta the
newly appointed assistant city ticket
agent of the Southern Railway, arrived in
the city yesterday, and at once assumed
the duties of his office.
Mr.. Jas. Freeman, former city ticket
agent of the Southern Railway, but who
recently has been appointed travelling pas
senger agent of the Southern, with head
quarters at Macon. left last night for
that city. He bears with him the best
wishes of his many friends. though they
regret his departure from the city.