The news & observer. [volume] (Raleigh, N.C.) 1894-current, 1901-11-15
C. {. BENNETT RESIGNS
Chief Clerk in Office of Supt Turner
Going TO Atlanta.
NEW COMPANY TO CONTROL sEAs0ARD
Railroads Ownership VIII be- Vested in New
Jersey Corp ration. Il Prevents Possibil
ny Of Williams and Niddendorf
Losing Control.

Work on the Durham and Charlotte
Railway is to be resumed at once. Mr.
S. l.. Rogers, of the Corporation Com
mission, who has Just returned from
visit to Montgomery county and the sec
tion through which this road passes was
informed that force of hands has been
engaged to prosecute the work of the
extension towards Charlotte. The Dur
from Gulf. point in Chatham county.
near the old c. f. & Y V. Railroad to
Star, in Montgomery county. 1t passes
near the Cumnock coal mines, and the
people in all that section are very much
interested in the new road.
Mr.. Charles f. Bennett. Chief clerk to
Mr.. ]. M. Turner, Superintendent of the
Second division of the Seaboard has ten
dered his resignation and will return
TO his home in Atlanta. Ca, where he
will engage in the lithographing business.
He will become an owner in the Bennett
I.ithographing Company, Of which his
father has for years been the owner.
The news of Mr.. Benefits resignation
will be learned with extreme regret in
Raleigh, for he is one of the most popu-
lar and best liked young men in the city.
He stands high in railroad circles and
his superiors reluctantly give him up.
Mr. Bennett has been resident of
Raleigh for the past five years. He first
entered the service of the Seaboard some
eight years ago, being located in the
-
wards he was with Superintendent Mon
cure and for several years past has been
chief clerk in Superintendent Turner'S
office.
The publication in yesterdays News
and Observer of the incorporation of the
Seaboard Company at Trenton, N. j.,
which is to control the Seaboard Air
3 Line created much interest in Raleigh.
A Baltimore dispatch gives additional
information about the new company. 1t
is chartered with sweeping privileges,
including the right to build and operate
railroad lines, steamship lines, tele-
phone and telegraph lines and to deal
in bonds and mortgages. Its charter was
prepared by Major Richard NJ Venable.
The authorized capital stock is s., 900, O00
of the common and preferred stocks of
the Seaboard Air Line out of the whole
issue of the two classes of 100000 shares
There is now outstanding about $40 000,-
600 of the preferred stock and 5000, 900
of the common stock
In the new company will be vested alb
solute control of the Seaboard System.
The interests who turn over their stocks
10 will ha ha INF
1t is learned that the basis of exchange
provides for the issuance of 4 per cent
debenture bonds of two classes. For
Seaboard preferred stock, Glass will
be given, and for Seaboard common
stock Class will be issued In both
instances the exchange is par for par.
The stockholders will also receive
stock in the new company. 1t is stated
that the Seaboard Company will only
issue $500 shares of stock Of the par
value of $100 share
For every 100 shares of Seaboard stock
of either issue one share of stock in the
new company will be given in addition
to the debenture bonds.
There are numbers of advantages COM
ing from the formation of the new COM
pany. 1t centralizes the control of the
oedpodIu All Lille system anu HdkeS IL
impossible for a rival to secretly buy
either a majority or a large minority
interest in the property. This perman-
emily establishes it's independence in the
hands Of Williams, Middendorf and their
associates
To the interests who have so success
fuily built this system, it affords a
( means to secure securities for portion
OF their investment that they can dis
pose OF without parting with any portion
OF their control of the property.