The Savannah morning news., 1901-12-15
COMBINE IN SIGHT
CONSOLIDATION OF ELECTRIC IN
TEREsTs NOT FAR OFF.
TO RATIFY THE BIG DEAL.
MEETING OF EDISON COMPANY
STOCKHOLDERS TOMORROW.

sent of These Stockholders to the
Consolidation VIII BE Given-Mr.
George j. Baldwin Offers to Buy
First and Second Mortgage Bonds
of the City and Suburban Rail-
way Company and First Mortgage
Bonds of the Edison Electric IL
Eliminating Company-PIan Is to
Keep the Securities of savannah
Electric Company in the City.
The consolidation of the electric
transit and light and power interests
of Savannah is now rapidly approach
ing its contamination. A meeting of
the stockholders of the Edison Electric
Illuminating Company will be held to-
morrow afternoon, and it is believed
that at this meeting the contract look
ing to the consolidation of the electric
interests will be ratified.
There are other straws to indicate
the direction in which the wind blows.
Mr.. George ]. Baldwin, acting for the
interests behind the Savannah Elec-
trio Company, the corporation which
is to take over the assets and fran
chises of the Savannah, Thunderbolt
and Isle of Hope Railway and the Ed
ison Electric Illuminating Company is
now offering to purchase or exchange
for the securities of the new company
the first and second mortgage bonds of
the City and Suburban Railway Com
pany, and the first mortgage bonds of
the Edison Electric Illuminating Com
pany.
A notice to this effect, signed by Mr..
Baldwin, appears in the Morning News
to-day. 1t recites that the first mort
gage bonds of the City and Suburban
Railway Company will mature in 1907
and the second mortgage bonds in 1903,
while the bonds of the Edison Electric
Illuminating Company are subject 10
call in 1904.
1.-THE undersigned" says Mr.. Bald
win in his notice, lis prepared to pur-
chase any or all of the above named
outstanding securities, or to offer in
exchange for them new securities of
the Savannah Electric Company, now
being formed. All holders of these
securities are invited to notify the un-
dersigned, in writing or in person, on
or before Dec. II, 1901, in response to
which notification full information
of the terms will be given. Notices
| should specify the amount of bonds of
each class owned.
las the entire issue of the proposed
securities of the Savannah Electric
Company has been subscribed for, SUBJ
lect to this exchange, and as they will
be allotted at an early date, this offer
tice."
This would seem to settle the ques-
ton as to the consolidation of the
street railway and light and power in
terests, and even in advance of the
| meeting to render IL certain
that the stockholders of the Edison
Electric Illuminating Company will
ratify the plan of consolidation,
Mr.. Baldwin said yesterday that the
purpose OF the offer to exchange the
securities OF the new company for the
bonds of the Edison Electric Illumi-
mating Company and the City and
Suburban Railway Company was to
give the people of Savannah an oppor-
tunity to hold these securities If they
so desired
Mr.. Baldwin said that at the time
OF the organization of the Edison
company here there had been some
criticism because of the fact that the
savannah public had not been given
chance to buy it's stock and bonds
and that he did not desire to have this
occur again or to give ground for 1t.
1t Is the wish of himself and the 9TH
ers associated with him in the enter
prise to give the Savannah people ev-
| cry opportunity possible to become in
terested in the new company, and to
make 1t as distinctively a Savannah
! enterprise as is possible.
Inc terms on which the old bonds
| viii be bought or exchanged for the
new securities of the Savannah Elec-
| trio Company are not disclosed. in the
| advertisement and Mr.. Baldwin de-
| clined to reveal them, stating that this
was a matter between the holders of
| the bonds and himself He declined
| also TO say for what amount the new
company would be bonded but II is
believed that the amount OF the issue
Will certainly be $1,000, 900 and very
probably twice this sum-
The meeting of the stockholders OF
the Edison Company will be held al
Its offices in the Citizens Bank Build
ing. There can be no doubt that at this
meeting the plan of consolidation will
be ratified The assent of the con-
trolling interests in the Savannah
! Thunderbolt and Isle of Hope Railway
Company has already been secured, and
when the action of the Edison Com
| pany's stockholders has been taken
steps will be begun Immediately to or
ganize the Savannah Electric Company
| and effect the consolidation.
Some preliminary legal steps will be
necessary, but it will be possible To
conclude these in the course of a few
weeks and the first of the year or a
short time thereafter will mark the
consolidation of the traction and cleo
trio light and power interests.
|
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