The Savannah morning news. (Savannah, Ga.) 1900-current, 1901-12-17
RATIFIED The DEAL
EDISON STOCKHOLDERS APPROVE
MERGING ELECTRIC INTERESTS.
THE ACTION OF COUNSEL.
ALL THAT STANDS IN THE WAY OF
ACTUAL CONSOLIDATION.


Ratification of Counsel for the
Purchasing Interests-LegaI Stat
us Already Investigated and Fav-
OrabIe Action Indicated and Prac-
tically Assured-Much Money Will
BE Spent on observation-disclosures
holders in Old Companies Anxious
to Exchange Holdings for Securi-
ties of Savannah Electric Conn
pany, Soon to BE Chartered.
The deal, the consummation of
which means the transfer of ownership
of the trolley lines of Savannah from
the Savannah, Thunderbolt and Isle
of Hope Railway Company to the new
Savannah Electric Company, was rati-
fed yesterday by the stockholders of
the Edison Electric Illuminating Com
pany. 1t is now practically assured
that the consolidation of the electric
traction and light and power interests
of the city, predicted in the Morning
News two months ago. will take place.
The only thing lacking to render
the consolidation thing of the past
is the approval by counsel for the pur-
ohasers of the offer made by the sell
ers, as TO it's legal sufficiency and
force. If Messrs. Mackafi q Anderson,
who represent the purchasing interests
in this matter, say that the titles Of
fered the new companies are good in
law, there will be no further delay I'm
mediate steps will be taken for the or
ganization of the Savannah Electric
Company and the transfer to it of the
stock and franchises of the Savannah.
Thunderbolt and Isle of Hope Railway
Company and the Edison Electric Illu-
ndnating Company. The combined cap
ital stock and bonds of the two cor
porations that are thus to be merged
into third amount to $2.S75,OOO.
Included in the sale to the new pur-
chasers is practically the entire issue
of the capital stock of the Savannah.
Thunderbolt and Isle of Hope Railway.
There are, of course, a few outside
holders and these will be permitted to
enter the new company and exchange
their present holdings for its securi-
ties on the same terms as the prin-
cipal purchasers.
As announced in the Morning News
ident of the Edison Company, who has
acted as the representative of the pur-
chasers in Savannah, has advertised
ar offer to exchange the securities of
the Savannah Electric Company for
the first and second mortgage bonds
of the City and Suburban Railway
Company and the first mortgage bonds
of the Edison Electric Illuminating
Company.
oI~
very encouraging response. Practical
ly all the local bondholders of the Ed
ison Company have signified their will
ingness to make the exchange, and,s so
far as they have yet been heard from,
the same thing is true of bondholders
of the City and Suburban Railway
Company. Mr.. Baldwin regards this
as most satisfactory evidence of the
confidence the people of the city have
in the new enterprise.
The charter for the proposed Savan-
nah Electric Company has not yet been
granted by the Secretary of State. to
whom application for it has been made.
The time of needed advertisement of
the application for the charter will eX-
pire in the course of the next few
weeks and soon thereafter, it is ex-
pected, it viii be granted. 1t is now
believed that the organization meeting
of the new company will be held by or
soon after the first of the year. AS
has been said, the only thing that now
prevents or can prevent the actual
consummation of the plan of consolida-
ton is the delay action of the attor-
neys for the purchasers. Mr. Baldwin
said yesterday that Messrs. Mackall a.
Anderson had been working on the
complicated affairs of the several cor
porations that make up the Savannah,
Thunderbolt and Isle of Hope Railway
Company, and have now reached
point in their Investigations where they
feel safe in saying that the title Of
fered is or can be made all right.
The meeting of the stockholders of
the Edison Company was held at the
offices of the company, in the Citizens
Bank building, at o'clock yesterday
afternoon. There were no out of town
stockholders present at the meeting,
but all of them were represented by
proxy. The approval of the proposed
deal was by practically unanimous
vote.
To Morning News reporter Mr..
Baldwin reiterated positively what he
has stated in the past as to the i'm
provements to be made by the new
company. He said that between $780,
900 and $1,000 600 would be expended at
once in betterments on the trolley sys-
TEN, these consisting of additions to
the power facilities and rolling stock
and repairs TO the road bed, tracks and
wires. In addition to this sum, that
will be spent as rapidly as it satisfac-
torily can be. it will be the constant
purpose of the new owners to bring the
property up to the highest state of
efficiency possible.
This has been all over the country
the constant policy of those with whom
] am associated in this enterprise"
said Mr. Baldwin. 1--WE believe it to
be the part of true economy to make
every part of the system as nearly per-
feet and abreast of the times as 1t can
be made-we believe that this policy is
more likely to result in increased divi-
dends to the stockholders than any
other. To carry out this policy money
will be spent constantly as long as it
Is needed. New cars will be purchased,
the tracks will be made firmer and the
operation of the cars easier--it is prob
able that some additions to the present
lines Will be made"
How about the suburban resorts ?"
Mr.. Baldwin was asked
We shall endeavor." was the prompt
reply, TO develop every one of them
and 10 make transportation between
them and the city as easy and rapid
and convenient as possible. We want
to induce people to live at the ends of
our lines and to do this we quite real
re II win be necessary to give a GOOD
Service"
What are you going to do with
Montgomery"
We'll, said Mr.. Baldwin "as TO that
! can only give you my own ideas. The
matter has been discussed, but no def
VI lot ~ 49, H. 4.