The Savannah morning news., 1901-07-02
PART OF S., F. & W.
STOCKHOLDERS OF COMPANY
AGREE TO RECEIVE OTHERS.
WILL GIVE S., r. AND W. STOCK.
FOR THAT of THE OTHER CoMPA-
MES CONSOLIDATED WITH 1T.

Meeting of the Stockholders of the
Savannah, Florida and Western
Yesterday in saVannah-Meetinss
of the other Corporations Held at
Their Legal Headquarters-s., #.
and w. Stockholders Adopted
Agreement, and 1t Is Presumed
That others Did so-Meeting for
Final and Legal Action VIII BE
Held in Savannah July s.
The stockholders of the Savannah,
Florida and Western Railway Company
met yesterday morning and ratified the
agreement whereby several of the rail-
roads comprised in the Plant System
were to be merged and consolidated under
the charter of the Savannah, Florida and
Western Railway Company. At a meet
ing of the stockholders held several days
ago in Savannah it had been agreed to
authorize the issue of additional stock on
the Savannah, Florida and Western.
President r. G. Erwin of the Plant Sys-
tenn presided over the meeting, and much
of the stock was represented by proxy. A
resolution to adopt the agreement for the
consolidation of the properties was offer
ed and adopted, and, after another meet
ing of the stockholders 40 be held in sa-
vannah on July s. there will be no further
legal steps to be taken for the consum-
nation of the plan of consolidation. on
that occasion the final and definite ac-
ton of consolidation will be taken.
Under the charter of the Savannah,
Florida and Western will be consolidated
with that road the Charleston and Sa-
vannah, the Brunswick and Western, the
Alabama Midland. the Silver Springs,
Ocala and Gulf and the Tampa and Thon-
otosassa. The Plant System owns the
stock of all the roads, and a simple is
sue of stock by the Savannah, Florida
and Western to take up that of the other
companies was all that was needed for
financing the plan.
An application for charter for the
Savannah, Florida and Western Railway
Company has been filed in South Caro-
lima. The law of that state demands
that each company doing business within
its boundaries must have a charter
granted by the state, and it was for that
reason that the charter was sought. 1t
will be granted, and the Savannah, Flor
ida and Western will be chartered in
South Carolina as we'll as in Georgia
All the roads comprised in the Plant
System are not to be consolidated with
the Savannah Florida and Western.
Those left out in the plan are the Flor
ida Southern, the Sanford and st. Peters
burg, the st. Johns and Lake Eustis. the
Green Pond, WATERFORD and Western.
the Abbeville Southern, and the Winston
and Bone Valley.
Meetings of the several lines comprised
in the consolidation plan were held yes
terday at their legal headquarters, when
the articles of agrserlent adopted by the
stockholders of the Savannah. Florida and
Western were also probably adopted by
their stockholders. The meeting of the
Charleston and Savannah was held az
Charleston, of the Brunswick and West
ern at Brunswick, of the Alabama Md
land at Montgomery, of the Silver
Springs, Ocala and Gulf at Silver Springs
and of the Tampa and Thonotosassa at
Tampa.
To effect the consolidation, an issue of
1851 shares of capital stock of the Sa-
vannah, Florida and Western, each at
the par value of 500, has been authorized.
OF this. 125O00 shares viii be preferred
stock, without voting power. and the re-
mainder will be 1851 shares of common
stock with full voting power The extra
issue is designed to take the place of the
stock of the companies consolidated with
the Savannah, Florida and Western
Application was made yesterday in At
lanta in the Office of the Secretary OF
State to increase the stock of the Sa-
vannah, Florida and Western from its
present capital TO $4,000 900. The applfca-
tion gave the absorption of other lines
as the reason for the increase of the pres
ent capital stock of the Savannah Flor
Ida and Western, which is 94,329 shares
at 500 par value The application for the
increase was made by Mr.. r. B. Smith
secretary of the Savannah, Florida and
Western. =.
To facilitate bookkeeping and auditing,
the Plant System directors decided some
months ago to consolidate the properties.
The physical operation win continue just
as heretofore.