The Savannah morning news., 1902-01-16
is READY To PAY
ELECTRICAL INDUSTRIES WILL
FORMALLY COMBINE TODAY.
DEEDS ARE ALL SIGNED.
HANDING OVER THE MONEY ONLY
THING LEFT TO BE DONE.

A Telegram from President Baldwin
VIII Be Notice for President
George Parsons to Receive a Ger
tilted Check in New YOrk-Vice
President Fail VIII Get His Money
There, ToO-Other Stockholders
viii Re Paid i'm Savannah or Get
stock of the New COncern-Savun-
nah Electric Company Absorbs
OBSERVATION-DISCLOSURES of stock
holders of Various Corporations
Held Yesterday-The Big Deal
Closed.
At word to-day from President
George j. Baldwin of the Savannah
Electric Company, President George
Parsons of the Savannah Thunderbolt
and Isle of Hope Railway Company
will receive in New York a certified
check for the sum which he agreed to
take for the majority stock of the
street railway company With a tele-
gram to President Baldwin's New York
representative the electrical industries
of Savannah will become a unit.
First Vice President ]. H. Fall. who
is a large stockholder in the street rail-
way system and who is in the city, will
also be paid for his block of stock by
way of New York. The other stock
holders will be paid, except those who
will exchange their stock for that of
the new company.
There are not few who believe that
the investment is a good one and who
will take stock of the Savannah Elec-
trio Company in lieu of certified
checks. The papers have all been ar
ranged and the trolley lines and light
ing plant will be absorbed by the new
corporation, which is heavily backed
by Western capitalists.
Yesterday was a busy one with the
stockholders of the Edison Electric IL
Illuminating Company, the Savannah,
Thunderbolt and Isle of Hope Railway
Company, the Savannah and Isle of
Hope Railway Company and the City
and Suburban Railway Company. Ad-
journed meetings were held during the
day by the various corporations and
final arrangements were made for the
consolidation and transfer of the cleo
trical interests in Savannah.
The counsel of the various corpor-
atoms were kept busy preparing deeds
and other legal documents and every
thing is in shape for the turning over
of the property to the Savannah Elec-
trio Company. In the preparation of
the deeds the new company has been
represented legally by Mr.. r. M. Sal
tonstall a well known Boston lawyer,
who has been at the De Soto several
days. Osborne & Lawrence represent
the interests of the stockholders of the
street railway companies.
1t is not known how much money
will change hands by the transfer or
just how much President Parsons is TO
receive for his holdings. When Mr..
Parsons first agreed to sell it was with
the understanding that every stock
holder should receive the same price
for his stock as was offered for the
largest block on the market. This
was q part of the contract, although
some of the stockholders decided TO
take stock in the new company. In
the option given by Mr.. Parsons, yes
terday was named as the date upon
which matters were to be decided, ana
the various companies ratified the
deal. leaving the paying over of the
purchase money really the only thing
TO be done.
1t may be several days before the
Savannah Electric Company will act .
ually appear in charge of the lighting
plant and the trolley system, although
it has virtually been the owner of
both for some time. Mr.. G.. o. Magic
of Chicago will assume the duties of
general manager, and General Man
ager Lucien H. McIntire will retire.
Mr.. McIntire is not certain as to wnen
he will return to his home in Vermont,
where he is a member of the City
Council, but will leave before the close
of the month. He came to Savannah
a year ago in the interest of Mr.. Par
sons. and with the sale of the road his
duties have been performed.