The Batesburg advocate. [volume] (Batesburg, S.C.) 1901-1911, 1902-05-21
A GREAT SYSTEM
OF Railroads Formed by the Merging
Of the
PLANT SYSTEM AND THE A. C.L.
Plant System VIII Probably BE
Operated Independently Of the
Coast Line and With it's
Present Officers.

The agreement for the merger OF
the Plant system of railways with the
Atlautic Coast Line railway company
was ratified Friday by meetings
OF the stockholders of the Savannah.
Florida & Western railway i'm Savan-
nah and Of the Atlantic Coast Line i'm
Richmond. The merger will actually
take place on July 1.
The articles OF agreement, conSoli-
dation and merger OF the Atlantic
Coast Line railroad company and the
Savannah, Florida * Western Rail
way company bears the date OF April
10, 1902. After setting forth the
various line, aggregating 1855 miles,
owned by the Atlantic Coast Line,
and the various lines, aggregating
/, ,133 miles owned by the Savannah,
Florida & Western, to be included i'm
the merger, the agreement leads up to
the mode OF carrying into effect the
consolidation.
The union will be into the Atlantic
Coast Line Railroad company, the
agreement shows, which will continue
as the name OF the consolidated COM
pany. There will be twelve directors
of the consolidated company, and the
officers will be Il president, three or
more vice presidents, secretary, one or
more assistant secretaries, treasurer
and one or more assistant treaSurers,
the Office of secretary and treasurer
being filled by the same or different
persons, as the board of directors may
deem best.
The present directors and officers of
the Coast Line company will be. the
first directors and officers OF the con-
solidated company. The consolidated
company will take the property of
each company and become responsible
for all debts and liabilities. The capi-
tai stock of consolidated company will
be 420, 200 shares Of par value of 800,
OF which 1SS, 900 will be preferred,
the dividends not to exceed per cent.
non cumulative, and 23l 200 common
stock
The consolidated company may in
crease the stock to not exceeding
800, 900, 900. Present holders OF the
a. &. L., will retain shares of pre-
ferred and common stock as they nqSv
outStand as preferred and common,
stock OF the conSoliesape1 company.
Holders Of the preferred stock OF the
Savannah, Florida and Western will
receive 30 pei cent. of the par value
OF their respective holdings in the
common stock of the consolidated
company at par. The holders OF the
common stock of the Savannah. Flor
ida and Western will receive % per
cent. of the par value of their reSpec-
tive holdings in the common stock of
the consolidated company at par.
Any holders of the preferred or
common stock of the Savannah, Flor
ida and Western who may refuse to
| convert it on these terms will be paid
for it at an agreed valuation in per
cent. mortgage bonds Of the consoli-
dated company or in cash, or if no
agreement can be reached, at such
price as IT, law may determine. The
Flori Ia Southern, the Sanford and st.
Peter 'hIrg and st. Johns and Lake
EuStiS are the three lines of the Plant
System that are not included in the
merger, not being incorporated with
the Savannah, Florida and Western
railway. They will, however, pass
under the control of the Coast Line.
The Plant System will probably be
operated independently of the Coast
Line and with its present officers.