The semi-weekly messenger. [volume] (Wilmington, N.C.) 1897-1908, 1902-06-24

Yer county yesterday a mortgage exc
cuted by the Atlantic Coast Line Rail-
o Company to the United States
Trust Company of New York, trustee,
entitled First Consolidated Mortgage,
dated June 16, 1902"
The document, which is printed in
book form, sets out that this indenture
is made between the Atlantic Coast
Lin Railroad Company, a corporation
duly incorporated and existing under
the laws of the state of Virginia and
also duly established and existing I'M
der the laws of the States of North Car
DINA, South Carolina, Georgia, Florida.
and Alabama, party of the first part,
and the United States Trust Company
of New York, a corporation duly incor-
porated and existing under the laws of
the State Of New York. party of the
second part.
The following preamble is the intro
ductory to the mortgage and explains
its urpose:
Whereas, a corporation known as
the Atlantic Coast Lin Railroad Com
pany, chartered and existing under the
laws Of the States of Virginia, North
1890 ~CAAA
and operated prior to the 18th day OF
May, 1902, about 1881 miles Of rail-
way, including a line extending from
Richmond, Va, to Charleston, s. c.,
and various other lines of railway in
the States of Virginia, North Carolina
and South Carolina. hereinafter fully
described; and
Whereas, a corporation known as the
Savannah, Florida and Western Rail-
way Company, chartered and existing
HunIn- tho Iaur- - %I@ - ~---.
Florida, Alabama and South Carolina,
owned and operated prior to said 18th
day of May, 1902, about 1701. SO miles of
railway, including a line extending from
Charleston, S. c., by way of Savannah
and Waycross, Ga. and Jacksonville
and Sanford, Fla, to Port Tampa, Fla,
and various other lines in the States of
Georgia, Florida, Alabama and South
Carolina, hereinafter fully described;
and
Whereas, the lines of railway of said
Atlantic Coast Line Railroad Company
were not parallel nor competing with
the ines of railway of said Savannah,
Florida and Western Railway Compa-
ny, but said lines of railway connected
with each other near Charleston, S. c..
and formed a continuous line of rail-
road from Richmond, Va, to Port Tam
pa, Fla. and from and to various other
places: and
Whereas. On or about said 18th day
of May, 1902, the said Savannah, Flori-
da and Western Railway Company, and
all of its capital stock, property and
franchises were duly consolidated with
the said Atlant Coast Line Railroad
Company and it's capital stock, proper
ty and franchises, under the name Of
the Atlantic Coast Line Railroad Com
pany the party hereto of the first part,
upon the terms prescribed in a certain
agreement of merger, union and con-
solidatiOn dated April 10th, 1902, duly
ratified and adopted by the respective
stockholders of said two constituent
companies on May 18th, 1902, and duly
filed in the office of the secretary Of
each of said States of Virginia, North
Carolina, South Carolina, Georgia, Flor
ida and Alabama. on May 18th. 1907:
and
Whereas, the railroad ompan be-
sides the railway property above de-
Scribed operates under leases and agree
ment for trackage rights other lines
of railway having a total length of
about 1862 miles, which additional
lines of railway are hereinafter fully
described; and
Whereas. by the terms of said con-
%solidation the railroad company took
the property of each of the parties
thereto subject to all existing
or other lien thereon, including the
consolidated mortgage of the
Florida and Western Railway COmpa
AN N1NCd ASN AVE.
S12. 451, 900 of four per cent. bonds had
been issued and were a charge upon
the property therein described, as
Sumed and became responsible to pay
all the debts and liabilities of each d
the companies, parties to said agree
ment and
Whereas. the railroad ompan has
determined to secure and provide for
the m of all of the bonds, debts
and liabilities of the railroad mpa
and of the parties to said consolidated
agreement, and to take up and cancel
said So. 451. 900 of bonds of the Savan-
nah. Florida and Western Railway
Company, and has also determined to
provide at the same time for equlpplnS
and improving said lines of railway
and for extending the same by the
building or acquisition of additional
railway property, and for other corpor-
ate purposes, n to these ends to issue
it's bonds therefor, provided that said
issue shall be limited in the aggregate
to $50, 000. 900. and not exceeding $4,000
a mile. including existing mortgage
bonds, for each mile of railway owned
by the railroad company; and for the
purpose of securing the payment OF
said bonds and of the interest to accrue
thereon the railroad company has Gully
sanctioned. authorized and directed the
execution of this mortgage which, upon
cancellation of the mortgage securing
said So, 451 900 of bonds of the Savan-
nah. Florida and Western Railway
Company will be a first mortgage, etc.
Following the preamble are the form
of the bonds which are for $1,000 pay
able in gold coin of the United States,
running for a period of fifty years and
bearing interest at the rate of 4 per
cent. per mum from the 1st OF July,
1902, payable ~semi-annually on the hrst
days of March and September OF each
and every year. Then follows the FORM
of the mortgage on the various lines OF
the consolidated iIwa of the Allan
tic Coast Line Railroad Company.
Cost of the War.