The Savannah morning news., 1902-01-16
ISSUE NEW BONDS
THERE WILL BE $31 900 900 ON THE
S.. +. a w. RAILWAY.
S6,00O,O00 MORE THAN NOW.
NEW ISSUE WILL BE TO RETIRE
OUTSTANDING BONDS.

Annual Meeting of the Savannah,
Meeting of the stockholders Fixed
for Feb. 20, at savannah. to Au-
thOrize the Bond Issue-New Bonds
Will Be As, Lower Rate Than on
Those Now Outstanding-Part of
the $6,OO0,OOO Excess Will BE
Property.
The annual meeting of the stock
holders of the Savannah, Florida and
Western Railway Company was held
yesterday in Savannah. 1t was de-
cided to call a special meeting of the
stockholders here on Feb. 20. This
meeting will be of great interest, in
asmuch as it will mark the financial
reorganization of the Plant System.
The purpose of the meeting is to en-
able the stockholders to consider and
authorize an issue of per cent. bonds
1t is stated that such an issue will not
exceed in the aggregate $31, 100000
President Erwin said after the meet
ing that, while no extensions have so
far been decided upon, and there is no
present intention of increasing the in
debtedness of the company, provision
will be made in the mortgage securing
the issue for bonds to the amount of
about $6,000,0OO in excess of the present
bonded debt of the company. A part
of this $6,000,000 will be available, the
President said, in the acquisition Of
additional property.
The main object of the new issue
President Erwin said, is to retire out
standing bonds by issuing new bonds
at lower rate of interest. This was
contemplated at the time the plan for
the merging of the several properties
of the Plant System under the charter
of the Savannah. Florida and Western
Railway Company was conceived
An excellent statement of earnings
was that submitted by the officers of
the company. The income account for
the fiscal year ended June so. 1901, COM
pared with the fiscal year ended June
30, 1900, showed as follows:
1899-190O. 1900-19O1.
Gross receipts,
including I. O.
S. ............$7,2 1885, 70 s7s45, SS1 50
Operating ex-
penSeS, less
taxes ........ $685. 97 SO 5,74S,1 31 81
Net receipts. 2.O7s,O21 80 2,4s7, 500 80
Interest and
taxes ........ 1,47O,242 80 146S,474 70
Net income 49,. 605,779 IS 1898, 225 II
The board of directors elected by the
stockholders to serve the company for
another year was as follows: Messrs.
f. Q. Brown, r. G.. Erwin, J. H. Estill.
H. M. Flagler, c. S. Gadsden, E. B.
Haskell, Lynde Harrison, M K. Jesup,
M. j. O'Brien, NJ. F. Plant, w F. Van
diver and H. Walters
At the meeting of the directors. fol-
lowing that of the stockholders, the fol-
lowing officers were elected:
President-R. G.. Erwin.
First Vice President-M. F. Plant
Second Vice President-F. @. Brown.
Third Vice President-C. S. Gadsden.
Secretary-R. B. Smith
Treasurer. Moultrie Lee
President Erwin left for New York \
Immediately after the meeting Bust
ness Of Importance demands his pres
ence there, and he was unable to go
with the directors over the system. a
trip that is usually taken after the an
nual meeting of the Savannah, Florida
and Western Railway Company at Sa-
vannah. The meeting of yesterday,
however, was peculiar in that it was
the first annual meeting since the in
corporation of other railways consti-
tuting the Plant System under the
charter of the Savannah, Florida and
Western. The necessity that formerly
existed for holding annual meetings at
the legal headquarters of each of the
several lines has been removed.