The Manning times. [volume] (Manning, Clarendon County, S.C.) 1884-current, 1902-05-21
A GREAT SYSTEM
Of Railroads Formed By the Merging
of the
PLANT SYSTEM AND THE A. c. L.
Plant System Will Probably Be
Operated Independently of the
COas: Line and With it's
Present Officers.

The agreement for the merger of
the Plant system Of railways with the
Atlantic Coast Line railway company
was ratified Friday by meetings
of the stockholders Of the Savannah,
Florida & Western railway in Savan-
nah and Of the Atlantic Coast Line in
Richmond. The merger will actually
take place on July l.
The articles Of agreement, consoli-
dation and merger Of the Atlantic
Coast Line railroad company and the
Savannah, Florida s. Western Rail
way company bears the date Of April
10, 1902. After setting forth the
various line, aggregating 1,755 miles,
owned by the Atlantic Coast Line,
and the various lines, aggregating
1888 miles owned by the Savannah,
Florida & Western, to be included in
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 a 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 filed 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, 900 shares Of par value of s100,
OF which 1SS,O00 will be preferred,
the dividends not to exceed 5 per cent.
non cumulative, and 231, 1000 common
stock.
The consolidated company may in
crease the stock to not exceeding
800, 900, 900. Present holders Of the
A. C. L.. will retain shares Of pre-
ferred and common stock as they now
outstand as preferred and common
stock of the consolidated company.
Holders of the preferred stock Of the
Savannah, Florida and Western will
receive so per 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 rs 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 consoi-
dated company or in cash, or if no
agreement can be reached, at such
price as the law may determine. The
Florida Southern, the Sanford and St.
Petersburg 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.