The Savannah morning news. (Savannah, Ga.) 1900-current, 1902-01-17

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the Edison Electric Illuminating Com
pany by George J. Baldwin, president
and A. Minis, secretary.
Together they convey every piece Of
street railway property in the city and
suburbs, all the real estate owned by
the companies, including the Casino
and grounds at Thunderbolt and the
park an Isle of Hope, all of the machin-
cry and generating plants of the troll
ley system and light and Iower com
pany, and the tracks. rolling stock,
rights and franchises of all the old
companies. The Casino property, nine
cars and a compound engine and gen
orator We're decided first by George Par
SOS to the Savannah, ThunderbOlt and
Isle of Hope Railway Company and
by that corporation to the Savannah
Electric Company.
The Issue of Bonds.
All of this property and all the com
pany may hereafter acquire is covered
by the terms of a mortgage deed Of
trust by the American Loan and Trust
Company of Boston, that was filed
yesterday for record. The mortgage
is designed to secure the payment of
principal and interest on an issue OF
50, 800, 900 fifty-year gold bonds, which
are payable at the office of the trustee
in Boston. on Jan. l. 1852. OF the bonds
o1sDuU diE 10 De Oh LHE DECENTRALIZATION VI
$1,000 each and 200 of the denomination
of $500 each
These bonds are not all to be used
at once by the company. The mortgage
provides that Immediately it is filed for
record the trustee shall deliver to the
treasurer of the company 81 .250, 900 on
of the bonds, which shall be used for
acquiring properties and making inn
provements. The remaining portion Of
the bonds. amounting to $2,250, 900, is to
be used subject to the following con-
ditions:
The trustee is to turn over $3.50, 900 of
this residue only upon being shown
that the bonds of the Edison Electric
Illuminating Company have been paid
and cancelled. 1t is to turn over 81 ,000,-
600 of the remainder of the issue only
when shown that the bonds of the Sa-
vannah, Thunderbolt and Isle of Hope
Railway have been paid and cancelled.
The remaining 81 100000 of bonds are
to be turned over to the company by
the trustee from time to time as re-
quired. with the understanding that no
part of the bonds is to be paid over
until the company has made perma-
nent improvements to the property and
then the bonds turned shall not rep
resent in their par value more than
four-fifths of the value of these i'm
provements.
The company agrees to spend each
year, beginning with 1906, for perma-
nent Improvement, exclusive of the cost
of operation, not less than 500 000 The
mortgage is signed for the company
by Mr.. George j. Baldwin, it's presi-
dent, and Mr.. Lucien II. Boggs, it's
treasurer and for the trustee by Mr..
w. w. Jordan, it's president and Mr.
Charles H. Bowen, it's secretary.
The Company's Plans.
I'VE are at last in possession of the
property" said Mr.. Baldwin last might,
lit shall be our purpose and effort
to redeem the promises we have made
the people of Savannah-to give them
a trolley system the equal of that of
any city of like size in the country
There is no reason why Savannah
should not have a system of street
railways that is first class in every
particular.
''Of course we can't have two min
ute schedules. because the travel of the
clay does not warrant the number of
cars that would be necessary, but we
can operate the cars on time and as
rapidly as the ordinances permit We
can have as good cars as they have
anywhere and as smooth a road bed
and as competent and courteous en-
ployes. If the public will bide with
us for time these improvements will
be made. To make them all is not a
matter Of a few days or even of a few
months, but they will certainly come.
THE first extension to the lines we
shall consider is that from the present
terminus of the Indian street line
across the terminals of the Ocean
Steamship Company and out past the
factories west of the city. Develop
ments have not yet reached the stage
where / can positively announce that
this extension will be made, but the
chances are favorable.
Factories May Assist.
1.-THE improvement will be very ex-
pensive, involving the construction of
a viaduct across the tracks of the Cen
trail Railway. No other methoS of
building our track would be safe or
satisfactory. 1t is possible the cost
would be more than the company can
stand at this time, and have preached
the matter with the officers of the
Central and the manufacturing enter
prises to see if they could be induced
to bear part of the expense. The mat
ter seemed to strike them favorabIy,
and was led to hope that if the COM
ipany was forced to ask for assistance
in making the improvement it could
very likely be secured"
Mr.. Baldwin said that the policy of
the company in dealing with it's en-
ployes, as this was outlined in the cir
cular letter of Mr.. Maggie, will be
strictly followed. 1t is the wish OF
the company to retain in their present
positions those of the employees of the
old companies, who are competent and
faithful. and removals will only be
made for cause.
II viii be the policy of the company,
Mr.. Baldwin said, to do everything
possible to develop the suburbs of the
city, and not to benefit one at the ex-
pense of another. While there will be
no cessation in the efforts to induce
people to go to Thunderbolt there will
be greatly increased efforts to get them
to Isle of Hope. Mr. Baldwin said he
thought the company would gradually
equip the line to Montgomery with cleo
tricity.
The offices Of the executive and ac-
counting departments of the company
viii be in the Citizens Bank building.
sixth floor. The office force will 'be re-
moved from the Bolton street junction
to the new location, a single clerk only
being left to receive the reports of the
conductors.
After the consolidation was formally
announced the officers of the new COM
pany were made known. They are
George j. Baldwin, president; J. II.
Johnston, treasurer; Edward j. Thorn
as, Jr.. secretary; Directors w. w.
Mackall, j. A. G. Carson, Henry
Stevens, Jacob Paulsen, Jacob S. Col
Inns. Abram Minis and Albert Wylly.