The Montgomery advertiser., 1902-05-17
COAST LINE MEETING
BOARD OF DIRECTORS ASSEM-.
BLEED IN BALTIMORE.
With Consolidation Completed Conn
pany Will Own Nearly 1000
Miles Of Tracks-Change
in Car Service Rules.

The Board of Directors Of the Atlantic
Coast Limo Railroad Company held
meeting yesterday at the Baltimore once
OF Mr.. Henry Walters, the Vice Presi-
of the stockholders. to be held at Rich.
mond, Va, at II o'clock the morning OF
June l6. when the merger OF the Plant
System with the Atlantic Coast Line
timore Sun Of Tuesday. Mr.. Walters Is
President of the Atlantic Coast Line
Company Of Con 1ecticut. which Is the
parent or financing company OF the rail-
road system.
The stockholders meeting. as CONSOLE
dated, will be held to authorize an issue
of consolidated bonds limited to 0o000.Oo0.
1t Is understood that the bonds will bear
Of the ceast Line win justify it. The
mortgage will be given to furnish what
money Is needed to carry into enect tne
terms of the consolidation and reure Ger
tain bonds at once. Enough will be re-
served to take up the other bonds a. they
mature. In all there are over ySo.O0vW
of these bonds on both properties. Inc
issue Of consolidated bonds to furnish
AT the stockholders' meeting held In
Richmond Monday the capital stock OF
at sA2.0Oo,oOO, which Is less than all stocks
previous to the merger OF the Coast Line
and the Savannah. Florida and western
1t is intended to retire he preferred stock
of the Savannah. Florida and Western;
II has Sl2 500, 600 of common stock and
$l2, 500 900 Of preferred stock. The Atlantic
Coast Line Railroad Company has OUT
standing SIS, 900 of common stock and
the total to st2cov 600 means an additional
issue of s. 600 600 This cannot be settled
until all the details of the consolidation
are worked out. The par OF the capital
stock of the Atlantic Coast Line Com
pany of Connecticut. the parent company.
Is 500 per share. while $50 10 now bid
for 1t on the market. with very little for
| sale. 1t has 100000 OF per cent cert1-
| ficates OF Indebtedness and 100000 OF
| per cent. certificates. The latter sells at
| $50 per certificate, par being 500.
The con yohdation of the Savannah
| Florida and Western Railway Company,
with the Atlantic Coast Line Railroad
| Company was made yesterday, when a
copy Of the merger agreement was niea
with the Secretary OF state or each OF
/ properties run-Virg1nia. North and
South Carolina. Georgia, Alabama ana
| Florida.
Lake Eustis and Sanford and st. Pc
| tersburg railroads will not be console
i dated until later, because their earn
! ings are net sufficient to entitle them TO
the same consideration. Committees rep
| resenting (bond-holding interests will be
appointed to negotiate with the bond
olders of thess properties. The entire
| capital stock of these companies was
Investment Company of the railroad
properties composing the Plant system.
l With the consolidation fully completed
the Atlantic Coast Line will own nearly
1000 miles of track, excepting sidings.
more than doubling what it owned before
getting the Plant System. With its lease:
and trackage rights the system will have
about 5000 miles OF track. the gross
earnings of the two properties co1solidat-
ed were almost the same for the year
of the Coast Line were 1856. AS and OF
the Plant System 1851 7o9. Since ther
both have made substantial increases In
earnings.
IL is said that the consolidated proper
ties will be managed and operated by the
lpresent management of the Atlantic Coast
Line Railroad Company. with Mr.. Warner
G. Elliott as President of the entire sys-
Ilantic Coast Line Railroad Company are
Henry Walters. Michael Jenkins ant
| waldo Newcomer. Mr.. Walters and Mr.
l Jenkins are also directors OF the Atlantic
Coast Line Company Of Connecticut.
| Application has been made to the Ala
/ hama Railroad Commission by the Ala
bama Car Service Association to amend
Rule No. 1. SO as to reduce the free time
| from seventy-two hours to forty-eight
| hours on certain articles named in said
rule.
This case has been set for hearing on
| the first Monday in June. The articles
| to be effected by the chance in this rule
| are as follows: Coal. coke. ore. fuxing-
| limestone. mill cinder, brimstone (sul-
phur). sulphuric acid and muriate Of pot
ash, when shipped in bulk pyrites. KANT,
/ phosphate pig iron, charcoal and the fol-
| lowing materials. when used for paving
purposes only and billed to contractors
engaged in paving. viz: Paving blocks
of any material. crushed stone. vitrihed
brick, ebert, gravel. sand, Stag. stone.
dust cement. curbing, tagging (either of
natural or artificial stoned. and asphalt.
| In speaking of this case. President John
| " Smith of the Commission. said that it
was the desire If the Commission that
| all parties, dealing in any of these arti-
| cles should appear before the Commits
| sion on the first Monday In June next.
for the purpose Of contesting this applt-
cation If they see proper to do so. 1t Is
| impossible for the Railroad Commission
to give notice to all persons who would
| be effected by anv change in this rule
| but the Commission specially desires that
All persons who would be effected by a
| change in this rule should appear before
the Commission. on the FIRST Monday In