The semi-weekly messenger. [volume] (Wilmington, N.C.) 1897-1908, 1902-05-20

Merger tor the Absorption OF
the Plaat System to Be Completed
June 16th-TEe Atlantic Coast Line
VIII Have 1000 Miles of Railroad,
Doubling It's Former TrackaSe.

The Baltimore Sun of yesterday
says:
The board Of directors of the At
lantic Coast Line Railroad Company
held a meeting yesterday at the Balti-
more office of Mr.. Henry Walters, the
yice-prssident, aud a call was issued
for a meeting of the stockholders, to
be held at Richmond, Va, at II o'clock
the morning Of June 18th, when the
merger of the Plant System with the
Atlantic Coast Line will be finally con-
cluded Mr.. Walters is president of the
Atlantic Coast Line Company of Con-
necticut, which Is the parent or financ-
Ing company Of the railroad system.
The stocklo- ders' meeting, as con-
solidated. will be held to authorize an
issue Of consolidated bonds limited to
sSO.OOO,O 900. II IS understood that the
bonds will bear 4 per cent. interest, as
the high credit of the Coast Line will
justify it. The mortgage will be given
TO furnish what money is needed to
carry into effect the terms of the con-
and retire certain bonds at
once. Enough will be reserved TO take
up the other bol-ds as they mature. In
all there are over SIS. 000, 900 OF these
bonds on both properties. The issue of
consolidated bonds to furnish money
" lt uEt VIII HOL likely X
ceed $50, 900, 900.
"At the stockholders meeting in
Richmond Monday the capital stock of
the company as consolidated was fixed
at $4,000 900. which is less than all
stocks previous to the merger of the
Line AMI the Savannah, Florida
and Western. 1t is intended to retire
the preferred stock of the Savannah,
Florida and Western. 1t has S12, 500, 900
of nOrpapn1~ -%1--r -~l 4 rnn mn
ferred stock. the Atlantic Coast Line
Railroad Company has outstanding
SIS, SOC, 900 of common stock and $18, $780,
600 Of preferred stock. To increase the
total to $40, 900, 900 means an additional
issue of SO, 900, COO. This cannot be set
tied until all tie details of the CONSOLE
dation are worked out. The par of
the capital stock of the Atlantic Coast
Line Company of Connecticut, the pa
rent company, : 800 per share, while
$3.50 is now bio for it on the market,
with very little for sale. It has Sc, OO0,-.
900 of 5 ner ceI.t. certificates of indebt-
edrsss end $1,000, 900 of 4 per cent. GER
tif1cates. The latter sells at s99 per
certificate, par being 800.
1.-The consolidation Of the Savannah,
Florida and Western Railway Com
pany, the principal part of the Plant
System, with the Atlantic Coast Line
COMPANY was tIlduS yCSlCI-
day, when a COPY of the merger agree
ment was FLED with the secretary of
state of each Of the six states through
which the two properties run-Vir-
ginia, North Carolina and South Caro-
lima, Georgia, Alabama and Florida.
1.-THE Florida Southern. st. Johns and
Lake Eustis and Sanford and St.
Petersburg Railroads will not be con-
solidated until alter. Committees repre-
cnntinO hnn6hpl6prC intoracfc will no
appointed to Negotiate with the bond
holders of these properties. The entire
capital stock of these companies was
acquired by the purchase from the
Plant Investment Company of the rail-
road properties connecting the Plant
System.
with the consolidation fully COM
pleted 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 leases and trackage rights the
system will have about 5000 miles of
track. The gross earnings of the two,
properties consolidated were almost the
same for the year ended June 80, 1901.
The gross earnings of the Coast Line
were 1856 45 ard of the Plant System
1851. 700. Since then both have made
substantial increases in earnings.
1T is said that the consolidated pro-
pertieS will be managed n operated
by the present management of the At
Iantic Coast Line Railroad Company,
with Mr.. Warren G.. Elliott as president
of the entire sys en-
1.-THE Baltimore directors of the At
lantic Coast Line Railroad Company
are Henry Walters. Michael jenkins
and Waldo Newcomer. Mr.. Walters
and Mr.. Jenkins are also directors of
the Atlantic Coast Line Company of
Connecticut"