The semi-weekly messenger. [volume] (Wilmington, N.C.) 1897-1908, 1905-04-25
ATLANTIC COAST LINE RAILROAD
HISTORY OF ORGANIZATION AND
WONDERFUL. DEt j OPHENT
Original STOCK Eighteen for One-Nr.
Walters. President. Controls Eleven
Thousand Miles of Railroad and
Nearly Five Hundred Millions of
Securities of Eight Roads.


from Arabian Nights" Its wealth is
fabulous and it's advance has n on
ly been phenomenal, but, unlike a ma
jority OF the railroads of the country,
has been due to conservative manage
ment and it's excellent strategic posi-
ton.
Although the stock Of the corporation
has Eeen "watered" many times over,
values have not been impaired, tor
year by year it's securities have grown
more and more valuable.
There have been no gigantic nor pal
try frauds to mark its advance, nor
has their been prostitution of private
or public rights nor wrecks" OF al
lied corporations.
The progress of the Atlantic CoaSt
Line has been healthy and rational
and withal so quiet that but few per-
sons, ever in the South Atlantic States
are familiar with it's history.
The simple statement that its stock,
which originally cost $50 per share,
has advanced steadily until that same
share is worth today, with it's accumu-
lation, other than cash dividends, al
most eighteen times the original $50,
tells in a few words the marvellous sue
cess Of the corporation.
Mr.. II. Walters, president of the At
Iantic Coast Line Railroad today, with
a power more than that of any king,
controls more than 1000 miles OF
t~rackage and more than $780, 900 900 Of
securities.
Here is the history of the Atlantic
Coast Line Railroad:
On February Is, 1884, the Richmond
and Petersburg Railroad chartered I'M
der the laws Of Virginia to operate
between Richmond and Petersburg.
There were first issued $500, 900 Of stock
at par and afterwards $1,000 at fifty
cents on the dollar, making a total
issue of 81, 600, 900 of stock.
PETERSBURG ROAD CHARTERED
On February 16, 1880, the Petersburg
Railroad was chartered, under the Viz
giania laws to operate between Peters
burg and Weldon, N. G. There were is
sued $1,000, 600 OF stock.
In 1898 the Richmond and Petersburg
Railroad were consolidated, under the
name of the Atlantic COast Linz OF Viz
ginia, the new corporation taking the
charter of the old Richmond and Pet
ersburg Railroad with simply a change
in name.
The 81, 900, 900 of stock of the Rich
mOnd and Petersburg Railroad and The
$1,000, 900 OF stock of the Petersburg
Railroad were taken up by an issue OF
So, 600, 900 of the Atlantic Coast Line
of Virginia and each s~tockholder OF
the two merged corporations received
one and one-half shares OF he new
stock for each share of stock OF the
old, surrendered. A year later, in 1899:
the Atlantic Coast Linz of Virginia alb
.sorbed all the railroads owned by Mes
.sers. Walters and Newcomer, in the
south, namely: The Atlantic Coast
Line of South Carolina, the Whining
ton and Weldon railroad and the
Norfolk and Carolina Railroad and the
Southeastern Railroad of North Caro-
lima, paying for them by the following
new issue of stock in the new Allan
tic Coast Line Railroad (of Virglnla2.
In this purchase practically the same
amount of preferred stock was issued
as was common, but later all the pre-
ferred stock was retired, and therefore
this article will only deal with the com
mon stock Of the company.
This is what the merged roads re
ceivad in new stock for the old stock.
retired:
Wilmington and Weldon, S ,OOO,O 600
at two for one, making a total OF So
OOO, 900.
Atlantic Coast Line of South Caro-
linaS2 $50, 900, at enc and a half 1or
one, making a total Of $3,795 900.
Atlantic Coast Line of Virginia, P3,-
100000, at one and a half for one, max
ing a total of $4,JOc,OCO.
Norfolk and Carolina, S2,'OO,OOO 1T
cne-haIf for one, making a total of ST.
100000.
Southeastern railroad of North Caro-
lima. received for their stock, $34o.2OO;
u,aking a total issue of Sl5,S9O,2OO tot
the above roads.
PURCHASES PLANT SYSTEM.
On April %, 1902, the Atlantic Coas'
Line railroad purchased the grea'
PLANT System" with its lines running
through Georgia, Alabama ana fIoriuN
and also One-half interest in the re
n;ns1la and Occidental STEAMSHIP
Company, operating between Tampa
and Havana. Beside the bonds ISSUED
+, pay for these acquired roads, there
was issued COMMON stock amounting
TO the face value of $7,23o,oUO, making
with the former issue, IF S~lo,S9O,-V
:: total issue of So. 100000 of commol
stock. .
In September, 1902, the Atlantis
Coast Line railroad again acquired neV
properties by the purchase of 3ot,oU
shares of the stock of the Louisvlll
and Nashville railroad, being 81 pc
cent. of the entire stock of that o a
In order to pay for this stock, thirty
five million of bonds We're issued All
thirteen and one-half million OF com
E.on stock. Of this, thirteen and one
half million of stock, $S,oOO,O0G, wa
sold to the stockholders of the Atlantl
Coast Line railroad at S12o per share
This new issue Of S13,5OO,OUO, mad