Goldsboro semi-weekly argus., 1909-03-17
- assssssasNR
COAST LINE FRANCES
.: --
Recent Sale Of Consolidation
F0urS Provides Redue.
ton Interest and
improvements.
syssss>ess -
STEEL AND CONCRETE WORK
TFeStleS Over Pee Dee, Santee And
ESavannah Rivers to be Rebuilt.
Interest Charges Reduced
Il $4,000 Per Annum.
Wilmington Star.

It was announced from the execu-
tive. Offices Of the Atlantic Coast Line
Railroad Company in this city yester-
day that from the proceeds Of the re-
cent sale of the roads per cent. con-
solidated bonds in New York, the com
pany has provided for the retirement
of short term loans and underlying
indebtedness, reducing interest charges
$4,000 pr year and providing the
funds for at once replacing five and a
quarter miles Of wooden trestle with
concrete piers and steel girders.
The recent sale of the four
The recent sale of the 4 per cent.
consolidated bonds, including four and
a half million to Redmond & Co., and
Mofat & White, of New York, provides
: for the cancellation of all the compa-
ny's short term 5 per cent. notes, is
sued in March, 1907, for five million
dollars and due March 1, 1910, these
to be taken up at or before maturity
also provision fer all the cash ei,Ich
will be required 10 retire on Ju.. /
1910, Cuv lt-tliien SIX nundre& .a"us-
and underly1A15 Y pr cent. bOnlia and
also the fund required to paJ foI re-
placing the wooden trestIe work with
underlying bonds to be retired are
those issued in February, 1880, and
known as the old W. G. C A. bonds
which bear 6 per cent. interest.
It is officially announced that b5
this negotiation interest charges will
be reduced $4,000 per annum when
these per cent. notes and 6 per cent
bonds have been retired.
From the layman's point of view the
most interesting part Of the announce
ment is IN regard to the construction
work, which means that contracts are
already let and being let for the i'm
mediate rebuilding of the Pee Dee
river trestle at Pee Dee, S. c., the
Santee river trestle, over the Santee
rivr, btWeen Lanes and Charleston, S
c., and over the Savannah river be-
tween Hardeeville, S. c., and Savan-
nah, Ga. It is understood that much
of the material for this modern con-
struction has already been assembled
q and that work will begin at once It
ggWas these trestles that gave much
Estrouble in the operation of the road
giduring the unprecedented floods Of last
SAugust and the work now is to be OF
ssthe most up-to-date and costly Char
Aacter, providing not only for the con-
sEtingencies and emergencies of the
Xpresent, but for the future. When
4these improvements are in, the Coast
MLine will compare more than favora-
sbly in this respect with any system il
%the South.
NJ The executive management OF the
Fs Atlantic Coast has always been a
tIsource OF pride to Wilmington people
IiWhere much Of the stock is owned an6
Iwhere an abiding faith in the property
has always been manifest, faitt
(which has been more than justified il
1.-THE light Of recent developments. The
10 per cent. short term notes were is
Issued in 1907, when the financial skies
81 were not so clear as now, and the
Nj bonds to be retired are a part of ar
~ old issue for the W. C. & A. Road
which have been bearing per cent
interest for many years. The new con.
solidated bonds bear only per cent.
hence the great saving of interest
charges.
I'VE are Informed that the substitu
ton of the concrete and steel viaducts
for the old wooden trestles, aggregat
Ing distance of five and one-quarte1
miles, will involve an expenditure O.
one million doIlars.-Ed. Argus.l