The watchman and southron. [volume] (Sumter, S.C.) 1881-1930, 1915-08-14
IS. 4. |. PLANS DEVELOPMENT
TAKES OVER CAROLINA, ALLAN.
TIC AND WESTERN LINES.
Line Eighty-fvc Miles Long Between
Charleston and Savannah COntem-
plated In near Future.

board Air Line railway was held in
Baltimore today to take action upon
a comprehensive financial plan work.
ed out and proposed by the chairman
OF the boards, S. Davis Warheld AS
q result, 1t is stated, the financial
structure of the railroad will be so
remodeled as to enable it to secure
the best financial results in the sale
Of it's securities and the Seaboard and
it's tributaries will be welded into a
compact enlarged and improved sys-
tenn. In addition to the working out
of the plan Mr.. Warfeld has nego-
tiatcd the sale and exchange of $22,-
$4,000 in bonds, thus carrying his
plans into practical and immediate
effect.
| The new financial plan includes the
addition to the system Of considera BILE
new mileage by the merger Of the
Carolina, Atlantic & Western railway,
two additional seaports, Charleston
and Georgetown, and secures a Sec
ond track over an important part Of
the system.
! Mr. Warfields programme, which
was adopted by the directors, is far
reaching in it's results. 1t includes
the addition to the system by con-
solidation Of considerable new mile
age. chiefly main line, adding two
additional seaports and secures as a
result second track over an import
ant part Of the system. The plan
simplifies the financial side and will
permit the fullest development Of the
property. The new company will ex-
ecute a mortgage authorizing an
issue of $3OO,O0O,OOO in bonds of
which there will now be issued $685.
$4,000 (series Az, $2,750,00O of
which will be retained in the treas
ury.
Announcement of these plans lis
made in a statement issued after the
directors meeting by Mr.. Warfeld as
follows: .".1"'
"The financial requirements of the
Seaboard Air Line for the present and
future have been provided for: .rj
First. by creating a physical rail
road structure in the enlarged Sea-
board system far-reaching In its
benefits to the South and to the rail
road and as a result greater economies
in operation.
| Second, mortgage thereon Sc
curing bonds issuable in series which
may be of varying maturities and In
terest and redemption rates, provid-
ing security meeting investors re-
lquirements and insuring to the rail-
road the best results under changing
financial conditions; and,
Third. by the sale of bods under
the new mortgage for the purposes
hereinafter mentioned of great i'm
portance to the welfare Of the rail-
road and of the holders Of it's securi-
ties.
THE Seaboard Air Line railway
Atlantic & Western railway under the
corporate name of the SeabOard Air
Line railway company. The Caro-
llina. Atlantic q Western railway IS
a recent consolidation of the North
& South Carolina, Charleston North
ern and South Carolina Western rail-
roads operating a total of 416 miles.
The Carolina, Atlantic e. Western
railway recently acquired the George
town & Western railroad operating
from Lanes to Georgetown, S. c., and
from Andrews to the Pee Dee river.
South Carolina. a distance of 70 miles.
The Charleston Northern railway IS
the line recently completed connect
ing the North & South Carolina rail-
road with the city Of Charleston, CIV
ing the SeabOard Air Line entrance
into Charleston and now becoming
a part of the main line of the con-
solidated system. The new terminals
at Charleston are admirable both as
to location and facilities.
The line will be extended from
charleston to Savannah by the i'm
mediate construction Of IS miles of
railroad with maximum Grade of ONLY
$40 of / per cent. This new line
VIII also become part of the main
line OF the consolidated system.
This will give the Seaboard Air
Line Hallway company, the new COM
pany growing out Of the consolidation
Iof the above mentioned properties, a
low grade line from Hamlet, y. c., to
savannah, Ga. BY this new line the
Seaboard will reach Georgetown, S. c..
Charleston, S. c., and Savannah, Ca.
| VIII tan a rich op1 foct;Io t,,;+,...