The Birmingham age-herald., 1915-08-10
|SEABOARD AIR LINE
 TO BE REMODELED
 AND OPEN UP NEW SOUTHERN TERRITORY
tContinued from Page One)

the new first and consolidated mortgage S22, ,S93 600 of per cent 30 year gold bonds E; part are to be used in exchange for un- deriving bonds of constituent properties, the balance has been sold, the proceeds to be used for the construction of the new line from Charleston to Savannah: for the retirement of equipment trust ob- legations falling due during the year ending June 30 1916: for the retirement of s6,0oO,00O three-year notes due March 1, 1916; for the acquisition of certain new property; for improvements and better ments, etc.
 Tt was believed to be to the best in- terests of the property to make imme- diate arrangements for the near future as well as present financial requirements In the financing of the nations at war interest rates have already materially in- creased, necessitating the procuring of large amounts of money for American enterprises on an increasing interest basis.
 Subject to the carrying out of agree ments for the exchange the Seaboard Air Line railway, arrangements have been made for the sale of the bonds of this issue Series A) as above stated
 The directors have left the details in connection with the general plan to the finance committee, of which Mr. Warfield Is also chairman. The Continental Trust company, Baltimore, was appointed as agent of the railway to carry out the details of the consolidation. etc.
 Bonds Are Sold
 The new issue of bonds have been sold to a banking syndicate headed by the Guaranty Trust company. National City bank Chase National bank, Bank CTS Trust company, New York; the Continental Trust company, Baltimore and other financial institutions in New York. Baltimore. Chicago. Boston, Phil adelphia. Pittsburg. St Louis. Cleve- land, Cincinnati, San Francisco, Mill waukee, Detroit, Atlanta, Savannah, Louisville, Columbus O., Seattle, Dem yer, New Orleans, Buffalo, Syracuse Rochester, Wilmington, Newark and Albany.
 Mir Robert F. Maddox, the well known banker of Atlanta, Ga. one of the, directors after the meeting said:
 "Mr. Warfield today was congratu- lated by his fellow directors in having worked out comprehensive plans for the Seaboard which will be recognized as decided financial achievement AS ah evidence of the thoroughness and skilfulness of his work, he has ne gotiated In these times the sale of many millions of the new bonds to make effective the results of his eff forts and foresight. He has thus helped out the entire southern country jn devising means for the greater de- velopment of the Seaboard Air Line and the south. and he has placed the railroad in a firm position financially
 Mir Franklin Q. Brown of the firm D Ix~ q C- H<.r. H. H. another director of the Seaboard, said
 MT. Warfeld has accomplished a fine piece of constructive work for the Seaboard and the south as we'll as for the security holders of the rail- road"
 Very We'll Received
 The success of such a large under taking in these times by a Baltimore fnancier was very we'll received in financial circles It was pointed out that MT. Warfield's plans had their in- ception three years ago when he &C., quired for himself and associates the large block of Seaboard preferred and common stock then owned by the Cum ber1and corporation controlled by the then so-called Ryan-Blair interests and lt is said Is now the largest single owner of seaboard stocks. By this pur- chase he brought the south into a com | manding position in the Seaboard and not only was the entire executive man agement located in the south, but among others entering the board oi directors were such well known south ern men as Robert F. Maddox, Atlanta Ga; Mills R. Lane, Savannah, Ga: A | H. Woodward. Birmingham J. P. Talia. | ferro. Jacksonville. Fla: George W Watts, Durham, N C.; Fergus Reid | Norfolk Va, W. J. Harahan and | Charles R. Capps, Norfolk, Va. (pres | ident and vice president. respectively | J. William Middendorf and Townsend | Scott Baltimore, and MT. Warfield who became chairman of the board and of the executive and finance com | mittees The directors believe this
 programme will be recognized not onl,
 as one of the most important pieces O
 constructive railroad financing accom- plished for sometime. but as signf ioant as policy of far-reaching ben
 eft to the various states traversed b,