The Chesterfield advertiser. [volume] (Chesterfield C.H., S.C.) 1884-1978, 1915-11-25
il ia s j. teIopnsenf
OF Seaboard Airline r. r..


held in the offices of that company
in Petersburg, Va, on Monday, the
18th instant, marked the culmina.
tion of movement which has brought
about the consolidation of two great
railroad properties in the South-the
Seaboard Air Line and the Carolina.
Atlantic and Western railway. BY the
acquisition of this 331 miles of railroad
and the construction. of So miles of new
railroad between Charleston and Sa.
vannah, now under way, the Seaboard
Air Line Railway company gains en-.
trance into two additional important
south Atlantic ports-Charleston and
Georgetown-and gains a low-grade
main line from Hamlet, N. c., to
Florida points via Savannah, procur.
ing to the Seaboard great economies
in operation and putting to it's cred.
1t the only new railroad extension
which has been made in the South
since the outbreak Of the European
war-the SIS miles now being con-
structed between Charleston and Sa-
vannah. The completion Of this link,
now rapidly under way, gives the Sea-
board by far the shorter line from
the east to Florida and puts it in a
commanding position for Florida trav-
ell and traffic from the east.
1t is understood that the Seaboard
stockholders meeting will ratify the
proposed plan, which has already been
ratified by the stockholders of the
Carolina-Atlantic and Western rail.
way, which becomes a part of the
Seaboard Air Line railway system.
A very large percentage Of the
total capital stock of the Seaboard is
already in hand to be voted by proxy
at the special stockholders meeting.
Work Of WarfieId.
Three years ago, S. Davies Warfel6,
the Baltimore firancier, a native Of the
South, and closely related to it's ira
dition and history, conceived and put
into execution the plan for the acaui-
sition of the large holdings of Sea-
board stocks then in the hands of New
York interests, Mr.. Warfield becoming
the largest individual stockholder and
chairman Of the board of directors.
This was far-reaching in it's purpose,
not only providing for locating the
control of the stock in the hands Of
the people OF the South, but the in
PRODUCTION into the board Of directors
OF leading business men OF this sec
ton, the removal of the executive of.
fees from New York to the South and
the selection of a Southern-born rail
road president whose successful ca
reer insured to the system an expert
enced operating head, w. ]. Hanahan
being chosen. At the head of the traf-
fc department as vice president is an
other native Of the South, Charles r.
Capps, who for over twenty-five years
has been identified with this property.
successfully advancing from a minor
position to the important place he now
occupies.
When this was accomplished Mr..
Wariield undertook plans for perma-
nently financing the property and lib
orally taking care OF it's needs for the
development Of the territory which it
traverSes. The Southern directors are
Robert F. Maddox and Mills B. Lane of
Georgia, "A. H. Woodward of Alabama
j. 2. Taliaferro Of Florida, George w.
Watts of North Carolina, Fergus Reid,
w. j. Harahan and Charles B. Capps
of Virginia. In the board are also ].
William Middendorff and Townsend
Scott of Baltimore and Mr.. Warfield
chairman of the board and of the ex-
ecutive and finance committees.
Scope Of The Plans
The plans which were worked out
and prepared by Mr. Warfield and
unanimously approved by the board of
directors in August last are far-reach-
ing in their results. Not only are the
financial requirements Of the property
cared for, but the financial structure is
simplified. The mileage Is increased
by 416 miles of new railroad, includ-
ing the entrance into two additional
seaports and second track over an
important part of the system.
The new company to be formed by
this consolidation will execute a mort
gage authorizing Az issue of $780,
100000 of bonds, of which there will
now be issued S25, 900, designated
as series "a" This issue will be the
only portion Of the new mortgage
brought out at this time, and leaves
over 80 per cent of the authorized
issue to take care Of the future needs
of the consolidated system. This in.
dicates the permanent character of
this financing.
In connection with the present issue
Mr.. Warfield has brought together a
strong syndicate of investors, the new
issue Of bonds being sold to a banking
syndicate headed by the Guaranty
Trust company. National City bank
Chase National bank and Bankers
Trust Company of New York, the
Continental Trust Company o; Halt,
more and other financial institutions
In Nnxu DO