Americus times-recorder. [volume] (Americus, Ga.) 1891-current, 1915-11-16


eigh, st. Louis, Cleveland, Cincinnati,
San Francisco, Milwaukee, Detroit,
Louisville, Columbus, Seattle, Denver,
New Orleans, Buffalo, Syracuse, Roch-
ester, Wilmington, Newark and AL
bany.
Mr.. Warfeld's plan to have the Sea
board a strong Southern property has
been followed with such success that
the wisdom of this policy is recognized
and Endorsed by the investment which
these bankers have agreed to make in
this property. This is a striking and
eyentful chapter in the development of
railroad in the South attracting
widespread attention because of the
magnitude of this financial undertake
ing completed by Mr.. Warfield in the
face of the conditions at the time
brought about by the European war.
Mr. Warfield's Statement
At the time the directors of the Sea-
board approved the plans submitted
by the chairman, Mr. Warfield said
The Seaboard Air Line railway will
be consolidated with the Carolina-At-
lantic and Western railway under the
corporate name of the Seaboard Air
Line Railway company. The Carolina
Atlantic and Western Railway is a re-
cent consolidation of the North and
South Carolina, Charleston Northern
and South Carolina railroads, operat-
ing total of 416 miles, The Carolina
Atlantic and Western railway recently
acquired the Georgetown and West
ern railroad, operating from Lanes to
Georgetown, S. c., and from Andrews
to the Pee Dee river, South Carolina
distance of 70 miles. The Charleston
Northern railway is the line recently
completed, connecting the North and
South Carolina railroad with the city
of Charleston, giving the Seaboard en-
trance into Charleston, and now be-
coming part of the main line of the
consolidated system. The new termi-
mails at Charleston are admirable, both
as to location and facilities.
THE line will be extended from
Charleston to Savannah by the imme-
date construction of IS miles of rail
road with maximum grade of only
$40 of per cent. This new line will
also become part of the main line of
the consolidated system.
This will give the Seaboard Air
Line Railway company-the new COM
pany growing out of the consolidation
of the aforementioned properties
low grade line from Hamlet, n. c., to
Savannah, Ga. By this new line the
Seaboard will reach Georgetown, s. c.,
Charleston, S. c., and Savannah will
tap rich and fertile territory, highly
productive in cotton and tobacco; will
admit of the Seaboard's running time
to the South being shortened; Will Gre
ate line with maximum grade of only
u of per cent, as compared with IL
per cent-the maximum grade of the
present line to Savannah-and will
permit the increase of the full train
load 12712 per cent. In effect, this
will give the Seaboard, through South
Carolina, from Hamlet, N. c., to Sa-
vannah, Ga, two lines (the other lines
running via Columbia) each one self
supporting in its own territory. In this
way, also will be obviated the neces
sity of double-tracking the Hamlet-Co-
lumbia line, where traffic is becoming
congested The territory to be opened
up between Charleston and Savannah
is generally well adapted to the grow
ing of vegetables, corn, rice and sea
island cotton, and will put the Sea
board Immediately into Charleston's
heaviest egetable-producing section.
THE Seaboard Air Line Railway
company-the new company-will
have a first and consolidated mortgage
securing an authorized issue of $780,
100000 bonds, of variable interest
rates and maturities. This mortgage
will be Immediately first lien on the
416 miles of main line track between
Hamlet and Savannah, via Charleston,
Lanes and Georgetown, S. c., located
on the Hamlet-Columbia line, to Flor
ence, Boston, Sumter and Timmons-
vile, S. c. There will be pledged as
collateral under the new mortgage
majority ,361, O00-of the out
standing refunding 4 per cent bonds
of the Seaboard Air Line railway.
There will be issued presently I'M
der the new first and consolidated
mortgage $22,S93,000 6 per cent 30
year gold bonds. A part is to be used
in exchange for underlying bonds of
constituent companies. 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 OBJ
legations falling due during the year
ending June 80 1916; for the retire
ment of the $6O00,000 3-year notes
due March /, 1916; for the acquisition
Of certain new property, and for i'm
provements, betterments, etc.
1T was believed to be to the best
interests of the property to make i'm
mediate arrangementS for the near flu