Richmond times-dispatch. [volume] (Richmond, Va.) 1914-current, 1915-08-10
s. A. |. DIRECTORS PROVIDE
S300,000,000 MORTGAGE
Directors Adopt Comprehensive FL
nnncial Program Proposed by
S. Davies Warfield.
MEANS ENLARGED SYSTEM
To Consolidate With Carolina, At
lantic and WesteIn-Two Extra
Seaports for Road--Of Far Reac
ing Effect in South.
MEANS ENLARGED SYSTEM
Especial to The Tines-Dispatch. I

lSpecial TO The Times -Dispatch.1
BALTIMORE. MD, August "a
special meeting of the directors of tho
Seahoard Air Line Railway was held
in Baltimore to-day to take action upon
comprehensive financial plan worked
out and proposed by the chairman of
the board. S. Davies warhcld. AS a
result. it is stated that the financial
structure of the railroad will be so
remodeled as to enable 1t to secure the
best financial results in the sale Of its
securities. and the Seaboard and its
tributaries welded into compact. en-
larE"d and improved system. In addi-
tton TO the working out of the plan.
Mr. Wartieid has negotiated the sale
and exchange of S22,S03 900 bonds. thus
carrying his plans into practical and
immediate effect.
Mr.. Warfeld's program which was
adopted by the directors, is fnr-rcach-
inE IN it's results. II includes the addi-
ton to the system by consolidation Of
considerable new mileage, chief main
line. adding two additional seaports,
and secures as result second track
over an important part OF the system.
and Will permit the fullest development
of the property. The new company
VIII execute mortgage authorizing
nm issue Of s300,00o,0 900 bonds. of which
there will now be issued s25,64a.Ooo.
series ~" S2.760.o00 of which will be
retained in the treasury.
OFFICIAL STATEMENT
DY CHAIRMAN WARFIELD
announcement of these plans is made
In n statement issued after tho direc-
tors meeting by Chairman s. Davies
Warfield, as follows:
The financial requirements OF the
Scaboard Air Line for the present and
future have been provided for
First. BY creating a physical rail-
road structure in the enlarged Sea-
board system. far-rcaching in it's bene-
hts TO the South and to the railroad.
and. as a result, greater economies in
operations;
Second mortgage thereon secur-
ing bonds issuable in series. which
may be OF varying maturitics, and in
tcrest and redemption rates. providing
security meeting investors require
mcnts and insuring to the railroad the
best results under changing financial
conditions; and.
Third. BY the sale of bonds under
the new mortgage for the purposes
hereinafter mentioned, of great i'm
portance to the welfare OF tho railroad
and OF the holders Of its securities
The Seaboard Air Limo Railway
will be consolidated with the Carolina
Atlantic and Western Railway under
the corporate name OF the Seaboard
Air Line Railway Company The
Carolina. Atlantic and Western Rail-
way Is recent consolidation OF the
North and South Carolina; Charleston
Northern, and South Carolina Western
Railroads. operating total OF 4l6
miles. The Carolina. Atlantic and
Western Railway recently acquired
the Georgetown and Western Railroad.
operating from Lanes to Georgetown.
S. c., and from Andrews to the Pee
Dee River, s. c., distance OF seventy
miles. The Charleston Northern Rail-
way Is the line recently completed
connecting the North and South Caro-
lima Railroad with the city OF Charles
ton. giving the Seaboard Air Line en-
trance into Charleston, and now be-
coming part of the main line of tho
consolidated system. The new term
ICoptAnuad an rphira Da-o \