Savannah morning news. [volume] (Savannah) 1868-1887, 1881-06-20
THE CITY BY THE SEA.
UHARLESTON'S FEARS FOR HER
FUTURE.
How She Hopes to Protect Herself
The Approaching Sale of the
South Carolina RatIrOad-The Leg.
tsIative Commission Graphing
with the Railroad Problem -
CharIestOn's Building Boom
Good Times for Mechanics.

CHARLESTON. June 10 Ever since the failure
of the purchasing committee OF the South
Carolina Railroad to comply with the terms of
the Wadley lease Of the Georgia Railroad, a
feeling of great uneasiness has prevailed here
as to the ultimate fate of this important feeder
to Charleston. The failure of the New York
committee to comply with the terms of the
lease and the subsequent explanation of the
reasons Of that failure, viz. the refusal of the
Farmers Loan and Trust Company to take the
pledged securities which, it is alleged, they
offered, has crystallized the feeling fear into
an active movement for protection. 1t is al.
legged here that the agreement under which
the New York purchasing committee
are acting has no clause in it which makes It
obligatory upon them to purchase the road
The only words which refer to this subject are
found in the paragraph which provides that
upon any sale OF the property said purchas-
log committee may, through an agent or in
their own names. purchase, etc "a provision,
it is claimed. which is only permissive and by
no means obligatory. 1t is urged that in the
event of the committee not being over scrIpu-
lous they might have avsied themselves of the
recent high prices and sold out the bonds and
stock of the road held by them; and that the
Charleston bondholders, who are enjoined from
selling. have no guarantee that the road will
not be permitted to psss into the hands of
friends of the committee for a sum far below
,SS nSderstsnSing aITG ana upon some secret
of the profits upon future resale for higher
price. In order to provide against such a con
tingency, the Charleston syndicate, who are
not in the New York agreement, have prepared
an agreement, which is now cir rculatine for
signatures, and whi h has for its object the
protection of the Charleston interests. They
contemplate bidding upon the road at the sale,
which is announced to take place on the 28th
of July, and running the price up to an amount
sufficient to satisfy their claims.
The agreement is that. if the parties assent
ing purchase the railroad, they will make
new consolidated first mortgage for SIS. 900. 600
in per cent gold bonds, having forty years to
run; these bonds to be applied ID to the paw
ment or the present first mortgage debt, (2) so
the exchange at par for I'd mortgage bonds
held by parties to the agreement, and t3) to
provide for the settlement and adjustment of
the floating debt of the South Carolina Rail
road secured by the pledge of I'd mortgage
bords and held by parties to the agreement The
holders OF the I'd mortgage bonds and of the
hoatlng debt agree to accept payment of the
principal and interest in the new first mort
gage bonds at par.
In the meantime the State is making prepa.
rations to grapple with the railroad problem
A joint legislative commission to revise the
railroad laws OF the State has been in session
here for several days. The representative rail
road men have promptly accepted the invita-
tion OF the committee, and have laid before
them many reasons why no attempt should be
ton. The merchants Of the city, from whom
most of the complaints about unjust freight
Determinations come, have, on the contrary,
been very backward in coming forward
and the committee are at present founder
ing in a sea of doubt and confusion
The boom of building and improvements
which has set in here has produced some very
tangible and gratifying results For the first
tins probably in the history of Charleston the
wages Of the working men have been increased
without any overt demand on their part.
Bricklayers and masons. who never before
commanded more than $l2 per week at the
outside. now get from 80 so to SO per day, and
in some instances as much as So So Carpen-
ters, who generally considered themselves well
paid at 81 80 to $40 per week, now get without
the asking from $40 to S12 This increase in
prices is accounted for by the large number of
buildings in the city that are in course OF con-
struction, especially in the direction of cotton
factories, phosphate mills. railroad d, pots,
school houses and other enterprises of pub
lie character. The ork on the cotton factory
has only commenced. AS it progresses the
demand for skilled labor will be largely in
creased, and the outlook for the mechanic and
working man in Charleston is altogether
Brighter than it has ever before appeared. NJ