The Pickens sentinel. [volume] (Pickens, S.C.) 1871-1903, 1884-02-07


Tho question If railroad subscrip-
ton being now tho exciting topic in
this community, tho General was
visited by many OF our citizens dur>
ing Tho whole of Sunday. In order
TO give wide publicity to the result OF
these consultations, n reporter for
tho Aiken Recorder caIlcd yesterday
morning upon Gov. Hagood and OBJ
tanned the following satisfactory in>
tcrvicw.
Reporter Govonor, the Gown
Council has ordered an election to be
held on February 9th, when the qucs
ton Of "snbscription" or no "sub-
scription" to the capital stock of The
G, Z. G. and G. r. r Company will
be submitted to tho vntors of the
town. Will you bo so kind AS to
give us for publication so mach of
thc history ard present condition Of
your enterprise as may be of ,ntor-
est TO tho people of Aiken in conncc-
ton with the question to be submit
ted TO them at the poll&
Gov. Hagood.-iL will give me
pleasure to do so. In 1882 there
were five Gully chartered and organs
izcd railroad corporations in the res
pcclivo States Of Sonth Carolina,
North Carolina, Tennessee and Ken
lucky, whose franchises, if united
gave an almost airline connection
between Aiken in Soath Carolina
nnd the krnt"ohy "ystom of railroads
at London, in the latter S.utc. The
obvious interests of these several
railroads led to their merger and
consolidation under the name of the
Carolina, Cumberland Gap and Chi.
cago Railway. Tho stockholders OF
tho consolidated railway arc the
stockholdors of the original compa-
'''o". A majority of tho stock is held
IN Noulh Caroln'", hna been nearly
ali paid up, and has been cxpc,.a
cd IN surveys and construction in
this State Oh the 1875 miles Of the
South Carolina Division of the rail
way, so miles are graded.
AT tho time Of tho consolidation q
| contract WAS entered INTO with the
Atlantic and North western Construt
ton Company Of New Jersey, for the
building and equipment of tho cntir.
line from Aiken TO London Ky, tho
construction company TO be rMin II
bonds OF tho railway company. 8u
it was stipulated by the construc-
ton company that it should not b'
compelled TO commence work unit
contract was made for the sale o
the bonds of the railway company
1t will bo scon that the construction
of tho railway, other in whole O
in part, was thus made tC dcpcnt
entirely npon tho prior negotiation
of the sale of its bonds, and that tn,
proceeds OF such sales were sOlcl,
relied upon tor tho farther prosccu-
ton OF tho enterprise. A fin1 1nca
agent was thel etoro ut once appoint
ed and cOmmi ssioncd to undertake
their negotiation. The largo amount
of preliminary work necessary pre-
vented his putting his scheme upor
the ma! kot until the Spring of 1883
Ho has been in London since thot
engaged in his work. During al
this time the market for railway
securities has been greatly dopress,
ed, and SO continues. The quota.
tlonH Of the stock market daily OK
hibit this, and it has been almost al
imposibility to induce capital to OF,
bark in any new railway enterprise
The financial agont, however, eport
that he hns succeeded in attracting
to his schome tho attention of cap
itolists undoubtedly ablo to float it
that they arc most favorabIy impress,
cd, and, IN his judgment, it is onl
necessary TO awpiJ the reaction i
railway matters, W hich. must SUI ol
come, TO real,zo n successful term
inatiOn of his negotiations,