The Abbeville press and banner. [volume] (Abbeville, S.C.) 1869-1924, 1886-10-20
CAPT. KIRK's STATEMENT.

Chief Engineer Kirk being present was call.
Cu upon to make u statement OF the affairs or
the road. Atter advising the stockholders to
stick TO Mr. Hammctt, he reported subslan-
TALLY the same facts, which he had given a
few days ago TO the Grecnrile NccS, as fol-
lows:
"some confusion and misaprrehenslon
about the financial condition of the road
have been caused" said Capt. Kirk, .by the
method OF estimating liabilities and assets
followed by Mr. Pope, the treasurer"
Capt. Kirk then proceeded 10 explain that
Mr. Pope drew a line across the road at the
Salula river and estimated that when all the
grading has hcen done below that. place the
road Will be $4,000 in debt in other words,
ST. 600 more than the available funds below
the river will pay. But all that grading has
not been done. The five miles next the river
is the heaviest part of it, and has not been
81 o. 0 more due for rights of way and salaries
from the 1st of this month to this timc-say
S27 AGO. OF this $1,000 is due Mr.. Sullivan, the
contractor. The assets Of the road below the
notes, Il total OF S23,WO, leaving deficiency
below the Saluda. But this side Of the river
there is Il large sum of untouched suoscrip-
tions. ample enough to pay, for all ihe grad,
surplus. So far from being insolvent the
road, taken rs whole, has large balance In
its favor. and even cutting 1t at tho river the
section below Is but $500 behind, although
that amount may be increased by 5000 TO
$1,000 in the next six weeks.
AS to his esiimate, Capt Kirk says that the
records will show that they were not 500 out
he says. in the sections where no subScrip-
tions were obtained and it will be plain sail
ing through the townships that have SUBJ
scribed enough TO pay for all the work done
in them.
LOOKING TO ELECTION OF DELEGATES.
Mr. II. l.. Odiorne introduced the following
resolution:
RcSolued that regular election be held on
the 10Th October to elect delegates to he an
nual meeting on the 4th November at Ninety
Six, and that three managers he appointed tn
conduct said election. and polls TO he opened
from 10 q. m. Til . p. NJ, and that &. l.. Smith,
George Jones and j. L. Agncw be appointed
Mi. {, l.. Smith moved to lay the motion on
tic taHlo. Lost.
The resolution was then adopted, by an
overwhelming ote.
Mr.. Odiornc then read the following letter
from President lIammctt:
LETTER FROM PRESIDENT IIAMMETT.
GREENvILLE, s. c., Oct. l6, 1886.
W. Norard l.. Odiorne, Cokcsbury, S. c.:
DEAR SIR. =
The company is not seriously embarrassed.
and no one need feel the least alarm. There
is no debt that cannot be easily paid by pru-
dent management, and the road built, owned
and controlled by the stockholdeis as oriSi-
nally intended. do not believe there has
ever been road built in South Carolina that
was not ut times more seriously embarrassed
than this. 1t only needs courage, pluck and
p AS % to the @ pr PROPOSITION I Of Messrs I Susong &
Co., ;,S far as have ever heard or know OF It's
conditions, would not consider 1t for Il mo-
ment. 1t would be business suicide TO accept
II. What Is it, you are asked TO accept? !
don't know. Men whose financial standing
and credit l know nothing about. ask you to
surrender your road to them for nothing.
give their nan eS, say they will extend the
road but refuse 10 say where. II is the veri-
csr nonsense to consider 1t. 1t is like trading
with the wind, or with some wild rninor, that
You cannot find the substance of, or any body
that can tell you. That Is the way 1t strikes
me. / do not accuse MesSrs. Susong 4 Co. of
an intended wrong. hut they no doubt want
TO make money and large amount OF II.
The taxpayers have put their money into
this thing for an honest purpose and they
should not be deceived. have not time to
say more. II. i. HAMMErT.
WARNING VOICE FROM JOHNSTON.
After which Mr. Odiorne read the following
extract from the Edg,feld Monitor:
1.-TWO weeks ago we had something to say
with reference 10 tie proposed sale OF the
Atlantic, Grcrnvilic and Western Railroad,
and We took the OCCASION to caution the
tOckhOidcrS against any haSty actlon III Tie
matter. The proposition TO give the stock.
holders second mortgage bonds for their stock
may be u fair exchange, and yet IL will be
taken tor granted that these second mortgage
bonds will not be worth the PAPER they are
written on. But why sell the road at all
We believe that If the stockholders will re-
elect Mr. Inmmctt to the Presidency OF the
road and give him board OF directors who
will cooperate with him, the cnterprpriSe can
and will be put through In good time, and
without passing out of their hands. We hope
that Johnston. and all Of the other Town.
ships, will send delegates to the Nincty-SiX
meeting who will view the matter in this
light. And we hope they will inquire well
and thoroughly into that SO-callcd "comprG-
mise and see If the rights and interests OF
this road were properly recognized and
guarded in the terms. Delegates should go
there determined to sift the whole matter TO
the bottom"
CAPT COCHRAN PROTESTS.
Capt. J. y. Cochran then addressed the meet
ing advising the people to be very careful as
to who they elected as delegates and caution
ing them not to 90 into the trade with their
eyes shut. He thought that us long as the
company had Il dollar it was better for them
to hold on to the road. After we had exhaust
cd every dollar that we could get, and could
go no further with the work, IL would then be
time to talk about selling out to an unknown
set of men, who had not even made Il
proposition in writing, and whose personal
identity was not known to this people But
If II should DC thought wise to sell out we
should require security in Il hundred thou