The morning news. [volume] (Savannah, Ga.) 1887-1900, 1889-10-07
THE LEAGUE.
THE ASSOCIATION.
RAIL AND CROSSTIE.

Some of the coup ms for October interest
due on the South Carolina railwag frs
mortgage bonds, which wers sent to the
company's agency in New York 70 paw
ment, have be n return I'd to tho holders in
@ Aarle to unpaid, as they refu e t. accs It
the conditions imposed upon them by the
compa ~, of substituting their per cent.
bonds for per GEMS, Ut, more definite. y,
taking 30 cents on the dollar for the r
lnve time 1t and 10 per cent. in preferred
stock. 1t is thought that all action will be
brought by the ,tockholders againsC the
road for the Ion-Oayment of these coupons,
which, in the opinion of tho versed in
such matters, will mean the appointment of
receiver, the sale of the road. and the
wiping on of its debts at probably GU III
to cover the fir,t mort gage aid leave a
nall picking for the secO d. II is proha
BILE the Charleston World saws that Jae
Central Trust G mpany of NV YORK will
become the o "ners Of the road.
The Pdit1Ody Age has compiled state
ment of the Progress of railway building
during the last nine months. 1t is mot able
fact, the Age says. that the new c .'nstruc-
ton Is not confined to special localities
throug out the country, but is In progress
in al most every state and territory The
greatest activity has bee in the 80 tn. In
eleven southern states, counting Texas as
such, the track laid this year already aggre-
gates ATS lies, or nearly 45 per cent. of
tue total. G -orga leads t 10 country thu,
far with an addition Of 238 miles on twelve
different line, followed by Texas
with 179 miles, Virginia with 176
miles, Tennessee with 10 niles, NJ tn Cur
oil "a with lat miles, NJ ssissippi with 40,
Kentucky with 1877, and so on. Asi from
the southern ats Washington ter itor
thus fai makes the largest showing, 214
miles having been laid on IL lines, and this
will be vety CO siderably increased Def re
the of the year. The greatest nu nber
of ne roads is reported from Pennsylvania,
where l52 niles nave al eady been laid on
10 new Ii es, with much more in progress.
The New England staCes together with New
York and New Jersey have add d 235 mile,
and have Sc Seral enterprises ulde. way.
Con2aredwith most previous years In t his
tory of he coun ry the trask-layi II recor
OF 1889 thus far is very respectable. Last
year was one of great activity, and vet
nearly half as much mileage has bee laid
In the nj mont is OF this year IS in ths
VIII lie of 1888. Tue year 1887 with nearl '
$4,000 miles, 1886 with about $500 miles,
1882 with IL 500 miles, and 1881 with $500
miles will very likely C )nti lus t. sta as
unequalei example of the poss.b ilities Of a
years work 1 new instruction. But 1889
has already surpa S, the total Of 1885, ami
before It's close will IA 20 exceeied taat of
1884, and will not have fale very far short
of 1888. Meantime hund ed of enterprise d,
repre- g ting every st te a I'd erritory VITA
out exception, are being kept alive or are
making active preparation for progre S, md
with tne encourage outlook in fl cial
matters there is already ason to believe
tnat 1890 will be characteriz by very
considerable increase Of rail way colstruc-
tiol over the presen5 year, al hough 1889
will not make an significant record.