The Newberry herald and news. (Newberry, S.C.) 1884-1903, 1890-09-11
ALL ITS TROUBLE ENDED.
The Three Cs Said to he As Solid as a
Rock.
. From the News and Courier, Sd

.1From the News and Courier, Sd
A prominent and well-informed
fnancier yesterday stated to a repnr ,er
for the News and Courier that, in
spite of all reports and some appear
ances to the contrary, SO far from being
on the eve of collapse the Three C'5
Railroad Company is on sound finan-
cial bass. The company has more re-
sources at the presen- time than ever
before. It's true that for some months
the operations the company in South
Carolina have been embarrassed for the
want =. f ady money, bat this has
been due to local and temporary causes.
Contracts for the completion Of a large
section of the road that had to be fill
ished in Tennessee within limited
time to save valuable rights required
extraordinary payments, and these, IN
the stringency of the money market IN
New York that has prevailed for seve-
raj mouths, made it difficult for the
company to realize upon its large re-
source and to meet all the demands
in this section with those in the West.
The section referred to has been COM
pleted, adding still more to the re-
sources Of the company, and, at the
same time, the money market is easier
so that the roads ditticultie, are about
over. AS evidence of this. work on
the rest of the line in Tennessee and
Virginia is being rapidly pushed, opera
tions on the Augusta division are being
continued, many obligations have been
met, and all the Indebtedness Of the
company will soon be paid Oft.
When asked if the troubles over the
township bonds were ended, the gentle
man stated that he thought that they
particularly We're, though not nomi-
nally. Notice of appeal from the de-
cision of the United States Circuit
Court had been given, but the appeal
bonds had not been filed, and be did
not believe that they could be perfected.
The difficulty has been to find sureties.
The decision of the United States Cir
cult Court following so closely that of
the Supreme Court Of South Carolina,
both of which were unanimous, makes
it almost certain that the Supreme
Court of the United States, if the cases
ever reach that tribunal, will sustain
the validity of the bonds, and that the
only result Of more litigation Will be a
bigger bill to pay. Under the circum-
stances, and knowing that their finan-
cial responsibility will he subjected to
rigid scrutiny, and that they will render
themselves liable to accruing interest,
costs, and probably to damages for
promoting vexatious litigation with no
means ofidemnifying themselves from
the townships or anybody else, and
with nothing to be gained, gentlemen
are not rushing forward to assume the
position Of hondsmen.
Besides, the possession Of the bonds
at this time would not affect the COM
panv. Had it secured them three
months ago they would not have bene-
flied it, for the embarrass ment arose,
not from lack of resources, but from the
difficulty of ofrealizingupon those already
in possession. Money could have been
raised atany time by making a sacrifice,
and many of the friends of the COM
pany have blamed it for not doing this.
But whether right or wrong, such has,
been its policy, and. upon this policy
the company has lived through its
troubles, with the result that all of its
securities will in future possess a much
higher value than they could have had
if any of them had been sacrificed to
meet a temporary exigency.
Having persisted in this policy under
the most trying conditions, the com
pany would not permit itself to be
forced to compromise these debts, if
the bond cases are carried up, and thus
the only reason for an appeal falls.
The company has already sustained all
the damage that can come from with
holding the bonds and now finds itself
in a position to carry them as good
paying investment, with the certainty
of drawing an income from sanT GENTLE
men who may be unfortunate as to
become syEssITies on the appeal bonds.
IIhn!.act, II these bonds are valuable assets
under any possible conditions. Even
the failure of the comI any would not
release the townships nor their sure
ties from these obligations.
"No, sir,,' concluded the gentleman,
II do not think that any financially
responsible person will care to pull
these chestnuts out OF the fire for some
body else. If my hands were in the
fire now I should pull it out and leave
the chestnuts.'