The morning news. [volume] (Savannah, Ga.) 1887-1900, 1891-05-24
RAIL AND CRossTIB.


M. 81. Connally, Florida freight agent of
the Nashville, Chattanooga and st. Louis
railroad, was in the city yesterday in con-
ference with the railroad authorities here
upon rate matters.
1t is reported that the Jura Simplon Rail-
way Tunnel Company is about to begin
operations to tunnel Mount Simplon and
connect Italy and Switzerland by another
railway, Improved machinery has been
Invented by which the bore can be COM
pleted in five and half years, at a cost of
lO,OOO,OOO francs. Former estimates have
been 40, 100000 francs.
The deed chronicling the sale of the Chat.
tanooga, Rome and Columbus railroad to
the Savannah and Western was formally
recorded in the office of the register of deeds
IN Chattanooga Thursday. The sale includes
the contracts with express, telegraph and
news companies and the contract with the
Cincinnati Southern for terminal facilities.
and all the property of the road, with its
right of way between Chattanooga and Car
rollton, a distance of 157 miles. The con-
sideration, as already stated in the MORN
ING NEWS, is 100000 of the Savannah and
Westerns first mortgage bonds, guaranteed
by the Central of Georgia. OF this amount
900 has already been paid to the holders
Of three-fourths Of the stock and income
bonds. The remaining S105 900 of the
bonds is to be paid upon delivery to the
Central of twenty of the income bonds. or
upon delivery of 400 shares of stock the
deed is signed by President Williamson and
Secretary Brookes.
The Macon stockholde rs of the Macon
and Savannah Construction Company have
received a circular from New York, the
Macon Telegraph says, the contents of
which indicate that the fate of the Macon
and Atlantic railroad may be speedily de-
~ Id FL .ETs -
some time ago that the Macon and Savan~
nah Construction Company was trying to
float 100000 of bonds in order to
finish the Macon and Atlantic road
The plan was that each shareholder
should take ten bonds for each share of the
stock held, at IS cents on the 81, with a
share of Colleton land stock as a bonus.
Upon that arrangement the New York
stockholders agreed to take $500, 900. and
Savannah stockholders promised to take
$500, if those in Macon would take the
remaining $500, COO. At meeting of the
Macon stockholders, held shortly after the
plan was proposed, $120, 600 of the bonds
were pledged. Later $1,000 more were
taken, but since then the gap of $75, 900 has
remained untitled. Repeated efforts have
been made by a committee appointed for
that purpose to get the remainder of the
bonds hoated, but their efforts so far
have been fruitless The circular letter
above referred to is signed by the Messrs
Bacher, Strong and the other New York
stockholders of the company. 1t informs
the Macon stockholders that unless the
Macon and Atlantic bonds are all hoated
and the money therefor deposited in the
First National Bank of New York city by
May % application will be made in the
courts within three days to have the Macon
and Atlantic railroad taken out of the hands
of the receiver and sold to pay the indebted
ness. 1t is believed that the NewYork parties
who hold half the stock will buy it in, and
that the company may be reorganized.
The railroads of South Carolina will be
very generally represented at the meeting
OF the state board Of equalization on June
2, the NetCS and Courier says, when the
representatives of the roads have been in
vited to appear and ''show cause" why the
assessment on railroad property should not
be increased. The authorities are not vet
positive what course it will be best to pur~
sue. The increase of SIS, 000, 900 will neces-
sarily fall very heavily on the railroads of
the state. and they will be induced to use
every legitimate means not to have the as
sessment increased. Most of the corpora
tions now think that their lines are suffi-
GENTLY taxed, and, in fact, that proportion
etely they pay more taxes than any other
class of property owners. The legal repre-
sentatives will appear before the board on
June 2, and with figures and argument en-
deavor to show the members thai the
railroads cannot stand further increase in
taxation, and that any addition to the pres
ent assessment in most instances would not
be equitable. The railroad men, while they
know that the laws of neIghboring states
are not those Of this state, are not inclined
to believe that the administration will show
any marked prejudice to capital coming
here and being invested In railroads, or
show a total disregard TO the actions Of
other boards Of equalization working In the
interests OF their respective states The
laws 10 Georgia and North Carolina are
essentially the same as those Of South Caro-
lima regarding the assessment Of railroad
property. and the officials think that it Is
only reasonable 70 pay some regard 10 the
assessment in those states. The valuation
is nov said 10 be higher in this state than In
the adjoining ones of.sucb roads as run into
South Carolina and Georgia or South Caro-
lima and North Carolina, a. the case may
be- The board now proposes 70 make the
difference about 30 per cent. greater. The
railroad authorities are curious 20 kDow IN
what manner the board Of equalization has
arrived At the market value u the differ
roads N some Of the roads were to-day
placed On sale By the board they say that
the prices brought would not ~ anything
like the proposed assessed value. The gen
srai average ~ the ASSESSMENT u property
asoertalnsd from sales i said not " - above
10 per esut. ~ the real market value ~ TIE
uroLaffN Tlls railroad EeDI5a calm tuft