The Manning times. [volume] (Manning, Clarendon County, S.C.) 1884-current, 1894-09-12

| Bristol, Ienn., LOUISVILLE, NY, LeXlng-
ton, Ky. Knoxville, Tenn. Chastanoo
g., Tenn, Rome. Ca, birmingham
Ala, Annistor, Ala, Columbus, Miss,
ana Selma, Ala.
The lines Of the company, located as
they are, reach AID ssrva all OF the dl'
yersilied interests Of the South. In the
way Of mineral, they penetrate its TWO
great coal fields, viz, the kentucky aod
| Tennessee coal iieldS on the north and
the Alabama coal fields on the South,
and from these are able to supply ali
the States traversed by them. They.
also reach the great iron Industries OF
the South at Knoxville. Cleveland. Chat-
tanooga, Annlston, Birmingham, and
intermiediats points. Iron IS made
cheaper iu the Cnlied States, or. tor
that matter, IL the world. Oa the veg
tern division OF the system there are
over thirty iron furnaces. Through in
Vulnerable small branches the com
pany goes into the very heart of the
lumber territory in the States through
which it runs. It is able, Of course, to
draw cotton from every direction, not
only on its own lines, but from its con-
nections, and it penetra;es the sections
of North and South Carolina and
Georgia which are occupied By cotton
mills. The growth of cotton mills
along the line is, perhaps. one of its
most remarkable features. Right
through the hard times new mills have
been going up, especially in North Car
olina. Its liues in kentucky enable it
TO control its full share of the tobacco
business at Louisville, and, IN addition
to this, it penetrates in every direction
the country in which Tobacco is
grown, especially in the neighborhood
of Oxford and Durham, in North Caro-
lima, and along almost the entire length
of the former Western North Carolina
Railroad, which is now q part Of its
system. BY way Of Augusta anG It's
connections to Florida it does very
large share Of the garden truck busl-
ness in the Southeastern States. 1t is
most direct passenger line from Wash
ineton to Atlanta and all the lntermed-
late points, and also as short ss any
| line to Florida. The old Piedmont Air
Line, which is a part Of the system,
has long been famous.
The properties embraced in the recr'
ganization had bonded eud tioatlng
debts Of about SlS5, 100000. This DOW
reduced to bonded debt OF S94 4,OOO, ,OOO,
including sufficient bonds (Which are
reserVed) to take up all underlying
bonds and stocks of the 491 miles OF
leased railroad. The company will also
issue about 100000 more bonds dur
ing the next two years, to purchase ad-
oitional equipment and improve the
properties, which will make the total
bonded dept of all kinds S1,00,OOO,OOO.
| The plan of reorganization wisely pro-
vides that S20,O0O,000 of bonds addition
al Ito be strung out through q series
of years) may be issued hereafter only
for the further development of the
property.
The interest charges before the re-
organization were about S7.30OOOO,
per annum, and sinking funds were
about S6OOOOO, to 100000 per annum
additional. The new company's charges
are S4,1OO,OOO for 1894, 100000 for 1888,
and So, 100000 for 1896.
The old company was always IN such
dire financial straits and bad such large
fixed charges thatit could not afford
to spend q cent on the property where
such expenditures could possibly be
avoided, and in this way it really lost
business. Furthermore, its financial
necessities led it to litigate all Gains
Of shippers for lost or damaged goods,
such litigation in nine cases ont OF ten
having for its object simply to procras-
tinate and delay payment. The new
company, organized as it now is, can,
of course, follow different policy, and
by fair treatment of shippers is sure TO
enlarge its business.
Another interesting feature is that,
notwithstanding the nominal control
OF the former East Tennessee, Virginia
and Georgia and Richmond and Dan
vile systems By the now detunct Ter.
minal Company, there was no actual
control. and the two companies did not
cooperate even In the ordinary inter
change of business. The jealousy be-
tween the two was so great that tney
preferred to turn business over to some
outside connection rather than give II
20 each other.
Another feature is the consolidation
of the business organizations and the
reduction of expenses at Juucti~n n
points were the Danville and + asst Ten-
nessee have each maintained seperate
organizations heretofore.
In several of the Southern States,
legislation has been bitterly hos!lle,
and it must be admitted that the way
these companies were conducted pro.
yoked such legislation. AS result OF
the reorganization there IS already a
much better feeling IN this respect,
and it is certain to grow as the com
munitv is better served.