The Pickens sentinel. [volume] (Pickens, S.C.) 1871-1903, 1894-09-13

they have not botterod their condition
by their refusal, and the general i'm.
preston Is that, sooner or later, these
lines will be acquired. The Southern
Company Is also expected to control
the Georgia Central when reorganizod
Among the most important cities
reached by the Southern Railway are
| Washington, ID. g, Alexandria, Va,
Charlottesville. Va, Richmond, Va,
Lynchburg, Va, Danyille, Va, Ra.
Leigh, N. g., Durham, N. g., Greensbo
N. g., Salem Winston, N. g., Charlotte
N. g, Columbia, S. g., Spartanburg. S,
g., Greenville, S. G., Augusta, Ga, At.
lanta. Gu, Macon, Ga, Brunswick, Ca,
Bristol, Tenn, Louisville, Ky, Lexing.
ton, Ky. Knoxville, Tenn, Ghattanoo
81, Tenn, Rome, Ga, Birmingham,
Ala, Admission, Ala, Columbus, Miss
and Selma, Ala.
The lines of the company, located as
they are, reach and serve all of the di 4.
yersilied Interests of the South. In the
way Of mineral, they penetrate It's two
great coal fields, viz the Kentucky and
Tennessee coal fields 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
the South at Knoxville. Cleveland, Chat
tanooga, Admission, Birmingham, and
Intermediate points. Iron is made
cheaper in the United States, or, for
that matter, In the world. On the Wes-
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 1t runs. 1t is able, of course, to
draw cotton from every direction, not
only on Its own lines, but from Its cor
nections, and 1T penetrates the sections
of North and South Carolina and
Georgia which are occupied by cotton
mills. The growth of cotton mills
along tho line is, perhaps. one of its
most remarkable features. Right
through the hard times new mills have
been going up, especially In North Car
DINA. Its lines In Kentucky enable it
to control its full share Of the tobacco
business at Louisville, and, in addition
to this, 1T penotrates in every direction
the country In which Tobacco is
grown, especially in the neig ghborhood
OF Oxford and Durham, in North Caro-
lima, and along almost the entire length
OF the former Western North Carolina
Sallroad, which Is now a part of its
system. by way of Augusta and its
connections to Florida 1t does a yery
large share of the garden truck busi-
ness in the Southeastern States. 1t is
most direct passenger line from Wash.
lngton to Atlanta and all the informed,
late points, and also as short as any
line to Florida. The old Piedmont Air
Line, which is q part Of the system
has long been famous.
Tho OrODnrtie9 am mhro oa5 in tho ,no,,
ganlZation had bonded aud nonting
debts Of about $l35 100000. This now
reduced to a bonded debt of $94 &C 600.
including sufficient bonds (Which are
reserVed) to take up all underlying
bonds and stocks of the 49I miles Of
leased railroad. The company will also
issue about $G,000,OC0 more bonds dur
Ing the next two years, to purchase ad-
dltlonal equipment and improve the
properties, which will make the total
bonded dept of all kinds $1,OOOOOO0O.
The plan of reorganization wisely pro-
vides that $50, ,0000 600 Of bonds addition
III QO be strung out through q series
OF years. may be issued hereafter only
Tor the further development Of the
property.
The interest charges before the re-
organization Tore about $7,5O00OO,
per annum, and sinking funds were
about $GOO.O0O to $7O0.OO0 per annum
additional: The now company's charges
are S4, 100000 for 1894. 100000 for 1895
and S5 100000 for 1896.
The old company was always In such
dire financial straits and had such large
liked charges that 1t could not afford
to spend cent on the property where
such expenditures could possibly be
avoided, and In this way it really lost
business. Furthermore, it's financial
necessities led 1t to'litigate all Claims
or shippers for lost or damaged goods.
such litigation in nine cases out Of ten
having for its object simply to procras-
innate and delay payment. The new
company, organized as 1t now Is, can,
OF course, follow a different policy, and
by ta1r treatment Of shippers Is sure to
enlarge its business.
Another Interesting feature is that.
Notwithstanding the. nominal control
or the former East Tennessee, Virginia
ana Georgia and Richmond and Dan
vlilo systems by the now defunct Ter
mlnal company, there was no actual
conCrol, ana the two companies did not
cooperate eVon In the ordinary intor-
change of business. The jealousy he.
tween the two was so great that thew
preferred to turn business over to some
outside connection rather than give it
20 each other.
Another feature Is the consolidation
OF the business organizations and the
reduction Of expenses at juucti, n
points were the Danvile and East Ten
nessee have each maintained seperate
organic atoms heretofore.
In several Of the Southern States
legislation has been bitterly hostile
and 1t must be admitted that tho way
these companies were conducted pro.
Voked such legislation. AS q result of
inc reorganization there Is already q
MSMuch bettor feeling III this respect,
mn4 m,M 1T is certain to grow as the com
'''aty Is better served.
Teri iblo Dieaetcr.