The Newberry herald and news. (Newberry, S.C.) 1884-1903, 1894-09-12

c., Columbia, S. c.. Spartandurg, S.
c., Greenville, S. c., Augusta, Ga.
Atlanta, Ga, Macon, Ga, Brunswick,
Ca, Bristol, Tenn. Louisville, Ky,
Lexington, Ky, Knoxville, Tenn,
Chattanooga, Tenn, Rome, Ga, Blr-
mingham, Ala. Admission, Ala, Co.
lumbus, Miss, aud Selma, Ala.
The lines OF the company, located as
they are, reach and serve all of the di-
versifed Interests of the South. In the
way of mineral, they penetrate its 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 sup
ply all the States traversed by them.
They also reach the great iron indus
tries of the South at Knoxville, Cleve-
land, Chattanooga, Admission, Blrmlng-
ham, and intermediate points. Iron
is made cheaper at Birmingham than
at any other place in the United States,
or, for that matter, n the world. On
the western division Of the system
there are over thirty iron furnaces.
Through innumerable small branches
the company 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 di-
rection, not only on its own lines, but
from it's connections, and it penetrates
the sections of North and South Caro-
lima and Georgia which are occupied
by cottou mills. The growth of cotton
mills along the line is, perhaps, cne Of
it's most remarkable features. Right
! through the hard times new mills have
been going up, especially in North
Carolina. Ir lines in Kentucky ena
BILE it to control it's full share of the to-
bacco business at Louisville, and, in
addition to this, it penetrates in every
! direction the country in which tobacco
is grown, especially in the neighborr-
hood of Oxford and Durham, in North
| Carolina, and along almost the entire
| length of the former Western North
Carolina Railroad, which is now part
of its system. By way Of Augusta and
its connections to Florida it does very
large share of the garden truck business
| in the Southeastern States. It is the
most direct passenger line from Wash
| ington to Atlanta and all the interme-
diate points, and also as short as any
line to Florida. The old Piedmont Air
Line, which is part of the system,
has long been famous.
The properties embraced in the reor-
ganiZation had bonded and floating
debts of about S135, 100000. This is
now reduced to bonded debt Of
$94, 100000, including sufficient bonds
| (which are reserved) to take up all un-
derlying bonds and all the bonds and
stocks of the 491 miles of leased rail-
road. The company will also issue
about Sc, 600, 900 more bonds during the
next two yeal 8, to purchase additional
equipment and improve the properties,
which will make the total bonded debt
of all kinds Sl00,000,000. The plan of
reorganization wisely provides that
! S2O, 600, 600 of bonds additional Ito be
strung out through series of years.
may be issued hereafter only for the
! further development Of the property.
/ The interest charges before the reor-
gauization were about $500, 900 per
annum, and sinking funds were about
$600,000 to 100000 per annum addl-
tional. The new cornpany's charges
are s4,10O,OO0 for 1894, S4,70O,0 900 for
1870, ana %, 4UU,UUU lOr 1913.
The old company was always in such
| financial straits and had such large
fixed charges that it could not afford
to spend a Cent Oh the property where
such expenditures could possibly be
avoided, and in this way it really lost
business. Furthermore, its financial
necessities led it to lifigate all claims
of shippers for lost or damaged goods.
such litigations in nine cases out 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 defunct Ter
minal Company, there was no actual
control, and the two companies did not
! coop~rate even in the ordinary inter-
change of business. The jealousy be-
tween the two was 80 great that they
preferred to turn business over to some
outside connection rather than give it
to each other.
Another feature is the consolidation
of the business organizations and the
redu 'tion ofexpenses at junction points
where the Danville and East Tennes-
see have each maintained separate Or
ganizations heretofore.
In several of the Southern States,
legislation has been bitterly hostile, and
it must be admitted that the way these
companies were conducted provoked
legislation. AS result of the reorgani-
zation there is already much better
feeling in this respect, and it is certain
to grow as the community is better
served.
One Of Senator Irby's Jokes.