The news & observer. [volume] (Raleigh, N.C.) 1894-current, 1899-08-29

WORK BEING PUSHED ON THE
NEW LINKS.
CONSOLIDATION MEETING NEXT WEEK

the Seaboard and the Southern Will
Not Get the Norfolk and
Western Railroad.
Work is progressing rapidly on the
Richmond, Petersburg and Carolina
Railway (from Rdgeway to Petersburg0
The entire route is now being graded,
the. road being cut up into sections and
one or more sections awarded TO each
contractor For nearly fifty miles The
track has been laid mime miles II the
Ridgeway end and thirty mine miles at
the Petersburg end.
Ridgeway people have been hoping
that their town would be tine terminus
of the road. This, however, it is said,
will not be the case, but station will
a. established three miles from Ridge
way. at the junction of the new road
with the Raleigh and Castor Railroad.
Another report which has met with en-
phatic denial is that the Southern Raill
way will absorb the Norfolk and West
ern The road has shown remarkably
good earnings in the past few months,
and the report that it was to be absorbed
by the Southern was regarded with
considerable skepticism when it was
first circulated.
Work is also being pushed with all
possible rapidity on the Cheraw-Camden
link and the Seaboard management ex-
poets to make good its promise to be
running through to Florida by De
cember 1st; already it has out a map OF
this system which, including it's boat
lines. extends from Baltimore to Ia-
yana. The first of these maps was re
ceived here Sunday.
The stockholders of the Raleigh and
Gasston Railroad Company will meet
here next Wednesday, September 9th,
at 10 o'clock, to consider the terms
and conditions upon which that property
may consolidate with the Seaboard and
Roanoke. the Raleigh and Augusta Air
Line, the Carolina Central, the Geor-
gia, Carolina and Northern, the Dur
ham and Northern, the Roanoke and
Tar River and the Louisburg. The
consolidation of these roads lis Drelim-
nary to the formation of the Seaboard
Railway Company which will include the
Seaboard Air Lime system, the Georgia
and Alabama Railway Company the
Florida Central and Peninsular Rail-
way Company.
1t was expected a week ago that cers
tain stockholders would carry out their
threat to sue out an injunction to pre-
vent this consolidation but it now seems
that this will not be done, it having
been discovered that Mr.. John SHELTON
Williams, of Richmond, Va, and Mr.. j.
VIM. Honderdorf, of Baltimore, who are
arranging the financial details of the con-
solidati0n, are more in hun0f to tight
such an injunction than they are to pay
fancy prices for stock.
Reports have been current in railroad
circles for several days that deal
is pending for the sale of the Vest
Virginia Central and Pittsburg Valley
Railway Company. The Baltimore and
Ohio, Chesapeake and Ohio and the i'm
terest that now controls the Seaboard
Air Line, Georgia and Alabama and
other properties to be included in the
new Seaboard Air Line Railway Com
pany, have been mentioned as among
the prospective purchasers. So far
as the latter syndicate is concerned it
is enphatically denied that it is Inter
ested in any way in the reported deal.
There are many, however. who be-
lieve that either the Baltimore and
Ohio or the Chesapeake and Ohio will
eventually turn up in control of the
West Virginia Central and Pittsburg,
which is an important factor IN the Inc
dustrial affairs Of West Virginia. The
road extends from Cumberland, Md. in
southwesterly direction to Burlington,
w. Va, distance of 131 miles. Il
also operates the Piedmont and Cumber
land, which parallels the Baltimore and
Ohio. 1t therefore connects with the
Baltimore and Ohio both at Cumberland
and Piedmont.
The Chesapeake and Ohio is building
branch from near White Sulphur
Springs up the Green Brian River to rs
forks, a distance of 96 miles. This viii
bring the Chesapeake and Ohio within
40 miles of the West Virginia Central
and Pittsburg, which company is hay
ling surveys made to ascertain the most
practicable and economical route for
this connection.
Should the property fall into the hands
Of the Baltimore and Ohio it wonld prac-
tically give the latter supreme control
Of the coal trade Of the Kanawha dis
trict.
The capital stock of the West Virginia
Central and Pittsburg outstanding is
$5500.000 and the bonded debt 1920
coo. 1t also guarantees the interest OH
the $650,000 per cent. bonds of the
Piedmont and Cumberland and 5 i>er
cent dividends on the latter's stock. The
net earnings of the property for the
fiscal year ended june 80, 1899, after
paving all fixed charges, were $120,-
$50. 10.
Directors of the Chesapeake and Ohio
Railroad have declared a dividend Of
per cent on its common stock, payable
October %. This is the company's first
dividend
The Union Pacific directors will meet
next Tuesday and declare a semi-amual