Yorkville enquirer. [volume] (Yorkville, S.C.) 1855-2006, 1899-05-17


mountains.
Referring to the present status of the
Carolina and North Western Railroad
company, he said that the stock is
without any value whatever on the
market, and the bonds are worth only
80 cents on the dollar. He had known
within the past six months some OF
the bonds to sell as low as SIS cents !;
but they are really worth 80 cents
now. At the conclusion of his state
ment, Mr.. Marion said that his firm
had already secured ten days. option
on the stock of Chester county at
$3.50 share, and he was willing to pay
cash that day $3.50 a share, or $4,000
for the stock of York county. He
repeated that this stock now has no
value whatever on the market, and
suggested that inasmuch as Mr.. Brice,
who is interested with the present
management, might feel a delicacy in
Offering advice, the board could send
out and get the opinion of some other
lawyer.
Mr.. Brice stated, as he had stated at
a previous meeting, that he was the
local attorney for the Carolina and
Northwestern, and suggested that he
would have no objection to another
attorney being sent for if the board so
desired. He would be pleased to 60
out and get whoever might be suggest
ed. Mr.. Culp indicated that be was
not yet ready to sell at $3.50 share,
and said that he did not think he
needed any outside advice on he.sub'
iect. The other members seemed to
be of the same way of thinking.
Mr.. Brice to Mr.. Marion-How much
stock has your company bought?
Mr.. Marion-This is the first cash
offer we have made.
Mr.. Brice-Has your company
bought any bonds?
Mr.. Marion said that no bonds had
vet been bought; but that he was sat-
is6ed that there would be no trouble
on that score. Mr.. White, of Chester,
had options on $4,000 worth of bonds,
and these were being negotiated for.
He felt sure that they could be bought
at 80 cents on the dollar.
Captain Crawford wanted to know
what about Mr.. Csrroll's option. Mr..
Marion said that his firm was in an
agreement with Mr.. Carroll, and that
Mr.. Carroll was willing to accede to
the present proposition. 80.
Mr.. Culp stated that the county still
owed about 81, 900 and interest on the
old Narrow Gauge railroad bond debt.
He was perfectly willing to sell for s25
a share, and might consider $3.50
but did not think much of the propo-
sition to take $3.50, especially without
any guarantee as to what would be-
come of the road after it was sold.
Mr.. Marion said he could not give
any guarantee further than that ne
felt assured that his people would de-
velop as indicated. He said that
there was no intention to squeeze out
the bondholders they were able to
take care of the themselves anyway.
AS to the stock, he would pledge his
personal honor that his company
would not pay any higher price to any
other holder than was paid to York
county. If, hereafter, higher price
is paid, he would be willing to make
up the difference out of his own pock-
ct. He insisted, however, that the
price offered was enough-that it was
getting something for nothing.
Mr.. Brice suggested that the stock
must be worth something, else Mr..
Marion's people would not be willing
to pay for it, and Mr.. Marion admit
ted that it had contingent value.
Mr.. Brice asked again about outside
stock, and Mr.. Marion explained the
desirability of getting the York county
stock in lump. He mentioned the
fact that outside holders had pooled
their stock into an agreement whereby
there could be no sale without the con-
sent of two.thirds of the holders in
terested. He intimated, however, at
one time, that whether the York coun-
ty people should sell or not, he would
get control of majority of the stock
anyway but did not lay especial stress
on the intimation.
In conclusion, Mr.. Marion said that,
afterall what he had said of the pro-
bable development of the road was
entirely gratuitous. His proposition
stood fairly on its merits and should
be accepted on business basis without
regard to other considerations.
Upon motion of Mr.. Wilkerson, the
board, at IL o'clock, adjourned until
2.3O, when, it was understood, Mr..
Marion could have an answer.
The board re-assembled at 230, and
before it announced its decision, Mr..
Marion took occasion to make some