The farmer and mechanic. [volume] (Raleigh, N.C.) 18??-19??, 1900-05-08
THE SEAB0ARD Is DITTO
But the Southern Railway Still Has
It's Bristles Up.
TWO RECENT CONFERENCES ABOUT IT
An Immense Dividend Just Declared by The
Wilmington and Weldon Railroad. Con-
solidation Brings Out Some
Startling Facts.

Once upon a time a Frog became
Thirsty. The Sun was shining Bright
and Hot upon the Highway along
which he hoped. The Dust choked
his Throat and made him pant for the
Water-brooks. Finally he came TO a
deep Well. Driven by Thirst he wait
ed not to Investigate but leaped at
once into the Well and Drank his I'LL.
But when he would get out he could
not. for the Well was Deep.
When the railroads started their
fight against the tax value put on
their property by the Corporation
Commission, they were confident OF
winning.
They are the Frog.
The Governor was to appoint attOr-
news for the State: these attorneys
were to make Il sham fight and simon
ton was to decide for the railroads.
Here is the well.
The Governor appointed attorneys
alright enough. but the Corporation
Commission was in the appointing
business. too.
And that's why the Frog cant get
out.
Once in the fight the railroads stuck
n%anfullv to it for awhile-in fact as
long as there seemed to be any hope
Of winning out they showed no shad-
ows Of turning. There is no longer
such hope.
The Governor performed his part Of
the contract: Simonton did his part.
But all along cogs have been slipping.
and slipping over from the SimontOn
jurisdiction toward the courts Of JUS
tice.
4 fine show had been made by the
railroads of a desire to introduce evi-
dcnce. but when finally the standing
master was directed to take testimony
their hearts sank.
Ninety days were given them i'll
which TO introduce their evidence.
Half this time is gone and not a line
of evidence is in.
One feint of an attempt TO secure
testimony WAS made. at Wilmington.
Before it was we'll under way the
railroads secured a continuance of
the hearing by raising points which
they asked to be submitted to Judge
Simonton. 1t was done. Simonton
decided in their favor. to the effect
tl1dC III III OdUS OoONS tOuli III w
examined.
Then another nearing was appoint
ed-thc railroad ATTORNEYS naming the
date. But when that date arrived the
railroads asked another continuance.
1t was granted.
All of which seems innocent and
commonplace enough.
But let us see. The story NAV not
- r
Inquiry reveals the fact thai this
continuance was at the instance Of the
Wilmington and Weldon Railroad. and
was for the purpose of gaining time
for q conference with the SeabOard
aud Southern as tt their future course
in this fight.
The Wilmington and Weldon has
come to the point where it can no
longer afford to make the fight. In
consolidating as the Atlantic Coast
Line Railroad Company it has decIar-
ed a dividend Of 404 per cent. This is
besides the regular dividends paid
during the year on watcred stocks
and on debenture bonds Gssued as
gratuities to Stockholders he~retoforc)
making "a percent. more.
Last year the Wilmington and Wei
don dividends were 156 per cent.
The Wilmington and Weldon stock
stands about this, as we'll as can be
aScertained.
Stock bought of State at $40 per
snare Of......... ........... Hl0O
Stock dividend heretofore. 1OO
Debenture 6 per n bonds as
ulvldends.... . 49,. -. 2OC
Now 4 for / on above , shares... SOC
Making $500 stock and 5000 bonds
in place of the 500 share lot of State
at $40. I'm other words the rates are
so high hat the $40 is now $1,000.
drawing dividends besides dividends
all along.
Yet they say they can not paw as
high taxes for real value as farmers
and can't reduce to two cent per mile
passenger fare!
Now the trouble is Just this. On
ccount Of the consolidation of the
road, made at Richmond two weeks
ago. the above facts must become
public property; and even if they
should not. it is only about a month
now (June lst) before another as
sessmen Of railroad property for tax.
alton Will be made in this State.
In making this assessment the Cor
pOratlon Commission. should it so de
sire. has access to the books Of the
railroad companies. though such ac
cesses Is denied to the commission b,
Judge Slmonton in the tax case. now
pending.
Cnuer these circumstances TIL
Coast Line people. at least, have com,
to the conclusion hat a cessation O
hostilities on their part is the bette
part of isdO Since its cOnSOlida
ton two conferences have been held
looking to this md One in Whining
ton between Col. Warren G.. Elliot
and Col. A. b. Andrews, representa-.
the Coast Line and the Southe0; tt
other in Raleigh this week, betweel
the attorneys for the Seaboard, tn
Southern and the Coast Line.
The situation is just this: TIL