The news & observer. [volume] (Raleigh, N.C.) 1894-current, 1900-05-04
THE SEABOARD is DITTO
But the Southern Railway Still Has
It's Bristles Up.
TWO RECENT CONFERENCES ABOUT II
An Immense Dividend Just Declared by the
Wilmington and Weldon Railroad Con-
soidation Brings Out Some
Startling Facts.
Startling Facts.

Once upon 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 fill.
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-
neys for the State: these attorneys
were to make a 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 can't get
out.
Once in the fight the railroads stuck
manfully 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.
A fine show had been made by the
railroads of desire to introduce evil
dence. but when finally the standing
master was directed to take testimony
their hearts sank.
Ninety DAYS were given them in
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
that the railroads books could not be
examined.
Then another hearing was appoint
ed-the 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 may moi
be wholly devoid of interest.
Inquiry reveals the fact that this
continuance was at the instance of the
Wilmington and Weldon Railroad. and
was for the purpose of gaining time
for a conference with the Seaboard
and Southern as to their future course
i'm 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 declar-
ed dividend of 404 per cent. This is
besides the regular dividends paid
during the year on watered stocks
and on debenture bonds ISSUED as
gratuites to stockholders heretofore)
making "a percent. more.
Last year the Wilmington and Wei
don dividends were 1916 per cent.
The Wilmington and Weldon stock
stands about this. as we'll as can be
ascertained.
Stock bought of State at $40 per
share of. ........ ........... 500
Stock dividend heretofore ..... 100
Debenture per cent bonds as
dividends. -. 49,. $50. -. POO
Now 4 for / on above shares. 500
Making $500 stock and $500 bonds
in place of the 800 share lot of State
at $40. In other words the rates are
so high that the $40 is now $1,000.
drawing dividends besides dividends
all along.
Yet they say they can not pay 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