The Birmingham age-herald. [volume] (Birmingham, Ala.) 1902-1950, 1910-05-29
REPUD|ATED BONDS
BOB UP AGAIN
North Carolina Is Pestered BY
Bondholders
GEORGIA'S UNIQUE PLAN
South Offers as Good Opportunities for
Profitable Fruit Growing as
Any of the States In
the Westt
GEoRGIA'S UNIQUE PLAN
BY ROBERT LEE CARTER

tN6Ty 80 OIlen the 1ecOnStTuCtlOl DOHQS
repudiated by some of the southern
states come into the news, attract lit
tie attention, then sink back again into
obscurity. Sort of financial comet, SO
to speak.
The latest appearance was in the shape
of petition to the stock exchange to
refuse to test a new issue of North Caro-
lima bonds. The petitioners, who claim to
hold several million dollars face value
of North Carolina bonds issued in 1868 and
1869. and which have been repudiated,
are represented By John G. Carlisle, Hen
ry H. Melville and L. e. Whittier.
After the south had begun to emerge
from the quagmire of reconstruction sew
eral of the states, after investigation, re-
pudiated bonds which had been issued by
the carpetbag governments, for which the
states had received no value and which
in some cases at least not even the forms
of law had been observed.
The financiers Of the day threatened to
shut down on the credit of the states If
these bonds were not paid. The outlook
was most gloomy for those states which
needed money, when Georgia solved the
problem by a plan advanced, if my menu
DRY is correct, by Louis F. Garrard of
Columbus.
Garrard declared If Wall street would
not take Georgia bonds he believed the
people of Georgia themselves would. The
bonds were offered in small denominations
and were readily absorbed. Since then
10 hos ho6 M 1fxr N 0af mo-
whatever she wanted. So If the stock
exchange should decide to boycott North
Carolina, which Is not at all likely, the
Tar Heel State can follow Georgia's ex-
ample.
If there have been any visitors to New
York who have more thoroughly enjoyed
themselves than the delegation which
came on with Governor Gilchrist of Flor
ida, to launch the biggest battleship
anoat, bearing the name of that state,
haven't seen them. Everybody was glad
to see them, and New York exerted her
self to see they had a good time.
One of the younger men who Is COM
ing to the front in the banking world
is M. Orme Wilson, who has been elected
a director of the Fourth National bank,
to succeed his father, Richard 7. Wilson,
who Is retiring from his active financial
connections because of poor health Mr..
Wilson, who also succeeds his father as
a member of the board of trustees of the
Union Trust company, is member of the
firm of r. t. Wilson & Co. He married
a daughter of the late William Aston and
Is one of the executors of the estate of
Mrs. Aston.
while some of the western fruit grow
ers and those of New York are boasting
about the great opportunities to he had in
their sections and the delicious fruit they
ship to the eastern markets, 1t might be
we'll to take look at the opportunities for
fruit growing offered In the south. and es-
pecialiy North Carolina remarked Zeb
Vance Wauser, former speaker of the
North Carolina house of representatives,
and a lawyer of prominence of Lexington.
There are lands in North Carolina that
can be purchased for 81 or IS an acre that
will make the finest orchard lands in the
country. They are located Just right for,
fruit growing, on the foothills of the
Piedmont range, and experiments that
have been made demonstrated that APP
pies and peaches OF the finest quality can
be raised there in abundance. 1t has been
said, and firmly believe it, that North
Carolina could raise all the apples and
peaches this country would need in the
next hundred years. The land is waiting
for some capitalist to grab it, and when
1t is gone the persons looking for in
vestments will regret their lost oppor-
tunity. know whereof speak, because
I have now several, hundred acres of or
chards, and there is every prospect that
this the first bearing year, will yield a.
great quantity. of fruit. With the east,
ern and northern markets only IS hours
away, it occurs to me that North Carolina
10 tho anH1a ri
producing section of the country
Time was when it was well worth a
trip to the East river front from Peck
Slip almost to the Battery to see the
great sailing clippers, the finest vessels
of their class which ever sailed the seas,
and which carried the American flag the
world over. dozen or more big three
or four masters, with three standing sky
sails could be seen there at any time
25 years ago, but now a square rigger
about the size of barque is rarity.
The Maritime Exchange is planning
great reception to the famous old four
masted wooden sailing ship, the Shen-
andoah, last of the mighty American clip
pers, now nearing New York from San,
Francisco on her LAST voyage. a /
She is expected to make Sandy Hook
early in June and as soon as her cargo
is out she will de dismantled and turned
into coal barge.
And every old deep-water shell-back of
a. generation ago swears with added Bit
terness when he thinks of it, for, to
sailormen, the turning of the Shenan-
doah into a coal barge is like 1t would be
to a racing man If Maskette were hitch
ed to a coal cart, or a baseball man to
see Hans Wagner sweeping the streets.
The Shenandoah was, and is, in fact,
a ship to swear by. Frequently she has
logged over 300 knots In day. Once she
made the voyage from the Golden Gate
to Sandy Hook in 96 days; in a race
against five foreign ships between San
Francisco and Havre in 1891 she beat them
all. making the run from anchorage to
anchorage, carrying $500 tons of wheat
the largest shipment of grain ever taken
from California to a French port-in 104
days.
The Shenandoah was built in 1890 and
cost $4,000. She has probably paid for
herself many times over, but was sold
recently for only $4,000, to be delivered in
New York.
Every old sailorman in and about New
York will join with the Maritime exchange
In bidding the old ship fitting good-by.
II il proposed by the Maritime exchange
10 try and get a delegation of congress
men over for the ceremony, so that they
NAV have an object lesson as to what
American shipping Is coming to. The
with foreign steam craft is
20 acute and the cost of eQqutpping, man.
ming and sailing an American ship is so
! ship of the Shenandoah's class cannot |
be sailed nowadays with a profit to the
owners. 4