The Washington herald., 1914-06-10

1t was assumed that West Virginia
should provide for one-third the prin-
cipal and interest of the then existing
debt, that is SIS. .233, $40 out of the total
debt of s45.1s,112. To represent. there
fore, West virginia's share of bonds
funded. deferred certificates were Is
sued. :, West Virginia, however, refused
to recognize these certificates, and
movement began in August. 1888, TO COM
pei recognition continues actively In
progress.
The plan provided for ascertaining the
exact amount of the old Virginia debt,
with which West Virginia is justly
chargeable (subject to certain limita-
tions), and then comprising that amount
at the same percentage at which Vir-
ginia compromised the two-thirds of the
original Virginia debt-namely, go per
cent for principal and 3o1-4 per cent.
for interest.
The legislature of Virginia in March,
1900, passed a bill authorizing the State
debt commission to take such action and
institute such proceedings as may be
deemed proper to protect the States in
terests and to bring about a settlement
with West Virginia. The original plan
has been somewhat amended to meet
present requirements.
In December 1905. the State debt COM
mission decided to bring suit against>the
State of West Virginia, and a bill was
accordingly filed in the United States
Supreme Court early in 1906, and the
case was decided in favor of the State
of Virginia in February, 1911, a judg-
ment for S,1s2,oOo. with ''amicable'' in
terest. was given.
Commissions of the two States have
been unable to agree upon ''amicable"
interest, and the Supreme Court was
expected to fix the rate Monday.
If a settlement had been made upon
per cent basis the interest to date
would have exceeded the amount of the
principal, making the total amount
available for the redemption of the de-
ferred certificates sufficient to paw 123
for them. II the rate had been
fixed at per cent it is figured the GER
if 1 per cent. Il, less, however, COM
mission.
They sold yesterday at So.
Carolina Lines Consolidate.
In the financial world the Dukes and
their associates are usually looked upon
as being almost entirely interested in tn,
tobacco industry and manufacture. but
in North and South Carolina they have
created a great electric railway and
power system, which has been brought
from
the outside world.
The Piedmont and Northern Lines. as
the two sections of electric railway which
they have built are known, will, when
completed, cover about 800 miles and ex-
tend from Durham, n. c., to Greenwood
S. c. The Piedmont Traction Company
now operates twenty-five miles from
Charlotte to Gastopia and the Greenville,
Spartanburg and Anderson Railway op-
crates 1G miles from Spartanburg to
Greenwood. 1t is announced that after
July two companies will be consolidated
as the Piedmont and Northern Railway
Company. Between Gastonia and Spart-
anburg there is a gap of ffty-four miles
to build and from Charlotte to Durham
there is 14S miles TO build. These lines
are required to unity the system and con-
struction on them is expected to begin
soon.
June l a sleeping car service was in
augurated between Spartanburg and At
lantic. regular Pullman equipment being
used and the car turned over to the Sea-
board Air Line at Greenwood. Freight
cars will be regular steam equipment On
the lines of the electric road are op-
Grated eighty-four cotton mills with 2,2n2-
506 spindles and 49,657 looms. Thirty-six
of these mills are on the tventy-three
and one-haIf miles of the road in North
Carolina.
Merchants Transfer Election.
The regular annual melting of the Mer-
chants Transfer and Storage Company
was held yesterday.
The regular semi-annual dividend of
three dollars a share was declared. pay
able July l.
The annual report submitted shows
net earnings of the company for the
year, ending May 81, were $54.257.67.
Officers were elected as follows: John
L. Newbold, president; T. R. NewboId.
vice president; and Fleming Newbold.
secretary-treasurer.
Directors as follows: ]. II. Corning.
G. T Dunlop. W. F. Ham, Rudolph
kaufman. T. r. Newbold, Fleming New
bold, ]. L. Newbold, Farnk B. Noyes,
and James SatterfieId.
The Atlantic Coast line reports for the