Wilmington journal. [volume] (Wilmington, N.C.) 1844-1895, 1847-11-19


the expenses Of repairs Of roadway, locomotives,
coaches, and cars. w0uld he reduced sum nearly
equal double the interest on the additional cost
Of such Road, and besides this. it wouid give
confidence to travellers increase the business. AUG
certainly greatly facilitate the operations OF INC
Company.
In the original outlay for construction the ilm-
tied means of the Company, no douD'' '"huenceo
the Engineer to recommend. ana Inc Doafo 10 a.
dept, the fat Rail. This has oeen 'ne unfortunate
mistake in the construction Of many of our South
ern Roads. and is the chief cause why they have
been improbable to Stockholders. while in almost
every instance in our country where the Iron Rail
has been used the Roads have proved profitable
Ia the Stockholders When we look at the busi- |
ness done on orr Road, and the great annual in |
crease of freights and local travel we cannot doubt
that if we could command the means to renew the |
whole Road with the Iron Rail that the local bu-
siness alone would support it, independent of the
transportation of the Mail and the long or through
travel.
During the past year the fare OF the line has
been reduced rs per CERT and part of the time oo
per cent yet the receipts from passengers has In
creased, and exceeds that Of any former year, and
this increase has been greater our local or way
travel. in proportion, than on the long travel
| We find the freighting business increasing so
rapidly that we cannot at present meet the de.
mands upon our transportation department. So
great is this increase, that two additional trains
would find constant employ ment, notwithstanding
a heavy outlay has been made during the past
wear for motive power.
With these evidences of the increasing bust
ness and usefulness of the Road we cannot doubt
its final triumph over the ill-founded prejudices
that have existed against works of internal iIn-
provement in our State.
And besides this. when we institute compari-
son between the financial condition of this work
and similar improvements in sister States, we
are struck with the snaIlness of Indebtedness.
and have still stronger reasons to look forward
with confidence to the lime when our stock will
be sought after good investment of capital. IF
our State will only extend to the fostering aid
which States North and South of us have done
for similar works within their limits, would be
enabled to renew the Road promptly, and forth
with insure profitable return to individuals and
to the State, as shareholders. and make manifest
to the people al large the usefulness of such works
1t may be objected that the Stale has already
aided this Road. She has, to a limited extent,
but not sufficiently so TO render her aid perma
nently useful to us. And besides. she is amply
, secured for any credit she has given US, by her
hens upon the Road and its property-she has
helped Us so far that we can see land ahead, but
before reaching it she requires that we be tied hand
and foot. by Mortgages, to secure her against her
0lrn citizens so that. in reality. we are In as bad
condition as if no aid had been rendered unless
further aid be extended to enable the Company to
/ put the work Oh firm basis. Bound are
. to the State. we apply to no other source for
o relief. The property of the Company is ample to
justify Us IN asking credit for sufficient to
= renew the Road, but we have no pledge to secure
il the payment Of large sum. if required, as the
j State has us tied up
o Therefore, with Difference to the opinions Of
Others we would respectfully suggest the propre-
n y of appealing to the State for an extension OF
her credit to us, for such an additional amount as
may be necessary to enable US to put down new
Iron on the Road, and to assist US in carrying out
the original plan Of making connection of our
Road with the South Carolina Roads. and thus
render the SUMS she has already Invested available
!. As we'll might the farmer who had built but
II half OF his fence, expect TO protect his crop and
gather it at harvest time, for the State to stop
:, short with works in which she coniointly with
ii her citizens, has embarked, before they com
Pieted, and expect to reap the profits. The true
a policy is TO go on until one or more of the enter
N prises undertaken within her limits is finished Il
is useless to look back and find fault with mis-
:. takes which occurred in the commencement Of
, our Rail Road system. Experience has pointed
:. out the way to avoid similar errors, and how to
correct them. The tue policy therefore, is to look
&c ahead and see how the investments heretofore
- made can he rendered profitable.
If The State will lend her credit for q reasonabl,
r time, and for sum sufficient to relay this Roat
z with heavy Iron rail, and permit the Company
i. TO increase the capital stock to an amount equa
,. to the whole cost of the Road and the contempIa
ted Improvements, and give 10 the original stock
h holders the choice to subscribe for the addtona
<fn xnyhn oIrrHK - lIo
-, dispose of the same to meet the payments of thu
% debts as they become due, there is not doubt hu
10 that the stock will be much enhanced in value
as to be sought after. 1t is only necessary to Civ
10 permanency to the work TO render the stock yalu
N able with even the present business of the Road
If not with our own people, 1t would be % ooke'
upon bv capitalists in other States. We couh
point TO similar works in our country, owing near
ly ten times the amount of debts for which thi
Company is liable, paying dividends, and thei
stock above par value: and the great reason
doubtless is, that they have substantial roads. OF
which the expenses of repairs and transportation
g are not one-hof in proportion to the business done
, nc that it necessarily is upon our road.
nc The amount of Indebtedness of Company @
:" individual is not criterion by which to Judge
the wealth of the individual, or Of the value Of tn
o' stock of Company. The business done. and tn
property upon which the debt is made, is the pro
per standard by which to judge of their value.
Rail Road Company may owe the entire cost
their Road, say five millions of dollars, and y,
their stock NAV be good and safe investment {
capital, provided the income, after paying exper
ses, should be double the amount of the interes
So that it - not the amount Of debt but the bus
go ness done, that determines the value of Rail Rna
~ stock. debt of Company that does not er
gage in hazardous specuations, is very dfferer
from individual Indebtedness. because, if the bus
ness is regular. certain calculation can be mad
upon the income to meet the debt
We would thereto recommend to the Comps
ny that an earnest appeal be made to our ne,
Legislature, asking aid to enable US to purchas
new and substantial iron to relay the road
they will do this we feel fully assured that all i,
terested will feel and realize the great benefi
which shou legitnately result from our ente
prise. " e repeat it, that with the present bus
ness Of the Road it will he valuable stock, and e
pecially if the Wilmington and Manchester Ro,
is constructed-and this brings US to that suH;sc
Since your extra meeting in March last, muC
attention has been given to this important work
much labor has been bestowed in col Getting an
comparing statistics of The country through whi-
It Is proposed to be constructed, all of which tent
to confirm this board in the belief that the stoc
IN said Road must yield an annual income of ov,
10 per cent profits. Committee of your Boal
has visited the North during the summer, whe
the statistics made out were submitted to the e.