Wilmington journal. [volume] (Wilmington, N.C.) 1844-1895, 1866-11-22


! We had hoped that with the failure or
the part of the friends of the Atlantic and
North Carolina Railroad, before the las
| Legislature, to secure the sanction of thai
body to thescheme of consolidation, it would
be abandoned. Many of the friends, how
ever, of that road seem determined to bring
the matter again before the consideration
of the ensuing Legislature, and, we sup
pose, the Stockholders of the North Caro-
| lima Railroad, in the December meeting,
will have this matter under advisement. -
We hardly think that majority of the IN
dicid,tdl Stockholders of that road can be
induced to accept the proposition.
Without discussing the very serious legal
questions involved in this proposed con-
solidation, as to the right of such persons
or corporations, holding majority of the
stock in those Companies, forcing those
owning a minority of such stock into cor
poration totally different from the one to
which they subscribed, or was contempia-
ted bv their charter-an interference with
the sacredness of contracts, our Courts
would hardly sanction-we will only view
this question in a practical point of view,
it's utility, its advantages and its justice
In both of these roads, and in the West
ern North Carolina, also, the State owns
very large interests; in fact, the prepon-
derating interest-her subscription to the
North Carolina Railroad being 1000, 900 !;
in the Atlantic and North Carolina Rail
road, 81, O66, 600; and in the Western North
Carolina Railroad, 81, 900. The stock
in the Atlantic and North Carolina Rail
road has never attained any considerable
value, and has never paid a dividend. The
Western North Carolina Railroad, being
and without aid from the State, or being
galvanized into life by a union with live
Company, must continue to langulsh. The
North Carolina Railroad, on the other
hand, has been very lucrative, and its stock,
previous to the war, paid Il handsome div
idend, while the business was gradually in
creasing. We suppose there has been a
renewal of its old business and the corpo-
ration has already experienced renewal of
life and hope; and unless the drain upon
its travel and freight at Greensboro, by the
opening of the Piedmont Road, is not too
great, we should think that, under the in
telligent and prudent management of its
present officials, there is good prospect of
a renewal of dividends at no distant day.
The North Carolina Railroad is two hun
dred and twenty three miles long, and that
portion of the road between Charlotte and
Raleigh, one hundred and seventy fl sc miles,
had to sustain the entire Company, as the
forty eight miles between Raleigh and
Goldsboro' never was profitable. By far
the most profitable portion of theroad now,
is the ninety-three miles between Charlotte
and Greensboro, and in order for the Com
pany to recuperate, the tbusiness on this
section of the road, increased by the ''Dan-
vile Connection" must counterbalance the
decreased receipts upon the remainder of
the road, ffty-two miles to Raleigh. This
may and probably will be done SO long as
the ports of Wilmington, Newbern, More
head City and Norfolk are equally open to
the commerce of Western North Carolina !;
but any attempt to force to any particular
one, may cause it to seek Richmond, as
more available than the one thus singled
out.
But it is evident that the North Carolina
Railroad has already enough of its line, now
necessarily Improbable, without adding
one hundred and seventy-six miles, the
combined lengths of the two roads propos-
ed to be consolidated with it, or even the
ninety-fve miles of the Atlantic and North
Carolina Railroad. Such an addition of
Improbable length would inevitably crush
out every hope of the North Carolina Rail
road becoming remunerative. Theattempt,
therefore, by consolidation to save the ST.
494, 900 the State owns in the other two
roads, or the $1,O66, 900 she owns in the
Atlantic and North Carolina Railroad, the
So, OOO,O 600 of stock in the North Carolina
Railroad must surely be involved in the
common ruin. 1t is but poor economy of
our remaining strength to link the desti-
MES of the largest and probably the strong
est work in the State, with the doubtful
fate of the weakest
The fact that car, if the roads were un-
der one and the same management, could
be loaded at Charlotte or Morganton and
discharge it's freight at the wharves in
Morehead City, is a consideration of i'm
portance, but one that does not bear upon
the question, as the same state of affairs can
and ought to exist under the present sepa-
rate and distinct arrangements, as the con-
solidation Of traias accomplishes this, with
the advantage also to the shipper of Will
mington and Norfolk, as we'll as NIorehead
City. There is nothing to be gained, and
probably much to be lost, in this respect
by consolidation. A consolidation of trains
is what is needed and desired, and, we
trust, if this is not already done, it will be
effected as matter of mutual benefit to
the railroads and to the public.
Consolidation also would be converting
the great purposes for which the North
Carolina Railroad was constructed to build
ing ND NeWbern and Morehead Civ