Wilmington journal. [volume] (Wilmington, N.C.) 1844-1895, 1866-11-01
Wilmington. Charlotte and Rutherford
Raft Roard.

Wilmington, Charlotte and Ruther1ord
Rail BOARD.
We were glad to see SO large a meeting of
the Stockholders of the Wilmington, Char
lotte and Rutherford Railroad assembled
in the City Hall on yesterday, the proceed
ings of which we give III another column.
The mere fact that SO many gentlemen have
left their homes in this busy season and in
the prevailing scarcity Of money, demon
strates the interest felt in the success and
completion of this great work.
The report of the President and Direc-
tors, read to the meeting, makes fiat
tering exhibit of the earnings of their I'M
finished road The exhibit, says the report,
els particularly encouraging. The road
has never, yet, been able to reach either of
its termini, or even the rich producing
COUNT y which it was designed to develop.
It starts on the bank of the river, and ends
in the woods. It was left, by the results of
the war, in a condition of almost total de-
struction. The little rolling stock which
had escaped seizure or confagration, was
worn down by long and hard usage and,
yet, without the slightest outside assistance,
it is enabled to exhibit a clear profit of
$4,000 from the operations of the past
twelve months This speaks volumes as to
what the value of the road will be when COM
pleted."
The report gives a succinct and concise
statement of the present urgent embarrass-
ments, and the causes which have produ-
ced them, and the conclusion arrived at is,
that from one hundred to one hundred and
fifty thousand dollars will be abundantly
sufficient to relieve the Company of all en-
barrassments, and place it in the full career
of successful operation. We most certainly
agree with the report in believing that, |
rather than let this great work languish, the |
people of Wilmington alone, had better |
raise the money. Il would be consulting |
the true interests of our city.
In reference to the financial condition of |
the Road, and the means recommended to |
raise the amount necessary to complete the |
work, we quote from the report as follows
"The total amount of currency required of US,
then, will be a follows
To pay the debt due the State.... ST. 900, 900 90
To complete the entire Road, 100000 90
Making total of. .............. So 800, 900 90 |
Which we propose to raise by an issue of bonds to |
the amount of four millions of dollars secured by
hrst and only mortgage upon road, worth in pres
emit currency over eight millions of dollars, and all |
of its rights, privileges and property. We have
reason to believe that the Company's bonds, thus
secured, will readily sell for more than eighty cents
on the dollar, payable In currency and material
and this would effect a saving OF eight hundred
thousand dollars to the Company, and secure the
early completion of the road But to accomplish this
we cb he lists of he
perfectly clean hands. The State must, therefore,
consent to assume the position of second mort
gagee until such time the money can be realized
to pay our indebtedness to her We recommend
that an application to this end be made to the
next General Assembly"
Never were people SO much interested
in the completion Of public work than
are the people of this city in that of
the Wilmington, Charlotte & Rutherford
Railroad. Upon the completion of this great
work, and the connection between Fayette-
vile and some point on the North Carolina {
Railroad, the future of Wilmington is prin- s
cipally dependent. If our city is to grow f
and prosper, and if North Carolina pro- s
ducts are to seek the markets of the world 1
through her own seapOrts, 1t must be done
by the completion of these State roads,
"
of the President and Directors that the a
permission of the General Assembly be cb- L
tanned, to make n mortgage of all its pro- i
perty, reserving to the State the rights of t
a second mortgage, may be the means of u
securing relief to the Company and funds b
for its early completion. \ proposition so t
advantageous to the State and s.
the Road could hardly fail to meet the IA il
vor of the Legislature. "
Solar as to the necessity OF the early COM II
pletion of this work, we subjoin the follow 81
ing well-considered remarks Of the Report n
we have been quoting from il
" That this Road must DO completed, and that 70
at no distant day, Is an obvious nCCessity-a ne -
cessity to the counties through which it passes,
to the City OF Wilmington, and to the State of nj
North Carolina 1t is the only truly North Caro- VI
Lima Road which ever chartered because it is ii
intended, not only to develop the resources of Il
North Carolina, but to carry them to the markets "
OF the worlu through her own seaports thus en- fl
rlchng her own citizens, increasing her own 49,
wealth swelling her own list OF exports, adding to "
ner own commercial prosperity and commercial a.
Importance and advancing her to that position in
the slsterhood of States, which the rich gifts of
nature scattered through her entire border, so sc
clearly show that she is entitled to- And to the -,
City OF Wilmington, it is far more valuable than "
all the other railroads of the State mt together til
Unless 1t Is completed at early day, this COM 49,
munity-so enterprsing and so liberal in all that liz
concerns the public improvement-this commune OF
ty has no future which will exceed, or even COM
pare with its past. III
During the past year, this Road, incomplete Il;
and unfinished as 1t is, has contributed, directly
and indirectly, fully One-half of the business Of
this city. This is but earnest of what it will
accomplish. "A glance at the map will show that ,
it passes through the very richest portions of the OF
State of North Carolina and the statement annex dt
ed, compiled from the census of1S6O will convince
even the most skeptcal that must necessarily tn
continue to furnish the most valuable contribu al
ions to the business of the place, and become in ~
every sense an exceedingly profitable Investment GO
The population OF those counties cannot possibly M
consume more than one-half of their products ~
Allowing fair proportion to seek other outlets to
Market the remainder, at One-thrd of the rates or
Of freight which are now charged will furnish -
Ionr Road at the very moment of its completion,
NTH an annual income exceeding one million of in
iollars And when the country through which it IL
passes sh& have been fully developed, and it shall tn
stretch its long arms, by means of connections no
low waiting for it, through the rich valleys of Pe
Tennessee and Kentucky, to the Ohio and the du
Mississippi it will rival the very best paving roads
n all of the Northern States of the Union That as