Wilmington journal. [volume] (Wilmington, N.C.) 1844-1895, 1868-12-04
Capitalization

We have been among the most strenuous
o,,nosers of the consolidation Of the North
CaroIua Railroad with the Atlantic and
North Carolina Railroad. We did SO
heeause we did not believe as those corpo-
rations were then managed that any bene-
fit could be derived either to the individual
Stockholders or the State, or the travellers
or shippers, while manifest and gross in
Justice would be done to our particular
section. At that time freight could and
did leave Norfolk, Newbern and Whining
ton and pass over the No til Carolina
Railroad without breaking bulk. All these
lines were managed with all Intelligence
and liberality which obviated the necessity
of s. consolidation, and each Company
received its due proportion OF the travel
and freight, neither having the advantage
Of the other by special Tariffs IN their
favor.
While these things were thus managed
we believed it wrong that the North Caro-
lima Railroad, which owed its charter to
the influence and labors Of the Hon. VIM.
s, hsHE, at the time a member OF the
LEGISLATURE from New Hanover, and for its
completion the citizens of Wilmington sub
seribed one-tenth of the entire individus
subscription, should be consolidated
against tho interest of these stockholders
and of this county and city, while there
was really no benefit to be derived to any
other stockholders Or to the State, but to
. section only which had contributed
nothing to it's clnpletion.
Our views have, however, been modified
in this respect While still doubling its
legality, without the consent Of eUery stock
holder IN lhe ttr0 corporations, as the road Is
BOW operated By political mountebanks for
The benefit Of certain individuals, and en-
tirelv in the interests Of railroads and cities
outside OF the State, we do not know but
that the consolidation Of the two roads
would be advantageous to the State and its
citizens. 4 large proportion Of the assets
Of the State is IN the stock OF these two
roads. any legislation which will increase
the value of the investment will benefit
tho payers of the State. and failing in
this, it will be better to improve North
Carolina port than one in Virginia. If our
railroads are to be run as political machines,
and placed in the hands Of incompetent
men, the fewer administrations there are
the batter il will be for the State.
1t strikes Us as little singular, however,
while there is an increasing disposition in
the State and the whole country to con-
solidate railroads, that the Legislature
should seriously entertain proposition to
divide the Wilmington, Charlotte and
Rutherford Railroad. A bill is now pend
ing, drawn by Judge" Logan, and
pressed by his friends, to divide tho Will
mingson, Charlotte and Rutherford Rail-
road at Charlotte. We suppose that the
redoubtable General and Judge having
failed both as q soldier and iurist, and
supposing, like the negroes dog, that he
must be "good for something" desires to
try his hand at managing railroad, and
he wants to have one Topped off " for his
especial benefit.
OF course such division, even were the
stockholders willing to consent to such an
amendment of the charter, or the mort
gagees silly enough to release portion of
their security, would utterly destroy the
value of the property. We suppose this
ridiculous attempts the empty echo of the
grievous disappointment of certain Radi-
calls to secure the administration of the
road. We take it for granted, even if the
bill be passed, it will amount to nothing, as
it would not be accepted either by the
stockholders or bondholders.
The Public Debt
Va foor hot SC rooro