Wilmington journal. [volume] (Wilmington, N.C.) 1844-1895, 1869-05-28
TIFF NORTH CAROLINA RAILROAD.
PRESIDENTS OFFICE, N. G. II. r. Co. J
COMPANY SHOPS, n. c.,
May IS, 1869.
To lie INIUCh5tOItlel'S OF NE
North Carolina e. r. Compon


North Carolina e. f. Company:
GENTLEMEN: the next annual meet
ing of the r. G. r. r. Co., d question of
great interest will he presented to your
consideration and in Wow Of the weighty
responsibility that viii rest upon you in
determining that question, would it not be
we'll for us to reason together, and thus to
prepare cur minds for just decision. For
be assured, til, re never has been a period
in the history of the North Carolina Rail
road Company more pregnant with evil to
the road than this great question of con-
solidating tue Atlantic Il North Carolina
Railroad with the North Carolina Railroad
Company To analyze this question, and
to present it.in all OF its deformity and max
edness, would be to consume more space
than this communication would allow
Therefore We propose to present only a
few plain pointed objections, which we
regard as conclusive, and cannot be easily
avoided.
First: This project originated with the
property holders of Morehead City, and
the creditors Of the Atlantic Il North Caro-
&c. Railroad is left to itself that it will
never be able to pay the debt it owes, and
will be finally sold .f0, less than the debt,
thereby causing its creditors to lose largely.
Here then we find the key which unlocks
this movement movement conceived for
sinister purposes and not the 'broad, pat
riotic, State pride movement. the advo-
Gates of consolidation would have you be-
! Iieve it to be. Certainly the stockholders
of this Company cannot--yca, would not
blame these gentlemen for trying to save
their debt ia "a legitimate way. Yet would
it not be rashness, YEA folly in the e1-
IRENE, for them to involve the North
Carolina Railroad Company (now prosper
ous) with the debts Of the Atlantic & North
Carolina Railroad by consolidation. But
the friends of consolidation say they only
wish to consolidate according to the rela-
tive value of the stock of each Company
grant the assumption this Company would
he the loser il it were to accept the A. Il
! n. g. Railroad as Il free gjfl and be com
! PEELED to keep it IN good running order.
| At the last session of tho General As
Sembly of North Carolina a bill was passed
allowing the stockholders to consolidate II
! they thought proper. This consolidation
act could never have passed upon us o,cn
merUs-it was forced through by being at
tached to the great omnibus Railroad
schemes IF you will examine this bill
carefully, and compare it with the original
charter Of this Company you will see at once
! that if We were ever SO anxious to conso]i-
date, we could not think of such thing
under the present act. See for moment.
1t wipes ont all of your original rights, and
dictates what per cent. shall be charged,
" and no other" upon articles sent over
the road. 1t is plain to see that no freights
will ever reach Morehead City under that
law, and no through freight would eve,
pass beyond Greensboro. With the com
plications attending this road if it is in the
least restricted to q certain per cent. and
50 no other" you would soon discover that
its income would not be sufficient to keen
it up and pay the interest on its debt. In
| fact, it would soon be as far below par as
the Atlantic Road is now.
[ see by circular recently issued that
Mr.. Stanly has called an electioneerina
meeting at Newbern on the I'd June. -
Doubtless every artifice will he resorted
to, to get your consent to consolidation
Your proxies will be vigilantly sought
after, and every argument of drowning
man will be brought to bear to beg you tC
consolidate your road With theirs, which
only means to help them pay their debts and
Keep up their road. Ii you are opposed tc
consolidation would warn you to be care
full with whom you confide as proxy. I
| the opponents of consolidation stand firm
we can defeat them by large majority
and thus save our road from destruction
Freights and passengers are gradually
increasing, and our through connection
will soon extend to Atlanta, Ga. Wher
this takes place your road will pay you {
handsome dividend, and your stock will 81
to par. But If you consolidate all is lost
and we will have to depend entirely on wa!
stations for support.
w. A. SMITH, President.