The weekly standard., 1869-11-10
$5s5,411 90
50S,526 43
S 1854 43
Leaving as nett income
Upon the strength of which his
Directors gave you a Scrip
Dividend of
Which left his administration
=. ILL
$163,115 "a

in debt $163,115 "a
So much for my friend Turner
will now notice briefly the remarks of
my friend Pike. He comes out with fam
ing heading, "Conspiracy to lease the North
Carolina Railroad" Mr.. Pike goes on to
argue that this will make a great through
route North and South, and says it would
work loss to the Company of sixty OF one
hundred thousand dollars year. In the
first place we want a great through route
through the State. 1t will enhance the
value of your property and build up your
State. His argument is the strongest have
seen for the lease. But as to losing sixty to
one hundred thousand dollars by the opera
tion let the figures above cited speak, He
states that if this lease is effected ''up goes
the freight and passenger tariff" Read
the contract, Mr.. Pike, find out something of
what you write about, and you will see that
the tariff on freight and passengers cannot
be increased. And Mr.. Welker reports that
he was not notified of the meeting of the
Board, and therefore there was something
wrong on foot, is the inference intended.
Now, Mr. Welker knows that this was a
regular meeting established by the Bylaws
of the company. And this being an i'm
portant meeting, notice was sent to him.
This article alludes to the building of
another Road from Raleigh; he evidently
means the Chatham Road. This lease will
defeat the extension of this Road to Colum-
bia, and it will go no further than the coal
fields, as originally intended But suppose
the lease is not made, the Chatham Road
will he extended to Columbia, thus making,
as Mr. Pike says. the shortest through line
North and South. Any man of common
sense will see at glance that this would
take one-half of the revenue from the North
Carolina Rail Road, as their line of road will
be sixty miles shorter than ours. Again, if
all the Railroad projects of the State are
completed what will become of the revenue
W. have now9 1t will, to great extent, be
frittered away by competition ofthese Roads
For example, say that the Chatham Road is
pushed to Columbia, as it certainly will be,
we loose all the freight and passengers from
that point and South oft. If the Tennessee
and Ohio Road is finished to the Virginia
Road we are cut off from the freight of Char
lotte and its neighborhood, besides losing
all the freight and passengers which we now
get from the Western N. G. R. r. If the
Wilmington, Charlotte & Rutherford r. R.
is finished to Charlotte from the east and
beyond Lincolnton in the west, We are again
stripped of large portion of our freights.-
We will also have a competition for freights
il the Fayetteville Road when it is compile
ted to Salisbury or Greensboro, as the case
may be- With all these complications and
competitions how is it possible that this Com
pany can ever realize more than six
per cent on her stock? Up to this time
there has not been one legitimate dividend
declared. Some simpleton signing himself
Rowan" is ambitious of enlightening the
public and he does so "thusly:" he declares
that two hundred and forty thousand dol
lars annually is only two and a half per
cent. on capital stock of four millions. If
he would but totally reverse his style he
would be invaluable as fnancier. Presi-
dent Grant should at once make him Secre-
tary of the Treasury. Such great ability
should not be lost to the country. Does
not Col. Rowan know that whether the road
is leased or not its debt and interest accru-
ing thereon must be paid Rowan was a
Director long enough to have learned this if
he is capable of learning anything, which in
| the face of his article, becomes question of
great doubt His premises are false and his
|oh|iu t'ie loo.J so. Sio'.o
absorbing idea IS his own selnsh interest.
The Col. owns property at 1horehead Caty,
and has consolidation on the brain. Put
your city in the back ground, Col, and then
say what you think OF the lease. VINO IS 1t
that opposes the lease Is 1t the stockholders
No. Who is it then that claims to speak
for the stockholders and the peoPleE why
the Raleigh Sentinel and the Raleigh Stan
u T n
| dard-both nf which understand are own
| ed bo the Generals of the Ring. rt
The stockholders and people can draw
| their own conclusions. MIR. Welker and
,tbors oro onnoced IN tbo lease and in favor
of snil;no r. sa;d i, ,,rosonco of mo +o.
dor s .hat ho ,ros sorru tbpt ha Aid not ar.
u"cota o tba solo Of ths Road ot tho last meet-
., .io 1",e ~ VIZ i J ~ 49,. o.0 hn los. n,'Il
ny Vi .ne Icy isiasuie, apI n tna. a ne mou,H ai
oo 80 at its next sessioh. our pohus ale d. l.
most worthless, only bringing thlrty-eignt
cents In the stock MARKET with interest add
| ed-but we will say forty cents IN the dol
lar. One hundred and eighty thousand dol
| lars in cash would buy four hundred and
| fifty thousand dollars in bonds, and by do
ing this every year you would reduce the
debi IN twenty years nine millions dollars,