Wilmington journal. [volume] (Wilmington, N.C.) 1844-1895, 1870-02-04
Wilmington, Charlotte and rutherford
Railroad,


Railroad,
We have carefully read an editorial
article in the Wilmington Star of the Goth,
headed Wilmington, Charlotte and
Rutherford Railroad Company" in which,
what appears to be well-considered plan
for the completion of that Road, is sug-
gested and discussed.
The future of Wilmington is perhaps
more dependent upon that road than upon
all her other roads put together. The
citizens of Wilmington, therefore, are
deeply interested in everything which ap'
pears, in the public prints, which has
reference to it's completion. This fact
furnishes sufficient reason for the short
notice which we propose to take of our
neighbours article.
The substance of the plan is stated by
the Star as follows
ssFErst, provide for canceIlinR all the bonds not
sold or hypothecated. Second, authorize a first
7nOrtqGqe to be executed on all the property and
franchises of the Company for two millions of
dollars in cash and let that sum be jud1c1ously
expended upon the line to complete and equip
the road to the mountains.
t'Let the half million of hypothetical bonds be
taken up at as low o figure as possible and paid
out of the new loan.
F'Let the one million of bonds sold be exchanged
for half million Of stock, and returned to the
State Treasury. That is, allow the State Treas
urer to exchange certificates Of stock for these
bonds at the rate Of fifty per cent. Of their face.
Let the subscribers to the new loan have the
privilege of converting their bonds into prefer
red stock at any time within ten years. These
bonds to bear interest at the rate OF eight per
cent. per annum.
s'Let the net income OF the company be pledged
for the payment of the interest. Let the shares
Of stock be made 800 each"
We would suggest that there is one
small difficulty in the way of the success
full execution Of this object, and that il will
be necessary that this small difficulty shall
be removed before practical men will en-
dorse its feasibility. We believe that the
first proposition is politically impossible,
for we have 10 idea that the State Govern
ment will consent to surrender the c0ntr0
of the road which it has labored so long tc
obtain. We know that the second is legdI,
impossible, for we learn from the reports
of the President and Directors that q frs
mortgage has already been executed upoI
the road; that two million five hundred
thousand dollars of bonds have ALREADY
been issued under that mortgage, and tina
portion of those bonds have been sold.
This mortgage was executed in the Spring
of 1867, under authority of an act of thu
General Assembly which was ratified il
December, 1866; and the annual published
reports of the officers Of the compan.
have contained full information of thei
operations under this mortgage.
We have no idea of discussing this impos
sible scheme any farther at present. 1H
road as already et1der mOrtgage. We sug
gest this as small difficulty which mus
necessarily be removed before the scheme
can be successfully prosecuted. We lear1
that the Board of Directors will meet il
this city on the Sd day of February. We
have do doubt they will do all for the
good of the company which can be done
nnder the circumstances. Having full
possession Of all facts connected with the
condition and prospects of the company
we have no doubt they can provide for it,
interests far better than can be done by out
siders. Yet We will hazard the suggestion
that the strong reliance of the friends o
the road, at this time, must be in ECONoAI7
AND PATIENCE.