Wilmington journal. [volume] (Wilmington, N.C.) 1844-1895, 1870-12-30
wilmington, Charlotte and R"theff0fa
Railroad.

withdraw their attention from tnls gre"'
oa a;,bar hecause of O newborn zeal Tor
another iropor ant work, or because II nas
for a year or two past been made poliu-
cal football. View it as we may, 1t Is be-
vond question the most important Work
which has ever been projected for the ma
.erial interests of Wilmington, ana lib COM
pletion will add as much to the welfare OF
the entire State as any other railroad Wl'h-
in its borders.
The road was begun in 1855, anal at the
breaking out of the war the eastern
Divieion had been finished to point o
short distance west of Laurinburg, and the
Western Division had been constructed
from Charlotte to Cherryviile, tho present
terminus of that Division
Since the war the road has executed
mortgage for two million five hundred
thousand dollars (the State retiring ITS nrst
nnortgage). the State also endorsed these
new first mortgage bonds. Ibis was the
condition of the road when " reconstrnc'
ton took place, which involved IN inc
moral. social and political revolution which
followed the credit of the State, It's works
Of internal Improvement, its educational
institutions and the prosperity OF its cltl-
yang The credit OF the road had been
almost re. established, and if let alone then
its MANAGEMENT could have pushed 1T for
ward to completion. But for political and
selfish purposes the Wilmington, Charlotte
and Rutherford Railroad vas forced into
thewhirlpool of speculation and corruplon'
which had caught within its fatal lnhnen-
oes the entire government of the State,
Executive, Legislative and judicial
Since then the history Of the ROAD Is
too firmly impressed upon the minds OF
our readers to require more than passing
notice. Weare all familiar with the 'Speclai
Tax Bond" appropriation by the State
and it's repeal, tho action of the STOCK
holders in regard TO it, the recent election
NJ O. new board of Directors, the course
of the Governor in appointing State Dl-
ractors in conflict With the opinion Of the
ATTORNEY General, and, finally, the receht
action of the Legisla ore IN declaring that
the general repeating Act applied to TINS
road. and that the Governor had no flgn'
to appoint Directors for this Company
In the face of ell these facts We under
stand that the Directory appointed by the
Governor, with hardly shadow OF au-
4boritv. under the lead OK DR.. sloan,
claiming to be President OF the road. re
fnse IN surrender the Weatern Division
and that this bogus President is now II
New York. or was very recently, concoct-
inc with Pickerell & Go. some scheme &c
deprive the stockholders of the control, L
not the possession, Of their valuable prop
erty.
Immediately after tho stockholders
meeting in this city last October, this So
called Directory, appointed by Governor
Holden. elected Richard c. Badger, O.
Raleigh, Attorney Of the Company. W.
are informed that Immediately afterward
Sloan and Badger went to New York, ano
arranged with Pickeren to foreclose th'
mortgage, by having q notice served upo1
MIR. Badger, as Attorney OF the Company
that the July interest on certain frst-moft
gage bonds had not been paid. and If nc
paid within the time prescribed by tn
mortgage, proceedings would be taken t.
declare the whole issue oil first mortgag
bonds due. which was of course to be fol
lowed by a sale of the road, its franchise
80, This scheme would doubtless be per
fected, if the Supreme Court shonid de
clare Sloan and his party the legal repre-
gentatives Of the stockholders.
This Important work has alreody cos
too much and progressed too far to b
abandoned by orr people. Oar inter
ests are too nearly allied with i
completion to be lukewarm in re
gard to it's advancement. The cal
now run one hundred and twenty-fv
miles west from Wilmington, leaving
gap of only sixty miles to Charlotte. Ga
this gap be filled ? We trust so. We be
ieve so. We are informed that leadin
bankers of New York, owners of maiorit
Of the fret mortgage bonds, express th
opinion that the bondholders will receiH
second mortgage bonds for their lntere
until the track is completed to Charlotte
With such support, and with the actlI
sympathy and assistance Of the true FRIEND
of the road, much can be done to reliey
ID from its present embarrassments. Sue
supporters can defy the Vaccinations
its enemies.
independent of these efforts Of Sio0
and Pickerell to defeat the completion
this road by It's stockh olders, there is, '
are given to believe, another strong i
Huence against it. Rumor says that D
Hawkins, President of the Chatham, al
the Raleigh and CASTOR Railroads, tho 70
mer of which is now being pushed on
Cheraw, desires very much to share in Il
purchase of the Wilmington, Chariot
and Rutherford Railroad, and Won
therefore like to force its sale. When '
consider that from Raleigh to Chariot
via Rockingham 10 some ten or fife
miles shorter than by the North Carroll
Railroad, we can we'll appreciate L
HAWKING interest in tho mat er. He j!