Wilmington journal. [volume] (Wilmington, N.C.) 1844-1895, 1872-11-29

land county, Bdpler over the signature of
JrNIUs, relative TO the suit how in pro-
gress by the bondholderS of the w, &. &
r r. r. for the purpose of obtaining DOS
session of that road, we interviewed Mr.
Martin, the President Of the road, relative
n the matter, as follows:
REPORTER.-I have mott ed Mr. Martin.
that in tie last number Of the Shelby
RtrHrr writer, who styl-s himself
JrxIUs, makes a bitter invective against
the expected surrender Of The road, by the
stockholders, under the law, to the holders
# the bonds Of the Road. JUNIUs saws:
Why, the road will be Sold bought mp for
4. nominal sum by some Tinq,-all the
MONEY heretofore paid in taxes on the
county bonds, and, III 1850, the $50 900 of
county bonds, VIII have to be paid, besides
$500, annually in tax from now till then,
snd the county will not have the slightest
iuterC 81 in the road
PRESIDENT NAnTIN.--Thcse attacks
have already been made on previous oc-
,ts;Ous, and once, | think through the
same paper. They are natural to any
people who do not understand, and there
lore cannot appreciate, the precise situa-
Ion of affairs. They cannot be made to
Understand how a railroad can be built
and operated without money, and are nat
LIally in arms whenever they think their
lights in danger. l DO not blame them for
feeling so, and most earnestly desire to set
,hem right in the premises.
REPORTER. then, Mr.. Martin
sou give me a full and detailed statement
Of the precise condition Of affairs at this
lime, so that it may be published, not only
reply to the communication in tie
Tanner, but for the general information Of
he people all along the line Of the road.
PRESIDENT MARrIN.-Nery well, sir, |
vii do so.
The owners Of the bonds of the Will
road company, Gas provided for in the
mortgage executed to secure them) have
commenced suit, i'll the Superior court of
View Hanover county, fJr foreclosure.
Receivers have been appointed and the at
fairs Of the road are managed by them,
under direction Of the court.
The county of Cleveland as well as sew
elal other counties along the line Of tho
railroad, are Stockholders. Tie city of
Wilmington is stakeholder to the extent
Of S2OO,OOO'
Upon the pledge of the faith of the com
pany, aSsentcd to by the Stockholders, Il
mortgage was executed to secure bonds
10 be issued, which it was hoped and ex-
pected would complete the road. They
failed to do the work. The bondhol,lers
waited with patience and made PROPOSE
tons to aid the Stockholders, in any
scheme they might devise. The latter did
nothing. AS III duty bound, as faithfully
factions opposition, after they had decided
that they could not accomplish the work
At the called meeting of the StOckhold-
ers, held May 3rd, 1872, in speaking for
The Directors, said that foreclosure was
inevitable unless they (the Stockholders
uld devise some means to prevent it,
An attempt was made to raise the neces-
sary means, without success. L cannot sc
r any iuiquify in honestly paying Il debt
which is honestly due.
The decree Of foreclosure will doubtless
order ample notice Of sales 10 he given.
Any one who desires and has the money,
can buy the Wilmington, Charlotte &
Rutherford Railroad company, subject only
10 the first mortgage. There can he no
ring as insinuated; it will be simply hon
est creditors seeking to get their money
money advanced upon the plighted faith OF
the Stockholders, Cleveland, Union, Arson,
Richmond, Mecklenburg and other counties
asserting.
The Stockholders, in special Conven-
ton, held at Wilmington, May 3rd, 1872,
n view of the status Of the company,
passed almost unanimously a set of
resolutions in these words, to wit
WHEREAS, 1t is every way desirable
that the control of this road shall be kept
in the hands Of the Stockholders, and that
every honorable effort shall be made to
accomplish that purpose and, WHEREAS,
1t appears from the report of the President
and Directors that 100000 will be required
TO pay the amount due for advances on
first mortgage bonds, pledged as collateral5,
and to pay the interest on January
coupons, and all additional amount of
$4,000 will be due on the 1st Of July next
10 pay interest falling due then,
ReS0ic'd, That Committee to consist
II three from each county along the liue
1t the road shall be appointed by the
chairman OF this III 'eting, whose duty it
shall be 20 open subscription lists for the
purpose O.! raising means to pay off the
debt and extend the load, for which they
shall receive second mortgage bonds at 30
cents on the dollar; that the said COM
: INIT shall report to the Direc Or5 as soon
as practicable.
Reso'red .furthcr, That if tie company
shall be unable TO meet the Interest on its
bonded debt 10y July 1st next, according to
the terms OF tie mortgage, and if no
arrangement can be made with the bond
holders to avoil foreclosure OF the mort
gage, and if the bOnd-holders shall de-
'ermIne to institute legal proceedings for
The sale Of the road, as provided for in the
mortgage, that then good faith OH the part
oi The company requires that no opposition
Shalt he made OH the part of the company
70 the foreclosure Of said mortgage.
These resolutions were put to a vote and
adopted.
Upon the 18th Of October, 1872, at the
regular Annual Convention, Mr.. NJ. Cron,
~ one CT the DircstOrs Of the company
attempted to rescnd the resolutions passea
= Oh the Sd of May, with an overwhelming
majority against rescinding-Mr. CrOnly
alone voting in favor.
The President, directors and emplOye:
Of the Wilmington, Charlotte & Rutherford
railroad, will furnish facts and figures t.
anybody. Their printed statements arc
easily obtained they will be freely fur
hshed on application. An investigation
hy the officials Of Cleveland county, or an!
@lckh0tder therein, will I've assisted will
great pleasure.
1t has BEN decided in the most emphati
manner, that the stockholders CANNOT pa.
lie debts Of the Wilmington, Charlotte
rutherford Railroad, and complete th
'oau 10 its terminus The stock Of the com
pany Is now, and has been for some time
worthless. The completion of the road l
Vi more Importance to the State and ever,
county IN the State, than that of any inter
nal Improvement ever completed or pro
Jeeted in North Carolina. Its early com
pletlon is Of incalculable value to every
eouy. When completed, Cleveland count
VIII be benefited 500 for every dollar III
tested, although the original dollar b
entirely lost. We believe the people wi
: .id more fault with "JUNIUs" and hi
trends, who delay the great work by crit
Clsms and opposition, than with those VIII
nave iaoored Zealously to prevent the los