Wilmington journal. [volume] (Wilmington, N.C.) 1844-1895, 1872-06-21

odiOus and oppressive features. Let every
Radical candidate be, called out on every
stump and forced to say which he is in
favor of.
Inc Wilmington, Charlotte - Eufh-
crfOr(I Railroad.
After all the perseVering efforts OF Tie
Wilmington, Charlotte & Rutherford Rail
road Company to pay its interest, restore
its credit, and secure the extension OF the
railroad from Wilmington to Charlotte,
have proved Intellectual, and the bond
holders have finally commenced their Pre-
ceedings to foreclose the mortgage.
While we may, on first thought, regret that
this important enterprise is to pass from
the control Of our own citizens, we are con-
soled by the fact that it goes into friendly
hands and, especially, that the change sig
mites tic speedy completion Of ike rOad.-
Moreover, We are bound, as all honorable
community, to recognize the moral as
we'll as the legal right Of those who have
lent us their money to construct the road
thus far, TO take appropriate measures to
save themselves from loss.
The present Company is hopclcSsly en-
barnsscd, and all efforts to CXtricatc Il have
been lnavailing. The road, unless eX-
tended, will not develop tythc OF its
advantages, nor be Of any value whatever
to its stockholders. And We are the more
rccorcicd to the impending change, from
the fact that these bond-holdcrs, instead OF
being harsh creditors, sharp and cXacting,
have been specially patient and torbcaring
have shown every disposition TO avoid a
foreclosure, and even consented to advance
further money to enable the present Com
pany to complete the road, if sufficiently
secured. These liberal offers would have
been available but for the obstacles pre-
sentCl by the Western Railroad Company
which claims to hold a second mort gage
Thus our company were utterly prevented
from issuing any saleablc security for such
proposed further advances.
| At the recent stockholders meeting
committees were appointed to secure sub
scriptions to enable the Company to pay
It's back interest, and so retain the control
| of tho road. But no one, it seems, would
subscribe 4 single dollar And even had
the money been subscribed, what them
The difficult problem would still remain
the road would get remain unfinished
And how, when, and with what funds
would it be finished ? Where are the
means to come from What we want is
a speedy completion of this road to
| Charlotte. Any movement which delays
or postponcs this paramount object is 1el1-
sive.
| There would seem, then, no cause &c
regret, certainly no cause to complain OF
the bond-hOlders' present proceedings
| They are but doing what they, as good
| business men, have perfect right TO Go
Any controverting that right is warning
| to capitalists not to lend their money tc
| complete our road. And we deem it i'm
| portant TO invite, rather than to rcpel
| capital Clearly, then, it is most polite tC
| omit all Gems ire. We believe it viii, il
fact, prove a blessing to our people thai
| this road will be owned and controlled by
men of undoubted wealth, enterprise and
public spirit, and lmpellcd by self-intcrest
! to complete the road. We learn that as
soon as the title passes into their hands,
so that they can safely expend their money
the entire road, from its present terminus
| quite through to Shelby, will be put under
,,,,J friSloJ cDaaliIy ASGnIlj11O
that our own people do not delay or EN-
baIrass the foreclosure, and waste THEN
money by fruitless and unavailing litiga-
ton, We expect, before the close Of 1915, tC
breakfast III Wilmington and sup the same
day in Shelby. We expect to see long
trains of cars, heavily laden with the
products OF our fields, our forests, and Oul
mines, rolling in daily, if not hourly, tc
increase the business and add to the wealth
and prosperity of our merchants and bust
ness men, and double, yea, qaadruple, the
value Of our real estate, giving also most
abundant employment to our builders,
mechanics and iabOrers.
The bond-holders are we'll disposed to-
ward our people, and unless veAed, lrrltat-
ed and thwarted by llnSeemly opposition,
will be il tie htumor to do all, and more,
than we have a right to ask of them. One
Of them (Judge Onderdonk, Of Manhas-
set, n. y , has frequently passed along the
line of the road, aud freely consulted and
conferred v;'', lai numbers ,,of stockhol-
ders q /. s.. Ills Of the road, and
compst ~ . ~ AIohes. He, by his
frankllc&. ....t.dor i openness, and lis
gertlcn..,, ,u = h;,sstrongly attached
himself to CIR I. PIC, and measuably
disarmed all opposition to the bond-holders,
proceedings. lie has, and as we think
fairly, convinced most of the stockholders
that it is for their Olrn interest that the
mortgage be foreclosed and the road pass
into new hands. 1t appears that the
bond-holders have Through Judge Onder-
d0nk's TeccCmmendatiOn)v voluntarily bound
themselves to each other, to the effect that
the new organization shall, after issuing
new bonds, and preferred stock sufficient