Wilmington journal. [volume] (Wilmington, N.C.) 1844-1895, 1872-10-18
WILMINGTON, CHARLOTTE AND
RUTHERFORD RAILROAD.

the public generally that this road failed to
pay the interest ON its bonded debt, due In
January and July last, and that in conse-
GUence thereof, proceedings were Instituted
at the ensuing term Of the Superior Court,
for New Hanover county, for the purpose
of forecCsirg the mortgage aud selling the
road. II is understood also that it is the i
purpose of the crcditOrs secured by the
MORTGAGE, to organize new company to .
buy the road, and to complete it at the !
earliest practicable moment.
As We have had occasion - say hereto |
mington as its ocean terminus, that the ,
road should lie completed at all early Gay; :
nor is it of any less Importance to our
sister city of Charlotte, the great Inland !
market OF the State indeed the prosperity
Of tie country ali along tie whole line OF
the ROAD, is dependent upon the facilities
it offers for trade and transportation. 1t is
estimated that the saving at Charlotte alone
in the reduction of frei@lts, &c., Will
amount to fifty thousand dollars per an
mum.
These great benefits cannot 3e realized
until the sap between the two divisions Of
the read is filled ur. rs the matter now
stand this gap is as fatal 10 the interest OF
Our people as the bloody chasm that divides
the North fiOm tie South. Every day that
is allowed to pass without completing this
great feeder 10 our city, does our people
plain, palpable and positive iuiuy J. The
man who hindcrs or delays OF prevents the
completion Of this road at the earliest pos
sible moment, must be either short-siShted
OF lie must have some special interest
dearcr to him than that Of the general pros
peIi.y Of the city.
No one would rejoice more than we at
seeing our own roads in the hands Of our
own people. But as the matter now stands
/ this seems simply impossible. II will be
remembered that at Il special meeting Of
the Stockholders held last April, it was
ordered that an attempt should &c made to
raise money 10y subscription TO pay the
interest and to finish the road. The
Stockholders went SO far, indeed, as to
offer second mortgage bonds to such sub
scrbers at fifty cents on the dollar but if
We are correctly informed, net dollar was
raised in consequence Of this action on the
part Of the Stockholders
AS 4 necets ary result of the failure TO pay
the interest LUc on its mortgage bonds, the
road now lies at the mercy Of Tie mortgage
boudlioltlrrs, WHO have taken lie necessary
steps to enforce their legal rights. The
mortgage is said to be very fell and com
plctc, and in legal shape, and tie bond
holders will, doubtless, SCI tlciy decree OF
foreclosure and sale wi!e;uYrr III" Count
Shall act III tie matter.
These being the facts Uf Tie case, - We
understand them, it 2-"ius 10 10 10 tend
directly t. the INJURY OF O,r pcopi., 10 inter
pose any objection by which lie decree vi
foreclosure viii Re delayed, and the road
Kept al the hands Of The kecyiEtI IN al I'M
finished condition. business men and al
property Owners in Wilmington and else
WlIeIe recognise the fact that Ia. completion
Of this road is absolutely essential TO tie
prosperity Of tile place. Fortunately for
us Tie interest Of cur city, and the interest
Of the mortgage bondholdtr5 are Identical.
The bondholdeIs cannot Promote their
interest without promoting il equal .gree
our interest. But While this is true 1T
must be borne in mind that even now the
profits Of the road pay the bOndholdels
a profitable interest on the amount Of prin-
cipal money they have invested in the bonds
Of the road; and III this connection it
may be well to remember that these bonds
were bought on an average for fifty cents
on the dollar. Our people can see then
whether they OF the bondhollers will be
| likely to he the greater losers by delaying
! foreclosure.
There can be no reasonable doubt
/ about the desire Of the bOndholdeIs
! to complete the road at the earliest possible
moment. Indeed, We are infoi med that a
contract has already been signed by the
! holders Of $2,200,OOO Of the s., 800, 900 Of
! first mortgage bonds, agreeing to proceed
! at once to organize a new company, each
, bondholder paying in cash forty per cent.
! Oh the face of his bonds for the completion
! Of the road at the earliest moment, after
! getting decree Of foreclosure.
! This sort Of thing means business. The
road has gone from the Stockholders
! and their hCics forever. Let us not add to
/ our loss as private stockholders, still
greater loss as citizens Of Wilmington.
| So faI Us creditors of the road, other
than the mortgage bondholdels are con-
cerned, VIC are informed that inst and
! equitable claims will find fair considera-
! ton at the hands Of the purchasers Of the
road.
! Entertaining these views, notwithstand-
ing our extreme regret at seeing the road
pass into the hands of strangers, and if the
truth must be told, into the hands of
Northern men, we cannot yet help hoping
that no objection will be made to decision
of the matter by the Court, next week.
Our fair city languishes for the lfe-blood
that this great artery of trade will bring
! TO it
Colonel Fuller.
We arn ,,1o loor,1 4I,o1 Fto1o,ol