Western sentinel. [volume] (Winston [i.e. Winston-Salem], N.C.) 1856-1886, 1881-02-03
The States Interests in Railroads.

III March, 1913, the Board OF In: :
ternal Improvements was organized
under an act passed at the session
of the Legislature of 1s74-'75.
The chief object of the Legislature
in the creation of the board was to
obtain more accurate information
in regard to the public works in
which the State was interested, and
to insure more efficient manage
ment in the safety, security and Ia
Dor of the penitentiary convicts.
:. From the report of Col. VIM.
Johnston, secretary of the board, to
the Legislature, now in session,
some interesting facts are gathered
with reference to the public works
of the State, and the States inter
est in them. After describing the
efforts OF the board to sdjust the
management and care of the con-
victs at work on the several rail
roads, the report proceeds to give
an account Of the condition of each
of the roads in which the State has
an interest. From this the follow
ing facts are cleaned:
In the Cape Fear and Yadkin
Valley Railroad til e State owns s.
500 shares of stock, the par value
of which is 500 each, making
$3.50, 200; owned by other parties.
stock to the amount of S167, 900.
The market value of the stock be-
ing $S per share, the States inter-
est is worth $4,000. The .compa-
ny's bonded and floating debt is
; $l22, 500. The receipts over and
above operating expenses for the
year ending October 1st, 1880, were
$7,S71.54.
The State owns in the Atlantic
& North Carolina Railroad, 1866
shares of the capital stock, of S10C
par value per share, amounting tc
S1,266,OOO. There are owned by
other parties 5,297 shares, the par
value of which is $529,7OO. The
n actual value of the stock is about
$40 per share, making the States
stock worth about $4,000. The
= bonded and floating debt of the
I company is $234,0OO; the receipts
u over and above expenses during the
q year ending October 1It, 1850, were
+ S34,95O.
The capital stock of the Nortl
:. Carolina Railroad is $4,00O,O00, o
e which the State owns three tonrths
t. This road being leased, the Stat
!; receives annually dividend of
& per cent. on its stock. The debt
a of the company are about $2O0,O0'
r above assets in hands Of trustees
?, and are gradually being extlnguish
Il ed by sinking fund.
r, In addition to its Interest IN rail
q roads, the State owns of the capita
t. stock of the Abe .narle and Chesa
y peaSe Canal Company $500 share:
o the par value of which is 500 pc
y share, amounting to S250,000. Th
Of market value of this stock is state,
ID at S. per share; the opinion is en-
tertained that it is Of greater value
t. The bonded debt of the company
" $5O0,OOO. The proceeds Of thes
e. bonds were applied to the construt
#. ton of the canal, interest and i'm
,'t provements. The company owe
is no floating debt, and has promptl
lp paid the interest on its bouds at m;
i, turity since 1865. During the pas
year the expenditures amounted
$9,414.21 more than the receipt
This apparent excess of disburse
,r- ments is caused by the purchase b
as the canal company of 100000
as North Carolina State bonds, at IL
MS sum of $12,Os1.66, which were e,
ial changed for canal stock of the Stat
as Also. the expenditure by the can
ed company OF IS 900 in the purcha'
lie of its first mortgage bonds, as We
n as the purchase of $4,000 Distn
lily Swamp Canal bonds for $4,000.
er- This enterprise is commended
up the board, as the opinion is ente
n tanned that at a period not reno
p it is destined TO become porto
ere or section of a great inland ship {
ate nal or national highway, from t
n Northern Lakes, via Hudson Riv
and New York City, to the coast
Florida.
hat The only accommodation t
W.. board makes with reference to I
Or railroads is that the Cape Fear a
nu. Yadkin Valley Railroad would b
25- come more important to the ST.
at If it could be extended to Lumbe
at ton or some other point in Rot
75.- son county, to connect with
in, Carolina Central Railway, IL
mi making another connecting line
25 the two leading lines Of the State
api. With reference to the West,
100; North Carolina Railroad the bo;
ted believes, with the information in
my, possession, that call the conditi
o. Of the contract have, up to this d;
heen cofnp,ied with !"