The daily state chronicle. [volume] (Raleigh, N.C.) 188?-1891, 1891-04-23
ELECTRIC STREET CARS
IF RALEIGH RAISES sIe 600
THE ELECTRIC CARS
WILL RUN.

THE ELECTRIC CARS
WILL RUN.
The BOndholders Make a Statemo
and Ask the Corporation of ,ho
Ciiizens.-Speeches BY Leading m;
ness Men.
Mr.. Jos. G. Brown presided last nipht
at the meeting of the Chamber of Com.
merce called to consider proposition
by the bondholders of the street rail.
way. President Latta was not able 70
be present, having not yet fully recov.
cred his health.
Col. Hinsdale, speaking fo. the bond.
holders. said that they were willing to
pay part of the expense of operating the
road. They invite and expect the citi-
zens of Raleigh to join them
and reorganize capital stock of 500
900, a funded indebtedness(6per cent. first
mortgage bonds) of 100000 1t is ex.
pected that the bondholders and the
| citizens take these bonds at 80 cents on
| the dollar. 1t is believed that the road
will be success. If not, the citizens
and the bondholders will share the loss.
The 800, 900 worth of bonds are to be
sold for $50, 900. This will be used to
pay the present bonded Indebtedness of
$25, 900, the floating debt of 5000, and
to use $40, 900 to construct street rail-
read that will be equal to any street
rail way in the South. The other
$4,000 will be used to extend
the lines of the road so as to make it a
more desirable system. Each purchaser
Of 81, 900 worth of bonds would get 5000
in stock which, when the road succeeds,
will be valuable. The bondholders pro.
pose for Raleigh citizens to be interested
and to elect two out of five of the direc-
tors.
Now is the time to strike, contin-
, ued Col. Hinsdale. Unless we cooperate
, now, Raleigh may never have such a
road.
The bondbolders propose that out of
the $1OO,O bonds to be issued, the cit
izens take $4,000 of the bonds. In
, comparison with the benefits to be de-
rive, this is mere bagatelle for Ral-
| eigh to pay. If Raleigh will pay this,
: the work will commence at once.
Q Mayor Thompson, while not commit
J. ting himself to the proposition, moved
s that it be accepted in order to bring
= something before the Chamber. Mr..
!. George says he is willing to spend
j.. $50, 600 more in order to save the$25, 900
It which he has already invested. Raleigh
v is asked to pay only one fifth-we help
Mr.. George and his friends out of a
hole-and we secure a first class street
r. railway for Raleigh. The Mayor said
that he knew the gentlemen whom Mr..
a George represented and that they would
Is do what they promised. The payments
:. to be made would not all be called fol
~ ~ until October.
Remarks were made by DR.. Y. E..
Nc rws Turner, W. G. Upchurch and Maj. R.
10 20 s. Tucker. Maj. Tucker spoke upon the
~ benefits of the road. He personally
y knew the bondholders. They are mer
30 30 of high character. They have invested
~ ~ in other improvements in North Caro-
. lima and stand ready to make furthe
- investments. 1t is to our advantage to &C
~ rightly with these gentlemen. Raleigh i
~ ~ asked to pay only $4,000 to secur
" u the electric street railway. We would
>, be ridiculed by our neighbors if W
- failed to maintain system of cars Fo
10 $4,000 We can put $780,, 900 plant i
.S. 40 Raleigh. Several gentlemen have pai
= out money to keep the street cars run
0f | dlbSs AO AIoFlDS PuO PA,OOU Al IL. IL
" did not believe it would be bad in
V: vestment, but if stockholders shouI
% % lose something it would help Raleigh
@ @es He thanked the bondholders for thei
,;o 10 proposition.
ns lie Mr.. Patrick said that very many pee
VI VI pie would visit Raleigh, and that durin
t. the Exposition it would be very desirs
49, ble to have electric cars to the E1pos
ton grounds. During that time th
road would make ten per cent. upo
the capital stock.
Col Jno. Cameron. of Asheville, sal
,st that the Asheville electric cars wei
"a indispensable and were we'll patronize
eo and had added to the value Of proper
ay especially suburban property. Ne
CO. lines are now being constructed.
ne Mr.. Busbee said that in addition
lid the money consideration, it was valu
vas BILE that the bondholders should ha
ere the moral support of the communit
ose Unless the people of Raleigh have fai
lth in themselves and the future of &
city, land the future looks bright '
rn- can't ask the people of Baltimore
acb shoulder the whole responsibility. T
G. people are building and equipping
ant electric road. Winston has an electr
EAR road bonded at 100000. When t
It a road is once put down it will always
ntv cheaper to run it than to take up the roa
A. Il would develop the city, and he hop
and that the proposition would be accepte
'ON. Col. E. G. Harrell thought somethi
y to ought to be commenced at once and
himself, he was ready to do all that
could
Mr.. J \. Holding moved that the
lowing committees be appointed to
the how many bonds could be placed. c
With rieG:
A. A. Thompson, Chairman.
81. B Battle.
W. E Ashley.
fauS' E. G.. Harrell.
ng ID Dr. D. T. Everett
lntry The committee at once went to v
/, n. among those present, and III few
/. a ments secured the following amount
the W. &. Upchurch, 80
hree V. E. Turner, 80
Us he J. w Hinsdale, 80
)man W. c. 81 A. B. Stronach so
nent. Julius Lewis & Co. 80
when D. 7. SWindell 1O