The daily state chronicle. [volume] (Raleigh, N.C.) 188?-1891, 1891-02-11
The Wilmington AZ Neldcn Railroad
Company.
Especial Cor. STATE CHRoNICLE.l

Section, 2 Of the proposed bill of ne |
", & V Company reads as follows;
1.-The Wilmington & Weldon Railroad |
Company shall have the right to unite
or consolidate with any otter railroad |
incorporated under the laws of this Or
any other State with which tha sid vii
mington & Weldon Railroad NAV cen
uec5, either directly or over auy inter
vening road or roads !. . . and The y il
n1iugton s Weldoa Shall have the right.
to acquire and hold the capital stock
bonds and other securities, Or any par
thereof, Of any railroad company, tI
which it may connect directly Or ius!i-
rectiy. and any other railroad c,n-
pany incorporated under the laws 0.
this State, with which said railroad con
pany may oo1reot, as aforesaid, shall
have the right to units or consoli-
date with the Wilmington and
Weldon railroad company, sc
SEC. g. "And the SAID Wilmington
& Weldon railroad company shall have
the right 10 acquire By purchase or lease
such rolling stock or equipment as ii
may desila &c.'
Section 4, provides, in part that 1.-The
locomotives, engines, cars and rolling
stock OF S I'D COMPANY" may be taxed.
Suppose the locomotives, cars, engines,
and roliiug stock used by the Whining
ton 4 Weldon Gra not the PROPERTY Of
the company. but are the property of
| some big ''Conatruotion Company" with
! Headquarters in Baltimore OF New York,
ana oniy ''leas2d" as il Section pro-
vided, then what use would there be FOR
| the right ID tax such property Of the
| company9 The amount OF taxes received
from this source can best bs deslared by
the figure 0!
II The Report of the company for 1860
we see, with other things, the ROAD bed
OF the ". & ". Company estimated By
Col. Fremont, the superintendent, at
| SIG, 600 per mile Il VIII be remem-
bered, the proposition is to PERMIT q tax
Of s.. O0G on the maia road ana $1,000
per lniie on the branches The main
road Is 102 miles IN length. 4 TAX o.
two thirds Of one per cent. on 162 miles
assessed 81 IS, eco per mile, would DC
$3.50.
The branches ara 231 miles in length
A tax Of tWo-thir1is cf one per cent. OF
151 miles, assessed at 81, 600 per mile
Wonld produce $6, $50
The whole tax tnen which the State
and cauuties woald certainly receive i
S15, 800 and not $35, 900 as the com
fnittee suggest.
The committee was not advartent t.
f that portion Of section 2, which permit
the company 10 LEASE ALL OF IT'S PROP
aRpY which it submits for taXaCiOn say
Us road bed.
OF course we do not charge that th
company will nse It's privii9 CT section 2
but we Do say 1t can do SO
What q magnificent opportunity tn
company would have to become the ceI
tre OF great railroad trust or syndicat
if its proposition be enacted into law
Rea! carefully the portions Of sec
ti0ns and 8 above quoted, aui the
measure if you can. such ohance3.
In 1860 the ". & ". company ha
100000 invested III Wilmington an
); Manchester stock, investments in Wasl
! ington and New Orleans Telegraph Con
: p3ny. egd paid Oh account Of snbscril
. ton to tie Ocean and Cape Fear SJea
. Navigation Company $4,000. The
L ara but pointers with The Information ,
= ready given.
!: Tie amount Of back taxes owed by t
i ". g. y. company 10 the State al
= conn les must be very Iarga-in the hu
: dreds Of thousands. This fact i U
= knowu, but its knowledge is within t
, bower Of the General Assembly.
. Tie question again and again recur
~ il will not down Why should the pc
- 10 pie be taxed and corporations be e
pmDt, CII1LEN'