The state chronicle., 1893-02-09

GOVernOr jarvis Urged the Acceptance
of the ePropOsiiion-Me.srs. Strange
and Bin-dsie Oppose-The Presi-
dent speaks for His Com.
Pany-A Breeze In the
Proceedings.
The proposition of the Wilmington
and Weldon railroad company to settle
the controversy with the state is en-
braced in memorandum made by Mr..
Spruill, which is in the shape Of a bill
and is as follows:
A bill to be entitled can act to amend
the charter of the Wilmington and Vel
don railroad company and to adjust all
differences between said company and /
the State of North Carolina in regard to |
exemption from taxation and power to /
fix rates as contained In said charter"
Whereas. a controversy has arisen be /
tween the state and the Wilmington and |
Weldon railroad company as to the ex
emption from taxation which said com
pany claims under its charter, all IF |
which the said company has expressed
Willingness to surrender to the state;
And whereas the said company claims |
the right under its charter to fix passen
ger rates AS high as six cents per mile,
and to charge as mnch as nine cents per
mile for the transportation of 2 600
pounds, which right the said company
has also expressed a willing to surrender;
The General A ssembly of North Caro-
lima do enact:
Section l. That the act Of the General
Assembly of North Carolina. ratified on
the Sd day of Jannary, 1894 entitled
''An act to incorporate the Wilmington
and Raleigh Railroad Company" be and
the same is hereby amended as follows:
that the 18Th section Of said act be amend
| ed by striking out the words land the
| property of said company and the shares
| therein shall be exempt from any public
| charge or tax whatsoever" and that sec
ton 26 of said act be amended by strik
ing out the following words, to wit:
land they shall be entitled to receive and
TO demand the following rates, to wit
not exceeding four cents a mile for toll
and nine cents mile for transportation
per ton of 2 600 pounds; and for the
| transportation of passengers not exceed
ing six cents per mile for each passenger,
until the net profits received shall
amount to sum equal to the cspi
tai stock expended, with six per cent.
per annum interest thereon from the
time the money was advanced by the
stockholders until received back 10 the
net profits; but when the net profits re
ceived as aforesaid from the tolls afore
said shall have amounted to a sum equal
to the capital stock aforesaid with in
terest thereon as aforesaid, then the tolls
which the said company, or the presi
dent and directors shall be entitled to
| fN ba of n-DHncp
or other commodities on the said rail
road shall be fixed and regulated, from
time to time, nv the president and di
rectors of the said company, so as to
make them sufficient in their estimation
to yield net prof: equal to Is per cent.
, per annum on the capital stock of the
, | company over and above what may be
q necessary for the repairs, improvement,
+ or renewal Of the same, together with al
other incidental expenses OF said com
6 pany."
Sec. 2. That when said company shsl
e in stockholders meeting assembled ac
A cept this act as an amendment to IT
charter and shall have duly notified tn
same to the secretary Of state and shal
e in said meeting declare its absolute anC
le unqualifei surrender of all exemption
e from taxation and its readiness t. sub
NIT all its property to taxation uEde
u he constitution and laws of North Car
olina in like manner as other property
taxed, and shall by acceptance of thi
'e act declare the surrender of the rat
making power contained in said 26t
section, and shall have paid all sue
Q state, county and municipal taxes I
y have been assessed against its branC
j. roads for the years 1891 and 1892 by Il
IT, board of railroad commissioners uud
el the revenue act OF 1891, and shall ha'
paid to the Safe of North Carolina Il
er additional sum of 81, 500, to reimbur
by said state for attorneys fees incurred
40 litigation with said company, and shs
ng have paid or rendered for payment
the county Of New Hanover and the CT
on Of Wilmic gton respectively sums e9u
30 to the sums paid by it to the said coun
he and city respectively for the taxes
sc 1891, then This act shall operate as fl
,al and com plete discharge of said compa
OF from all taxes which might or could ha
os been claimed or assessed agaiustit by t
,to State of North Carolina, or any county
pre- city or town in this state prior to
first dav OF Jauusry 1898
tho Sec 3. This act shall be In force FRI
~ and after its ratification.
oro This bill is the result of cOnferen'
lay oy siesSfs' h't.,e @,'u oPlu't, :.
orc committee with Governor Carr, st
Treasurer Tate and the railroad CONN
sion, the representatives of the Wllml'
nee ton and Weldon railroad company h
~, ing been present 1T these meetings,
we has not yet been introduced into cit
~ house.
lor Tue j)int committee met yesterda,
11p the Supreme court room at 3 80 p.
ne and large number Of spectators "
ioh present, artesti1g the interest VIII
cepters in this question.
llty Ex Governor Jarvis spoke first IN
he vocacy Of the acceptance oi this Prop
up ton.
we'd He read from his message to the
.xa' islature in 1888. in which he took is
dol with the celebrated Dartmouth col
title case and maintained that all cOrporat
e In are under the absolute control OF
rec state and that as soon as this obJe'
y Is Effected it will Oe better for the S
elll- and the railroads. He said that he
near not expe i to see his views carried
they effect in ten years, or that he would IN
ored time be before a legislative comm
oney surrendering the exemptions heret.
the claimed by the Wilmington and We
ause railr, al company. Tnat two yeas
the Mr.. Elliott, president, had written
the TO aid them in the legislation they
l, all sired then, which was not this pop
tiol ar d not surrender of all exc
Is an tons from taxation, and he d cline
insert aid them because he was opposed tc
- 81 ha icl in 1901
ECKER he wrote Mr. Elliott that wher
i the they would surrender all ex'
pos ton from taxation and their
dog, to charge six cents per mile
wife, passenger fare and nine cents per
rtiDg dred for freight, that ne would the
them TO get such legislation as
diff might desire in furthersnce of
con- ends; that the state had brought