The news & observer. [volume] (Raleigh, N.C.) 1894-current, 1897-02-03
GOV. RUSSELL TALKS.
HIS VIEWS UPON THE POSITION
OF PRIVATE STOCKHOLDERS.
81 Expect to be Able to Give to the Leg
isiature and to the Public Some i'm.
portant information in Two or
Three Days" Says the
Governor.

A reporter Of the News and Observer
called on Governor Russell yesterday
and was given the following interview:
Reporter: Governor, is there any
thing connected with the lease that you
are willing to give to the publieY'
He replied: Yes, / have nothing to
conceal from the taxpayers of the State
with regard to that matter. The bill
now pending in both the House and the
Senate was submitted to me before it was
introduced Indeed, it was drawn under
my directions, and was submitted to and
reviewed by me before it's introduction.
1t embraces the points made in my inau-
gural address, and is simply the senti-
ments therein expressed reduced to legal
form and language. In looking over the
printed bill to-day, discover that in at
least one particular it does not go far
enough. The bill prohibits a foreign cor
pOration from running a railroad in the
State without license after the first day
of May, 1897. 1t provides that when a
foreign company shall petition and other
wise comply with the act, the Secretary
of State, with the written approval of
the Governor, shall issue license authoriz-
ing the foreign corporation to run the
railroad for the period of twenty years.
This is all right as far as it goes, but it
ought to say that the Governor shall
not approve unless he is satisfied that the
issuing of the license is not prejudicial
TO the interests of the State If the Leg
islature is unwilling to trust so great a
power or discretion to the Governor, then
let it be divided between the Governor
and the Supreme Court, and let them act
jointly"
Reporter: ut is generally believed that
the private stockholders are all against
you ON the lease question"
To this the Governor replied: "Yes,
who ever heard of minority stakeholder
who wOHld not be glad to have the ma
jority crowd take care of HIM? These
private stockholders know that there is
a real and unavoidable antagOnism be-
tween their interests and the interests Of
the State, just as there is in every other
corporation where one party holds the
majority and some body else the minority.
There are n few hundred individuals in
the State who own stock in the North
Carolina Railroad If the State can
make an advantageous lease or sale of
it's stock there is no reason IN law or
business customs or in morals why the
State should not do it, and every one of
these private stockholders knows that
this is 80. Every one of them (except the
ladies, the babies and the professional
neutrality-suspicious. knows that if he
had a block of majority stock in cor
poration, big or little, railroad or saw
mill, and he could sell his majority stock
at big price, that he would do it and
leave the minority man to sell if he could
or sweat if he couldn't. / do not mean
by this that / am Indifferent to the in
tereSts of the private stockholders. 9th
er things being equal, or even approaching
equality, ] should be in favor of settle
ment of this matter which would pro-
tect the private stockholders, and have
reason to hope that this can be accomp-
lished and at the same time a large
amount of money gained for the State
/ expect to be able to give to the Legis-
lature and the public some important in
formation on this subject within the next
two or three days"