The semi-weekly messenger. [volume] (Wilmington, N.C.) 1897-1908, 1897-07-20

3Oth.
The Wilmington, New Bern and Nor
ok railway was sold to the highest
bidder yesterday at Il m. at the court
house door, in this city. under a de-
cree OF Judge G. II. Simonton, of the
United States circuit court, in an ac-
ton entitled The State Trust Company,
Of New York, trustee for the bondhold-
ers, against the Wilmington, New Bern
and Norfolk Railroad Company, fore
closing the mortgage given by the Will
mington, New Bern and Norfolk Rail-
way Company to secure 81, 900 of
bonds issued by the company. The
Atlantic Coast Lin was the purchaser
at $500. 900.
There were very few railroad men at
the sale, notably among them being
Mr.. H.. A. Whiting, receiver, and for
mer vice president and general mana
ger of the Wilmington, New Bern and
Norfolk railway, Mr.. Harry Walters,
president of the Atlantic Coast Line,
and the Hon.. Warren G. Elliott, pres
ident of the Wilmington and Weldon
Railroad Company. There were pres
emit about twenty-five or thirty citi-
| zens as spectators. The sale was made
by the Hon. A. M. Waddell, who was
named in Judge Simonton's decree as
the master commissioner. He stated
the terms OF the decree and announced
that no bid less than the upset bid of
$3.50, 600 would be received, and that the
purchaser would he required to de-
post S., Zoo in cash with the master
commissioner, to be deposited with the
registry of the court, the deposit so
received to be subject to the order of
the court and applied to the purchase
price, if the sale is confirmed. Colonel
Waddell announced hat the Whining
ton, New Bern and Norfolk railway
embraced about lightweight miles Of
railroad and was a consolidation of the
Wilmington, Onslow and East Caro-
lima Railroad Company and the East
Carolina Land and Railroad Company.
Mr.. Wilkes Morris, of the firm of
Cronly & Morris, auctioneers, then Of
fered the road, rolling stock, terminals,
SuuHpIIICilL, ~, ~ NAO
highest bidder. Mr.. H. A. Whiting,
representing some of the bondholders,
made a bid of $3.50, 600. President Eli
oft, of the Wilmington and Weldon
railroad, bid $275, 900. Mr.. Whiting bid
$500, 900. President Elliott increased the
bid to $3.50, 900, and Mr.. Whiting bid
1915, 900. President Elliott then run the
bid up to s40O, coo, and after calling for
a better bid and receiving none, Mr..
Morris nocked the a down to Colo
mel Elliott. To the question Of the
! master commissioner, who asked who
he should put down as purchaser, Colo
mel Elliott replied, Myself and asso-
ciates, to be known as the Wilmington
and New Bern Railroad Company"
The crowd then dispersed.
President Elliott informs us that it
is contemplated by the purchasers that
the road shall be operated as a part OF
the Atlantic Coast Line system.
The actual mileage Of the Whining
ton, New Bern and Norfolk railroad is
1857 miles and 3.45 miles of side tracks,
making a total Of -91.02 miles. This
road is a consolidation of the Will
mington, Onslow and East Carolina
Railroad Company, chartered March 5,
1885, which built and commenced op-
Grating 50.15 miles Of road between
Wilmington and Jacksonville, Onslow
county, February I, 1891; and of the
East Carolina Land and Railway Com
pany, which built 37.1O miles of road
J from Jacksonville to New Bern and
began operating it July 1, 1898. The
cost of the construction and equip
ment of the road vas 81, loo, 900, and the
paid UP capital stock 81, 200. 600. The au-
thorized capital stock was So, 200, 900.
The bonded indebtedness is 81, $50, 900,
consisting of bonds of the denomina-
ton Of 81, 900 each, bearing 5 per cent.
interest.
The purchase includes the terminal
in Wilmington, consisting of about 1.500
feet on the water front, wharves, and
the depot on Surry street. The Walnut
street depot is leased property. The
dummy line on Water and Mutt streets
is also leased by the Wilmington, New
Bern and Norfolk. We understand
that the other railroads centering here
have contracts for the use of the dunn
my line for two or three years more.
| The Wilmington, New Bern and Nor
folk operates a steamer on New river
| in connection with the railroad.
The city of Wilmington issued $780,
! 900 of bonds for construction of h
Wilmington, Onstow and East Caro-