Alexandria gazette. [volume] (Alexandria, D.C.) 1834-1974, 1898-12-30
CAPE FEAR AND YADKIN.

CAPE FEAR AND YADKIN.
AS stated in the Gazette OF that date
the Cape Fear and Yadkin Valley Rail-
road was sold yesterday at Fayette-
Vile, N. c., to the Atlantic Coast Line
for IS, 10000, after rather lively COM
petition on the part of other aspiring
interests.
The success thus gained on the part
of the Atlantic Coast Line provides it
with .auother special seaport facility,
for which the Southern Railway and
the Seaboard Air Line have been
working earnestly for long time. Eft
the same time, the success of the At
lantic Coast Line thus cuts of covet-
ed access to the sea in that special To-
cality except over its own system.
The Atlantic Coast Line, by series
of controlled connections, runs parallel
with and close to the seaboard from
Richmond and Norfolk to Wilmington,
N. c., to Charleston. S. O., and to 9th
er points in the interior of the several
States by way of numerous branches.
According to its present system, 1t
virtually controls the two seaport
cities of Wilmington and Charles
ton, its line running to the east OF
both the Southern Railway and
the Seaboard Air Line. These latter
two have both endeavored to Sc
cure an individual title to some road
ENJOYING an entrance into either Will
mington or Charleston. Success in that
direction would have furnished an out
let to the sea at points near their south
ern areas of operation, as we'll as at
those now to be found at their northern
lermini.
The best opportunity offered the two
roads to achieve this very end was EN-
bodied in this very sale OF the Cape
Fear and Yadkin Valley Road. That
line crosses both the Seaboard Air Line
and the Southern Railway, reaching
| the sea coast at Wilmington. Had
either of those systems secured the pur-
chase they would have gained access 10
the very port they both covet, and IN
der circumstances involving DO traffic
arrangements, but one based on owner
ship, and ownership alone.
The action of the Atlantic Coast Lire
in absorbing the company gives to that
system en- additional feeder, besides
frustrating its big rivals in their efforts
to come eastward into Wilmington
While it thus enlarges its own facilities,
it thwarts its competitors in their plane
to invade the seaport section of North
Carolina.
The Atlantic Coast Line either owns
or controls series of roads reaching
from Norfolk to Charleston, with i'm
portant branch radistions, aggregating
about ! 1927 miles. The addition of the
Cape, Fear and Yadkin Valley augments
those figures to total of 1868.
A dispatch from Fayetteville, Norih
Carolina, says: After more than 100
bids by Mr.. William H. Blackford,
chairman of the Baltimore reorganiza-
ton committee; Mr.. Samuel Spencer,
president of the Southern Railway, and
Mr.. Harry Walters, president of the
Atlantic Coast Line, the Cape Fear and
Yadllin Valley Railroad was sold yes
terday to Mr.. Walters for S3,l10,000
This is $4,000 more than the entire
first mortgage upon the three divisions
of the property. Mr.. Blackford retired
at o bid of So, 103, 900 and Mr.. Spencer
stopped at a bid of S3,lO9,OOO. The
property was, therefore, knocked down
| to Mr.. Walters at So, 900. In bidding
! for the property Mr.. Blackford repre-
scented the Seaboard Air Line, which
had made an agreement with the .Balti-
timore committee to lease the road.
1t is not known what the plans Of Mr.. Wal.
tcrs will be- but it is quite likely that the
finances of the road will be resdjusted and
! the property taken into the Atlantic Coast
Line System.
The road is divided into three divisions
and on these are separate mortgages. On di
vision a. which runs from Greensboro, N. c.,
to the South Carolina State line. 70 miles,
there has been issued $1,500,000 of fret
mortgage bonds on division B, from Greens
boro' to Mt. Try, 10 miles, there has been
issued $734,00 first mortgage bonds, and on
division c, from Fayetteville to Wilmington,
80 miles, there has been issued $4,000 of
first mortgage bonds. The total amount Of
the first mortgage bonds is $3,O54OO0
There is also a consolidated mortgage for
$1,S6S, 700 covering income bonds. The
capital stock was 81 ,9T2,9J0.
The road has been in the hands of a re-
ceiver since March, 1894.