The news & observer. [volume] (Raleigh, N.C.) 1894-current, 1899-02-24

road at least one hundred miles IN
length connecting with said Atlantic and
North Carolina Railroad and running
westwardly through the counties OF
WAYNE, Johnston, Harnett. Moore and
Montgomery, and thence in the direc'
ton OF Concord. Salisbury or Charlotte.
Section 3. That, at the time Of exc
cutting the contract provided for in the
next preceding section, the said W. j.
Edwards shall deposit with the State
Treasurer bonds or other valuable SCI
curties TO be approved by said state
Treasurer. of the market value of one
hundred thousand dollars Sl0D,000.0ul.
as collateral security for the faithful
performance of his aforesaid contract
within the time therein limited, the con-
dition of said contract to be that. If the
said one hundred miles of railroar! shall
be completed within four years from the
ratification of this act, then the SAID
bonds or other security shall be surren-
dered aud returned to the said W. j..
Edwards, his associates or assigns. but
that, if the said one hundred miles OF
railroad shall not be SO completed. then
the said deposit shall be forfeited Ia the
State of North Carolina and shall be
converted into money and covered into
the general funds of the State, it being
distinctly understood that the advantages
to accrue to the State from the compile
ton of said one hundred miles of road
constitutes material inducement for
the sale and transfer of the aforesaid
stock Provided. however. that. until
the deposit hereinbefore provided for
shall become forfeited, the said W. j..
Edwards, his associates or assigns shall
be entitled to collect and receive the
interest. dividends and profits accruing
thereon.
Section 4. That this act shall he in
force from and after its ratification.
Speaking of the proposition embraced
in the bill. Mr.. Edwards said last night:
"The fairness of this proposition is
very clear, and the acceptance of il by
the State will be undoubtedly wise, in
asmuch as the Western North Carolina
Railroad Company was advantageously
sold to a New York syndicate to secure
its extension One of the results of said
sale made by the State is. that the co,ln-
ty of Buncombe now lists twice as
much property for taxation as the whole
Western part of the State did prior 70
the building of this road. The same
is true of the Cape Fear and Yadkin
Valley road which was sold by the
State for the consideration of its being
extended; the result of which is, this
road has added to the State taxable pro-
perty not less thar ten millions of dol
lars. Furthermore. if the Atlantic and
North Carolina road is allowed to remain
unextended and undeveloped, there is
great probability of its being paralleled
from Nowbern to Kinston, where it is
already tapped by the Atlantic Coast
Line, and therefore, cease TO be di.
yidend paying property. Besides lit is
q well known fact that the road and
equipment is in bad physical condition,
and in the near future several wooden
bridges along its line will have to be re-
placed with modern steel bridges. and
that sum of more than 100000 will
be required to PUT this property in good
condition. Three hundred thousand
dollars, or about $1,000 per share is Il
fair price for the States holdings, mas
much as it will take about S950,o00 10
acquire the property outright and put it
in q good condition, namely:
100000 for State stock.
S150,O00 for private stock.
S350,000 for bonds and premiums.
$150.000 to put the property in good
condition.
1T is also evident that this is full
value for the property. inasmuch as the
Cape Fear and Yadkin Valley recently
sold ut $1,000 per mile at the receivers
sale, which is admitted by all railroad
authorities to have been high price for
the property. While the Cape Fear
and Yadkin Valley is O new road in ex-
cellent condition and has an earning ca
pacity about equal to that of the At
lantic and North Carolina road at pres
emf, the Atlantic and North Carolina
is an old road and in woefnlly bad
physical condition
We offer to pay the price equal 10
that paid for the Cape Fear and Yadkin
Valley besides putting up 100000
guarantee to extend the line at least one
hundred miles through a section OF
country greatly in need of a through
line. The result in taxation to the State
from this one hundred miles Of road lit
is intended TO build Immediately $50
miles,, will give the State in the way of
town and railroad property AT least five
millions of dollars worth of taxable PRO-
perry. which is TO be a new and perpetual
source of taxation to the State, yielding
annually a much larger income than the
State can reasonably hope to receive as
dividend from her stock in tlie Atlantic
and North Carolina Railroad, to say
nothing of the taxes to be received from
this source by cities and towns.
1T is Well known that the Atlantic
and North Carolina Railroad has been
from its earliest history the foot bah of
politics and that with each incoming adj
ministration there is always struggle
over the control of this, railroad com
pany. Ii sold to us it will be managed
entirely by North Carolina. composed
of people living along the line Of the
road, and will be conducted solely with
a view to making il paving property
by developing the country through which
II runs. 1t will pay the State, develop
the resources Of Eastern North Caro-
lima, give an independent competing line
to that section, and eliminate the road
from politics.
The gentlemen are of the highest char
acter and business standing, and are in
no manner connected with any other
railroad company, directly or indirectly.
We mean business, and we are prepared
to do all that we promise. We will pro-
tcct the private stockholders in every
way. and believe that it would be to
their interest for the State to sell rs it's