The news & observer. [volume] (Raleigh, N.C.) 1894-current, 1899-03-02

The operating expenses in 1885 We're
S94, 1870. The present offer he did not
consider a fair price. There would prob
ably be Il steady increase of business.
The freight for this year was larger
than for the same period last year. The
gross income of the road had been as
low as 100000. The Coast Lines going
into kinston had not hurt the A. and y.
c. The receipts fell off in 1895 from
those of 1898 and 1891 The recei ITS for
the four years of 81 to "a inclusive
were $4,000 larger than from 30 to
9S inclusive. There were nine engines.
five being first-class He thought that
a fair price for the road was a million
dollars. The condition of the road and
rolling stock was better tnan formerly
The bonded debt had been used to
improve the road.
Captain w. II. Waters said he was
been for six years. He had been con-
nected with the road for twenty-eight
years. He had estimated the rolling
stock at twO-thirds Of its value He
had not estimated Che stock at what it
would probably sell for. The difference
in $4,000, the Railroad Commission es-
innate, and 100000, the recent estimate
was due to new property acquired. The
road had nine engines, five in good or
der. the presenk engines and rolling
stock were sufficfanE for the needs Of
the road The machinery in the shops
was old. a new equipment was needed.
He wished TO continue with the road.
Mir. +. II. Meadows said ne was
manufactured Of fertilizers and a
trucker He was large shipper, in
truck and guano. There was gradual
growth of business The stock Of The
road had no particular value twenty-five
years ago, the stock was now worth
from SD to $50, There were no large
sales OF stock recently He thought
the value Of the stock would probably
increase He thought whether or not
the offer under consideration was a fair
one would depend on circumstances; he
would not sell stock at the price Of
fered The sentiment in his country was
generally for holding on TO the property
they feared antag0nistic management.
If the road We're sold to parties favor
able TO the development of the country
there would he less opposition; if it
were certain that the road would be
extended and private interests protected
they would probably favor it. He
thought the State should 20 as far as
possible to protect the interests of
stockholders and counties having inter
est. If the property was to be sold it
should be put up to the highest bidder
The State owed it to people living in
sections without railroad facilities. The
shifting management of the road had
always been Il matter of contention but
had not greatly effected its business in
terests. He was one of the proxy com
mittee and had been several times
director of the road His business as
SOclate was at present direc-
tor. He had estimated the value Of stock
independently of the probable extension
The real estate owned by the road in
Newbern was worth $4,000 or $4,000
MIR. T. A. Green said he was prcsi-
dent of the bank of Newbern. The zeal
estate and buildings of the <. aad X &.
road in Newbern Were Wo4h Lroba8y
$4,000 The stock of the road had sod
for as little as 81 1t was gradually in
creaSng in price. None could be bought
in Newbern now for $2J; he had heard
of none selling for more than $50. He
did not consider the proposition a fair
one. He thought the road worth S10.-
000 a mile, or 100000 for the whole
road. He did not think that, the extern
sion and guaranty considered, the offer
was fair proposition; the State ought
to get 100000 for its interest If the
guaranty to build an extension was Suf-
ficient he thought the price offered
would be fair one. He meant that the
entire road was worth 100000. the
purchaser to deduct the S325, 900 of
mortgaged indebtedness. He thought