The news & observer. [volume] (Raleigh, N.C.) 1894-current, 1899-02-26

caucus Tor ulSEuSSlOH. 1T is II HledSuft
that ought to go before a caucus. They
come here and offer three hundred
| thousand dollars for road that is to-
day paying over and above its running
expenses 51a per cent on one million dol
lars. Take that down, thirty-siX thou
sand dollars to pay dividends and $40
500 interest on its bonds. The PROPOSE
ton to pay three hundred thousand dol
lars for this property is monstr0us.
The State compromised the bonds ut
20 cents on the dollar, and that makes
her property worth S506, 10000 that is
her interest Now, Craven county alone.
| am just going to take up the county
now without the private individuals,
owns S129.000 or S130000 worth of
stock, which has cost her in the money
that has been collected to pay for il
over five hundred thousand dollars, and
she still owes to-day over thirty thou
sand dollars principal and interest. Lee
nor county owns fifty thousand dollars
worth of stock, and Pamlico owns TWEEN
" thousand dollars worth of stock, and
that makes $4,000, which those coun-
ties have paid out of their stock. as
against S506,400 of the State. Now.
who is entitled to a voice in this mat
or any say in this? And in addition to
this the private stockholders when this
property was sold, lots and cords of
them paid 100 cents TO the dollar for
their stock. Who is here from these
counties asking that it be sold? Have
these gentlemen gone down among those
people and called Il meeting of the stock
holders and asked the people what they
will do? Have they gone to Craven, or
Pamlico or Lenoir county? Not a bit of
it. Who have they here to represent
them? Not a single man. They come
here before you with paid attorneys
and ask you here to report bill to he
passed TO sell this stock for three hun
bred thousand dollars, and make the
private stockholders take what they
want to pay. Look at il here to-day.
That road is paying between $4,000 and
$4,000, and what would be the interest
on that three hundred thousand dollars?
Suppose You put it in your per cent
bonus. $4,000 would be the income
against $4,000. If they want to be
fair and just, they would pay the State
six hundred thousand dollars for its in
tcrest in order to get as much from 4
per cent bonds as they are receiving
from the road. Lots has been said here
about the physical condition of this road.
| have here from the superintendent of
the road communication received sew
eral days back which states that the
gross earnings were, in 1895, S136.000;
in 1896, $4,000; in 1897, S149, 600; in
1898, S114 900, which shows a gradual
increase, and last year, with road run
down. and in such bad condition, an in
crease of 1000 over the previous year.
The road bed is in fair order, and with
the exception of the bridge at Newbern.
which has Il new steel draw, j can
duplicate every bit of the wood work
and make it new for $4,000. Talk about
that road bed being rough! The road
he'd IS not in as good condition as it
should be, but it is in fair condition.
and trains can be run at the rate of 40
80 and go miles an hour with safet.
and ease The rails are steel; they
are light rails, but they are heavy
enough for that traffic.
THE road is the commercial artery of
Newbern, Kinston, and you know, Mr..
Chairman. the benefit it is to your city.
The road is the commercial highway of
the people living in the section along its
line; hostile management of the road
would destroy them in two years. III
this syndicate will build the extension
TO Charlotte or other points we will
make contract rates with them and
give them just as good rates as they can
get for themselves, and give them the
right of way for solid trains to run to
the sea. l tell you that that road to-
day, if it had been managed as a bust
ness man would have managed it, would
have paid these dividends: il would have
taken these dividends and paid off its
debt. Pay off that debt and the road
would to-day be paying 3 per cent on
The sock. Let it pay off that debt and
then let it build these roads that Mr..
Foy speaks of. | tell you if that
debt is paid off, and there is no question
of its ability to do it, and those roads
completed, that road will pay dividend
of ) per cent right square along. and
stand on a par with the other great
roads of the country. All OF the great
systems pay but per cent, and l0oh
where their stock is. This road is the
key of the railroad situation in North
Carolina as far as it extends to-day |!
has all it's water connections with al.
the eastern points, Philadelphia AMI Ra.
timore, and it can lay lows its freishts
to-day in Goldsboro cheaper than the
tates their freights and controls them.
We had occasion several years ago,
when the road was not paying a divi-
dend and we were talking abort giving
it away, to look into this We .ound
that the road was saving the people be-
tween Goldsboro and Morchead City
two hundred thousand dollars az against
inland points annually. Let that pas.
out OF the hands of the State ana go
into the hands of the syndicate, and !
tell you he rates we get there to-day we
won't get aoJin.
There arC n great m1ny things |
would ike TO say about this road hit
| would rather say them in a Caucus
with Democratic members rhan in oran
committee, and therefore | take it that
this committee will not report this bill
fayorably without having first submitted
it TO the caucus. If You sell this road
without first calling those people down
there together, if you take their property
and put it into the hands of aliens and
strangers, You are gong to hear the
thundcrs roar among the people of the
Eastern part of the State. They have