The news & observer. [volume] (Raleigh, N.C.) 1894-current, 1901-01-22
SUICIDAL POLICY"
SAYS Mr., J,A. BRYAN
Speaking of Selling States
A. & N. c. Stock
KEY TO R. R. SITUATION
When the State Sells Its Interest il
Shackles the Peoples Energies.
CANNOT EXIST AS PRIVATE CORPORATION
Deprived Of Protecting Power Of the Stale, il
Would be at the Mercy Of Two Great
Corporations and PoWerless
TO Assert lis Rights.

In his report to the stockholders of the
Atlantic and North Carolina Railroad,
President Bryan takes high ground
against the States selling her stock in
the read, and says that such an act
would not only be an act of bad faith
to the minority stockholders but suicidal
in itself"
He states that its ports of Newbern
and Morehead City are the only ports
or the Atlantic seaboard south of Nor
felix that is not dominated by one or
mcre great railway systems; that with
its water connection, it is, as far rs
ii extends, q key TO the railroad situa-
ticn of the State. but deprived OF the
protecting power incident to the owner
ship of a portion of stock by the State, ii
would be absolutely at the mercy of TIVE
great systems with which it connects,
ard powerless under any circumstances,
10 assert its independence or to demand
its right.
Tapped at it's most vital points, Colds
boro Kinston and Newbern by rich and
greatly more powerful lines, it's profitable
ownership by a privote corporation except
by the friendly sufferance of these lines,
would be an impossbility, and, there
fore, if at any time the State should, IN
an evil moment for the people of the Sec
tan when IL traverses, see lit TO part
with its ownership, it matters not to
whom it goes, or what the nature of the
stipulations providing against it's acqui-
sition by connecting lines may be, they
have it in their power, by means well I'M
derstood by those cogniZant of the tactics
OF hostile and rival roads, to destroy its
business, drive it into bankruptcy, and
tuice Il 10 d sale, at which, if they SO
oasired d, taey could easily possess Inem-
ves 81 | And CT this fact no one is
aetter aHaIe than themselves. There is
ue sentiment casting between corpora
tisls, none il their composition, and rail
road corporations are not an exception TO
TIE rule. The survival of the fittest is
tho doctrine OF their existence. and inter-
edt alone is, necessarily, the controlling
i.s ration Of their action. And, there
fls, If the state should sell lis stock to
rivate syndicate or corporation, and
& came, as il then would, and, in fact,
81 il already is the interest of the corpo-
f9tiCEs referred to to own and merge it
ato their systems, no power known to
tho law could prevent it. The result of
such ownership and merging would, liz
higher tariffs, increased rates and arbi-
tr1ry rulings, be quickly felt by every
shipper and resident, over and along its
entire line.
Your road is the main artery of the
commercial and Industrial life of the sec
ticn through which it runs. 1t is the
great controlling force, which by reason
&C its facilities for transporta' IN at it's
water terminals, over which, if at eny
-1,0
the rover 10 exercise an Independent
control has prevented the imposition If
excessive rates upon the people in it's
territory and enabled them in the enjoy
ment of fair and just competition, to
reap the fruits and benefits of tier labor
and toll. But this mighty force which
hts built up this section and brought
prosperity and comfort to many CT its
people. is but a reflex. With the fostering
arm OF the State Withdrawn by the sale
OF its stock. the road would not only re
unable to aid our people, but roweriess
tic protect itself. Corporations c;.n light
and destroy each other, but hey not de-
stroy the State, nor for any l,ngtn OF
time can they successfully ighu it, Con-
tirued ownership of it's stock by the State
T. ans continued prosperity q this sec
ticu. It's sale means the reverse YCu
might lease your road and it still could
SD, serve the interests of our people, hnt
soil it. never-for in that hour in Whic,.
TIE State parts with the own arship of its
stock 10 the possession of another, Re.
eirs the forging of the letters with which
to shackle the energies of our people
The earnings of the road for the past
FIVE years have been as follows: