The farmer and mechanic. [volume] (Raleigh, N.C.) 18??-19??, 1903-07-14
On FROM RALEIGH
10 PAML|CO SOUND
ne Railroad TO Deep Water
VIII be Built.
HE CAPITAL Is READY
! he Route Via Wilson and Only Necessary for
Places Along Route to Exchange Corporate
Bonds 10 the Amount Of $500, 900
10 Settle Everything.

ter IS gong to be built, il al -gns
don't fail.
For some time the Eastern papers Of the
State have been publishing items That
the gentlemen connected with the Raj
eigh and Pamlico Sound Railroad have
been visiting and prospecting along the
line between Raleigh aud Washington,
and a short time ago, certain New York
the project. Yesterday It was gwen out
that there IS no doubt that the railroad
Viii ne multi soon, provided certain CON
ditions are complied with.
The charter for this road was obtained
at the last Legislature and the Incorpora-
tors met Il short time ago and organized
the company. Captain J. NJ. Turner, OF
Raleigh, a gentleman We'll known as one
Of our best and most thoroughly equlpp-
Cd railroad men, was elected president, and
MI. Claude L. Barbee, OF Raleigh, whose
business and financial record IS an open
book, was made secretary and treasurer.
A News and Observer reporter called
yesterday to see Captain Turner to know
what the prospects were ana lOullu lndl
gentleman III a most affable and pleasant
humor over the prospects. The reporter
asked Captain Turner if he had anything
to give out to the public relating to the
construction of the road and the captain
frankly and freely replied. saying: Yes,
we have nothing now to keep from the
public. We are going to build our road
from Raleigh to Washington and then to
lnnp ato -, 41o Da,,)Ia n,p Wa
cannot tell the exact route it Will take
until a survey is made and this Will be
done as speedily as possible. We have ar
ranged to negotiate our bonds provided
certain conditions and guarantees are set
tied"
'Well, captain, what about counties,
towns and townships subscribing? Will it
be necessary for the people along the line
OF route to assist your
Yes, that is just exactly what we are
about now. We are required to furnish
$500, GOO in order to secure the money
upon our first mortgage bonds, and it is
provided IN our charter that the coun-
ties, townships and towns, along the line
of route, may subscribe to an amount not
exceeding So 5000 per mile, and 1t IS also
provided that second mortgage bonds.
not exceeding So, geo per mile, bearing 6
per cent. interest, may be issued by the
company to an amount equal to that sub
scribed by the counties, townships and
towns and the subscription IS to be made
to these second mortgage bonds, and IN
lieu thereof each county, township or
town subscribing will deliver to the rail
road company It's bonds for the amount
subscribed by each, bearing interest at
the rate OF 5 per cent. You see We are
not asking that the people give us any
thing for the enterprise, but we are only
asking for the exchange OF bonds; that
Is, we will deliver our 6 per cent. bonds
to the counties. townships and towns sub
scrlblng for an equal amount OF their
bonds at 5 per cent, all payable in thirty
years. We cannot float the first mort
gage bonds unless this is done, and if it IS
done It Will be but a short time before
you Will hear the whistle of the engine
from Pamlico sound to Raleigh"
What about the country through which
this road runs?" the reporter asked.
well, we will go from Raleigh di-
rect to Wilson and from that point take
the most feasible and practicable route
to the sound. We will run through one
of the richest and most profitable sections
of North Carolina, one OF the best farm
ing sections of the State and also one
OF the best timber sections of the State,
and we expect the road to pay well from
the start. 1t will be OF special interest to
Raleigh and Wilson, because as soon as
| we strike deep water, we Will be en-
titled to the benefits incident to the con
tact with water rate. The prospectus
furnished by Us to northern capitalists
induced a number of them to make a
personal examination of the country be
tween Raleigh and the sound, and they
were 50 we'll pleased with the fatterlng
prospects that they did not hesitate to
say that the road should be built pro-
! vided our people along the line would
! take proper interest in it by supplement-
ing the bonds issued by such a sum as
will build the road, which is estimated
to be 5000, 900. At all events, capitalists
viii let us nave the money upon our
bonds to the amount of $500 600. You
may say to the public that if they viii
aid us in the manner required, there will
be no trouble whatever about It."
There is a special feature l desire to
| call attention to-" continued Captain
Turner, .'and that is that this road is
to be thoroughly independent OF all other
transportation lines. That it IS provided
in the charter that the railroad shall not
be sold. leased. merged or transferred
to any other corporation that IS now or
may be hereafter constructed, that IS now
or may be hereafter a competitor durlng
the time any county, township, city or
town shall hold IS per cent OF the second
mortgage bonds of said railroad com
pany. This leaves it IN the power Of
the counties, townships or towns to have
this as an Independent line for at least
thirty years, the time Of the maturity of
the bonds. This Will be a greater adj
vantage to the people of Eastern North
Carolina. and they Will know when their
subscription is made that they can not be
gobbled up by any other road, There
is another fact I wish to mention and
that IS that the assessed value OF the rail
road proper will increase the taxes along
the line to such an amount as viii be
about an off set to the interest upon the