The news & observer. [volume] (Raleigh, N.C.) 1894-current, 1903-07-09
The Railroad 10 Deep Water
Will be Built.
The CAPITAL is READY
The Route Via Wilson and Only Necessary for
Places Along Route TO Exchange Corporate
Bonds 10 the Amount Cf $1,000
10 Settle Everything.

The railroad from Raleigh to deep wa
ter is going to be built, if all signs
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 and Washington
and short time ago. certain New York
capitalists were in Raleigh looking into
the project Yesterday it was given out
that there is no doubt that the railroad
will lne 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 a short time ago and organized
the company. Captain j. M Turner, OF
Raleigh, a gentleman well known as one
of our best and .most thoroughly equipp-
ed railroad men, was elected president, and>,
Mr.. Claude B. 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 and found that
gentleman in 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
mn Ifa FTn 10 l1..slA
from Raleigh to Washington and then to
deep water on the Pamlico sound We
cannot tell the exact route il viii take
until survey is and this win be done
as speedily as possible. We have arr
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 you?"
Yes, that is just exactly what we are
about now. We are required to furnish
100000 III order to secure the money
upon our frst mortgage bonds, and ii IS
provided in our charter that the coun-
ties, townships and towns, along the line
of route, may subscribe to an amount not
$4,000 per mile and it is also
provided that second mortgage bonds.
not exceeding $4,000 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 its bonds for the amount
by EACH bearing interest at
the rate of 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
scribing 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 il it s
lone it will be but a short time before
gou win hear the whistle OF the engine
rom Pamlico sound to aleigh."
What about the country through which
his road runs?' the reporter asked.
WEIs We Will 81 11OAA 1eNAt~4sA
.ect to Wilson and from that point take
he most feasible and practicable route
o the sound We will run through one
If the richest and most profitable sections
If North Carolina, one of the best farm
ng sections Of the State and also one
# the best timber sections Of the State
md we expect the road to pay well from
he start. 1t will be OF special interest to
Raleigh and Wilson, because as soon as
We strike deep water. we will be en-
tiled to the benefits incident to the con
act with water rate. Tie prospectus
furnished by us to northern capitalists
Induced a number of them to make 4
ersonal examination OF the country be-
ween Raleigh and the sound, and they
yere 50 well pleased with the fiattering
respects that they did not hesitate to
ay that the road should be built pro-
ided our people along the line would
axe proper interest in it by supphment-
ng the bonds issued by such sum as
ill build the road, which IS estimated
. be 5000, 900 At all events, capitalists
i'll let us have the money upon our
onds to the amount of 100000. You
lay say to the public that if they will
id us in the manner required, there will
e no trouble whatever about it.
There is a special feature ! desire to
Ill attention to-" continued Captain
urner, .'and that il that this road is
, be thoroughly independents Of all othar
lines. That it is provided
the charter that the railroad shall not
: sold, leased, merged or transferred
any other corporation that is now or
ay be hereafter constructed, that is now
may be hereafter competitor during
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