The Caucasian. (Clinton, N.C.) 188?-1913, 1904-03-10

Carolina BthEIE ff@' 81 FA-''% '' +'
the following editorial from the
Charlotte Observer:
TIE State vii. bc somewhat
startled by the Information that
Judge Purnen has granted "a tempo
rarv receiger-hIp Tor 'hc At.antia 4.
North Car0iina Ksi.rosi upon the
application of Capt. K. =. Finch,
formerly Of Charlotte, ms. 81 Ne"
York, aud that CAPT. Y +. Melee
has been appointed receiver a. a.
meat vii. b. heard "u the first >inu
day in April, when it vi. Dr. d't"'fn-
incd whether or not The Trce. ver-hip
viii be continued. Meauiim" ia
formation come from Raleigh that
application viii De made 10 Judg-
Sifnont0n to vacate IT. We lack
knowledge upon which 10 predicate
an intelligent opinion about thi7
proceeding, but it il certsin that
something ought TO b. don" about
this property. With the Interests
Of private stockholders the general
public has nothing to do, though II
il j. the UNDER audiug thai large
majority Of them desire that the
road be Leased or sold, in Urdcr that
they may realize something on thcIT
investment; but the Stale being
the owner of tWu-thIrd7 of the stock,
the operation OF deposition of the
property is cverybody'7 business.
Under conditions d they nave eX-
i-ted up to this time, lis future IL
hopeless. ny universal ic7timou y
its management by President James
\. Bryan, under the circumstances
with which ne has 10 contend, could
hardly have been approved upon !;
yet in his last annual report he ~ta-
ted that the road faces a cri-iS-thaj
it has bonded debt Of S325, 600, a
floating debt OF $4,000, needs loco
motives aud rolling 9tn of the
value of $160, 000, not TO speak ct
fifty miles Of G0-pOuud rails, aud
that it only exists by mercy of the
Southern Railway and the Atlantic
Coast Line, which could tie ii Ip in Il
week and bankrupt Ill less than SIX
months. 1t would seem to be folly,
i'm the fact of this exhibit, made by
its own president, to hold Oh 10 th's
hopeless incumbrauCe. Capt. MoB e
last week made an OFF, to lease ii
for a term OF seventy-tiVe years at
-. al ut
Der cont. tor the average L+'rlOJ, to
give 80 cents OF the par VGtu" OF tn
stock which might be for sale, an
to build branch Iuc OF fifty miles,
increasing by that much the deVel-
opmeut OF the State and bringing
this much more railroad mileage in
for taxation. Il is the States duty
to get as much more than this as
possible for This prOperf but this
was a most excellent offer COnsjd-
ering not only the roads unprOduct-
ivene4s but that it is in state OF de-
cav, and a business man OF 0rdlna-
rily good Judgment, if cons 1lted
upon it, would probably say that ii
it could not have been raised il
would have been we'll to accept it.
Capt. Finch alleges in his complaint
that s'under q favorable contract OF
lease, sucn "a heretofore has been o.:
fered," the State would receive an
annual average income Of very neal
100000 upon its stock III this road
and this is surely worth while. But
that is neither here nor there, fol
that offer was Withdrawn last Satur
day, and the sensational event 0i
Wednesday, knowledge of which
became public only yesterday, is she
matter of interest now and will con
tinue to hold the States atteutiol
until the matter of the receivershil
is finally ermined-Whether Va
Gated or made permanent.
1t should have been added, in Or
der to make the facts complete, tina
Capt. Finch, who made appIicat OF
for a receiver to he appOinted, is on
of the private stockholders, and tn
application was made because tn
parties representing The State
shares OF stock refused to be prese0
at the meeting of stockholders whe
the proposition to lease the road We
to be acted upon, thereby destroy
ing a quorum. Governor Aycoc
was also approached, and asked t
cause the States proxy to be pres
ent at the meeting Of the stOckholC
ers and he refused, saying, accord
ing to the application of Mr.. FincT
"that the States proxy should &c
attend meeting called for that pu
pose, unless the propositions of leas
should be first submitted to aud a,
proved by him." thereby destro,
ing the rights of the indlvidu
stockholders who We're given by Il
acts of the Legislature incorporate
the company controlling interest.
Now the question arises IS 10 WI
Gov. Aycock and his crowd refuse
to allow the stockholders to act up,
q the matter of leasing the road?
is shown in the editorial quote
from the Charlotte Observer aboy
that the road is absolutely worthie
as it is, and that it is a burden up'
the taxpayers of the State, but tn
s to lease it, it would pay a guarant