The news & observer. [volume] (Raleigh, N.C.) 1894-current, 1904-02-26

mercy and but for their clever courtesy for they
can tie il mp in a week., it would be bankrupt
in less than six months, and would have 10 sus-
pend operations.
The above are unpleasant facts. vet they are
facts known TO all who in anyWiSc familiar
with The conditions governing the relations eX-
stngs between your road and its rail connec-
lions, and therefore feel that it is imperative
upon me, not only TO lay them before you, but
if you have any desire TO save it from destrne-
ton and 10 put your property upon 4 paying
basis, to urge you to properly equip it and not
to keep il Tor years To come as il has been doing
for years past, living from hand to mouth.
To meet the demands upon il, you need the
following equipment, to-wil:
iS-inch cylinder locomotives, which
will cost at this time. ...........S 2O,0000 90
100 tirst-cass ZOO pound box cars .. 80 600 90
80 first class 60G00 pound fat cars... n 800 Oh
l0S first class 1900 pound log cars... "a, 900 90
4 first-class passenger coaches. ....... 10000 %
| Sccond-clasa passenger coach. ........ 1000 90
i combination passenger coach.......... 1000 0
mail and express co&ch...,. 1850. 90
parlor cars ACKNOWLEDGEMENTS. 100000
Making total for equipment - .Sl60,80o %
But TINS is not al. Nou have in your track
about 80 miles Of light 4j-ponnd and 50pound
iron which should be and soon will have 10 b.
replaced with G0p0Gnd rails.
Since this light iron laid conditions have
changed The heaviest engines then run, III
contemplation for being rum over IT, weighed
but Is and 80 TONS and the greatest capacity Of
the ears that were expected to be pulled over
il was but 10000 pounds and your highest speed
u miles per hour. whereas at this time you are
running 80 to 10-ton engines at I speed OF 40 to
GO miles hour. and drawing heavy iron cars
of 100000 pounds capacity at speed of % TO 40
miles per hour, as circumstances OF connection
etc, may make necessary.
This iron as must be apparent to yml all, is
too light for the service which the traffic Of to-
day requires ii to render, and is liable under
the too great strain 10 which it is daily subject
ed 10 give way at any time and cause de,
strnction of both life and property that will cost
your road many thousands OF dollars.
Tenth Your orator further shows that recog
nizing the deo'orabie condition OF the property
of the defendant corporation, r9any of the stock
holders other than the State Of North Carolina
have endeayorod to negotiate a lease of the said
property at figures that would pay a remunera
tive dividend upon the capital stock and which
would impose upon the lessees the dirty OF
equpping said road with ample complement
of up.tO-date rolling stock, and relaylng the
road bed with not less than 60 pounds per yard
steel rails, and rebuilding or repairing the road
bed and superstructure and putting the same in
first class condition, providing for the interest
on the bonded indebtedness OF 1926, 600, the re-
funding Of the same and the payment Of its large
floating debt OF upwards OF sixty thousand dol
lars and paying all acCrung taxes on its prop
erty And in addition thereto for the building
or constructing within the borders Of the State
Of North Carolina, fifty miles OF new standard
guage railroad, in connection with the said de
PENDANT corporation.
Eleventh. That as a result Of these endavors
on the part of the said stockholders several pro-
positions of lease. your orator is informed and
submitted to the GOveTnor ol The State ::itnn
the last two months by reliable parties who
are willing to deposit with the Treasurer OF the
State OF North Carolina good and solvent bonds
in a sufficient amount TO guarantee the dividends,
and the faithful performance by the lessee of the
contract. And that your orator is informed and
believes there are several persons who are willing
and anxious to lease the said property upon
terms most favorable to the stockholders.
Twelfth. That your orator Is informed and be
heves and sojLalleges that the stockholders other
he Carolina
unanimous in their desire that some one OF these
propositions should be accepted. That in the
month OF September8 1903, a meeting OF tbs
stockholders was duly called for the purpose OF
considering propositions OF lease; that at said
meeting the proxy of the State of North Carolina
was present., but it becoming apparent that the
proposition of a lease would be tayorably con
sidered, the proxy of >the State disregardiEg his
duty under the Jaw, either of his own head or
under the direction Of the Governor OF the State
Of North Carolina, Withdrew from the Meeting
thereby destroying 4 quorum. and defeating the
object OF the said meeting, and defeating and
intending to defeat the stockholders other than
the State of North Carolina OF their constitution
al rights, and thereby cOndemning the property
OF the defendant corporation to further years of
unproductse4iess. That the said meeting was
adjourned blythe private stockholders until the
month OF December 1908, when the stockholders
.other than the State Of North Carolina again
met for the purpose OF considering the question
Of leasing the property OF the defendant corpora
ton. That the States proxy wilfully absented
himself from this meeting for the same purpose
OF defeating a quorum and OF preventing the
stockholders other than the state of North Caro-
lima, who hold majority vote from considering
and acting upon the proposition OF lease which
had heretofore been made t@them. That the
said conduct of the States proxy was without
warrant OF law and revolutionary, and in
utter disregard of the rights of the defendant
corporation, your orator and the other stock
holders.
Thirteenth, That your orator. familiar with
the conduct OF the States proxy in the meetings
above alluded 10, on the 23rd of February, 1904,
approached HIS EXcellency, the Governor, and
after representing 20 him that he. was stock
holder OF the defendant corporation, and. in favor
of leasing its road asked him If a meeting was
called to consider the question of leasing the
property and voting upon that question, would
he direct the States proxy to attend the meet
ing and vote upon the same That he replied
that he would not do so, and that the States
proxy should not attend a meeting called for
that purpose, unless the proposition of lease
should be first submitted to and approved by
him. Otherwise that the States proxy would
not attend, and that there would be no quorum
and no meeting. Your orator further represents
that the past conduct of the proxy in the
premises is fraud upon the rights of your ora
tor, and the other stockholders OF the defendant
corporation. That without the presence OF said
States proxy, no meeting can be held for the
transaction Of the legitimate business of the said
corporation, thus transferring the management
and government of the defendant corporation
from the stockholders in whose hands the law
has placed it, into the hands of the Governor of
the State of North Carolina, who in law has
same.
Fourteenth That under the charter of the de-
fendant it was meyer intended that the Governor
by instructions TO the States proxy or the
States proxy OF his own head, should control or
defeat corporate actions, and the exorcis, of any
such power is a usurpation and violation of
the law, and fraud upon your orator and the
other stockholders of the defendant corporation
and entities your orator to the protection of the
court.
Fifteenth. That it is part OF the current
history of North Carolina that this CORPORATION
has never been run in the interest of the stock.
holders but has been preserved as a reward for
political favortes. In his report for the wear
1886 Mr.. Washington Bryan, then the president
of the defendant corporation, SAYS:
lit will take patient and hard work to build
up the Atlantic road to the level of the first,
class roads of this State It be done, hog,
ever, and we believe is being done with meas
urable rapidity; but, in order for this progress
TO continue, the management must remain as
untrammelIed it has been the past year, and
must be kept free from political pressure OF
every kind. This road must be operated as
other roads which pay-simpy and purely for
the money that is in it, and its officers selected
for their individual capacity and ability and
not for the political influence of themselves and
friends, local or otherwise. Being largely owned
bv the Commonwealth, and several counties hold
ing its stock, it is apt to become a political
machine Should this happen, its doom is sealed
and ere long it will share a fate similar to that
of other corporations politically controlled
MANAGE the Atlantic road as private cornorations