The semi-weekly messenger. [volume] (Wilmington, N.C.) 1897-1908, 1904-03-01
TUESDAY, MARCH | 1904.
THE A. G. N. c. RECEIvERsHIP.

Only a few papers in the state SO
far. have commented upon the action Of
Mr.. Finch in applying for a receiver
for the Atlantic and North Carolina
railroad and Judge Purnelps appoint
ment of Mr.. IcBee to that position.
The papers making these comments
are very wide apart in their views-ex-
tending from approval of the proceed
ings to violent denunciation of 1t and
severe criticism Of every body connected
with it. including the judge who issued
the order
The Raleigh Times, of Thursday
evening. which first published the
news of the appointment of the receiT-
er. thus comments or the matter:
'It may be remembered by some
that this paper referred to Mr.. Bry-
ans report some months g as his
column of wants" We thought then,
and SO think now, that prominent
among the wants was a receiver 70
settle up the business. This idea
seems to be somewhat prominent III
the minds of the gentlemen who are
now seeking relief through Judge Pur-
nell. If these gentlemen. these private
stockholders, are acting In good faith.
they have simply fallen upon the only
course open to them. This will ap-
pear when the course Of the governor
with reference to the states proxy, is
reviewed. If. on the other hand. these
gentlemen are not acting in good faith,
ard 1t shall appear that the o is NOT
so a of az represented, why then the
states interest will have no trouble
in obtaining relief from the proceed
ing. We trust, and believe. these pri-
waite stockholders are acting in good
faith. and We sincerely hope this ac-
ton may put this road out Of politics.
and free 1t from other entangling al
liances. such as bookkeeping and the
employing of men for other than their
tine for the positions they are up
posed to hold. This is a fine piece OF
property, and if managed by the best
and most progressive business meth
DDS. would continue to grow in value
every year"
The Morning Post. OF Raleigh, which
n News and Observer says is owned
by, and run in the interest OF. the
Southern railroad, heartily approves
Of what has been lone. According TO
The Post the finance of the road are
in q d~eplorable condition. The COM
pany has never paid a dividend except
en- two occasions and then to the great
detriment of the road. Commenting
upon what has been done and the rea-
sons for the action The Post says:
For reasons set forth at length and
in great detail in the petition Mr.. K.
8. FIRch. a private stakeholder, basing
his action upon the report of the
president OF the road as to it's financial
and physical condition and require
ments. and the refusal of the state as
a stakeholder. to permit the leasing of
the road and it's deliverance from al
legged political management" in be
half of himself and all other private
stockholders" appealed to the judge
of the United States court of this dis
trict for the appointment of a receiv-
er. which was heard on the 24th by
Judge Purnell, and the prayer of the
petitioner granted, by the appoint
ment Of Captain ". E. NcBee as tenn
porary receiver.
THE point has been reached when
something must be done with this
property. for the interests of the splen-
did section which ii was designed to
serve; the private stockholders and cit
zen OF the state whose money is tied
up in it demand 1t. state manage
ment" has been tried from the compile
ton of the road in 1857 to the present.
and all know the result; no dividends
save On two occasions and this to the
positive detriment of the property, n
its present condition as detailed by it's
present president in his last report.
quoted from literally by Mr.. Finch in
his petition. The private stockholders
are iiGiStant for a change. and this
means q lease for a term of years or a
sale of the states stock outright. The
experience of Governor Aycock evil
dences the extreme difficulty of set
Ting the matter by a lease. and a sale
can only be made by direct authority
OF the legislature. The federal court
therefore, In behalf of the Stockho,6-
erS. has control and placed the
property unde the management Of
Captain McBee, until some disposition
can be made Of the property by the
owners thereof. the state and private
stockholders. This action by the ed
eral court will not preclude such othe:
plan as the state and private took
holders and other party OF parties may
agree upon. but we think it IKE the
status of the management of the prop
erty until something is done, either by
way Of putting it on a paying basis
or diSposiug of it by lease or sale"
The Charlotte Observer. while stat
ing that it has not sufficient kncwl-
edge upon which to base an opinion
about the proceeding. declares tna
something ought TO be Ion with The
property. It how from President
Rryan'S last annual report that the
company is in serious financial straits
and ne property in need of h Ak
penditure of large sums to put the road
in proper order. The Observers com
ments are. on the whole. favorable tcr
the sale or lease of the road for n
benefit of tire state and of the privatc
stockholders. 1t says:
with the interest of the privat