The news & observer. [volume] (Raleigh, N.C.) 1894-current, 1904-06-24
Manufacturers Agent

shipper along the line of the road is
pleased with the dispatch and the ex-
cellence Of the n service performed.
During my entire term of Office |
have received no complaint from any
stakeholder nor from any director of
any wrong doing concerning the road
The only complaint ever made to me
by stocknolder was to the effect
that l would not agree to- Iel5e
the road at a figure below What L
considered its true value. Less than
two years ago the highest offer f6i'
the road was Y per cent. Today /
have three offers averaging more than
8 per cent and [ am satisfied that
the road can be leased at from per
cent. to per cent. as soon as it
comes completely into the control OF
the stockholders again. If these I'M
deniable facts show msmanagement,
corruption or inefficiency, then what
must be said of the management of
the Southern, the Atlantic Coast Line
and Pennsylvania systems?
Proof of Good Management.
Early in this year while propCsi-
tons to lease were being considered
by me, upon appncatIon of a person
who was not Il stockholder anu who
never had been a stakeholder, but
who entered INTO a contract to pur-
chase stock in road winch he aIeg
ed was being mismanaged and to pay
more than twice as much for it as
had ever been paid for any of It's
stock, this valuable property in which
the state owns tWo-tnlrds of the
stock, was thrown into the hands OF
receiver by a Federal Court with
out notice. An investigation into the
facts of the case before the Chief
Justice Of North Carolina, at my in
stance, resulted in showing that the
plaintiff did not own the stock on
which he based his suit; that he had
never owned any stock and that he
had this contract to purchase the
stock at twice its then value OF
course this suit was dismissed and
the road restored to its owners. Sub
sequently another bill was filed in the
name of a former stakeholder who at
the time of filing the bill did not con-
troll his stock. He claimed to own
only thirtv-seven shares, which even
at par, would not pay the expenses
of a law suit in the Circuit Court of
the United States. | caused an effort
to be made to purchase his stock,
but he declined to consider any prop
osition for its purchase. He would
not take par for stock in Il road in
which ne alleged the management was
ference between Finchs suit and Guy
ler's was that Finch brought his suit
before he got control OF any stock and
Cuyler brought his after he had lost
control of it. They We're both puppets
in the hands of some man or some
men seeking to despoil the State OF
her property The road is again in
the hands of the people to whom the
law commits it, A hearing will be
had of the matter i'm the Circuit Court
of Appeals in October. In the mean
time, it may as well be understood,
that this administration will deal with
the road as with a trust, charged as
it is by the Legislature with the duty
of protecting the States interests. II
when the road is finally restored to
its true owners, proposition to lease,
well secured and in a sufficient sum
to justify it should be made, a lease of
the road will be contaminated. | have
always been willing 10 lease the road
whenever l could secure such a prop
osition, safeguarding the State, the
private stockholders and the interests
of the people in the section through
which the road runs. | cannot be
driven into a lease, nor will the peo-
pie of North Carolina submit to hav-
ing their property rights imperilled