The semi-weekly messenger. [volume] (Wilmington, N.C.) 1897-1908, 1904-03-11
FRIDAY, MARCH II 1904.
A. & N. C. STOCK ADVANCING.

The appointment OF a receiver for the
Atlantic and North Carolina railroad,
with the prospect OF a sale OF the prop
ertv under an order of the federal court,
does not seem to have by any means
deprecated it's value. On the contrary
it seems to have enhanced It, mat the
stock is worth more today tnan TOT
many years. If not n "a ever pe1ore'
has beer demonstrated by the sale OF
five shares at public auction In hlns-
ton a few days since. Nothing else has
occurred OF late calculated to advance
the market price of this stock. Ger
tainly the last annual report OF the
president of the road had no such n
fiuence on the demand for shares o.
stock in his railroad company. our
readers will remember that PRESIDENT
Bryan in that report said he had unoer-
taken to cut down the mechanical force
in order to reduce expenses. but that
the condition of the road Woulo
allow only ten dollars a day re-
a,ction: that he needed new
rolling stock and equipment to the
value of one hundred and sixty thou
sand dollars: he admitted that some
of the local agents were behind IN their
account; he said the Southern ana Ine
AtLantic Coast Line could bottle UP the
road at will at the Goldsboro terminus
and could bankrupt the company in six
months; he did not deny n statement
hat on March LIST there vas not cash
enough on hand to meet the pay roll
due fifteen days later and admitted that
the taxes for last year had not yet been
paid. 1t is true, he said it was not the
m1stom to pay the taxes until later in
the year, but that does not relieve the
railway authorities Of the embarrassing
situation caused by an almost empty
treasury. with taxes and monthly pay
roll close upon them and some OF their
agents behind with their accounts.
The above statements from the pres
fdent were calculated to depreciate the
value of the stock and we venture the
assertion that had the sale of the five
shares at Kinston above referred to
been held at any time between the pub
lication of that report n the appoint
ment of a receiver by Judge Purneh,
in stead of the price obtained being the
highest in many years it wou!d nave
been much lower than the average for
that time. This sale OF stock demon
strates the fact that persons who have
money to invest believe that the stock
is worth more since the steps taken to
get it from under state control thar it
was before. People may take sides for
or against the receivership through
sentiment or on political grounds. but
men are not going to invest their
money in the stock as an argument in
favor of a. sale or lease. The men who
paid forty-seven dollars a share for the
stock evidently have faith. in the future
of the road under a new management
or they would not have run the price
higher than it has been in many years.
The Kinston Free Press says of this
recent sale Of stock:
Five shares of the Atlantic and
North Carolina railroad stock were sold
at the court house door today at noon
and Notwithstanding the recent agita-
ton and claims of the McBee following
for the need of a receiver the confidence
in the 'Old Mullet' stock was Demon
strated by the stock selling at the high
est price reached in many years, If ever
before.
The five shares were sold separate
ly and one brought SAT. The average
price paid was over $40 the share.
1.-The stock belonged TO the Anthony
Davis estate and was sold for division
among the heirs.
More or less interest was manifested
in the sale on account of the remarka-
able controversy going on concerning
the property. and quite a crowd wit
messed the sale"