Western Carolina Democrat and French Broad hustler. [volume] (Hendersonville, N.C.) 1913-1915, 1913-02-06
SELL THE ROAD.

we may be lonesome IN IaYOrIuS the
sale Of the "Old Mullet" railroad, but
thai $949,950, in cold cash, looks
mighty good to us. A bird in the
hand is worth two on a limb. The
State needs the money far mare than
1t does the road, which has been a
bone of contention rather than q
source of income for many years. The
rental received from the lease Of this
property is a mere pfttance and the
wonder is that there should be a pro-
position to purchase it, presumably
from those who rold a ninety-nine year
lease. There is evidently something be-
hind the proposition that means more
than simply the purchase of the road
and the General Assembly will doubt
less take time for a thoughtful consid-
Grafton of a matter of SO must i'm
portance to the State.
The letter of Mr.. Duncan, who is a
gentleman of financial standing and
large business connections,-being
vice president Of the Norfolk and
Southern Railway,-appears in anoth-
er column. 1t sounds like a business
proposition and is being handled in a
business-like tanner. Governor Craig
transmitted the proposition to both
branches of the General Assembly,
without recommendation, and the same
was referred to appropriate commit
tees for elaboration and final determi-
nation. In an interview touching upon
the offer he has made to the State, Mr..
Duncan said that it was purely a bust
ness proposition; that he understood
the State had, some years ago, indica-
ted q desire to go out of the railroad
business. having leased its various
roads for long terms of years; that the
line he proposed to purchase had been
OF little benefit to the State until it
vas leased by Governor Aycock, prior
to which time it had yielded no profit
to any of the stockholders, and that,
considering these former conditions,
together with the fact that the present
lease Of the line by the Norfolk &
Southern Railroad Company has eighty
three longer to run, he believed
his offer an attractive one.
It is pointed out that, so far as prac-
teal purposes are concerned, the State
has sold the road already, by granting
the long lease, and has no control over
lis operations. Mr. Duncan's offer Of
$949,950 is for the States stock alone,
the par value Of which is said to be
$1,266, 500. The property is mort
gagged for $325.000. Deduct this
amount from the total valuation Of the
stock which, it is claimed, has been
selling on the market at 60 to 20 cents,
and the States interest in the "Old
Mullet" road is reduced to $941, 500, or
$3.50 less than Mr.. Duncan has offer
ed to pay for 1t. The State could uti-
lie the money to great advantage at
this time, in providing facilities for the
education of her children and supply
ing urgent needs for permanent i'm
pTevements. 1t Is easy enough to cry
out against heaping burdens upon pos
terity, but no one can demonstrate that
future generations have done anything
to improve conditions existing at the
present time. In the language of a
former United States Senator: what
las posterity aver done for u.s."
The State must either dispose of
some Of its holdings or issue bonds to
meet pressing needs for meritorious
objects, now demanding consideration,
and we believe the General Assembly
would perform a distinct service to the
people by accepting the proposition
submitted through MI. Duncan.