The farmer and mechanic. [volume] (Raleigh, N.C.) 18??-19??, 1913-10-07
THE STATE SHOULD HOLD
TO ITS RAILROAD STOCK
A Presentation of The Case of The Atlantic and
North Carolina Railroad and Reasons Why
States Stock In It Should Not Be Sold.
BY r. A. Num-, New Bern. N. c.

Inc Alldtll' IN -NoIth
Railroad Company was chartered IN
1853, organized in 1854, and built IN
the years following. The first train
was operated through from Goidsporo
to Morehead City June I, 1900 over
a line approximately one hundred
miles i'm length. At that time n
country east of Goldsboro was sparsely
settled. The LANDS were generally
owned and operated by large slave
holders. Much of the most valuable
land was growing in timber.
Soon after the beginning Of the war
of March IA, 1862, New Bern was
captured by the Federal army and
Roanoke Island and the coast ountry
having been occupied by the enemy
the Confederate army fell back to
Kinston making that town and the
surrounding country its outer eastern
territory. The railroad from New
Bern to Morehead City was operated
by the Federal army for its purposes.
That portion OF the road from kins
ton to Goldsboro was operated chiefly
in the interest OF the Confederate
States government All that portion
of the road between KinSton and New
Bern. about forty miles. was abandon
ed. Many of the bridges and ~trestles
were destroyed and the roadway was
suffered to run down and deteriorate.
The bridge across Trent river at New
Bern was burned when New Bern
fell.
When the road was returned to the
Atlant and North Carolina Railroad
Company after the war it was in a
wrecked and miserable condition. The
q bed was in sorry plight and the
rolling stock was practically worth
less. The warehouses and stations
were partially or completely destroy
cd. The capital of the company had
been used originally for the construc-
ton OF the road and purchase of the
equipment and there vas no money
which the road traversed was in a
most d~epiorable condition. All the
negroes had been freed, houses and
barns had been destroyed. the land
had grown up and the bitches had
been filled, the fences and bridges de-
stroyed. The owners in many in
stances were without sufficient money
to pay their taxes. There were II
manufacturing industries Of any kind
That part Of the State between the
two armies probably suffered more
from the ravages of war than other
sections. The public bridges over riv.
ers and streams had been destroyed
and the creeks and rivers were block.
ed and obstructed. The people hat
practically nothing. And the begin
ming was worse than starting life
anew because everything had to be re
adjusted and re~-organized and started
under different and intolerable con
ditions and on a credit system
Nearly every one who had beer veal
thy before the war was bankrupt
The carpet-baggers and scaiawag
controlled and administered an ex
travagant, inefficient. dishonest an'
corrupt government the evils of whic
were worse If possible than those O
war.
Seeking to Build Up.
Under such conditions the railroa
company was practically bankrupt an
the prospect of re-establishing ii
business and usefulness was nc
bright. The stockholders were doubt
ful about its success. Some Of the1
who had paid 800 per share for tt
stock sold il for as little as $50
per share. If there la been ar
considerable bonded Indebtedness tn
stockholders would lave then 10.
their property but contrary to tf
usual custom the road had been bui
and equipped with the capital stoc
subscribed by the stockholders an
not by bonds. Under political ma,
agcruent which was sometimes loo.
and unwise the road was operate
for years and despite the lack of mo
'N'tA = liz Sloth Z
HANGED in value as the business gre
with the population of the country.
When the property began to rega
Its value very naturally enterprise,
folks began 10 speculate upon TAXI,
over a property owned principally
the State and counties and operatil
II for their individual benefit. 1t W
leased I'm the early eighties and e
plotted for 4 awhile and then f
back into the hands of its owne.
Several attempts have been made
get hold Of the States stock but t
patriotism and wisdom Of the re
resentatives of the people lave tn
far prevented a sale. About 10,
a Mr.. Edwards, of Sanford, n.
offered S25 per share for the Stat
stock. At that time some OF the pro-
lnent politicians Of the State were
favor OF selling it. 1t was und,
stood that Ex-Governor Jarvis favor
the sale.