0^385.1 
 
 
STEPHEN B. WEEKS 
 
 CUSS OF 18S6; PRD. THE JOHNS HOPKINS UNIVERSITY 
 
 OF THE 
 
 UMVERsmnr of nuwh cardhna 
 
 TIE WEEKS COLLECTION 
 
 OF 
 
 ClpS2 5.\-Rl^4.r 
 

 h 
 
 ACT OF INCORPORATION 
 
 PROSPECtUS 
 
 Raleigh and Eastern North Carolina 
 Railroad Company* 
 
AN ACT TO INCORPORATE 
 
 THE 
 
 Raleigh and Eastern North Carolina 
 Railroad Company* 
 
 The General Assembly of North Carolina do enact: 
 
 Section 1. That J. J. Thomas, C. B. Barbee, J. M. Turner, their incorporators, 
 associates, successors and assigns, are hereby created a body politic 
 and corporate, with perpetual succession, under the name and style 
 of "The Raleigh and Eastern North Carolina Railroad Company," Corporate name, 
 and under that name may sue and be sued in any court of the 
 State of North Carolina or elsewhere; may have and use a common Powers and 
 seal; may acquire by purchase, gift, devise, lease or otherwise any P nvile ses. 
 real, personal or mixed estate and lease or sell the same as the 
 interest of the company may require; may acquire, own, operate or 
 lease any quarries, mines, forests, lumber yards or furnaces, also 
 steam-ships, docks, wharves, lighters, barges, tugs, steam-boats and 
 vessels; may lease, buy or construct telegraph and telephone lines 
 along or near its right of way and charge tolls under such rules 
 and regulations as are prescribed by the laws of this State, or at 
 the option of its board of directors; may lease or rent these privi- 
 leges to other corporate bodies or persons; may build branch roads Powers and 
 
 privileges, 
 not extending more than fifty miles each from any point on its main 
 
 line; may change the name of said company by a vote of a majority 
 of its stockholders at a regular or special meeting, and may make 
 all such by-laws for the government of said company as may be 
 deemed proper and are not inconsistent with law. 
 
 Sec. 2. That the authorized capital stock of said company shall Capital stock, 
 be one hundred and twenty-five thousand dollars, with the privilege 
 of increasing the same to one million dollars, to be divided into 
 shares of one hundred dollars each. That said capital stock may be Shares, 
 subscribed for and paid in money, lands, mines, mineral property, &°™ subscribed 
 
 
Subscription 
 books. 
 
 When to commence 
 business. 
 
 First meeting, 
 notice of. 
 
 Directors. 
 
 Tenure. 
 
 Officers. 
 
 Vacancies. 
 
 President and 
 directors to handle 
 subscription books. 
 
 Non-liability of 
 stockholders. 
 
 Propose route or 
 line of operation. 
 
 Raleigh, Wake 
 county, east to. 
 
 Pamlico river. 
 
 Main line and 
 branch road. 
 
 Vol. I, chap. 49 
 Code. 
 
 materials, bonds, timber, labor, depot or terminal facilities, fran- 
 chises, rights of way, watercraft or otherwise as may be agreed 
 upon between the subscriber or subscribers and the said company. 
 
 Sec. 3. That books of subscription to the capital stock of said 
 company shall be opened by the corporators, or a majority of them 
 acting in person or by proxy, at such times and places and under 
 such rules and regulations as they may prescribe. That as soon 
 as ten thousand dollars has been subscribed for bona fide to the 
 capital stock the said company shall be authorized to commence 
 operations and to exercise all the rights, powers, privileges and 
 franchises granted by this act, and said corporators, or a majority 
 of them acting in person or by proxy, shall be authorized to call 
 a meeting of stockholders for the purpose of organization at such 
 place or places as they may deem advisable, giving ten days' notice 
 thereof in some newspaper published in Raleigh, and at such meet- 
 ing and at each annual meeting thereafter a board of not less than 
 seven directors shall be elected by the stockholders. That said 
 board of directors shall hold office for one year, and until their 
 successors are elected, and shall appoint a president, vice-president 
 and such other officers, agents and employees as they may deem 
 proper and fix their duties, and may fill any vacancy occurring in 
 the office of director, president, vice-president or other officer. 
 
 Sec. 4. That after the organization of said company the president 
 and board of directors may again from time to time open books of 
 subscription to the capital stock of said company at such times 
 and places and under such rules and regulations as they may pre- 
 scribe. No stockholder shall be responsible for any amount greater 
 than his unpaid subscription. 
 
 Sec. 5. That said company shall have the power to locate, con- 
 struct, equip, maintain and operate a railroad for the transporta- 
 tion of freight, passengers, mail and express, from Raleigh, Wake 
 County, and thence in an easterly direction through Wilson County, 
 running to or near the town of Wilson, thence through Pitt County, 
 running to or near the town of Greenville, thence on the south side 
 of Tar River to some point on, near, across river in Pitt or Beau- 
 fort Counties above or near the town of Washington, thence to or 
 near the town of Washington or to some point in an easterly direc- 
 tion to tide-water in the eastern part of North Carolina, on or 
 near the Pamlico River or Sound, as shall be determined by said 
 board of directors, and to build branch roads as above provided. 
 
 Sec. 6. That said company may build its said railroad and branch 
 roads as may be deemed most advantageous and expedient, and it 
 shall have all the powers and privileges contained in Volume I, chap- 
 ter 49 of The Code of North Carolina and all of the acts of the 
 General Assembly of North Carolina amendatory thereto. 
 
Sec. 7. That said company shall have the right to cross at grade, Right to cross, 
 or over, or under, intersect, join or unite its railroad with any rail- wrtTother^roads 3 
 road now built or constructed, or which may be hereafter built or 
 constructed within the State of North Carolina, at any point of 
 its main line or branches, with the necessary turn-outs, sidings, 
 switches and other conveniences, and when necessary to use the right 
 of way of other roads when the same is not occupied with tracks 
 or buildings. 
 
 Sec. 8. That when any right of way may be required by the Right of way. 
 company for the purpose of constructing its railroad and branches, 
 and for want of agreement for any cause it cannot be purchased from 
 the owner, the same may be condemned, in accordance with Volume 
 I, chapter 49 of The Code of North Carolina and all the acts of the Eminent domain. 
 General Assembly of North Carolina amendatory thereof, to the 
 extent of fifty feet on each side of the track of the said railroad and 100 feet, 
 branches, measuring from the centre of the same. And the com- 
 pany shall have the power to appropriate and condemn land in like 
 manner for the building and erection thereon of depots, warehouses, Depots, ware- 
 shops and houses for servants, employees and other purposes, not 
 exceeding five acres in any one lot or place. 
 
 Sec. 9. That said company shall have the right to borrow money Right to borrow 
 when so authorized by its board of directors in general or special 
 meeting assembled, and to issue coupon bonds at a rate of interest 
 not exceeding five per cent., and to secure the payment of the same How secured, 
 by mortgage or deed of trust, or trust agreement with any bank, 
 trust company or corporation on its property, franchises and effects 
 or otherwise. And should said company issue second mortgage Second mortgage, 
 bonds as hereinafter provided, then in that event it shall not issue 
 first mortgage bonds exceeding twelve thousand dollars per mile 
 of its main road and branches. 
 
 Sec. 10. That the said company may begin work upon any point When to begin 
 of its line, and upon the construction of any part or portion thereof 
 may operate and maintain such part or portion with all the rights, 
 powers and privileges hereby granted to this company. That it May purchase or 
 may, under purchase, lease, agreement or running arrangement as roads. 
 it can make with any other railroad company, operate any railroad 
 as a link between different portions of its own line. 
 
 Sec. 11. It shall be compulsory with the Raleigh and Eastern R. & E. N. C. R. R. 
 North Carolina Railroad Company and all other railroads with roa( j s . 
 which it connects to interchange traffic in a prompt manner, to pro- Interchange of 
 rate on a mileage basis unless by mutual arrangement with the 
 managers of railroads in North Carolina, to make the divisions of 
 rates otherwise on all business originating at or destined within 
 the borders of the State, and routing orders of consignees by all 
 transportation lines shall be respected. That all railroad compa- Rate for switching 
 nies shall switch cars to and from industries, loading or unload- 
 
Empty cars free. 
 
 Coupon construc- 
 tion bonds. 
 
 Style of. 
 Security. 
 
 Counties, cities 
 and towns may 
 subscribe to second 
 mortgage bonds. 
 
 Election to be held. 
 
 Style and nature 
 of bonds. 
 
 Denomination of 
 shares. 
 
 Duty of county 
 commissioners or 
 municipal authori- 
 ties. 
 
 Upon application 
 of fifty tax payer 
 in the county or 
 thirty in the towns 
 to submit question 
 to voters. 
 
 ing tracks, warehouses and other places for handling freight for 
 each other within any city limits or three miles from same, for 
 not more than two dollars per loaded car. Empty cars shall be 
 handled free, and that no railroad company shall make a higher 
 switching charge for one railroad than it does for another. 
 
 Sec. 12. That for the purpose of aiding in the construction of 
 the Raleigh and Eastern North Carolina Railroad Company the 
 board of directors of said company shall have the power in general 
 or special meeting to issue coupon bonds to an amount not exceed- 
 ing three thousand dollars per mile upon the said railroad and its 
 branch roads, bearing interest at the rate of six per cent., payable 
 semi-annually, the principal of said bonds to be made payable thirty 
 years from the date of issue, and to secure the payment of said 
 bonds and interest by a second mortgage or deed of trust on its 
 property, franchises and effects or otherwise. That it shall be 
 lawful for any county, township, city or town in or through which 
 the said road or its branches may be located or which may be inter- 
 ested in its construction, to subscribe to the said second mortgage 
 bonds of said railroad company in such sums as a majority of the 
 qualified electors of any such county, township, city or town may 
 authorize, anything contained in the charter of any such city, town 
 or other corporation to the contrary notwithstanding. That the 
 said subscription shall be made in coupon bonds bearing interest 
 at five per cent., interest payable semi-annually, and the principal 
 of said bonds to be due and payable thirty years from time of issue, 
 the said bonds to be received by said railroad company at par, 
 and upon receiving the same the said railroad company shall de- 
 liver to such counties, townships, cities or towns as shall subscribe 
 a like amount of its second mortgage bonds in exchange therefor. 
 All of said bonds to be in denominations of one hundred dollars 
 each. 
 
 Sec. 13. That for the purpose of determining the amount of such 
 subscription it shall be the duty of the County Commissioners of 
 any county in which the said railroad has the right under this 
 charter to construct its road or branches, or which may be inter- 
 ested in the construction of said road or branches, or the Board 
 of Aldermen, or the Board of Commissioners or other municipal 
 authorities of any city or town in or through any part of such 
 city or town the said railroad has the right under this charter to 
 construct its road or branches, or which may be interested in the 
 construction of said road or branches, upon the written applica- 
 tion of fifty tax payers of any such county, or thirty in any town- 
 ship, city or town, specifying therein the amount to be subscribed 
 in bonds, to submit to the qualified electors of such county, town- 
 ship, city or town, as the case may be, the question of "Subscrip- 
 tion" or "No Subscription" to the second mortgage bonds of said 
 
railroad company. And said Board of County Commissioners, Board 
 of Aldermen, Board of Commissioners or other municipal authority 
 of such city or town, as the case may be, shall order an election, Election, how and 
 specifying the time, place and purpose of the election, and shall 
 provide for the holding of the same as is now provided for the 
 holding of elections for members of the General Assembly, except 
 as is hereinafter provided for the said election in any city or town. 
 That at said election ballots shall be provided upon which shall be 
 printed or written the word "Subscription," and also ballots shall Ballots. 
 be provided upon which shall be printed or written the words '"No 
 Subscription,'' and said Board of County Commissioners, Board of 
 Aldermen or Board of Commissioners or other municipal authorities 
 of such city or town, having first fixed the amount proposed to be sub- 
 scribed according to the request of the petition submitted to them, 
 shall give public notice of said election, not exceeding sixty days im- Notice of election, 
 mediately prior thereto, in one or more newspapers published in the Where and how 
 county in which such election is to be held, and if there be no news- 
 paper published in such county, then in some newspaper published 
 in the county nearest thereto, and also at the court-house door of 
 such county, that such an election will be held upon the day therein 
 named. That a new registration may be ordered in accordance with Registration. 
 law by such Board of County Commissioners, Board of Aldermen, 
 Board of Commissioners or other municipal authority, as the case 
 may be, of the qualified voters of said county, township, city or 
 town for the said election. 
 
 Sec. 14. That all elections under the preceding section shall be How held, if 
 held, if for a county or township, according to the law and regu- g^^ 
 lations provided for the election of members of the General Assembly, 
 and if the election shall be held for a county, the returns shall be 
 made to and canvassed by the Board of County Commissioners, 
 who shall ascertain and declare the result and make a record of the Result, how 
 same. If the election shall be for a township, the registrar and 
 judges of election shall make returns to the Board of County Com- 
 missioners, who shall canvass the same and ascertain and declare 
 the result and make a record of the same. If the election shall be How held, if by 
 for a city or town, it shall be conducted as elections for municipal cltyortown ' 
 officers and the Mayor and Aldermen, or Town Commissioners or 
 other municipal authorities of such city or town shall ascertain 
 and declare the result and make a record of the same. That in 
 case a majority of all the qualified voters in such county, town- 
 ship, city or town, as the case may be, shall have voted "For Sub- 
 scription," then the Chairman of the Board of County Commission- Duty of commis- 
 ers in all cases of county or township elections, and the Mayor or ni c " P ai authorities 
 
 other chief officer in all cases of city or town elections shall, within if election favor- 
 
 J ' able to subscrip- 
 
 twenty days after the vote is ascertained, subscribe to the second tion. 
 
 mortgage bonds of said railroad company in behalf of said county. 
 
6 
 
 Coupon bonds, five 
 per cent, tax levy 
 to pay bonds. 
 
 Payment of inter- 
 est and redemp- 
 tion of bonds, 
 how met. 
 
 Sinking fund. 
 
 Bonds, how 
 cancelled. 
 
 Investment of 
 sinking fund. 
 
 Townships 
 incorporated. 
 
 Purpose of. 
 
 Commissioners 
 agents of town- 
 ships. 
 
 Convicts may be 
 used in construc- 
 tion work. 
 
 Payment for labor. 
 
 township, city or town, as the case may be, the sum that may have 
 been named in the said petition, which subscription shall be made 
 in coupon bonds bearing interest at the rate of five per cent., payable 
 semi-annually, and all tax levies for the purpose of raising funds 
 to pay said bonds or coupons shall be made upon the taxable prop- 
 erty in such counties, townships, cities or towns. 
 
 Sec. 15. That to provide for the interest on said bonds and their 
 redemption at or before maturity the Board of County Commis- 
 sioners aforesaid, or the Board of Aldermen, or Board of Commis- 
 sioners, or other municipal authorities aforesaid subscribing shall, 
 in addition to other taxes, each year compute and levy on all 
 property of any such county, township, city or town as may make 
 a subscription of bonds to the said second mortgage bonds, pre- 
 serving the constitutional equation of taxation, a sufficient tax to 
 pay such interest and an additional tax sufficient to provide each 
 year a sum equal to one-thirtieth part of the principal of said 
 bonds for a sinking fund, which amount shall annually be collected 
 as the other taxes are and paid to the County Treasurer or other 
 officer of said county, city or town authorized by law to perform 
 the duties of Treasurer as commissioner of sinking fund, and by him 
 invested in said bonds, which shall be cancelled by the County 
 Commissioners or the municipal authorities of the city or town, as 
 the case may be, but in case said Treasurer or other officer shall 
 be unable to invest the sinking fund herein provided for in said 
 bonds at or about par value he shan invest the same in solvent 
 bonds or securities as may be selected and approved by the County 
 Commissioners aforesaid or the proper authorities of any city or 
 town, as the case may be, subscribing to the second mortgage bonds 
 of said railroad company. 
 
 Sec. 16. That for the purpose of this act all the townships along 
 the line of said railroad and its branches, or which are interested 
 in its construction, are hereby declared bodies politic and corporpate 
 and are vested with the necessary powers to carry out the pro- 
 visions of this act, and shall have all the rights and be subject to 
 the liabilities in respect to any right or cause of action growing 
 out of the provisions of this act. The County Commissioners of the 
 respective counties in which are situated the respective townships 
 subscribing are declared to be the corporate agents of the townships 
 so incorporated and situated within the limits of the said counties 
 respectively. 
 
 Sec. 17. That the State, county and city convicts may be used in 
 the construction of the said railroad and its branches in such num- 
 bers and at such times as may be agreed upon by the proper au- 
 thorities in charge of said convicts and by said railroad company. 
 The payment for such labor shall be made monthly. 
 
Sec. IS. The Raleigh and Eastern North Carolina Railroad Cora- Said incorporated 
 pany shall not be sold, leased, merged or transferred to any other sold or leased to 
 corporation that is now or may be hereafter constructed, that is com Peting line, 
 now or hereafter may be a competitor, during the period that the 
 State or any county, township, city or town shall hold seventy-five 
 per cent, of the second mortgage bonds of said railroad company. 
 Only a sufficient amount of the said six per cent, second [mortgage] Six per cent. 
 
 1 L & & J bondgj amount tQ 
 
 bonds shall be issued in the construction, purchasing and equipment issue. 
 in exchange with the State of North Carolina, the various counties, 
 townships, cities and towns for labor performed, or bonds sub- 
 scribed for, not to exceed three thousand dollars per mile of said 
 railroad and its branches. 
 
 Sec. 19. That the construction of the said railroad under this act Construction, when 
 of incorporation shall be commenced within five years after the 
 ratification of this act. 
 
 Sec. 20. This act shall take effect and be in force from and after 
 its ratification. 
 
 In the General Assembly read three times and ratified this the 
 18th day of February, A. D. 1903. 
 
 W. D. TURNER, 
 President of the Senate. 
 S. M. GATTIS, 
 Speaker of the House of Representatives. 
 
 Examined and found correct: 
 
 Ray, for Committee. 
 
 State of North Carolina, 
 Office of Secretary of State, 
 Raleigh, February 25th, 1903. 
 I, J. Bryan Grimes, Secretary of State of the State of North 
 Carolina, do hereby certify the foregoing is a true copy from the 
 records of this office. 
 
 In witness whereof, I have hereunto set my hand and affixed my 
 official seal. 
 
 Done in office at Raleigh, this 25th day of February, in the year 
 of our Lord 1903. 
 
 (Seal). J. Bryan Grimes, 
 
 Secretary of State. 
 
PROSPECTUS 
 
 RALEIGH AND EASTERN NORTH CAROLINA 
 RAILROAD COMPANY. 
 
 Raleigh, N. C, April 2, 1903. 
 
 In presenting the facts of this proposed line to the public and those 
 interested in its construction, route, etc., it would not be amiss to 
 state that the road, after leaving Raleigh, will run through the middle 
 east half of Wake, northern portion of Johnston, middle of Wilson 
 and Pitt counties, into Beaufort and possibly into Hyde county. Prob- 
 ably passing through or near Wakefield, Wilson, Farmville, Greenville, 
 Grimesland and Washington, thence possibly into Hyde county through 
 or near Belhaven, a distance of about 160 miles. Also a proposed 
 branch from its main line, about 10 miles from Wilson to Kinston, 
 passing through or near Snow Hill, a distance of about 35 miles. Also 
 a proposed branch from Raleigh to Durham, a distance of 26 miles, 
 making a total mileage of about 221 miles. It being understood that 
 the main line, or the first 100 miles constructed, will be from Raleigh 
 to Pamlico river, tide-water, at or near or through Washington, N. C. 
 By referring to the charter of this line, not more than $12,000 per mile 
 of 5 per cent, first mortgage bonds can be issued, provided that the 
 counties, townships, cities or towns subscribe to the second mortgage 
 6 per cent, semi-annual bonds in lieu of their 5 per cent, bonds, and 
 under no circumstances can there be issued more than $3,000 of second 
 mortgage bonds per mile of main line. It is not anticipated that the 
 counties, cities and towns will subscribe more than $2,000 per mile 
 of main line, which would be $200,000 between Raleigh and Washington, 
 100 miles. Interest on same at 5 per cent, would be $10,000. By 
 the building of this road, it being assessed at about $10,000 per mile 
 at 1 per cent., would be $10,000, equal to the amount of interest paid 
 by the counties, townships, cities or towns on their 5 per cent, bonds 
 issued to the railroad in exchange for the 6 per cent, bonds of the 
 railroad. The interest on these 6 per cent railroad bonds must be 
 paid in full before one dollar of interest is paid to the stockholders. 
 It would not be unreasonable to imagine that, in a very few years, 
 these second mortgage bonds should be worth par, or more valuable 
 than the county or city bonds exchanged for them, and will no 
 
doubt (if required) pay the principal or could be easily exchanged 
 for the county or city bonds at maturity. It must be conceded that 
 in the building this road as proposed, a large portion of the terri- 
 tory it traverses must be greatly enhanced in value, as a large 
 part of its line will open up localities not now conveniently situ- 
 ated for transporting their products, although considerable of the 
 territory is under high state of cultivation and will greatly enlarge 
 their production as soon as given proper transportation facilities. 
 Again, the middle section of the eastern portion of North Carolina, 
 including Greensboro, Durham, Raleigh, Wilson and intermediate points, 
 will average over 100 miles nearer to tide-water than by any other line 
 doing an export or coastwise business through any of the Virginia 
 or South Atlantic ports. Taking this short rail line to tide-water 
 as a basis for freight traffic, the coastwise rate to this port will not 
 be over ten per cent, higher than to the Virginia ports, nor more than 
 to Wilmington from the northern port cities, and with the present 
 established North Carolina Corporation Commission rates, and using 
 continuous mileage instead of two or more locals when going over 
 other lines, it will decrease the present freight rates to the territory 
 above mentioned at least twenty-five per cent. This would save to the 
 producers, consumers, North Carolina citizens, annually more than the 
 interest and principal of all bonds possible to vote under this charter 
 and act of the General Assembly of 1903, hence it would be a first- 
 class business proposition for North Carolina to invest in and not even 
 take in all of its actual benefits derived therefrom. 
 
 Under section 18 of this act it plainly states that this must remain 
 an independent line so long as any of the counties, townships, cities 
 or towns hold seventy-five per cent, of the second mortgage bonds of 
 said railrod ; therefore, it will remain with" North Carolina authorities 
 whether they desire an important road like this operated as a sep- 
 arate and distinct line, or be merged or controlled by some other line. 
 Congress having appropriated a sum of money to investigate the fea- 
 sibility and cost of making an inland water-way from Norfolk, Va., 
 to Beaufort, N. C, for the largest draught vessels so as to avoid the 
 dangerous coast of Cape Hatteras and lessening the distance from any 
 point below Beaufort, N. C, to and beyond Norfolk, and decreasing the 
 marine insurance rate, it could not well be calculated the great benefit 
 this proposed new line would receive. The coal traffic alone, in fur- 
 nishing passing steamers, would be revenue sufficient to maintain this 
 line, being the shortest rail line to tide-water from the Pocahontas 
 coal fields and the shortest ocean voyage to the West Indies, Central 
 and South America. It is said that so far the engineers in charge of 
 this important work have found no serious obstacles, but on the other 
 hand the project could be put through in a comparatively short time 
 und with small expense, considering the importance and the work to be 
 
done. There are large deposits of stone and granite along the line of 
 the R. & E. N. C. R. R., which is available and inexpensive, if needed 
 for jetties, dykes, etc., in connection with 'this important inland water- 
 way. Every nation on the globe owning sea-going vessels, doing 
 business in the United States below Norfolk, is extremely interested in 
 and looks forward to the day when this ocean thoroughfare may be a 
 reality. There are about 200 miles of North Carolina coast without 
 a sea-going vessel leaving its borders, except Wilmington; in fact, that 
 being the only port in North Carolina. This ought not to be, and with 
 plenty cheap rock within fifty miles of Washington, N. C, jetty work 
 in Pamlico River and Sound and Ocracoke Inlet could be done at the 
 minimum cost and should be done by the State of North Carolina 
 if not by the United States. This would place Washington, Belhaven 
 or some point in Hyde county on a parity with most of the South 
 Atlantic poi'ts, and the many inlets being perfectly safe harbors in 
 case of storm. It will place Raleigh and W T ilson almost at tide-water, 
 and nearer than most interior cities of like importance. Without the 
 action of Congress or deepening this inland channel, or direct ocean 
 line through Ocracoke Inlet, Washington has now ample depth of 
 water for ordinary inland channel draught vessels, and with proper 
 encouragement for tonnage the water transportation line would give 
 ample service and facilities for the business offered, and with this 
 almost east and west direct railroad, the cities and country through 
 which it runs must, most assuredly, reap considerable benefit thereby. 
 On the other hand, if this road should be extended to Belhaven, a 
 junction with the Norfolk and Southern, with its connection over the 
 Washington and Plymouth Railroad to Plymouth, connecting with the 
 Suffolk and Carolina Railroad, it would open up two more lines to the 
 port of Norfolk, and would be less than fifty miles longer than the 
 present shortest rail line. We would have nearly as short a line from 
 Raleigh to Richmond, via Wilson and the A. C. L., as the shortest line 
 now exists, and think it possible to handle Richmond and Raleigh 
 business via this route. We have not figured this into our revenue. 
 We have guarantees in writing from business men of Raleigh, Wilson, 
 Greenville and Washington that, everything being equal in freight 
 rates, and practically in time, they will order their freight over this 
 line. Norfolk and Richmond being the natural gate-ways for North 
 Carolina and its tributary business, a line running, as this road will, 
 must asuredly control a large tonnage, opening up new fields of com- 
 merce and not necessarily seriously injuring its competitors. 
 
 There is estimated to be 50,000 car-loads of lumber between Raleigh 
 and Wilson, 25,000 between Wilson and Greenville and 15,000 between 
 Greenville and Washington, total 90,000. Estimating this at one-half, 
 45,000 cars, at $15 per car would give a revenue of $675,000, divided 
 into ten years, making $67,000 per annum. A very small estimate 
 
4 
 
 of three thousand cars of cord-wood per year would he hauled into the 
 four cities mentioned above, at 60 cents per cord, ten cords to the car, 
 $6 per car, or $18,000 per annum. Unlike many sections of North 
 Carolina and our Southern States, a large proportion of this land 
 which this road will pass through, or adjacent to, is more valuable with 
 the timber removed than the timber on it, being fertile and adapted to 
 cotton, and particularly to tobacco and vegetable culture. No estimate 
 of revenue whatever is made for transporting cotton and tobacco from, or 
 fertilizers and provisions into, the interior, although these are largely 
 handled at the following stations other than the four cities named 
 above on this line: Louisburg, Henderson, Youngsville, Franklinton 
 and other stations on the west boundary of the S. A. L. road; Clayton, 
 Selma on the southern boundary on Southern Railway; Rocky Mount, 
 Elm City on the east; Springhope and Nashville on the north boun- 
 dary on A. C. L. 
 
 With the exception of the Louisburg branch, ten miles in length, and 
 the Springhope branch, nineteen miles in length, with rather inferior 
 construction and not extraordinary good service, both north of the 
 Tar river, there is the following territory without railroad facilities: 
 Twenty-five miles square, or 625 square miles between Raleigh and 
 Wilson, about 400 square miles between Wilson and Greenville without 
 railroad facilities, except on the extreme boundaries; east of Green- 
 ville and south of Tar river and Washington there are about 500 square 
 miles of territory without a railroad except on the extreme boundary 
 on the north, south and west, and the tide-water on the east. This 
 would give us a territory of about 1,525 square miles, or 976,000 
 acres of land to draw some of our tonnage from for revenue. It would 
 not be unreasonable to presume that one-half of this territory is either 
 under cultivation or in timber, and that this new line must necessa- 
 rily control fifty per cent, of this tonnage, viz., 488,000 acres, and 
 allowing the very small estimate of one-half ton production of timber, 
 then products to the acre would give us 244,000 tons, at the extremely 
 low estimate of 50 cents per ton for transportation, would be $122,- 
 000, and at least ought to be added to our estimate of revenue. 
 There are large quantities of undeveloped granite in Wake, Johnston 
 and Nash counties, and without the proposed R. & E. N. C. R. R. this 
 valuable granite will remain dormant, while on the other hand it 
 can be made a very valuable enterprise and a large revenue to this 
 railroad. We have not calculated, so far, this tonnage as a source 
 of revenue to our company. 
 
POSSIBLE REVENUE ESTIMATE, BASED UPON ACTUAL EARNINGS OF THE RAIL- 
 ROADS NOW ENTERING THE FOUR CITIES BELOW MENTIONED, WHICH THI8 
 LINE WILL GO TO, THOUGH, OR NEAR. 
 
 Raleigh — 
 S. A. L. proportion . 
 Southern Railway- - 
 
 Wilson 
 
 A. C. L. proportion ._. 
 
 Greenville 
 
 A. C. L. proportion ._. 
 
 Washington — 
 
 A. C. L. proportion 
 
 0. D. S. S. Co. proportion- 
 Express, fish, etc. 
 
 Grand total 
 
 Inward 
 
 Freight 
 Revenue. 
 
 200, 000 
 75, 000 
 
 200,000 j 
 150,000 j 
 
 100,000 I 
 60,000 
 
 100, 000 
 40, 000 
 60, 000 
 
 Outward 
 
 Freight 
 
 Revenue. 
 
 50, 000 
 
 75, 000 
 
 200, 000 
 150, 000 
 
 100, 000 
 60, 000 
 
 100, 000 
 40, 000 
 60, 000 
 
 Total. 
 
 250, 000 
 150, 000 
 
 500, 000 
 
 120, 000 
 
 200, 000 
 
 $1, 020, 000 
 
 Passenger business not calculated or included in this estimate. 
 It would not be unreasonable to presume that this new line, running 
 from Raleigh through Wilson, Greenville and Washington to tide-water 
 or other connection with Norfolk, that this citizens' line, business 
 men's enterprise, that twenty-five per cent, of the above revenue would 
 not accrue to it. 
 
 Revenue from the four cities above, per annum $250,000 
 
 Revenue from lumber and timber, per annum 67,000 
 
 Revenue from cord- wood, per annum 18,000 
 
 Total $335,000 
 
 We know that this line can be operated for sixty per cent, of its 
 gross earnings (fuel, being the largest item in operation, can be had 
 for $1 per cord, delivered on its right of way), would be $201,000 
 for operation, leaving $134,000 for fixed charges and interest on bonds. 
 Interest on first mortgage bonds, $60,000; taxes, $10,000; interest on 
 second mortgage bonds, $12,000; total, $82,000, would leave $52,000 
 to pay interest on common stock, purchase additional equipment 
 if needed, make permanent improvements and betterments. Our figures 
 are inside of an extremely conservative estimate as to earnings, 
 operating expenses, construction and equipment, hence we do not know 
 a safer or better investment in the Southern States. Without comment- 
 
G 
 
 ing upon the necessities of our cities and country that this line will 
 traverse, we will simply mention one or two points that our people 
 want and do demand. Better transportation facilities between our 
 capital, the eastern portion of our State and between the territory, 
 towns and cities through which this road will pass. It now takes about 
 eight hours to come from Washington, Plymouth and Greenville to 
 Raleigh, when it should not take more than three or four hours, and at 
 nearly one-half the cost. It takes over forty-eight hours from the 
 middle of Hyde county to Raleigh; it will not consume over six hours 
 by this new route. Hence comments are quite unnecessary. A large 
 portion of the State that this line will traverse is the best wooded, 
 most fertile, thickly populated, and easily to construct a railroad 
 as compared with any portion of North Carolina, and we might say 
 of any of our Southern States. The line having been practically 
 located by an eminent civil engineer, and inspected by an experienced 
 operating official, who rode through the country and pronounced the 
 line perfectly feasible, practicable and without any particular incon- 
 veniences of construction or operation, not having a grade over one per 
 cent, or curves of over four degrees. Does not cross any large or 
 navigable streams, except at Washington; at this point a wagon or 
 county bridge is maintained with perfect safety, as foundation is 
 good for driving piles. 
 
 A standard-gauge road is now projected between New Bern and Wash- 
 ington, and from Pamlico county to Washington they will run through 
 a very rich and fertile country, producing early produce in large 
 quantities for Eastern markets. The southern terminus of the Eastern 
 Carolina Railroad, running from Tarboro south, will connect with 
 our line at its southern terminus. These three connections must natu- 
 rally contribute something towards the tonnage of our line, which is not 
 included in our revenue estimate. While at this time we have not 
 contemplated a branch from our main line to Rocky Mount, still this 
 is quite feasible, and will shorten the rail line between Raleigh and 
 Norfolk twenty miles and be the shortest line between these two points, 
 and no doubt we would get some business into and out of Rocy Mount. 
 
 ESTIMATED COST OF CONSTRUCTING AND EQUIPPING THE RALEIGH AND 
 EASTERN NORTH CAROLINA RAILROAD BETWEEN RALEIGH AND WASHING- 
 TON, N. C, ONE HUNDRED MILES MAIN LINE AND TEN MILES SIDE- 
 TRACK AND TERMINAL FACILITIES. 
 
 Grading main line, $2,500 per mile $250,000 
 
 60-lb. steel rails, 94*4 tons per mile, 9,400 tons, at $30 per ton, 282,000 
 
 Ties, 2,640 per mile, at 25 cents, 264,000, size 7 by 8 by 9 66,000 
 
 Angle-bars, 317 per mile, 33-ft. rail, 31,700 pairs, at 60 cents 
 
 per pair 19,020 
 
"2 kegs track spikes per mile, 3,200 kegs, at $3.70 per keg. . . $ 11,840 
 
 7 kegs holts and nuts per mile, 700 kegs, at $5.80 per keg 4,000 
 
 1.2G8 washers per mile, 126,800, at one-half cent each 634 
 
 Labor and tools, per mile, laying track, $250 25,000 
 
 Labor and tools, surfacing, per mile, $175 17,500 
 
 10 miles of sidings, including grading, second-hand 50-11). 
 
 released steel rails, switch fixtures, switch and grade ties 
 
 and labor, $1 per running foot, 5,280 lineal feet 52,800 
 
 Bridging Neuse river 10,000 
 
 Trestle and draw-bridge, Washington, 1ST. C 35,000 
 
 Raleigh right of way and ground $30,000, freight depot $4,000, 
 
 passenger depot $2,500 36,500 
 
 Wilson right of way $10,000, freight depot $4,000, passenger 
 
 depot $2,500 16,500 
 
 Greenville right of way $5,000, combined depot $4,000 9,000 
 
 Washington right of way $10,000, combined depot $4,000 14,000 
 
 5 intermediate stations $500 each 2,500 
 
 3 passenger engines $4,000 each, second-hand ,4 new freight 
 engines $8,000 each 44,000 
 
 100 new flats $400 each, 100 new box-cars $000 each 100,000 
 
 8 coaches $3,000 each, 4 new baggage cars $2,000 each 32,000 
 
 4 combination baggage and passenger coaches $2,000 each . . . 8,000 
 Estimating for current expenses during construction of line 
 
 for one year, engineer corps, superintending, etc 50,000 
 
 Machine and car-shops, tools and power 50,000 
 
 4 water-tanks, pumps, etc 4,000 
 
 Total $1,140,354 
 
 In submitting the above estimate, actual prices and cost are given 
 when possible to obtain same, such as rail, ties, angle-bars, spikes, cars, 
 engines, etc. 
 
 It would not be necessary to at first build or purchase the 200 cars, 
 they could be gotten as necessity requires. 
 
 Would not be necesary to expend $50,000 at once for shops, tools, 
 etc. ; could be erected and purchased as necessity requires. We have 
 allowed considerable amount for right of way into the four cities, 
 which may be reduced, except at Raleigh. It is also possible to get 
 along with less than ten miles of side-track for the present. It is. 
 however, essential to be in position to place the required amount of 
 bonds on the market to be used, if found necessary in the construction 
 and equipping of this property. The bonds will not be issued or sold 
 except as the road progresses, and only to the amount actually re- 
 quired. 
 
 Dr. Emmons remarks that the swamp soils of Eastern North Carolina 
 show a greater capacity for endurance than the prairie soils of Illinois, 
 
 Microfilmed 
 SOLINET/ASERL PROJECT 
 
notwith standing the annual crops are less per acre; and on the score 
 of location, he is unable to see that Illinois soils have the preference. 
 
 Mr. Edward Ruffin of Virginia, who studied Eastern North Carolina 
 section with care,, expressed high appreciation of the tide-water region 
 for the cultivation of grasses, and states there is no better country east 
 of the Rocky Mountains. 
 
 It is claimed Hyde county could raise as much produce as is raised 
 near New Bern, Norfolk and Wilmington all together, and capable of 
 competing with Kalamazoo, Mich., in raising celery in quality and 
 quantity. What is said of Hyde county can be said of other counties 
 and cities along this road, in the same proportion as to the present 
 transporting facilities. As an example, most all, if not all, the cotton 
 grown in the extreme eastern part of North Carolina north of Neuse 
 river goes to Norfolk, when it is a fact that Raleigh and other cities 
 near by having cotton factories pay invariably *4 cent per pound more 
 than Norfolk, and with the proposed new short line the rates would 
 be very little different, giving the producers considerably more money 
 for their cotton than they are getting now. Being the shortest line 
 from Wilson, Greenville and Washington to Durham, Greensboro and 
 Winston-Salem, rate on tobacco must be less, on account of distance, 
 also by using one total continuous mileage instead of as at present two 
 local rates. 
 
 Since 1880 the productions of the entire United States have in- 
 creased 220 per cent., the Southern States 349 per cent., and the rail- 
 road mileage about 25 per cent., hence it would appear that the trans- 
 porting facilities have not kept pace with the producing power, at 
 least in the Southern States, and particularly in North Carolina, there 
 being ample room for more railroads when located as this one, opening 
 up a new and fertile territory and at the same time bringing our pro- 
 ducers, consumers and manufacturers in a closer touch with each other. 
 
 It has not been the policy for many years for trunk lines to build 
 new roads or to extend their present lines, except to connect disjointed 
 lines of their own, hence we must look for further rail development to 
 our smaller and independent roads, and unless they receive encourage- 
 ment and substantial aid from its citizens, counties, townships, cities 
 and towns these roads will never be built. 
 
 ANNUAL FISH PRODUCTION ON THE ALBEMARLE SOUND. 
 
 Herring 150,000,000 
 
 Shad 5,500,000 
 
 Perch ( 300,000 
 
 Sturgeon 10,000 
 
 Striped Bass 50,000 pounds. 
 
Countv. 
 
 Wake 
 
 Johnston -- 
 Franklin — 
 
 Wilson 
 
 Nash 
 
 Greene 
 
 Edgecombe 
 
 Pitt 
 
 Beaufort — 
 
 54, 626 
 32, 250 
 25, 116 
 23, 596 
 
 25, 473 
 12, 038 
 
 26, 591 
 30, 889 
 26, 404 
 
 Cities. 
 
 Raleigh ! 13,643 
 
 Wilson j 3, 535 
 
 Greenville 2, 565 
 
 Washington 4, 842 
 
 Property 
 Listed. 
 
 12, 000, 000 
 4, 000, 000 
 
 3, 000, 000 
 
 4, 000, 000 
 3, 900, 000 
 1, 500, 000 
 3, 900, 000 
 3, 600, 000 
 3, 300, 000 
 
 Debt, 
 
 $47, 000 
 
 14, 000 
 12,000 
 
 256,983 39,200,000 
 
 3,000 
 12, 000 
 
 19, 000 
 
 Square 
 Miles. 
 
 5,800 
 
 4,700,000 375,000 
 
 2,000,000 116,000 
 
 815,000 I 
 
 1,200,000 I 15,000 
 
 Not 
 
 given. 
 
 do. 
 
 State and county tax, $1.02f per $100. 
 
 Incorporators: 
 
 J. J. Thomas, 
 C. B. Barbee, 
 J. M. Turner. 
 
 JOHN M. TURNER. 
 
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 PAT. JAM 21, 1908 
 
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 UNIVERSITY OF N.C. AT CHAPEL HILL 
 
 00042093689 
 
 
 FOR USE ONLY IN 
 THE NORTH CAROLINA COLLECTION 
 
 UNCPS 54368