The county commissioners agreed to underwrite $50,000 worth of bonds, provided the East Carolina Land and Railway Company's plans were approved of by Craven County voters in a special referendum.
In January 1888, however, the railroad company withdrew its proposal and interest in the project waned.
[1] In 1889, interest in the East Carolina Land and Railway Company was renewed, when citizens of New Bern petitioned the county commissioners to call a special referendum to allow the city of New Bern to vote on a proposition to provide $50,000 to the railroad company, provided that the railroad company connected New Bern with Jacksonville.
The same year, the county commissioners officially approved New Bern’s purchase of East Carolina Land and Railway Company stock.
Also at this time, the East Carolina Land and Railway Company was merged with the Wilmington, Onslow and East Carolina Railroad to form the Wilmington, Newbern and Norfolk Railway Company.