The news & observer. [volume] (Raleigh, N.C.) 1894-current, 1903-08-07
4 JOAN Of ARC IS
MISS n. [. SMITH
The Splendid Work of Saving
the G. f. C..
STOCKHOLDERS LIBERAL
Mr.. R. T. Gray Of Raleigh Speaks If the Incl
denis leading Up to the New Lease Of Life
for the Greer SD no FtmIs
College,

The final steps in the rescuing of the
Greensboro Female College have been told
in these columns in a telegram from
Greensboro.
Wnating to learn more of the events
connected with this News and Observer
reported called on Mr. r. T. Gray, one
of the stockholders, who had attended the
meeting i'll Greensboro.
1t was the interview held in the same
Office between Mr. Gray and the reporter
just after the meeting of the stockholders
at which it had been agreed to no longer
continue the college that first put the ball
in motion that rescued the college, and
the meeting yesterday was lar more
pleasant one, for it was of a noble enter
prise saved that the two talked.
Il regard the whole matter of the res
cue of the college as a very remarkable
achievement said Mr.. Gray 1.-THE
ladies, headed by the industrious, jealous
and businesslike Miss Mamie Lee Smith
have done something really remarkable.
In a month they have accomplished that
which looked almost impossible In this
movement Miss Mamie Lee Smith has
been as brave leader as a Joan of Arc
THE ladies have raised $4,000 in
pledges said to be absolutely good. In
this amount there is included SO, 800 in
shares of the stock of the college donated
by Mr.. 3. N. Duke and $500 in shares
donated by Mr.. c. II. Ireland
Mrs. L. A. Cuninggim, the president of
the Alumnae Association, and Miss Nan
ME Lee Smith, the secretary, together
with Hon. i. L. Smith, of Gates, and Mr.
Thomas c.. Hoyle, of Greensboro, the at
torneys for the association, met with the
ma jority stockholders yesterday afternoon
in the college building. All but twenty
three shares of stock were represented,
there being two hundred and eight shares
represented in the meeting, other than
forty-one shares donated to the Alumnae
Association. The plans of the ladies were
submitted, the proposition being put in
writing. This proposition was that the
Alumnae Association, regularly organized
and chartered, offered to purchase the
stock, rot donated at par, and to pay
the amount of 500, 500 in nstallments. One
fourth is to be in cash and notes are to
be given for the other three fourth. these
notes being secured by the stock and the
pledges of parties who have agreed to con |
tribute toward saving the college The
deferred payments will fall due in six
twelve and eighteen months to correspond
to the dates on which the pledges fall due. |
Fifteen days are given in which to get
together the first payment"
The selling stockholders are to pay the |
net floating indebtedness, this amounting
to about $4,000. Under these terms the |
stockholders will receive in the neighbor-
hood OF so per cent, or about one half the |
par value of their stock
II regard the college prop |
erty as easily worth 100000 and on this
there is a mortgage indebtedness of $4O,- |
900, which the Alumnae Association as
sumes.
THE ladies of the Alumnae Association
will at once take charge of the college and |
it will reopen for the fall season at the
usual time, early in September. presume
that Mrs. Lucy II. Robertson will be
elected as president and also number of the
members of the faculty of last year
The agreement of the transfer of the
College mas been signed by all but the
owners of the twenty-three shares repre-
,ented at the meeting, and it is thought
hat the others will do so readily"
In conclusion Mr.. Gray spoke most
warmly of the renewed prospects of use
illness for the Greensboro Female Col
eye, but before the reporter left he again
'eferred to Miss Mamie L. Smith, saying
hat she was the spirit of enthusiasm, bus
ness and energy, and that to her earnest
work, more than anything else, is due the
present happy state of affairs which has
come TO pass concerning Greensboro Fe-
ma Co1lapa