The news & observer. [volume] (Raleigh, N.C.) 1894-current, 1904-09-02
provements in Three Years.
(Special TO News and Observer.

Morehead City. N. c., Sept. 1T
Howland Improvement Company, now
has the Atlantic and North Carolina
Railroad. The vote of the private
stock was almost unanimously in fa-
vor of a lease to Mr.. Howland and
State Proxy j. w. Granger cast the
of the private stock as instructed b.
the Board of Internal improvements.
This board had met in the morning
and Governor Aycock and B. w. Bali
lard had voted down b. C. Beckwith
on the latter's motion to postpone the
lease question until the annual meet
ing.
The road is now in Mr.. Howland's
possession.
A 100000 certificate of deposit inthe
Union Trust Company, of Providence,
r. L., is now in the hands of Presi,
dent John Brown, of the Citizens
National Bank of Raleigh, and tha4
money will be invested in such bonds
as the directors decide. The have re-
ferred the matter to the Governor who
will determine in what bonds 1T Will
be invested.
The directors by vote of ten to one
authorized the lease. Those votint
for the lease Messrs Busbee, Bryan,
Bagley, Smith, Harvey, Wood, Parker
Hooker, Duncan, and Taylor: agalns.
lease, c. e. Foy who gave no.
tice that the suit will be instituted to
set aside the lease. The lease wal
then signed by president Bryan and
and Secretary and Treasurer Manly.
r. S. Rowland tonight announced
the following officers OF the Atlantlc
and North Carolina division or the
Howland Improvement Company, ell
fectiVe tomorrow:
r. S. Rowland. president.
r. Z, Foster. general manager.
NJ. Manly, secretary treasurer.
f. l.. Merritt, secretary TO the Dresi-
dent.
r. H. Tingley, of New York. en-
gineer in chief.
S. j.. Dill. superintendent.
All employees will be continued for
the present and none discharged ex-
ceDt for cause.
The Howland Proposition.
AT the meeting of the stockholders
the propositions of Richard Rowland
and of the Kennedy Borden syndicate
weer submitted and considered at
length. The text of the Rowland
|
Asheville, n. c., Sept. 1, 1904.
To His Excellency, the Governor OF
North Carolina, Raleigh, n. Z.
Sir. / have the honor to submit the
following proposition for lease OF
the Atlantic & North Carolina railroad
for the term of ninety-three years and
pay, or cause to be paid, as rental
therefor the following sums, viz For
the first ten years 3 per cent per year
on the principal of the capital stock
now outstanding. For the second ten
years per cent per year on the prln-
cipaf of the capital stock now out
standing. For the third ten years
1-2 per cent. per year on the prlnclpai
of the capital stock now outstanding.
For the fifth ten years IL per cent.
per year on the capital stock outstand-
ing. For the sixth year 5 per cent.
per year on the principal of the capi-
tai stock now outstanding. For the
balance of the term per cent. per
year on the principal stock now out
standing.
Or. if the Atlantic & North Carolina
Railroad Company shall prefer to
lease for only sixty years, then | will
paw the rentals above specified from
the first ten years to the sixth ten
year periods inclusive.
Or, if the Atlantic q North Carolina
Railroad Company shall prefer to lease
for only fifteen years. / will pay the
rentals above specified from the first
ten years to the fifth ten years inclus-
i've. The said lease shall embrace all
the property, contracts, rights, priv
ileges, appurtenances and franchises
of every kind and description belong
Continued on Page Fiye.)