The news & observer. [volume] (Raleigh, N.C.) 1894-current, 1904-05-27
AS TO A LEASE OF THE A. & n.
c. RAILROAD.

every person VINO mas cdIeu " Hidhc
| inquiries-know that Governor Ay-
cock has all along been in favor OF
| leasing the Atlantic & North Carolina
| Railroad to responsible parties, who
would paw a fair rental and put up
sufficient security to pay the rental
who would be able to guarantee three
things:
/. Keep the lease.
g. Improve the road.
3. Serve the people.
Previous to the application for a
receivership the Governor had been
considering propositions to lease the
road from time to time for several
months and the propositions had been
He had gone far enough to give bid
ders and the public a memorandum
showing the minimum propositions
which he would regard as fair. The
Governor has always held that to
lease the road to some company that
will pay two or three rentals and
then turn the road back to the State
would be a harmful thing, for twice
before the road has been leased to
parties who dropped the lease and
turned the road back to its owners in
wretched condition. He does not wish
any such lease and will not favor it,
though most of those who have been
clamoring for lease whether or
no" have sought to rush him into a
lease with most anybody who wanted
it, as, for example, McBee, Finch q
Co The subsequent movements of
the McBee syndicate have shown the
wisdom of the Governors refusal to
give away for a song 10 spectators
valuable property. His wisdom has
also been demonstrated in the rising
scale of the offers of rental. The first
proposition was one to one and halI
per cent; the last averaged about five
per cent The "HIGlIlGR up crowd
have been bowling for lease and some
of them were more anxious to lease
to McBee or some like soldier of for
tune than to secure better rental and
proper safeguards.
The Governors hands have been
tied by an order of the Federal Court
He has been trying to safeguard all
interests-those of the private stock
holders as well as those of the State
and county stockholders. and the prop
err rights of the people along the line
of the road. Representing the COM
monwealth he could not, without for
feiting the good opinion of the SOW
ereign of this State, bind himself to
in the Federal Courts. A HIGHER
UP" authority announced early after
the first receivership proceeding, that
1.-The acceptance of bid with certain
named conditions would end the re-
ownership in a jiffy," probably mean
ing that if he would lease to McBee,
his co-conspirator, Finch, would with
draw his application for receiver
ship. If the Governor had then
ended the receivership, or would
now end the proceedings by an
agreement or promise to lease gen.
orally or to any particular parties, he
would be unworthy of his great office.
rhe suggestion that he abdicate his
duty as Governor of this great State
was one that no worthy official would
for moment consider.
When Judge Purnell denies Cuyler's
application for a receiver, upon the
hot no MT n N a "a
ment has increased the value Of his
property rather than injured it, the
Governor will then give to the matter
in cooperation with the private and
county stockholders, careful considera-
ton.
The hue and cry to lease before
breakfast began in certain quarters
when a rental of only one per cent
was offered. 1t gathered volume and
became a screech when McBee & Co.,
with their wild-talking hackers ap-
peared upon the scene. AT each stage,
some good men have been deceived
into Joining in the "hue and cry" for
the pending lease, whatever the terms.
1nOSe men 1ll NOW dpplduu tie Wv
ernor's wisdom in refusing to lease the
road at one or two per cent because
there are parties now offering five or
six per cent. The property is valua-
pie and if the Governor had listened
to the clamor of the crowd inspired
by selfish ends, he would long ago
have leased the road for a song to ir-
responsible parties.
There are more things to be con-
sidered than the size of the rental,
important as that is. 1t is important
that the road, if leased, should be
leased to bona fide parties who would
keep the lease" The State does not
wish to deal with some speculative
promoter who will dispose of his lease
at a big profit to himself without re-
gard to the permanent interests of its
owners. 1t is important also to lease
to parties who will Improve the
road" That very road was leased
one time After a short time 1t was
returned to the State in a wholly
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