The Caucasian. (Clinton, N.C.) 188?-1913, 1904-09-08
NORTH STATE ITEMS
Occurrences 81 Interest In Various
Parts Of the State.
4. & NJ. c. Road Ieased-

read. In session at yorehead City
Thursday afternoon. voted-sss TO 81
10 lease the road TO r. s. Rowland. o
! AEheTilie. The State vote was cast 10
the lsase
II was a distinguished gatherin,
| which met 10 decide on the quest 10!
OF the lease OF the road. Last night 4
"as said the deal had really been con
| sunmated. needing only official en-
dorsement- The local interest was sat
ihhed the lease would be made and
there was no crowd attending the
meeting here. but outsiders were In
| evidence. Ex-Goyernor Jarvis. ]. II
Pou. Governor Aycock and Messrs
| Beckwith and Ballard, members o. the
board OF internal Improvement: Judge
| Womack. Colonel Davidson and Attor-
rev General Gilmer, were among those
| present.
| Shortly after IL O'clock the meetins
nj stockholders was called to order by
President J. A. Bryan, who nominated
j. +. Robinson. for temporary chair
ran, George Green secretary and G. L.
stevens assistant secretary. On call Ii
was shown that quorum was present.
| The chairman declared the meeting or
ganized. President Bryan said it was
the desire Of Governor Aycock that the
meeting adjourned to meet at Morehead
CITY, and on motion adjournment was
taken to meet at p. m, at the Atlantic
Hotel at Morehead. Special cars were
provided and the crowd at once board
&c these, which were attached to a
shoofy train, which was held. The
stockholders took dinner at the Allan
al
vas 4 O'Clock before the meeting was
called to order. The proxies report was
read by the secretary and adopted. 1t
showed 1922 shares. represented with
l.4lO votes. The temporary organiza-
ton was made permanent. State Proxy
J. w. Granger, said the Governor had
received two propositions for a lease
CT the Atlantic & North Carolina, upon
which he and Mr.. Ballard agreed as
favorable. By mistake the secretary
read proposition from Philadelphia
syndicate, this being withdrawn before
the meeting. The proposed corporation
TO be known as the Goldsboro, Newbern
& Morehead City Railroad Company,
signed by W. L. Kennedy, E. B. Bor-
cen, William Dunn, W. S. Chadwick,
name lease proposition for 90, to pay
name lease proposition for
90 years, to pay 8 per cent.
first 20 years, 80 the third
ten years and then 4, Az and 5
Ler cent each successive ten years, and
per cent. the balance OF the time. Va
r.ous provisions were included to pro-
vide for interest on bonded debt, pay
ment OF taxes during lease, meeting all
expenses, keeping property up and sub
Ject to expert examination by State;
also to protect the road from damages,
accept supplies on hand at market val
lie, secure all rentals, deposit $1,000
600 as security. The Rowland PROPOSE
ton covered same interest rates for
term of years and was for 81 years and
four months. 1t also agreed upon the
various provisions as the first propo-
sitiOn and in addition agreed upon an
expenditure of $250,OOO for betterment
on the road during the first three years,
the lease to be in the name of R. S.
Rowland, or the Rowland Improve
ment Company, of North Carolina.
When the propositions were read E.
{. Duncan offered a resolution that the
Rowland proposition be accepted. Col.
Theo. F. Davidson was given permits
sion to make few remarke. He gave
a sketch of HOwland of his 100000 in
yestment in Western North Carolina,
his character and his reputation among
the people Of Ashevilie, among whom
he was held in high esteem. He also
told Of his property holdings in Rhode
island, California and Cuba, G. E. Foy
said he was against the lease and en-
tered protest, giving warning that
# lease was given it's validity would
be tested in court. C. A. Flowers, hold
ing stock proxy for Pamlico county,
said he agreed with Mr.. Foy. His peo-
pie would favor lease for rs years at
per cent, with 1 per cent added each
additional ten years. with a security
deposit by lessee of s1,5G0000. Govern
)r Jarvis favored the lease and spoke
,loquently, to which Mr.. Foy again re-
,lied, opposing the lease by private
stockholders of the road to Rowland. |
IN vote on the Duncan resolution '93 |
avored it and 81 were against, the |
State vote being cast for lease.