Goldsboro weekly argus. [volume] (Goldsboro, N.C.) 1885-1909, 1904-09-08
Two Offers Were Submitted.

Two Offers Were Submitted.
Raleigh Post.
Morehead City, N. c., Sept. Il
The Atlantic and North Carolina
Railroad, the only road nov oper-
ated by the State, passes into the
hands of the Richard S. Rowland
Improvement Company for a period
of 81 years and four months. The
stockholders, by the overwhelming
vote of 1858 to 81, instructed the
directors to make the lease and the
attorneys are. tonight drawing up
the papers.
The rental starts at three per cent.
on the capital stock and gradually
increasing to six per cent. This
means an annual revenue Of $37 1913
to the State from this source from
the date of the lease, while the priv
ate shares draw the same rate of div
idend.
Before the stockholders met at
noon in Newbern it was apparent
that the lease would be carried. The
sentiment of the largest private
stockholders was particularly I'M
animous for the State retiring from
the railroad business.
Director C. E. Foy fought almost
gi~ngle-handed against any lease, and
when he saw the battle would be
lost he gave notice that legal steps
would be taken to set the lease aside
when it was made.
The called meeting of the stock
holders was the most largely attend
ed in the history of the company.
After a brief session in the ware
house at Newbern Col. Jos. E. Rob-
inson Yves elected chairman and
George Green and Charles Stevens
secretaries. The meeting then took
q recess to meet in Morehead at 3
o'clock. However, when the party
arrived at the Atlantic Hotel a din
ner was served and it was 4 O'Clock
before the meeting proceeded to
business. Governor Aycock and the
board of internal improvents, B.. w.
Ballard and B. G. Beckwith, were
present with their counsel, eX-Gov-
ernor t. J. Jarvis. The successful
bidder, R. S. Rowland, attended by
r. p. Foster, Fred l.. Merritt and
his attorneys, Thee. F. Davidson
and James II. Pou, were on hand.
w. L.. Kennedy and the parties in
his syndicate were not represented
by counsel, but attended in person.
When the meeting reconvened
State Proxy Granger announced
that he was intructed by the State
board of internal Improvement to
vote for a lease of the road and to
submit two propositions for a lease
and support whichever had the ap-
proyal ola majority of the private
stock. The Kennedy syndicate and
the Rowland propositions were then
read to the meeting. They were al
most Identical, except that Rowland
offers to spend large sums in devel-
oping Eastern Carolina. Director
E.. c.. Duncan offered a resolution
that the Rowland proposition be &C
cepted for a term of 81 years and 4
months from this date and that the
directors and officers be instructed to
make the lease, turning over all the
property to the lessee upon his exc
cutting his part of the contract.
Theo. F. Davidson, counsel for
Rowland, briefly stated to the stock
holders that Mr. Rowland had re-
sided in North Carolina six years
and had invested over three hum
dred thousand dollars in permanent
improvements. at AsheviIle. He
told of his. vast. business interests in
New England, California and Cuba,
and predicted that he would bring
untold prosperity to the territory
traversed by this road.
Director G. E. Foy was on his feet
o minute later, 81 believe a lease
will be made,u,h e said, ''for it seems
that sufficient stock has been corrall-
ed for the purpose; but I want to say
that legal steps will be taken to an
nul.n He referred to the introducer