The semi-weekly messenger. [volume] (Wilmington, N.C.) 1897-1908, 1904-09-06
Especial to The Messenger.)


The stockholders of the Atlantic and
North Carolina Railway Company met
at Newbern this morning. but after a
short session adjourned and met here
this afternoon. The meeting was OF
unusual Importance and interest on ac-
count of the lease matter that was 10
be taken up. There were several bids
before the stockholders. and after thor
lough consideration of them all, the
road was finally leased TO the Rowland
Improvement Company for a term of
lninety-one years and four months.
n Company agrees to pay 3 per cent.
Interest the first ten years, 8 IL per
lcent. the second ten years, 4 per cent.
the third ten, 4 1-2 per cent. the fourth
ten. . per cent. the fifth ten and then
10 per cent for the remaining 10 odd
years. 1t furthermore assumes the
bonded and floating Indebtedness of the
road n enters into a bond TO expend
"a quarter of a million dollars Within
three years in improvements.
Mr.. r. 5. Rowland, OF Asheville, and
providence. r. l.. is president of the
Howland Improvement Company and
he is the leading spirit in *. He is a
multi-millionaire and a great develop
Ter. Robert p. Foster, of Asheville, Is
general manager of the company.
The states poXy. Mr.. j. w. Granger.
OF kinston, voted for the lease, being
$50 instructed by the board Of internal
improvements. OF this board. Mr..
tBeckwith opposed a lease and so voted,
but Governor Aycock and Mr.. Ballard,
the other two members voted in favor
Iof the lease. or rather in favor OF in
structing the states proxy 10 vote for Il
lease.
The final vote on the question was
l.25S for and 81 against a lease.
Mr.. Rowland becomes President of
iAtlantic and North Carolina and Super
Iintendent Dill is retained. All the
Iother employees of the road VIII con-
t!nue in their present positions and re-
lnoValS will be made only for cause.
Mr.. c. Z. Foy, OF New Bern, was the
tonly man ~antagonistic 10 the lease. He
ANNOUNCED that he was assured that
the road could not under the terms of
It's charter be leased. Mr.. Foy's con-
l~tent.on is that the life Of the corpora-
ton is limited in its charter to the term
Of ~ninety-nine years and as the char
ter was granted in 1852 the present
Icharter will expire by limitation in 1851,
Tor forty seven years from date, there
fore the lease being made for a longer
period than ~forty-seven years is IN
valid.
NV 1APNSNS IN u
!E.ol this matter. The only thing re-
!qCired IS 20 nave the charter extended
lby the .egislature-a very simple thing
% 40. Mr.. Foy says the whole matter
twill be fully tested in the courts, but
III is not considered that his contention
will amount to very much.
The settlement Of this matter gives
very general satisfaction, and it is con-
lceded bv nearly every one that the best
terms possible nave been secured and
that an era of unparalleled progress and
prosperity vii. soon be opened up in the
territory through which the road runs.
MIR. Rowland. the new president OF
The road, recently talked very inter-
Iestingly OF his plans, provided he Sc
icured the lease. One Of the greatest
things contemplated is the develop
iment OF the country along the line OF
THE road. the establishment of colonies
Iof immigrants and the re-equipment Of
THE Atlantic Hotel at his place. so as
Ito make it an all the year house.
Mr.. Rowland recently went to Beau
fort, in company with Senator SIM
mons and made Investigations regard
ing the harbor there. II is his purpose
to bring every possible influence to
bear for improvement by the
government, Of the Beaufort har5or
land the establishment OF a harbor OF
refuge at Cape Lookout.
Nj. Rowland is a native OF Rhode Is
land, but has been a resident OF North
iCarolina for six years. His home IS
lin Asheville and he has acquired large
property interests there. The people
regard him as one of the greatest de.
I~velopers and upbuilders Of their sec
ltion, possibly second only TO George
Vanderbilt. He has faith in the pos
liabilities of Eastern North Carolina and
Inc takes his lease as an Investment
believing that with proper development
There is a great future in store for
lEastern North Carolina