The news & observer. [volume] (Raleigh, N.C.) 1894-current, 1905-05-30
GL.ENWOOD SUBURB
President POu Gives the
Present Status.
Says That 1t is Up TO the City TO So
Arrange Matters That the Project
Will Become Real

ed yesterday concerning the status OF
the GIenwood land proposition, said
that the matter is in the following
shape:
THE company has been organized
and it's capital fixed at $4,000. It's
stock has all been spoken for, and the
subscribers are ready to pay the cash
and take their certificates any day.
Whether the company does much
business or not depends upon the
matters hereinafter set forth.
"The company has secured a num-
Der of small pieces of property prin-
cipally in the WinslOW plot, at a cost
of between four and five thousand
dollars. 1t has options upon three
pieces of land, which it will close by
purchase if the street car line is built
but viii let fall through if this
is not built. These properties are rs
follows:
Mrs. Deveraux's tract, sixty-seven
acres. Sixty acres on Captain 3 p.
WI. mson's farm. adjoining Il. s.
Toy erauxs The Grissom property.
Eetonging to the !. and NJ. College,
aui some adjacent and, making IN nj!
about f4C acres. Nothing has been
pad upcu 6!Iln except 500 each. II
the oytinrs 90 not closed by p.lI-
chase. The Land Company Will i Sc
$GnC II these lands are purchased,
tte Laud Company, at its owd tX-
pense will lay out streets over the
PROPERTY. ard it will put water ard
sewers over the r;rt, of the DcverauN
property south Ct the raVire, and
over the Gil en- land, and VIII i'm
mCdlately I'll this property up1 the
market.
THE Land Company has offered TO
take stock and bonds of the street
car and pay for the same $4,000 IN
cash. in consideration of the bulldog
ard operation as an integral part ot
its system by the Raleigh Electric
Company of a line of street railway,
beginning at the postoffice, running
thence gloWn Martin street to the
depot; thence by the front of the
depot to Hillsboro street; thence
using the old track along Hillsbot2
street to Saunders; thence out Saund-
ers street to the city limits; thence
along the new street, which the Land
Company will open, and being an eX-
tension of Saunders street, but proba-
bly, 100 feet wide, to the ravine, which
is north of Wills Forest street. Here
the street railway will at present stop,
and its further extension is a matter
for agreement hereafter between the
Eectric Company and the Land Com
pany The contract provides that
similar service and cars as are used
i'm the balance of the city snail be
used there, and that the Raleigh Elec-
trio Company shall operate cars over
that line as long as it operates cars
anywhere in the city of Raleigh. Its
franchise in the city of Raleigh has
recently been extended sixty years.
1.-THE SIS 900 furnished by the Land
Company is expected TO be sufficient
TO build and equip this line, and the
Electric Company expects to run TINS
line at a loss for a year or two, trust
ing that the development in that part
of the city, as well as in the property
of the Land Company, to give 1t
future profit.
This is the first scheme which the
Glenwood Land Company expects to
put through, after it begins business.
If that is a success, it expects to take
M others. 1T expects to become an
important and permanent factor. IN the
business life of Raleigh. 1t expects
to make money for its stockholders by
promoting the development or Ralelgh
and it's suburbs. 1t vii have a large
stake in the prosperity of Raleigh, ana
will lose money unless RaIelgh grows
and grows rapidly.
'While but little has been done ana
The titles to only small pieces of
property have actually passed, every
thing is ready to be done. The OPP
tons can be closed up any day; ana
the contract with the Electric Com
panv is prepared, approved by the
company. ready to be signed Inc
Land Company has applications TOT us
stock from men ready 10 pay the
money on demand, for it's entire issue
Of $40 600. Most of the deeds and
con- eyances necessary have been pre-
nared and are ready for signature,
brt none have yet been signed nor
will they be signed until the city de-
cides whether it can afford to grace
Saunders street from Jones street 10
the city limits or not, If the city Will
grade this street now, as 1t VIII
eventually have to grade It, the con
tracts will all be signed, the property
purchased. the street car win be built
and the hand Company VIII lnllhe-
diatelv begin active operations.
s"The CITY is not asked to spend a
cent of money outside of it's limits. IL
is only asked to grade one OF its own
streets and make it passable. Petit
tions were presented to the street
committee today from practically all
the citizens and property owners IN
that section of the city. Some OF the
largest tax payers in the city Slsueu
the netition, and almost every loot
of land along Saunders and the adj
l.iacent streets is represented upon the
netition. asking the city to make this
extension. Except the Improvement
of two squares on Saunders street.
that is. from Hillsboro to Jones, the
CITY has never spent any money on
Saunders street The street itself was
donated to the city, and the property
owners along it and adjacent TO It are
only asking that the city do for them
what il has done for other sections.
Experts have agreed that II the I'M
| provement of the street and the
building of the street car only en-
hances the value of that property 90
per cent. the amount of city taxes de-
rived from this increase will be more
than 81. 900 a year on the property
between Hillsboro street and the city
| limits This does not include any in
| crease on the property adjacent TO the
| new street car line between Hlllsboro
street by the depot, to the postoffice.
'The cost OF grading Saunders
street together with such improve
ments on the side streets as may be
necessary in conforming their cross
ings to Saunders street, is estimated
at about $4,000.
1T IS suggested that the city has
certain improvements on Blount
street and New Bern Avenue, which