The news & observer. [volume] (Raleigh, N.C.) 1894-current, 1905-02-21
vision for an extension of the charter

Itecfupteu by several questions as 10
the character of the agreement and
as to whether there was any proviS-
ion in the lease as TO the extension OF
! the charter.
| Picking up the thread of his argu-
ment he finally went on to say that
as TO the raising of freight rates which
| was alleged the matter was in tie
power of the Legislature. II the rates
are too high or the demurrage too
great. the Corporation Commission has
| power to control the matter. The
private stockholders felt that their in
| terests were jeopardized by the State
running railroad; that a lease fol
| a long number of years was the best
| thing for them and for the State. The
present lease was of great value. They
/ believed that il would be a better
| lease il the period were longer. It
| was CRAFTY to the benefit of the owners
of the road that heavy improvements
should be put on. The longer the
| lease the greater the inducement OF
| the lessee TO put on Improvements:
I the shorter the lease, the less the
| inducement TO improve. III there
We're grievances, said Judge Womack
and, any body who knows anything
about the A and n. c., knows how
! plentiful they arc and how easily.
| they arise--there was the proper
remedy at hand. The private stock
holders and all parties making the
| lease had promised to come here ana
ask an extension Of the charter; and
| to make the other promise that IL
| Rowland doesn't comply with the OBJ
| legations he assumed under the lease,
| for one will aid ill forcing him to
do So
Chairman Foushee asked whether
| the State had agreed to seek an ex-
| tension and Judge Womack replied
that was the understanding; that the
| lease had been made after il bad been
approved by a majority of the private
stockholders and then submitted to
the States stock which approved it.,
and then jointly executed by both
parties.
Didn't the gentlemen say that they
would take the road for forty-seven
years. if they couldn't get it for a lon
ger period?
My impression is that they said
they would take il for fifty years"
was the reply.
Mr.. Foy: Didn't Governor Aycock
say that he wouldn't lease for more
than fifty years and for not less than
a six per cent average
Judge Womack: Nobody was
more heartily and earnestly opposed
to lease than Mr.. Foy. ] cannot
| answer for what Governor Aycock
did or did not say. I know that the
lease that was made was approved by
almost everybody except Mr. Foy ana
one or two interests from Perquimans
county,
Upon a suggestion from Chairman
Foushee that the discussion was get
ting to cover too much territory,
Judge Womack sat down and Mr.. W.
G. Munroe, attorney for the road, got
up.
Mr.. Muuroe is mild-mannered
gentleman, with irreproachable linen,
a deprecatory grey beard. calm light
eyes and a soothing voice.
S much of his appearance, which
is distinctly cool, by reason of the
sauce of surprise which it gave to his
subsequent development of heat
Mr.. Munroe -egan with the dispas-
sionate phrase that became his per-
sonality and went on TO say that he
came here as the general counsel of
the Road to ask for the extension OF
the charter. The only reason ii WAS
important was because the lease had
been made. AS to the raising of
rates there was provision in the
lease that the local rates obtaining on
the A. and n. G. could not he raised.
this being p uitn at the suggestion of
Governor Aycock. He would not dis
cuss the lease, said Mr.. Munro. He
Qlu IlOt lH]uh tildt the ~ ana y. =.
was q public but q private corpora
ton. ,rhe basis of the request for
an extension of the charter was the
message of Governor AycoclS to the
Legislature in which he recommended
it in q reference TO the lease and the
provision therein for an extension Of
the charter.
Upon being asked by several menu
bcrs of the eastern delegation TO
Il h<,
printed copy of the lease triumphant-
ly. Mr.. Munro said that he did not
think that he did not think that there
bad been any formal agreement be-
tween the private stockholders and
the State 10 apply for any extension
Of the charter. but said that he had
agreed. so far as he could, that the
charter should be extended for the
term Of the lease, and that afterwards
f, for the interest of the state he had
written the bill SO as to make the
charter perpetual.
Mr.. Munro had commenced to say
what had been said by Judge Wonluctt
as to the remedies for raising, rates of
the road when he was Interrupted by
Chairman FouShee who stated that
the committee did not want to know
| about rates but about whether there
had been an agreement to extend the
charter
Mr.. Munroe was going on to say
that the advantage of the long term
lease was that the rate Of interest
rose every ten years until ii was finally
seven per cent. when he was again
Interrupted by Chairman Foushec.
II suppose that you mean TO say
that Governor Aycock wants this bill
passed."
1t was suggested by some one of
the committee that. since the How
land Improvement Company had "a
charter to run railroad and a lease
to the road, it could still operate even
after the charter expired.
did these gentlemen rely on con-
tract or agreement With Governor
| Aycock?'' asked Mr.. FouShee.
| Mr.. Munroe replied that he did not
know. but that he had talked with
Governor Aycoek and he considered
that 1t was an agreement and that he
wished it to be carried out.
Interjected Mr.. Foy: Wasn't it un-
derstood that il they couldn't get it
for longer time they would take it
| for forty-seven years."
SIR. Munroe: mo. Fifty years
and ninety-one years We're contem-
plated