The news & observer. [volume] (Raleigh, N.C.) 1894-current, 1905-09-29
TO ANNUL
LEASE OF MULLET
Stockholders and Direc-
tors Meet.
OFFICERS ARE CHOSEN
J. W. Granger, of Falling Creek, Was
Elected President. The Sentiment
of the People Much Divided
On the Matter of The
Lease.
Especial to News and Observer.)

Especial to News and Observer
New Bern, n. c.. Sept. 28.-At the
meeting today of the stockholders of
the Atlantic and North Carolina Rail-
road. a sensation was sprung when
Mr. c. E. Foy, of New Bern, offered
resolution to institute proceedings to
set aside the lease of the Atlantic and
North Carolina Railroad to the How
| land Improvement Company. The
! same resolution was offered in the
| meeting of the board of directors, and
| in both meetings Mr.. Foys resolution
was tabled. But there is strong Sent-
ment in this county, in Lenoir and
| pamljco to set aside the lease. In
Wayne and Carteret the preponder-
ating sentiment seems to be against
| setting aside the lease.
! No sooner had Mr.. FOy offered the
resolution to institute proceedings
than Mr.. l.. c. Duncan moved to table
the resolution. The vote stood: To
table, 7G7 of private stock and $50 or
the States stock: against tabling, 231.
The stock of Pamlico county was not
voted, Mr.. d. B. Hooker stating that
he did not hold the proxy of the
county. but Pamlico county is under
stood to be in favor of the Foy reso-
luton.
When the lease was made one year
ago, the vote in the stockholders
meeting stood: For the lease, 1906:
against lease, 68
Just before Mr.. j. w. Granger.
president of the road, took the train
for his home in Kinston, represen-
tative of the clerk of the Superior
! Court served him with notice of an
action. brought by w. s. Hill, for
himself and others to appear at
Craven Superior Court on Monday,
October 9Th, when the complaint, CIV
! ing the grounds upon which the suit
will be brought. is to be presented.
Mr.. Hill, who brings the suit, owns
two shares Of stock At the meeting
Of the stockholders held here when
the lease was I>>~de, Mr.. Foy filed
which set forth at length the reasons
Why he protested against making the
| lease at that time, at which he re-
! garded too low a rental
There is heard strong criticism Of
the attempt to set aside the lease
mainly on account OF the fact that the
lessees have made great improve
ments on the road. have spent or ar
ranged to spend two million dollars to
| improve the road and to build a
trestle to Beaufort.
mere Is ullIeEPHc0 OI opinion
among lawyers as to the suit, some
declaring that there is no ground
upon which the lease made last year
| and approved by nearly all the stock
holders present can be set aside. Mr..
| Hill and rs associates, who are rep
resented by Messrs. w. w. Clark 0.
H. Guion and w. r. Dortch believe
they have good grounds and good
chance to annul the lease.
Details of the Meeting.
The stockholders meeting of the
Atlantic and North Carolina Railroad
Company was called to order at noon
today in the office of the Trent Ware
house, Col. JOS. E. Robinson, Of Colds
boro presiding, c. Stevens and W. L..
Arendell, secretaries. A full represen-
tation of stock was present. The reg
ular routine business was transacted.
The directors, on the part of the
stockholders, were as follows: Demp-
scy Wood. Falling Creek; c. E. Foy,
New Bern; e. c. Duncan, Beaufort:
Henry WE'LL, Goldsboro.
President j. w. Granger read his
report which was unanimously ac-
cepted.
The bylaws of the company We're
amended in respect to the Finance
lcommittee, increasing the number
from six to eight The committee oil
the part of the stockholders We're:
L. A. Greene, New Bern; G. II. Rob
erts, New Bern; j. A. Meadows, New
Bern; w. L. Kennedy, Falling Creek;
r. w. Taylor, Morehead City; l.. Har
vey. Kinston. On part of the di-
rectors: Col A. G. Davis, Goldsboro;
and Geo. w. Summerell, Kinston
Proxy committee: L. j. Daniels, H.
r. Bryan. Jr., New Bern; d. Oettin-
ger, j. c. Parker, Dr. Henry Tull,
w. L. Arendell and S. Wooten.
Mr.. C. E. Foy offered a resolution
directing the directors of the Atlantic
and North Carolina Railroad Company
to enter suit against the Atlantic ana
! North Carolina Company for the pur-
pose of annulling the lease held by
the late company. The resolution was
tabled. The stockholders meeting
then adjourned, Immediately after-
ward the new board of directors met,
accepted the presidents report and
/ proceeded to transact their regular
business.
Mr.. c. E. Foy offered the same reso-
! lution before the directors meeting
he had offered before the stockholo-
ers. which was again tabled. They
then proceeded to elect new officers.
Mr. ]. w. Granger of Falling Greek.
vas elected president; d. j. Broad
hurst of Goldsboro, secretary and
treasurer. and H. b. Holland, of New
| Fern EXPERT accountant Business
| Ia;,,s oounIeted the meeting ad-