The Richmond Virginian. (Richmond, Va.) 1910-1920, 1912-06-21
RICHMOND CAPITAL
INb|G CORPORATION
GREAT HoLDING COMPANY TAKES
OVER THE oLD DOMINION
LAND COMPANY.
NORTHCOTT, AT HEAD
PLAN OF oman WHO MADE HUNT.
INGToN" AND HIS ASSOCIATES
rs DEVELOPMENT OF
NEWPORT NEWS.

A giant holding company, In which
Richmond capital is largely interest.
ed. 20 take over the properties OF the
Old Dominion Land company Of New.
port News, has been formally organic
ed with capital of $1,000 600, and
will at once begin the development
Of the young city on Hampton Roads.
Arthur l.. Adamson, of South Rich
mond; J. w Knapp. general superin-
tendent Of the Chesa peake. and Ohio,
and T.. j. King, superintendent of the
eastern division of that road. are the
Richmond men interested. and two
OF these, Messrs. Adamson ana King
have been chosen directors OF the new
company.
The new holding company Ia known
AZ the Hampton Roads corporation.
and it's object, said MIR. Adamson yes
terday. is to buy up 4 controlling
interest in the stock OF the Old Do
blood and new capital into that en-
terprise, which already controls prAc-
tically all Of the undeveloped real
estate In and around Newport News
as well as the lightning and water
franchises. The new corporation will
Immediately begin the development
of Newport News. says Mr.. Adam
son. by the estabiishunsnt Of new en-
terprises. such a. oAnneries and pack
ing houses and the building Of
homes, to be sold on easy payments.
in order to attract new residents,
especially the families Of the men
employed In the shipyard. many OF
whom reside elsewhere while the head
OF the family boards. The small boat
harhor. which has been so Ions
needed. will be established at once.
Northcoft Conceived P1nn.
r. A. Northcott, the man who
made Huntington. w. Va" is the
originator OF the plan to take hold OF
Newport &Aws Development. He &c
cured an option on stock that would
give the proposed holding company
u controlling interest, ana then in
terested Richmond. Cincinnati and
Baltimore capital In the project. Mr.
Sorthcott- will move hts farniiy 70
Newport News and make hts home
there. He Is man Of large wealth
and influence, and Ne win devote his
time and attention hereafter to the
new corporation. which, Mr.. Adamson
says. spells future prosperity Tor
Newport News that fts people have
have met the new company with open
arms and are enthused over the move.
ment. and are giving Mr.. NoFthcoti
and his associates hearty co-opere.
ton.
The old company will retain ita title
and w. B. Livezey will be continued
rs president Of the company. TIL,
board Of directors OF the Hampton
Roads Corporation is composed OF tIfs
following:
Fl. L. Schmelz, r. r. Holt. n. l.
Ferguson. r. 1. Mason. E. l. Ford, "
B. Livesey. J. A. Willett. r. @. Bick-
ford. L. p. Srearnes, j. A. Kimberly
Frank w. Darling. A. G. Powell, Al
bert Howe. G. A. Northrop, D. r.. Alb.
bott, A. l., Adamson, Guy Mallon. L
Loomis Allen. l. E. Gates and e. ]
King.
VIII Apply For Charter.
The corporation will be chartered
under the laws OF the state OF vir.
Eir1ia with an authorized capital OF ~
100000 In stock and t2.0Oo, 900 In de
benture bonds OF 8 per cent. The de
bentures will be issued In amount O
the par value Of the stock OF the Oh,
Dominion Land company purchased
under the option or otherwise obtained
| Nessrs. Northcptt and Mailon have n
| option OF $4,000, Of the 10000 share.
| OF stock, but other stockholders NIL
| come into the corporation. giving tn
holding company from $4,000 to 1900
| of the shares.
! The stock of the Old Dominion Ian.
company IL held under option at o.
| The assessed value " its real estat
is $2.os5.ooo. ana the assessment 1
| three fifths of its actual value. 1!
addition there are other properties an,
rights Of great value including ma ios
| ity stock in Newport News Light ant
| Water company, the ownership Of tn
Peninsula Pure water company an,
harhor and pier rights and privileges.