The coastland times. [volume] (Mnateo [i.e. Manteo], N.C.) 1947-1959, 1952-06-06
|@, 800, 900 LAND
DEAL FOR 27O, 900
ACRES COOKING
Second Large Transaction
Contemplated Cover Hyde
and Beaufort Lands

/ The mystery behind many ru-
mors which began early this year
about land activity in Hyde and
Beaufort Counties may be solved
in the announcement of a few
days ago concerning an option
taken by Continental Can Co., on
270,, 600 acres of Roper Lumber
Company lands. The story of this
big deal which involves a figure
of about $4,SOO,OeO was told in
the Virginian-Pilot by Frank Sui
Ivan as follows:
The majority holdings of the
Roper Realization Company, Inc,
representing approximately 27O,-
600 acres of cutover and timber
lands lying principally in Eastern
North Carolina, have been taken
under option by the Continental
Can Company for possible pur-
chase at $3.50 an acre, less brok-
erage. commissions, according to
the Wall Street Journal. Confirm
alton of the option was made in
Norfolk last week by ]. Raymond
Pritchard, secretary of the Roper
interests, who said the company
had not included some 10000 acres,
including valuable waterfront pro-
perty on the Southern Branch of
the Elizabeth River at Gilmerton
and other tracts in the Dismal
Swamp, Princess Anne County,
and the New Lake section of North
Carolina.
He said the option was author
lied at meeting of the stock
holders held in Norfolk last week
and explained that the land is
held by two wholly owned subsid-
iaries of Roper Realization, Nor
folk Southern Land Co., and John
L. Roper Lumber Company. The
option period runs to February is,
1858.
Continental Can, it was learned,
has been buying land for some
time to provide lumber for its pulp
and paper mills. 1t has the right
under the option agreement to
cruise the Roper property and
evaluate its worth.
In the event the sale is not made,
Pritchard said, directors of Roper
Realization are authorized to look
for another buyer.
The option is believed to involve
the iasgest acreage since the lush
period of land grants by the King
of England in personal---very.
days.
Second Big Deal
1t follows closely the announce
ment abou two weeks ago that
negotiations were nearing compile
ton for the acquisition of the West
Virginia Pulp and Paper Company
of approximately 10000 acres of
Dare County, NJ. c., land from
Fred Maloof of Washington, N.
C.
Continental Can, if it exercises
the option, will pay over to the
realization company approximately
SAB million, less brokerage fees,
the amount of which will not be
ascertained until the transaction
is consummated.
Part of Huge Acreage
The scattered properties, repre-
senting probably the largest I'M
developed acreage under one own
ership on the Atlantic Seaboard,
is dwarfed by the fact that the
original owner, the John L. Roper
Lumber Company, which was in
corporated in 1884, held fee simple
title on more than 100000 acres,
had stumpage rights on an addi-
tiOnal 100000 acres just prior to
World War !, when it was in its
heydey.
At one time considered the top
lumber producing firm in the east
and ranked high among those in
the nation, the lumber company all
but lost its identity when mill
operations were suspended in 1920,
coincident with the acquisition of
the properties by the Norfolk Sou
thern.
In the interim, and until Janu-
airy 1, 1912, when it became a sub
sidiary of the Roper Realization
Company under the reorganiza
ton plan of the Norfolk Southern.
the sole source of income came
from spasmodic contracts and tim
Der and land sales.
Until May, 1949, when the pres
ent management assumed control,
there was little effort to capita
lie on or develop the properties,
most of which lie between Pam
leo and Albemarle Sounds with
smaller tracts in the eastern coast
al plains of North Carolina and
Tidewater Virginia.
Patrick B. McGinnis, of New
York, is president of both the real
ization and lumber companies. He