Yorkville enquirer. [volume] (Yorkville, S.C.) 1855-2006, 1874-05-21

last mentioned are all paid for in stock, the
contractors working out the amounts of SUBJ
scripton. Contracts have also been agreed
upon for the work between the Air Line Rail-
way and the town Of Dallas.
1t is very important that the road should
be completed to the Airline Railway by the
1st Of October, as with it in operation to that
point, the recei pts will be more than doubled
over what the present earning amounts TO-,
with no additional expense except that of fuel.
And it would be of incalculable advantage if
it could reach Lncolnton by the 1st of Janu-
airy, 1875. Whether it will do 80 or not, de-
pends solely upon the interest taken in it, by
those whom it would so greatly benefit. I re-
gret to say they have been very slack in con-
tributing aid to the work. The failure Of
nearly all of the counties in North Carolina
to vote the subscrip ptions which were 80 hope.
fully counted on, has SO changed the financial
aspect of the company as to render the pro-
gress Of the work uncertain, and it may take
years to accomplish what should only be the
work of months. The report of the Engineer
shows that the whole road can be built and
put into operation for the sum of S629 800;
very small sum for an operating road OF over
one hundred miles, penetrating the most pro-
ductive portion Of the State. To meet this
your Treasurer's Stock Book shows only
$4,000, leaving deficiency of 1852, ,S25.
How to meet this is a question for our consld-
GRAFTON. | can suggest no other way but by
the issue IF bonds of the company. Could
we carry the road through to Lincolnton by
the 1st of January, we could have sixty miles
of operating road as basis of credit, and the
bonds of the company would command from
eighty-fve to ninety cents on the dollar.
An agreement has been effected with the
Wilmington, Columbia and Augusta, and the
Charlotte, Columbia and Augusta Railroad
Companies, to transport "all iron and rolling
stock to be used in the construction of our
road" over their roads, and to receive in pay
ment for the transportation of the same, stock
of the Chester and Lenoir Narrow Gauge
Railroad Company at its par value of one
hundred dollars per share.
l regret to be under the necessity of calling
your attention to the fact that number of
the stockholders are not paying up their in
stallments, and hope you will adopt such
measures as will compel them to pay up
promptly, so that we may be enabled to pay
off the contractors monthly, and complete the
road to Dallas without delay.
Respectfully submitted,
A. H. DAVEGA, President.
Colonel F. Gardner, Chief Engineer, read
a report for the information Of the meeting,
which he had prepared for the President and
Board of Directors.
The Finance Committee appointed by the
President, pursuant to resolution adopted by
the Board of Directors at Yorkvlle, 18th of
March last, made the following report which
was adopted, to wit:
CHESTER, S. c., May 9th, 1874.
The committee appointed to examine the
books and vouchers of the President and
Treasurer, respectfully beg leave to report
that they have carefully performed the duty
assigned them, and find them correct. They
also find that there is balance due the Pres
ident of 81 ,4S5 95 cash advanced by him for
the company; and We hereby recommend
that they be received as entirely satisfactory,
and the Treasurer be authorized to settle the
balance due the President.
Respectfully submitted,
I. L. GUNHOUSE,
G. D. HEATH,
j. L. CHAMBERS,
Finance Committee.
The following gentlemen were then appoint
ed to examine and report at once upon the
several officers reports, to wit M. A. Moore,
of Dallas, and J. S. Wilson and G. S. Brice,
of Chester, who retired at once. After all ab-
sence of about an hour, they returned with
the following report, which was unanimously
adopted as a whole, to wit:
DALLAS, N. c., May 18th, 1874.
To the first Annual Meeting cf the Stockholders
of the Chester and Lenoir Narrow Gauge
Railroad Company:
The undersigned, a committee appointed to
report on the several officers reports of said
company, respectfully submit the following
for the consideration and action of said meet
ing.
We approve of the provisions contained in
said reports, and recommend the adoption of
the same, and express our satisfaction at the
prompt and energetic manner in which the Of
ficers have discharged their several duties.
We take pleasure in stating that an early
completion of the enterprise may be expected
under the ability, energy and fidelity which
have hitherto characterized their labors. We
therefore suggest, with the view of carrying
out the recommendations as set forth in said
reports, the adoption of the following resou,
tions, to wit:
Resolued, That in order to provide means
to secure the early completion of the road,
purchase iron and other material for the road,
and to fund the floating debt of the company,
the President and Board of Directors be au-
thorized to issue bonds of this company, at
the rate FIVE thousand dollars per mile, said
bonds to run twenty years and bear interest
at the rate Of seven per centum per annum,
payable semi.annually at such bank or banks
in the State of South Carolina or North Car
olina, or in the city of New York, as the
President and Board of Directors shall deter
mine.
Resolued, That, to secure the payment of
said bonds and interest thereon as it shall be-
come due, the President and Board of Direc-
tors are hereby authorized to pledge, by way
of mortgage, the entire property, assets and
franchises of said company; provided said
bonds or any portion of them shall not be put
upon the market, except at such times, and in
such quantities, and at such prices as the Pres
ident and majority of the Board of Drec-
tors, in full meeting, shall approve and direct
Said bonds and mortgageto be signed, attested
and otherwise executed in such manner as the
President and Board of Directors shall pre-
scribe; but to remain in the custody Of the
Treasurer until the same shall have been ne
gotiated, and only to be drawn from his hands
by order of the President and BOARD of Direc.