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

RAILROAD MEETING.
ANNUAL MEETING OF THE STOCKHOLDERS OF
THE CHESTER AND LENOIR MARROW
GAUGE RAILROAD COMPANY.
The annual meeting of the stockholders of
the Chester and Lenoir Narrow Gauge Rail
road Company, was held at Dallas. North
Carolina, Wednesday, May 18th, 1874.
On motion, Colonel L. A. Mason, Of Dal-
las, was called to the Chair, and W. D. Simp-
son and John G. McFadlen, of Chester, we're
appointed Secretaries.
The Chairman appointed G. D. Heath and
S. B. Massey, of Chester, and DIR. 6. W. Mi.
chael, of Newton, a committee to examine and
verify proxies. The committee reported sew
enty-nine shares of stock represented in per-
son, and 2,649 shares of stock represented by
proxy. Total, 2,72S shares. Nearly all the
stock being represented, the Chairman declar-
ed the meeting duly constituted and ready
for business
The officers reports being called for, the
President read his report as follows, which
was received:
PRESIDENTS OrFIcEC &L. N. G. R. r. Co.,
CHESTER, S. G., May llth, 1874.
To the Stockholders Of the Chester and Lenoir
Narrow Gcuge Railroad Company:
GENTLEMEN-I hereby respectfully submit
for your consideration, report Of the trans
actions Of your Board Of Directors for the
past year, and also Il statement Of the present
condition of your company.
At the meeting of the stockholders at Hick-
ory Tavern, May 18th, 1873, after the con.
solidation was effected with "The Carolina
Narrow Gauge Railroad Company" a resou-
ton was passed directing the Board of Dircc-
tors, without unnecessary delay, to place
corps of engineers upon the line of the pro-
posed railroad.
In compliance with this resolution, your
Board rendered the charge of the work to
COL F. Gardner as chief engineer, who &C.
cepted and organized party and commenced
the surveys from Yorkville, about the 10Th Of
June, 1873, and completed the final surveys
and location in November, reporting a line
of cheap construction from Yorkvlle, by
Dallas, Lincolnton, Newton, Hickory Tavern
to Leuoir; q distance of fraction over
eighty-three miles. The location reported by
the engineer was approved and adopted by
your Board.
At the same meeting of the stockholders, a
resolution was passed authorizing and instruct
ing your Board to take such measures as they
might deem advisable to effect consolida.
ton between your company and the Kings
Mountain Railroad Company, by purchase or
otherwise.
To carry into effect this resolution, at q
meeting of the Board Of Directors held on the
same day, Messrs. John L. Agurs, L. M.
Grist and myself were appointed committee
to confer and negotiate with the President of
the Kings Mountain Railroad Company,
Major G. w. Melton, for the purchase of the
Kings Mountain Rail Railroad, or the con-
so!idation of that company with the Chester
aud Lenoir Narrow Gauge Railroad Compa-
ny. This committee reported to the meeting
of the stockholders held at Newton, Catawba
county, North Carolina, that in the discharge
of the duty required of them, they had con.
ference with Major Melton, who was willing
to sell his interest in the Kings Mountain
Railroad, consisting of 1105 shares of the
capital stock, and also q mortgage which he
held upon it-and proposed to take for both
stock and mortgage, the sum of $S5,OO0-
that of this sum be would require $15, 900 ia
cash, and would take in part payment $780,
900 of the Chester County Bonds, and would
give reasonable time upon the remainder Of
the amount. He also informed the commit
tee that the Kings Mountain Railroad Com
pany had at least $4,000 cash on hand over
and above all its liabilities, excepting. of
course, the mortgage for $4,000 which he
held.
Upon the consideration of this report, it
was resolved, by vote of the stockholders,
| &lok& h nd ho fh0rS
zed to accept, in their discretion, the PROPOSE
tion of Major Melton, and the purchase was
subsequently made by them, the terms and
conditions Of which are fully set forth in
copy of the agreement filed in the Treasurer's
Office of this company. 1t is proper, how
ever, to state that instead of $4,000 cash as
sets on hand, as reported by Major Melton to
the committee, there was, at the time of
transfer, $S,OO49O. At this meeting of the
stockholders, q resolution was adopted giving
full power to the President and Board of d.
rectors to do any and everything necessary to
be done to effect the consolidation of the two
companies. After due notice given, meet
ing of the stockholders of each company was
held-that of the Kings Mountain Railroad
Company at Yorkville, on the 26th of March,
1874, and that of the Chester and Lenoir
Narrow Gauge Railroad Company at Ches-
ter on the Sd of April, 1S74-at which seve.
raj meetings resolutions were adopted author
izing the consolidation of the two several
companies into one corporate body, to be
known by the name of "rhe Chester and Le-
noir Narrow Gauge Railroad Company"
The terms of this consolidation are fully
set forth in "Articles of Consolidation" filed
in the office of the Treasurer of your Company,
the main feature of which only it is necessary
to state, viz: That two of the shares in the
Kings Mountain Railroad Company are
given in exchange for one in the Chester and
Lenoir Narrow Gauge Railroad Company.
The act of the Legislature, authorizing the
consolidation of the two companies, provides
that any stockholder who objects to the con-
solidation or transfer of his stock, must enter
his protest within thirty days from the rati6-
cation of the act Of consolidation otherwise
he will be considered as consenting thereto
As the thirty days have now expired, and no
protest has been made the whole of the stock
of the Kings Mountain Railroad Company
may now be considered as merged into this
company.
would suggest, however, to the holders of
certificates Of stock in the Kings Mountain
Railroad Company, the propriety of present.
ing their certificates to the Treasurer and
having them cancelled and new certificates
issued.
At meeting of the Board of Directors
held at Chester on the 4th of December, 1873,
at which the report of the. Engineer was pre-.