Yorkville enquirer. [volume] (Yorkville, S.C.) 1855-2006, 1875-05-20
ANNUAL CONVENTION
OF the Stockholders Of the Chester and LIE.
noir Rail Road Company.

VIM - O'1 ~'~"y ~-' ~~'~'
The stockholders of the Chester and Lenoir
Narrow Gauge Railroad Company, met in
annual convention at IL o'clock, A. NJ, this
day, in the town of Yorkvile, and the con-
vention was organized by calling Jasper
Stowe, of CASTOR county, N, G., to the chair,
and appointing W. D. Simpson, James Ma
son and G. D. Heath, Secretaries.
H. G. Hamilton moved that committee of
three be appointed to verify proxies, where.
upon the Chair appointed on the said COM
mittee the following gentlemen: H. c. Ham
ilton, of Caldwell county, N. c.; L. M. Grist,
of York, S. c.; and E. T. Atkinson, of Ches.
ter S. G.
On motion, W. D. Simpson was added to
the same committee.
REPORT OF COMMITTEE ON PROXIES.
The committee to verify proxies beg leave to
report as follows: We find 1913 shares of stock
repreSeued-20 shares in person, and 2664 shares
by proxy ; being much more than majority OF
the stock, H. c.. HAMILTON, Chm'n.
The report of the committee on proxies
was received and adopted, and the meeting
was then declared by the Chair to be organized
and ready for the transaction of business.
A. H. Davega, President Of the Company,
submitted the following report, which was
read:
PRESIDENTS REPORT.
OFFICE CHESTER AND LENoIR N. G. r. r. Co.,
CHESTER, s. c., May 18th, 1875. !
To the Stockholders Of the Chester and Lenoir
NnrroU Gauge Railroad Company: GENTLEMEN;
submit to you the report Of the condition and
operations of your road during the past year:
The gross earnings for the ending OH the 3rd day Of Apr
last, 10y 10y 40 40
Mt earnings s,747 ls
Out of which amount the interest on the mortgage
debt has been paid and balance applied to the con.
struction of the road beyond Yorkville, as will
be seen in the Treasurers report.
The amount of the work done of various kinds,
with the cost Of the same, will be seen by the re-
port of the Chief Engineer, herewith filed. Frorn
his report you will learn that the grading, treste-
work and masonry are nearly completed from
Yorkville to Dallas, N. c., and that the road-bed
is ready for cross-ties and iron.
At our last annual meeting, it was confidently
expected that all the grading and other work
would be completed by the first of January OF the
present year, but owing to the difficulty of col
iecing the assessments, together with the failure
to make sale Of the county bonds, it became i'm
possible to meet the monthly estimates for work
done by the contractors. The result was, that one
of the contractors abandoned his work on the lst
of October last and the other contractor suspend
ed duringthe same month. Could the forces nave
been kept at work during those four months, the
whole Of the work between Yorkville and Dallas
would have been finished ut the anticipated time.
The Board of Directors, calculating that the
road bed would be ready at that time, at meet
ing held in Chester, the 3rd day of April. 1874,
adopted resolution directing the President and
Superintendent to proceed to the North and nego-
t;,t tI,o cl,asa of Sujtabla railing stock
In pursuance Of this resolution L left Chester
on the lst day Of June, in company with the Su-
perntendent and after visiting several manu-
factories of engines and cars finally purchased at
Pittsburg, Pennsylvania, two engines at cost OF
s., 700 each and at Wilmington, Delaware, made
purchase ofon0 tirst-class and one Second-cass
passenger coach, two box cars and two flats,
for the sum OF ST. 800 all of which are paid for and
now in use upon the road. Our Company have
also built, during the year, three box cars and
four flats at much lower prices than they could
be purchased at the North.
BY the same resolution was directed to make
sale of the old rolling stock. The coaches, box.
cars and flats I have disposed Of for the sum OF
50 800 but have not been able to procure al offer
for the engines The older and more worn one,
think it would be advisable to keep, as it would
command but very small price if sold, and it
will he of value to the Company as motive pow
or in the shop for repairs. .o,
Att meeting of the Directors, held July 3Oth,
the work of preparing the road bed having pro-
gressed very satisfactorily, it was thought neces-
sarv to take some steps looking to the purchase
of iron. TO this end, resolution was passed, m
structing the President to open negotiations with
some Of the leading manufacturing companies:
In pursuance of the object of this resolution,
opened correspondence with Mr.. A. j. Dull, inc
general manager of the Lochie Iron Works al
Harrisburg, Pennsylvania, and at his request
went to see him and explained to him the condl-
ton of the Company and the securities it hac to
offer. He expressed willingness to furnish the
iron and to aid us in any manner he could, taking
occasion to express very favorable views OF e the
system of narrow gauge railroads. When leiC
him, he promised to come out hnsell IN oePtei.i
Der following and ride over the line of road with
me, and if, upon examination, he approved OF tile
prospects Of its SUCCESS, to sell the Company the
iron upon time, taking note of the Company,
with county bonds of sufficient amount deposlted
as collateral security Mr.. Dull failed to come in
September, but wrote me the reason for failing to
do so, and renewed his promise to come as soon
as the affairs there OBTAINING him were arranged,
and in this way kept me waiting upon MN, anu
deferred me from looking to any other source lor
iron until when he wrote me that he could make
no contract for iron except upon cash basis.
fear some influences adverse to your enterprise
were brought to bear upon him to induce thls
change of mind upon his part.
This source OF procuring the iron having failed,
it became necessary to devise some other means.
After consulting with the Directors and others IN
tercsted in the success Of the road, note was 10
be made to the amount of $75, ,OOO payable in three
installments- eighteen and twenty-1our
months To this was obtained the signatures OF
some twenty or more gentlemen, representing IN
the aggregate half million or more OF capltal.
With this paper in my possession visited NE"
York and Philadelphia, and tried the various COM
panies represented there; but was unable TO lhake
any satisfactory arrangement Ihe nrst opJectioh
to the note was, that it was not strictly CONNER
cial paper;' and another was, that II was az TOO
long date-four, six and eight, or six, nine ana
twelve months being their longest credit: one