Yorkville enquirer. [volume] (Yorkville, S.C.) 1855-2006, 1880-05-27
ANNUAL CONVENTION OF THE STOCK.
HOLDERS OF THE CHESTER AND
LENOIR N. G.. Il. r. COMPANY.

The stockholders of the Chester and LIE.
noir Narrow Gauge Railroad Company met
in annual convention at IL o'clock, NJ, this
day, in the town of Chester. The convention
was organic by calling Col. John S. Wilson,
of Chester, S. g., to the chair, and appointing
James Mason and Joseph F. Wallace, Secre-
taries
Col. L. A. Mason moved that committee
of three be appointed to verify proxies, which
motion being duly seconded and adopted, the
chairman appointed as the committee: Col.
L. A. Mason, Of CASTOR, N. c.; Col. E. T.
Atkinson, of Chester, S. C.. and Col. W. h.
McCorkle, of Yorkville, S. G.
The committee on proxies submitted the
following report:
We find 3l19 shares of stock represented
219 shares in person and 2900 shares by proxy.
L. A. MASON, Chairman.
The report of the committee on proxies was
received and adopted and the chairman then
declared the Convention legally constituted
and ready for the transaction of business.
PRESIDENTS REPORT.
The Presidents annual report was read as
follows:
To the Stockholders Of the Chester and Lenoir
Narrmo Gauge Railroad Company: GENTLE
MEN: herewith submit my annual report OF
the operations of this Company, for the fiscal
year ending April 30th, 1880:
Gross earnings from all sources, 1886, 300 IS
Gross earnings previous fiscal year, 80, 797 80
Increase over last year, .......$ 3,75o 46
Operating expenses proper, for year, 1S, 155 25
Excess of earnings over operating
expenses, proper, ................ 10, 40O 6O
The item of operating expenses, proper, COW
ers all expenditures for salaries, labor, mate
rials, and other matters connected with the
actual operations of the road for the year.
Owing. however, to the necessity of replacing
much of the temporary work of construction
on the upper end of the line with permanent
structures, and in view of the bad condition
in which found theentire road-bed at the be-
ginning of my administration, have cOnsld-
cred it necessary, with the advice of the Board
of Directors, to employ considerable portion
of the earnings for the year just closed, in Sc
curing good road-bed. The expenses of effect
ing this work have not been included in the item
Of operating expenses, but have been carried
to the construction account. Thirty-two thou
sand cross-ties have been bought I'd placed on
the road, which, with over eighteen thousand
used the previous year, give over one thousand
new ties to the mile on the entire road, and is
practically replacing nearly one-half OF the ell
tire line with new ties.
The trestle over Allison Creek, it was also
considered, should be replaced at the earliest
moment with permanent bridge. The ma
sonry for this purpose has been we'll advanced,
during. the year, at considerable cost, and can
soon be made ready for the superstructure. A
large amount of tillingin has also been accom-
plished at this point, and with a reasonable adj
ditonal expenditure, the present summer,
permanent structure can soon be completed
there. New turntables have been construct
ed at Chester, Gastonia and Dallas cuverts
rebuilt, and many minor improvements made
at various points on the line. This work, Oh
the entire line, has been done at a cost to the
company Of about $4,000, and is OF such a
character that but little additional outlay will
be required at the points named, for some
years to come, except that some 49, 900 cross
ties might yet be used to advantage, part OF
which, am advised, will be actually necessary
The rOad-bed is in good condition, the roll
ing stock the same as last year, and III falr
order, but scarcely sufficient for the increasing
business Of the road.
am gratified to report that the long litiga-
tion which paralyzed our progress during the
period have been in charge OF the affairs OF
the Company, has beesP Pfavoraby terminated.
The county bonds. pledged as collateral TOR
large debt to the ROane Iron Company, OF Chat-
tanOoga, Tenn, having been declared valid,
they have been sold since the close OF the fiscal
year, realizing a sum sufficient to discharge the
given as additional security, anu TO
leave surplus of over 81, 900 in the hands OF
the Company. AS soon as this result could be
efforts were made to fund the re-
naming debt of the company, amounting to
some SS2, 100000, in new first-mortgage bonds.
l am now enabled to report that these arrange
ments have been attended with practical sue
cess, and that the two mortgages remaining
msatsfied, amounting to about S62, ,OOO, rs also
the principal part of the floating debt OF some
$22, 900, can be funded When this is done,
the entire debt of the company will not exceed
100000.
Under this improved view of our financial
perceive no obstacle to prevent us
from Immediately resuming the work OF eX-
tension in North Carolina. 1 have recently
been over a part of the graded rOad-bed beyond
Dallas, and find that materials and labor can
be had for this work as soon as we can be
ready to employ them.
/ am in possession of offers for sufficient
amount of first mortgage bonds for cash, on
certain terms and conditions, to justify us in
resuming work at the earliest moment, and
upon a cash basis.
I recommend that permanent bridges be
substituted in place of the remaining trestles
on the line above Yorkville, as soon as the
,naanc nan bp safaly nrovdpd for this purpose, !