Yorkville enquirer. [volume] (Yorkville, S.C.) 1855-2006, 1881-06-09
CHESTER & LENOlR n. G. RAILROAD co.
ANNUAL CONVENTION OF STOCKHOLDERS.


The stockholders of the Chester and Lenoir
Narrow Gauge Railroad Company, met 10
annual convention at IL o'clock, M, this day.
in the town of Lincolnton, N. c. The con.
vention was organized by calling V. A. Me-
Bee, of Lincolnton, to the chair and appoint.
ing G. w. S. Hart, G. D. Heath and James
Mason, secretaries.
J.F. Wallace moved that committee of
three be appointed to verify proxies, which
motion being duly seconded and adopted, the
chairman appointed as the committee j. F.
Wallace, James Mason, of York, S. c., and
W. H. Motz, Of Lincolnton, N. G. The
committee submitted the following report:
"The committee appointed to verify proxies,
report that there is represented in this meeting,
in person and by proxy, 3, lSS shares OF the
capital stock of the Chester and Lenoir Marrow
Gauge Railroad Company, which is majority
of said stock. j. F. WALLACE, Chmn."
On motion, the report of the committee on
proxies was received and adopted, and the
chairman then declared the convention legal.
ly constituted and ready for the transaction
of business. .... H..a o..
TnESlDCN1 . annual AsCA SAsA'
The Presidents annual report was read as
follows: ... r
L1NCoLNToN, N. c., June 2, 1884,
To the Conventionof Stockholders, Chester and
Lenoir NJ G.. Railroad Co.:
GENTLEMEN II herewith submit my re-
port of the operations of this Company for the
fiscal year ending April 3Oth, 1881: ..
Gross earnings."... S67 3S
Operating expenses proper. ,............ 22,99l Is
Excess of earnings over expenses, ,.s2l ,s76.2s
This shows steady and satisfactory in
crease of business, with but small increase
of expense of management, as will be seen by
reference to the report OF last year, stating
Gross earningsfrom all sources. s....",S36555 IS
Operating expenses, ."... 10, loo 70
Excess of earnings over expenses SIS, 10000
The income has increased for the year just
closed, over the previous year, IS, ,311.53, while
the previous year showed an increase over the
one preceding, of S3,759.46.
Since the close of the fiscal year, the extension
between Dallas and Lincolnton, fourteen
miles) has been practically completed and open
ed for traffic. This has been done at cost to
the company, (including partial regarding and
combination bridge over South Fork, of S74,-
O45. 30 Included in the above expenditures,
however. is the cost of Seventy-One tons of
iron rail, with necessary bolts and fastenings,
and between seven and eight thousand ties,
which have been purchased and paid for, but
not used. These supplies are in hand for i'm
mediate use, in case arrangementsare made by
you for continuing the extension to Newton.
During the year, one additional locomotive,
costing S5,715.15; one first class passenger
coach, costing So, GOO one mail and ten freight
cars, costing $4,2S1.S7, have been added to the
rolling stock of the company. These additions
give all the facilities for transportation that
our business is likely to require at present, and
until the extension to Newton is made. In
that event, considerable outlay will be nee
essary, as two daily passenger and mail trains
must be operated where one only is now re-
quired.
At your last annual meeting, bonds, under
a first mortgage, were authorized to be execu-
ted and issued to the amount OF $751; ,OOO, for
the purpose of funding the previous mortgage |
and floating debt, and for the equipment and
extension of the road. Of these bonds, the
Treasurer has sold or substituted, of face value
S19S, 900, at prices ranging from S0-1O0 to par,
and realizing S16S, 1926. 49, There were out
standing, under previous mortgage, 81, 600
Of bonds which the holder refused to part with,
and by authority of the board Of directors,
q similar amount of the new bonds have been
deposited with the National Bank of Chester
for substitution, whenever the holder of these
Did bonds may choose to exchange them.
Under the terms of the resolution, $50, 900
IF the bonds issued were to be reserved, to be
applied exclusively for placing the iron and
lies on the road bed between LincOlntOn and
Newton, after the grading, masonry, bridging
and trestling had been completed on that part
Of the line At meeting of the Directors
leld April 21st, was authorized and directed
10 proceed with the construction between Lin
,olnton and Newton, as soon as funds were
available for meeting the expense of construct
ng the whole section. The estimates have
received, and which 1 am satisfied are substan-
tally correct, give S62, 900 as the cost of iron,
,ross-ties, fastenings &C., and laying track