The farmer and mechanic. [volume] (Raleigh, N.C.) 1877-1885, 1881-08-11
w, j. BEst. seal
WIN. +. CLYDE, seal.
A. 5. BUFoRD, seal.
Nlli1eSs
o.. A. B. ANDREWS.
tiouoo Inc - GApDA0AS

L nave Inserted Tue contracts III Iull III
order that the people Of the State who
are invoked to sit in Judgment upon the
recent transactions concerning the IVES
tern North Carolina Railroad may have
the fullest opportunity for a free, I'M
biased and intelligent opinion.
1t will be observed that In the two
contracts above cited it was agreed to
assign to Mr.. Best five tweltths Of the
capital stock-Seven thousand five hun
dred shares. representing seten hHadref
thOusuHd dohdrs worth of stock-as a
consideration for his trouble, time, ex
penses, etc, IN getting up the measur
and for the assignment OF his Interest Iii
the contract to Messrs. Clyde, Batord
and Logan.
Thus Mr.. Best transferred, without
reservation" of any character, save the
seven thousand five hundred shares OF
stock, all his rights, title, interest, bene
fits, ETC., in and to the Western North
Carolina Railroad 10 Messrs. Clyde, Lo-
gan aud Buford.
AS if to separate himself the more
fully flom the road, save as relates to
the stock, Mr. Best, in September FOL
lowing, presented to Messrs. Clyde, Lo-
gan and Butord "a bill Of expenses incur
red while negotiating for the purchase
Of the road, which account was paid, a.
per following agreement:
'Men1orandttm Of agreement Entered
into III NeW York, at the Grand Cen
trai Hotei, on the 3oM Of September,
1880, Letceeu tie Purchasers Of til.
Western North Curohna Rulroad
Present, w j. Best, IS. Ned. Tate,
A. $. Buford and ". Il. CIyde, ~
tie Parties; Il. Il. Vance aud u. T.
Caddugm,, Witnesses.
MEMORANDUM.
Mr.. Best to be paid In cash for his ex-
penses heretofore incurred the sum o
IS, 41l-of which $1,000 is to be paid
on or before the lst of December, 1880,
and $2,4lI on or before the l5t day OF
March, 1881.
Mr.. Best to receive as president o
.he company a salary of$l00 per month,
to the 9TH May, 1880, to
continue as long as he is president, with
the understanding that he is not re.
quired or expected to do work a. presi
dent, except such as he would be legal
~ obliged to do, or such formal act,
as may be required by the board of di
rectors, as attending and counselliny
with the board when desired but thai
he will extend his continued good VII
to the enterprise, and his co operation
with the board of dir, ctors In the prose
cutIon of the work.
The foregoing was written down in
pencil by Col. Buford, read over, aud
assented to by all present; and, at their
request, is written out and kept by US
for future reference.
Signed u. B. lance"
This gives the transactions by which
Nh. Best assigned his interest in aud
control of the property to Mcssrs. Clyde
Logan and Buford.
Mr.. Best and his associates assumed
the control of the Western North Caro-
lima Road upon the signing of the con
tract the 2Sth day of May. Pending al
the negotiations by and with Mr. Best
comparatively little work was done, only
the convicts on the wo k at the time
being used.
The reader will observe these material
facts: That every dollar advanced on
behalf OF the road since the State ceased
It's control has been advanced by Messrs
Clyde, Logan aud Buforl every rail OF
iron bought, every mile extended have
been by these gentlemen aud with their
money, but for them the contract with
Mr. Best would have been a failure and
the property reverted to the State. with
not only great and serious damage to
the future prospects Of the road itself.
but 10 many and important i lterests at
tectlng the entire State but for them
the road to day would have its terminu.
SIX miles east Of Asheviile; but for them
no work would be pow going on north
and west Of AshevilIe, with the absolute
certainty Of the completion cf the road
to Pigeon River and Paint Rock by the
last Of this year. Every dollar ever fur
nlshed IN behalf OF this road by parties
other than the State has been furnished
promptly and without delay by Messrs.
Clyde, Logan, Buford, and their ~associ-
ates. They hold the property by virtue
Of the contracts above cited: tbev pro-
pose to 50 hold it; they have fulfilled
every requirement, met every obIiga-
ton, as reasonable and fair men could
expect They are not completing the
road at the rate of a mile per day, it
IS true, and only those who have a
purpose IN view carp at the work be
ing done. They have all the convicts
they can get, about 400 now, and
many OF them sick and will Ia Ike all
the State will furnish they have put
out about twenty miles to contract of
the DncktowD line, besides using a
large force Of employed labor on both
extensions. Miles of iron have heen