Western sentinel. [volume] (Winston [i.e. Winston-Salem], N.C.) 1856-1886, 1882-01-12
The Cape Fer and Yadkin Valley
Railroad.

! The agreement lately made by
DIR. Canedo and the commissioners
appointed by the Legislature to
sell the States stock in the above
named corporation is too lengthy
tor MS to print TN ecieaso. We
avail ourselves o: synopsis of the
most important provisions, made by
the Neacs and Observer. The
State sells its $500 shares of stock
to the New York and Southern
Railway and Telegraphic Construc-
ton Company, to be held as the
present private stockholders hold
their stock, and the said company
agrees to pay within sixty days af-
ter the ratification of the agreement
fifty-fve thousand dollars to the
Treasurer of the State and one
hundred thousand dollars to Presi-
dent Gray, to be used in paying
off the floating dobt Of the compa-
ny.
Within twelve months from the
ratification the road is to be com
pleted and equipped in good run
ming order from Raemont, near
the South Carolina line, by way
of Shoe Heel and Fayetteville to
Greensboro. Within two years it
is to be built and equipped in like
manner from Greensboro to Nj.
Airy, passing by Bruce's x Roads,
Walnut Cove and Germanton.
Within three years it is to be fully
completed from Fayetteville to
Wilmington, and up the valley of
the Yackin by way Wl!kesboro to
to Patterson, in the county of
Caldwell and also through the
county of Surry to Ore Knob,
according to the provisions of the
charter.
Within thirty days after the
payment of the S155,O00 the work
is to begin, with sufficient force
and material, apd be continued
until completed. On the pay
mcnt of the $155,OOO the cirtif-
cate for the stock sold is to be
assigned on the books OF the COM
pany, but the new certificate is to
be deposited with the Treasurer
Of the State as trustee for the State
and if the purchaser fails to COM
olete the road IN three years, then
it forfelts all interest in the stock
and it reverts to the State, the
purchaser losing entirely the S155,-
600 paid. The mortgage bonds
of the railroad company are also
to be deposited with the State
Treasurer, and are to be deliver
ed up for sale only with the ap-
proval Of the Governor, and then
in amounts not greater than $780,
900 and upon an affidavit that the
proceeds are necessary to pay tor
work done or material delivered.
The purchasers are to vote the
stock at all meetings of the rail
road company.
If the S115,0O0 IS not paid
within sixty-dAys after the ratifi-
cation of the agreement, the sale
falls through, but DIR. Canedo has
twenty day. to get his syndicate
to sign it, and then the railroad
has twenty days to accept it. If
Canedo does not return the arti-
cles signed in twenty days, the
agreement is not to be binding on
the State. The guage of the road
is not to be changed.
A failure to. begin work in
thirty days, or to complete the
different parts of the road accord
ing to this agreement, subjects the
purchaser to penalty of $500
per month, as long as the default
continues, which, however, the
Governor can remit in his discre-
ton, and if not RENTED the pen
alties are lien on the stock which
shall be sold to satisfy the same.
And if the entire road is not built
according to contract the entire
stock is forfeited to the State.
Such is the substance of the agree
ment.
1t appears therefore that the first
thing to be doEe is for DR.. Canedo
to get the signatures of his associ-
ates, the next the acceptance of the
contract by the railroad company.
These have to be done within for
ty days. Then within sixty days
the money is to he paid AMI with
in thirty more the work is to be-
gin. Ii things work right there
fore, within four months the pur-
chasing company will have its
hands at work finishing the road.