The western sentinel. [volume] (Winston-Salem, N.C.) 1887-1926, 1889-11-21
The BONDS ISSUED!
Forty Thousand Worth of Winston
Bonds Issued 10 the r & D R.R.


Bonds Issued 10 the r & D r. r.
On last Thursday night the city
commissioners of Winston met to de-
eide whether or not they should issue
$40, wort h of city bonds to the
K. 4 ID. Il. X. for building the Wins
charlottesville r. R., abont which
there has been much discussion and
disagreement among our citizens.
At the instance of Col. A. B. An
drews, the city attorneys, Me se rs.
Watson & Buxton, had drawn UP a
contract which would be acceptabl lie to
him. When the vote came on the mo-
ton to issue the bonds under this
contract it was passed by a vote of
to l. Following is the way our
| commissioners voted:
Aye: }. w. Alspaugh, J. w. Dyer
ly, r. f. Dalton. Joe Jacobs, E.. H.
No: Jas. A. Gray
Absent from the meeting: p. N.
| Bailey.
| The commissioners appointed Judge
I. j. Wilson as their agent to carry
the bonds to Raleigh. Accompanied
| by Mayor Buford, he went to Raleihh
Monday morning and returned Tues
day night. He reports that he de-
livered the bonds according to the
contract, with the exception of two
changes.
| 1. The road is to be completed
across the Yadkin river within
| eighteen months instead of one year.
| 2. The road shall be completed to
within one mile of Mocksville instead
of to the town.
| These changes were desired by Col.
Andrews and Judge Wilson consen-
ted. Then Col. Andrews delivered
the bond of the N. C. Midland Road
and Judge Wilson turned over the
city bonds.
Following is the contract agreed to,
with the exception of the abOve-na-
med two changes:
Whereas, by u vote of the qualified
voters of the town of Winston, State
of North Carolina, the Board of Com
missioners of said town were author
lied, upon certain conditions, to de-
liver to the constituted authorities
of the North Carolina Midland Rail
road company bonds of said town to
the amount of ($4O,OOO) forty thou
sand dollars, in payment of a sub
scription heretofore made of forty
thousand dollars to the capital stock
of said road; AMI. whereas, some diff
culties have arisen as to the terms
upon which said bonds were to be de-
delivered, now, in settlement of all
differences in the premises, is hereby
contracted and agreed that the Board
of Commissioners of the town of
Winston are to have prepared bonds
to the amount of forty thousand dol
lars;. to have the same duly executed,
ready for delivery, and place the
same in the hands of D. w. Balm,
Trustee, to be delivered to the Presi-
dent of said railroad company as
hereinafter stipulated.
1t is agreed that Col. A. B. Andrews
shall pay the coupons on $50, 900 of
said bonds until the iron is laid and
the train is running across the Yad-
kin river, and upon the remaining
$4,000 till the iron is laid and trains
running to Mocksville, in Davie coun-
ty. No tax shall be levied to pay
any of said coupons until the said
road is completed as aforesaid.
1t is further agreed on the part of
said railroad company that in con-
sideration of the delivery of said
bonds the said railroad company
shall complete its said road and have
trains running thereon from the
town of Winston, Forsyth county,
across the Yadkin river into Davie
county within one year from the date
of this contract.
1t is further agreed on the part of
said railroad company, in considera-
ton aforesaid, that the said compa-
ny will have the road completed to
the town of Mocksville, in Davie
county, and trains running thereon
within two years from the date of
this contract.
1t is further stipulated and agreed
that in order to secure the perfor-
nance of this contract by said COM
pany, that the said company shall
execute and deliver it's bond, bearing
interest at 6 per cent. per annum, to
said Board of Commissioners for the
sum of ($4O, OOo) forty thousand dol
lars, which bond is to be filed with
D. w. Balm, the said Trustee, and to
be by him delivered to the Board OF
Commissioners of Winston upon the
delivery to him by said board its mu-
nicipal bonds. And it is agreed that
upon the delivery of said bond of for
ty thousand dollars the said trustee
shall deliver to A. B. Andrews, Pres
ident of said railroad company, the
municipal bonds aforesaid, and that
from the date of said delivery only
shall they bear interest.
1t is further agreed that the ten
thousand dollars in bonds heretofore
issued to said company shall be de.
livered up to said Board of Commits
sioners, with the unpaid coupons
thereon to be Cancelled, and the
amount heretofore paid on said cou
pons shall be refunded to said Board
of Town Commissioners.
, 1t is further agreed, that as fur
Their security to said town OF Wins
. ton, that as soon as the North Caro-
lima Midland Railroad company
) places a mortgage or deed of trust
on it's road to secure bonds to be is
, sued, that forty thousand dollars o
, the first mortgage bonds of the sale
: company of the first issue shall be de
livered to the said d. w. Balm, Trus
tee, to be held by him for the purpos'
, of security aforesaid. That if sait
company fully complies with thi
contract and completes the two sec
tions of the. said road as before stip
! ulated, then upon such completion
the said trustee shall return the sai'
: first mortgage bonds to the sal
: company, and it's bond for fort,
: thousand dollars shall be Delivers
: I'D to be Cancelled. But in case tn
on;1 oopononv fail tn cnmn1pfn Sai