Yorkville enquirer. [volume] (Yorkville, S.C.) 1855-2006, 1897-01-09
CAROLINA AND NORTHWESTERN.


It is no longer the Chester and Lenoir
Narrow Gauge Railroad company. The
name and style was changed at called
meeting of the stockholders, held at New
ton, n. c., OH last Thursday.
Pursuant to the advertised notice, the
meeting of the stockholders was called to
order at Newton at o'clock p. m. There
was no Representative of The ENQUIRER
present; but from information secured
from Yorkville stock who were in
attendance, the reporter is able to give a
pretty comprehensive account of what
was done.
The meeting of the stockholders of the
Chester and Lenoir Narrow Gauge rail-
road was organized with Mr.. Hall, OF
Hickory as chairman, and Mr.. j. c. Nc
Lure of Chester, as secretary. Major
Harper, as president Of the organization,
submitted report of developments since
the last meeting, and officially informed
the stockholders that the road had been
sold last November, under foreclosure,
and bought by committee of bondhold-
ers for $4,000. 1t is the property OF the
tockholders no longer.
Mr.. A. G. Brice, representing the bond
holders, referred to an agreement which
had been entered into between the stock
holders and bondholders, in November,
1895, since several times amended, provi-
ding for the sale of the property, and the
reorganization of the company under q
charter granted by the state of North
Carolina, and under the name OF Caro-
lima and Western Railway company"
Accordingly, the Chester and Lenoir
Narrow Gauge Railroad company's meet
ing was adjourned sine die, and the Or
panization of the Carolina and North
western railway was entered upon by the
adoption of series of resolutions which
had been previously prepared by the
committee of bondholders.
The resolutions adopted are quite
lengthy, but we have been unable to
procure copy of them. They consist
mainly, however, of an elaboration OF
details already agreed upon, and as ex-
planned to the reporter, they provide, IN
substance, for the issuance of bonds to
the amount of $3.50, 900, and stock to the
same number of shares as composed the
capitalization of the Chester and Lenoir
Narrow Gauge Railroad company; but
of the par value of $50, instead OF sloO
each. Each bondholder is to receive one
share of stock for each 800 worth OF
bonds he holds, and the balance is 10 60
to the stockholders, giving each stock
holder a $50 share, where formerly ne
held a 800 share. This leaves surplus
of bout 500 shares, which is also to be
divided among the stockholders, giving
them majority vote in the affairs
of the road. Of the S45O,OOO of bonds to
be issued, $3.50, 900 is to go to the present
bondholders, $l1O,0 is to be set aside to
refund the $780, 900 mortgage on the upper
portion of the road, which mortgage falls
due in 1901, and the balance Of the bonds
are to be sold and the money applied
to the payment of past expenses, inclu-
ding those of the receivership and inter-
est, and if there is anything left, it Is to
be used in the grading of roadbed be-
tween Newton and Hickory. 1t is also
provided that no actual stock is to he
issued to the stockholders until 1901. In
the meantime, stockholders are to have
certificates representing the amount of
actual stock they are to receive, and on
the basis of these certificates, they are to
have their voice in the control Of affairs
until regular stock is issued.
Under the new charter there are only
seven, instead of eight directors as under
the old charter. Officers were elected as
follows: President, G. w. F. Harper of
Lenoir. Directors: John l.. Agurs and
A. q. Brice of Chester, JOS. F. Wallace
of Yorkville, Geo. A. Gray of Gastonia,
v. A. McBee of Lincolnton, j. A. Martin
of Hickory, p. G. Moore Of Granite
Falls,