P?*? Eight
The wLos
Champ
A bill to be entitled an act to n.
deem the counties in northwester
North Carodlina without railroad ft
cilities known as the "Lost Pro>
inces" of North Carolina by authoi
iziiu; the construction by the stat
of a railroad which, in connectio
with the existing railroads will coi
stitute a trunk line of railroad froi
northwestern North Carolina to ea>l
ern North Carolina, for the tram
portation of persons and freight froi
the middle west and coal fields int
the western and central and easter
parts of North Carolina, and to ai
in the completion of construction o
certain boards in northwestern Nort
Carolina, in which the state alread
has a pecuniary interest.
That whereas, the state of Nort
Carolina by furnishing t vr.vict la
bor. heretofore aided in the cor
st ruction of the Elkin and A lie
ghany railroad from Elkin, N. C., to
ward Sparta. N. C.. 1") miles o
which is now equipped and in op
oration and three miles in additioi
thereto have already been graded
and in which the state has stoci
which cost the state the sum of $303,
000.
And whereas, the state has here
tofore aided in the construction o
the Statesvilie airline road iron
Statesville toward Mount Airy. N. ('
by furnishing convict labor in grad
ing about 20 miles of said road am
iti which the state has 2,650 share
< f stock whiich cost the slate $132,
And whereas, the state has here
t- - foit aided in the construction o:
the Watauga and Yadkin Rive
ruiaoad from North Wilkesboro to
v.tids Boone. X. l".. about 2 Omile
of which hag been graded am
cynipped for operation and was. i:
operation up until Jut\ lbiO. whet
;.u. riions of same was washed aw a]
by a freshet, and in which the stab
it..- 552 shares of stock, which cos
the state $55,250.
And whereas, the slate aided it
the construction of a turnpike roa<
from North Wilkesboro, to Jeffer
: on. X. by convict labor, ii
which the state has 6,Ml shares o
stock, and which cost the state $63,
810.
A;ul whereas, chapter 371 of th<
public laws of 1883 authorized th<
use of certain funds derived iron
the sale of the state's stock in thi
Cape Fear and Yadkin River rail
mad in constructing a raiiroad In
Taylorsville, X. C.. to Wilkesboro
X. C , to some point on the Virginii
or Tennessee line upon certain term:
and conditions contained in said act
And whereas, the foregoing pro
posed routes for the construction ol
railroads, were proposed to the special
commission appointed by the
Governor of North Carolina to investigate
the feasability and the advisability
of the state constructing
or aiding in the construction of certain
railroads in western North Carolina,
to-wit:
(li A railroad from F.lkin. X. C.
to Sparta. X. C , thence to Jefferson
and West Jefferson. N. C., connecting
with the Norfolk and Western
railway at Wot Jefferson in Ashe
county, ivniul fiu?v? Vvc .t Jcff-cison,
X. C-, to r?oo:K*. tilt: r.ig that
portion of the Fikin ami A.leghany
railroad n'readv < <? ! .-t-.-iieii irl
From Tayrajrsvilie tt> North
\\ dkgsroro. M. C., via Wilktvboro.
(2) From North Wilkes!-M.ro, \.
to Boont. N * . with a line froir.
Elkvlile t?> Lenoir and from Boone
to EUelnntl. utilizing the Watauga
and Ya<;k n River railroad.
(1) From StateavBle to Elhin,
utilizing the StatvsvilU Air Line
railroad.
(5> From North Wilkesbori* to
Jefferson or West Jefferso<\ von
uecting with the Norfolk ?t Western
railroad ai \V? t Jefferson, N. C.,
utilizing as much as practicable the
old i&B 1 kcs;n>ro-Jefferson turnpike.
Reports Made
Ar.d whereas, the special commissioners
appointed by the governor
under and by virtue of chapter 148
of public laws of 1021, have made
their report to the general assembly
of 1922, recommending the construction
by the state of one or
more of the above describe*; rM.uk,
an*} also recommending the construction
of a railroad through the
northwestern part of the state,
which when constructed would constitute
a trunk line or railroad from
the northwestern part of the state
to the seaccast for the transportation
of persons and freight from the
" ? J Jl .4 I ,L . . . -1 #- l-S
middle west ana (ne coui lieXUs into
western, central and eastern North
Carolina. Now, therefore:
The general assembly of Nroth
Carolina do enact:
Section 1. That A. A. Woodruff
of Alleghany county, J. D. Thomas
of Ashe county, B. B. Dougherty of
Watauga county. J. fl. Burke of Alexander
county, Mark* Squires of Caldwell
county. Harry P. Grier of Iredell
county, S. O. McGuire of Surry
county, G. T. White of Yadkin county
and such other person or persons
as may be associated with them or
their successors and assigns whenEg*
ever said persons or and six of them
shall comply with the provisions of
Chapter 67 of the consolidated
statutes of North Carolina, of 1919,
with reference to the incorporation
of railroad companies; then and in
that even said persons, their successors
and assigns, shall heve the
t Province''
>ioned by B
?- power to construct and complete any
n or all of the railroads mentioned in
i the preamble of this act upon complying
with the condition.- and rer
quirements hereinafter provided, and
e J shall also have all the powers and
n ! privileges provided for in chapter 67
l-| of the consolidated statutes of 1919,
n o fNorth Carolina relative to railroads
i-1 and shall be known and designated
c- 1 as the Appalachian Ji Western North
n ! Carolina Railroad Company,
o Sestion 2. That and county, town,
n municipality or township through or
d near which any of the proposed roads
f | may be located and constructed unh
der the provisions of chapter 67 of
y the consolidated statutes of North
i Carolina. 1919, and subscribe to and
h take stock in said company when so
i- formed and in this manr.vr raise
i- l!.e funds sufficient to take the stock
- required by this act to be furnished
- oefore the state subscribes its stock
f ?n said company, as hereinafter pro>
vided.
n Section 3. That when ever any per1.
son or persons, firm or con oration
'& county, town or township shall sub
scribe in pood faith and p.i\ or g*vc
security of 51 per cent of t::e stock.
- J :ii a sufficient amount to *:? vy " 1
f per cent of the expenses of the coni
j structfon of any one of the proposed
roads, or any section of any one of
- the proposed roads, of not less than
1 milt*.-- in length, and shall in ad-1
dilion thereto execute to the state
- of North Carolina, and ?; iivcr to
j the state treasury sufficient bond or
- 'tends to be approved by the govi*;
ernor and council of state, condii
; tioned thai said person or persons,
- {inn or corporation, so subscribing
> for the "'1 per cent of t] . stock in
the proposed road, and wb.n said
i load or sections thereof is complex i
ed, wiil equip and put rolling stock
on the same; then and in that event
it shall be the duty, when said facts
t are so certified by the president and
board of directors of said company.
i to the treasurer of the state of North
1 Carolina, for said treasurer to subscribe
to 4l? per cent of the stcok
i necessary for the completion and conf
struction of said road or section there
- of; and for the purpose of paying for
the stock in said company so sub:
scribed by the state, the state treasu
urer is hereby authorized, empoweri
ed and directed tc issue and sell
3 serial bonds of the state payable in
- not less ihan 10 or more than 40
years from the date of iho
, be known, styJed and designated usl
? the state of North Carolina railroad
5 bonds, and said bonds to mature in i
. annual installments or series, to be
- determined and fixed by the gover'
nor and council of state.
Section 4. That all of said bonds is
sued under and by virtue of section
three of this act or hereinafter authorised
to l?e issued shall bear interest
at the rate to be fixed by the
governor and council of state, but
not to exceed five per cent per annum
and to be dated the first day
>f .January or July of the year in
which they are issued. The interest
on said bonds shall be paid semiannually
or the first day of January(
and July of ea<*b and every year sot
ior.g as any portion of <nid hmids!
shall be turned over by the treasurer
of the state to the treasurer of;
Appalachian a: Western North Carolina
Railroad company. when the!
treasurer of said company shall in j
turn, turn over to the treasurer of)
j Vorvh Carolina stock in said railroad
company in an amount equal
to the money so turned over by the I
state treasurer to the treasurer of!
said company.
Registered Bonds
That all bonds authorized and is-:
I sued under this act shall be coupon
i and registered bonds of the denomi- i
i nations of $100, $500 and $1,000j
| respectively, or of such other do,
nominations as the board of direcItors
of said railroad companjf, when |
o formed, may determine, and shall
. he signed by tue governor of ihe
tate and treasurer, and sealed with j
the great seal of the state. The
voupons thereon may be signed by
the state treasurer alone, or he may
have lithographed, engraved or print-1
led thereon a fac simile of his sig-!
- nature. The said bonds shall be ir.
! all other respects in such form as,
the state treasurer may direct. The
coupons after maturity shall be
receivable ip payment of taxes,
depth, dues, licenses, fines and demands
of the state of any kind.
whatever, which shall be expressed;
Oil the face of the bonds. Before,
selling the bends herein or herein- j
after authorized to be issued, the |
state treasurer shall advertise the i
sale of same ana invite sealed bids
in such manner as in his judgement
may secure the best price. He is
authorized to accept bids for the
entire amount of said issue to be
sold in any on year, or any portion
thereof and when the conditions are
equal, he snail give the preference j
of the purchase to the citizens of j
North Carolina; and he is empowered j
to sell the bonds herein and herein-1
af cer authorized, in such manner as
in his judgement will produce the
best price, but not less than par and |
the accrued interest; and the full
faith, credit and taxing power of j
the state are hereby pledged for the:
payment of the principal and interest j
of the bonds herein authorized to:
he issued and sold. All expenses nec- j
essarily incurred in the construction'
THE WATAUGA
' Railroad IV
owie is" Mai
and the sale of I he bonds shall be
paid from the proceeds of such sale:
that said bonds shall be registered
as provided for in the general law
of the state of North Carolina with
respect to the registration of bonds.
The interest on said bonds shall be
paid by the state treasurer out of the
i general funds of the state, unless
the dividends from the stock owned
by the state in said railroad is sufficient
to pay the interest thereon,
in which'case the interest shall be
paid by thfc state treasurer from the
dividends received by the state from
' its stock in said roads.
Section 5 That the board of direc-!
tors of the Appalachian & Western
North Carolina Railroad company,
when incorporated, under the pro
; \>k kiiapin ui vi HIV VUII50I1" |
dutetl statutes of North Carolina of
1919, as hereinbefore provided for,
shall be and are hereby authorized
empowered and directed to have
' constructed a railroad of class "AM
'practicable, from some point on the
Winston-Salem division of the Sout.h;
em railroad, or from Mount Airy,
X. C.. or from Statesville, or Taylorsville
to connect with the Norfo!k&
Western railway at West Jef- :
fi-rson. X". C., or to some point on '
! the Virginia or Tennessee line to M
connect with either the Carolina,
Qiinchfietd and Ohio Railroad com- I
pany or the Appalachian division of '
the Southern Railway company or '
the Virginia and Southwestern Rail-;!
way company, or the Louisville or
X'ashviile Railroad company, or any i
j other raiiroad company that may be
J hereafter formed, when located by j
the commission, as hereinafter pro- 1
vided.
That said road shall be located j
and constructed along the most
! feasable and practcable route in!
J the discretion, of the special com-j
I mission, or a majority of same apI
pointed by the governor, under and
by virtue of chapter 148 of the public
laws of 11)21, ratified on the 7th I
day of March, 1921, who are hereby
appointed and constituted a commission
to locate said line after due
investigation and report of compcj
tent engineers, to be employed by i
j said commission, with the view of '
i constructing a trunk line of i <
I connecting with the coal fields of j 1
I southwest Virginia, east Tennessee j 1
and Kentucky, with western, cen- j?
tral and eastern North Carolina for <
the purpose of transportation of *
persons and freight from the middle *
west ot western, central and eastern I
North Carolina. That for the pur:
pose of making the preliminary in? 1
vestigation, survey and location of *
said proposed road, said comrois- t
si oners are hereby authorized to etn- I
ploy a competent engineer or en- 11
pineers and to expend a sum of nut s
exceeding $50,000 in the preliminary a
location of said road to be paid by p
the state treasurer upon warrant oij c
Ntatc auditor in such amounts and a
at such limes as ordered by said*] c
commission, out o fthe genera1 fund; in
the state treasury; providing, how- '
t-ver, that not more than 121 milesj
of road shall be constructed under!"
and by virtue of the provision.- of
this section of this act.
Authority for Board
Section <>. That the board of dir- f
ctors of the Appalachian & Western'
North Carolina Railroad company, I
vvhcfi incorporated, as hereinafter
authorized and directed to apply for
and obtain the authority under the!
laws of either of the states of Vir-j
ginia, Tennessee or Kentucky or all >
of said stales, if it should become J
necessary to construct a portion of1
proposed line in either of said states'
in order to make the proper con-J
ncction and for the proper terminal
facilities, therein: by complying with
the laws of said states in respect
to the incorporation and con.-; motion
of said road.
Section 7. That whenever the commissioners
provide for in section 5
of this act or a majority of the same!
shall certify to the board of dir-1
ectors of the Appalachian & West-\
err. North Carolina Railroad eom-j
pany, that said proposed road has;
been located and the location Hind'
construction authorized by the in-J
terstate commerce commission, tho.i'
and in that event it shall be the duty)
of the treasurer of the state of.
North Carolina to issue bonds of the j
state of North Carolina upon the ?
same terms and conditions, and of
the same tenor as provided for in
section M of this act, and in such 1
amounts and at such times from |;
time to time as the president and |:
board of directors, or a majority J [
thereof of the Appalachian &. West-1
ern North Carolina Railroad company,
may certify to the ste?te treasure
r, are necessary to issue in order
to defray the expenses of the con- .
struction of said road; "which bonds
shall be sold in the manner prescribed
in section2 and 4 of this
act and the proceeds of the sale of
said bonds shall be turned over to
the treasurer of the Appalachian &
i Western North Carolina Railroad
1 company, when incorporated and,
.aid company shall issue to the state
| of North Carolina stock in the said
company equal to the amount of
money turned over to the treasurer
! of said railroad company.
| Section 8. That in case of refusal
j lo act, death, resignation, or re(moval
of any one or more of the
! directors of the Appalachian & West
DEMOCRAT
leasure
de Public
ero North Carolina Railroad company.
the governor shall appoint
their sucessor. That the directors of
said road, when incorporated, are
hereby authorized, and empowered
after the said road is constructed
or prior to the construction thereof,
by and with the advise of the governor
and the council of state, to I
enter into any agreement and lease |
with any railroad company now in j
existance or that may be hereafter!
incorporated, to equip and operate
said road, upon said terms and conditions
as in the opinion of the said
board of directors, the governor and
council of state may deem wise and
proper.
That said board of directors are
hereby authorized, empowered and
directed to equip and provide for
the operation of said road. That in
the event that said road is operated
under lease or by contract by some
other railroad company as above
provided, the dividends or rentals
received bv the state of North Carolina
from the operation of said road
shall be first applied to the payment
of the interest on the bonds isued
under and by virtue of the provi-1
sion of this act; and the remain-;
ier if any. shall be set aside by the
treasurer as a sinking fund for the(
payment of the principal of said
honds at maturity. That the directors
appointed by the governor of
the state, shall in all meetings have
[lower to vote the number of votes
repr -o-nted by the state's interest I
m ;.i<i road; and the vote represented
by the stock of said private
stockholders, shall be voted bv diected
by said stockholders.
Counties May Subscribe
That in the location of the proposed
trunk line of road, authorized,
o be located by terms of this secion
of this act, that said commis
doners are authorized to take into
onsidcration any interest that the
state has that might be utilized by
:aid location, as well as any subscriptions
that may be in good faith
>e proposed by any person, persons, j
irm, corporation, county, town or j
xr'j* iioxii|j iiiiduk" wiiica or near
vhich said road may ho Unrated and
ronstructed. That any county, town, j
?r township may subscribe to and i
ako stock in said proposed trunk
ine, under the provisions and con-?
litions provided for in chapter 67
>f the consolidated statutes of North
Jarolina. of 1919, relative to sub>cribing
to stock in railroads by counies.
Section 9. That the board of dir ctors
of the Appalachian & Western
North Carolina Railroad company ;
vhen incorporated as hereinbefore j
irovided for, shall have the power j
wd authority to consolidate with
tny other railroad already incorporited
or chartered, and use the powers
rranted thereunder for the purpose !
?f carrying" out any of the proviions
of this act. That said board j
>f directors shall also have the pow- 1
?. jI < < i 1 ;
OWN
Watauga U. <
Home Ownei
Any man or woman possessed ol
car realize that ambition through
opportunity opened by this Associat
o 11st a part of your weekly or m
sto k builds up in a few years to th
dence is assured.
If you want to bu
JOIN THE FEBRl
and make applicai
New series opens next Saturday;
tions. Subscribe for all you can.
Watauga Build
Assoc!
D. J. Cottrell, President.
BOONE,!
er to accept subscriptions of stock
from any person, persons, firm or j
corporation or any county, town or
township, through which the pro- p
posed trunk line of road may be
located or constructed.
That the special commissioners
provided for in this act shall serve
without compensation with the ex- B
ception of their actual expenses. <]
which shall be paid by the state; a
and when said commissioners or a s
majority thereof have certified to b
the bo.ird of directors of the Appa- g
lachian & Western North Carolina p
Railroad company, the permanent a
location of said road and that the j
same has been approved by the in- t|
terstate commeice commission with j.
and other recommendations with res- f,
pect to lease and operation of the a
same that they see proper to make ^
then and in that event their power n
shall cease under thi^-act. E
Sectional 0 That in case any county, jj
city, or township through which any
one of the propo.M^ roads may run. ^
shall vote bonds to aid in the con- >j
srruction thereof; the county com- p
missioners, or governing body of any
of the same shall set aside the court- ?
ty 01 city tax on same, which shall ^
he applied to the payment of the
Interest on said bonds. ' ^
oection 11. That this act shall be 11
in force from arid after its ratitica- ^
lion ^ s
, o
. !uiin_> for disiioaest pnictice
under the bounty system ts well 0
Illustrated by e case that came to the e
attention of the predatory animal In- ^
spec tor of the biological survey sta- 0
ttoned at Olympla. Washington. The f
auditor for Grant county, after paying
out much money for "timber wolves." v
decided to send one of the "wolf" pelts f
to the district Inspector of the btolog- ^
leal survey for hlentiflcatlon. It was e
pronounced a coyote pelt, although j,
somewhat darker anil larger than the
average. The hunter who brought In ^
the pelts claimed that the animals were n
driven down from the timber to the
lowlands by forest fires. The local
coyote bounty Is $1 while that of the n
wolf is $15. I,
h
Oil in Newly Found Plant. y
A plant that belongs to the lettuce f
family, and that Is now cultivated In n
upper Egypt and can be grown with n
profit in certain parts of the Sudan, ,,
Is n new source of ediblf* oil. The
seed yields, under pressure, from 37 to
38 per cent of oil. and certain spedmenB
of fresh s<?ed from the Sudan, n
which contained less than 4 per cent of ^
water, yielded more than 44 per cent. s
The oil Is odorless, of a light yellow
color, and wlthont diwtgreeable taste. h
The seed is mo small that it cannot be n
handled with ordinary equipment, but t]
the oil product Is ho valuable that new ^
machinery will no doubt be built to do h
the work. ?
I
Viking Warship,
A warship of the Vikings, dating ^
back to about 800 B. C-, will soon be on ^
view at tbe national museum at Co pen- m
hagen. It waa found Ir. tbe beg of p
RJortspring, In Slevig. Shields, speara b
and swords, found with the vessel, also
will be on view. !_
The ship Is built of aim, it 42ft feat s
long. 6% feet wide, and was propelled t
by ten oara. On aVrlval It will bs as- (
sembied and exhibited in tbe stats In ^
which it soiled the seaa.
__ "' h'*'
yourI
& L. Stock I
es
ship Easy a i
the Ambition to own a home ,
the practice of thrift and the In W
:ion. i
onihly income invested in this
e point where future indepenin
ab<
ild this snrinir A N
JARY SERIES
tion for a loan
books open now for subsciripin
ab
ling & Loan,
lation 'able
a
H. H. Greene,Sec'y-Trea*. additii
N.C. jand a
? . * vif '
FEBRUARY
(, 1*1)
STIR IN LEGAL FRATERNITY
' collar Circumstance at New Yoric 1
Cited as Possible Beginning a#
"Brand New Industry"
A bit of time-worn paper, about the
Ize of a federal reserve bank note
a ted August 19. 1823, and apparently
certification of the ownership of 67
hares of stock of the old Mechanics
ank. Is the object of a suit that bean
before Justice Giegertch In Soreme
court, says the New York Herld.
On the judicial Inetrpretatlon of
Ms piece of paper depends a possible
udgment of approximately $500,000
or heirs of Thouias Williams, thro?
nd four generations removed. If
heir claim Is held valid the result .
lay lead to suits In which a doeen
inandal Institutions might lose mil'on
s.
Clarence J. Shearn. representing
he Mechanics and Metals' National
ank, defendant In the action, also
rodicted In his opening address that
' such litigation can be stirred up,
a brand new Indnstry on the legal
ide wlil open up In the community.*
Alfred Wotkyns Seymour of Seat
le, great-grandson of Thomas WHiama.
Is plaintiff, represented by Her?
crt C. Smyth of McGnmbs, Well man.
(myth A Ryan, and Elijah N. Zolino A
f 0.1.1 UroiKlu-.L- Tn-n
r&nddalighters of Williams are the
nlv other surviving heirs. The Mehanlcs
and Metals' National bank In
efend ant, ha vine absorbed the stock
f the Mechanics' bank by consollda*
Ion.
The stock certification, so-called,
ras found about eight years ago In
he I.ong Island home. It was bronght
efore Justice (liegerlcb In a smaD
mbroldered purse, done in red, yel>w
and green in zigzag design. Mr.
Imyth said It bad boon found among
he j?ersonal effects of Archibald Corlell.
who. until his death In 1852, was
xecutor of t! - Williams estate.
The paper hears a signature In the
ame-of John Fleming, cashier of the ^
ank, who was at one time city chamerlnin,
and Inter president of the
lechanlcs' lutnk. It appears to|?ertiy
that on August 10. 1823. 67 shares
f the hank stock were In the name
f Mr. Cornell as evecutor of the WU[ams
estate.
British Ban on War Badges.
The war office is following the air
linlstry and the admiralty In banning
ervlce chevrons, wound stripes and
liver badges.
Hitherto, since the end of the war. It
a 8 been the rule for members of the
rmy. nAvy or air force to wear on
?. -
nmr ieu aiecves cnevrons or rea or
Ine to denote the period of their #err- 1
overseas during the war and a \
tripe of gold brain for each recorded
round received on active aerrlce.
Tlie crop of "other little wars" olnca ^
he great war Is responsible for the
ledslon, as men wounded on active
ervlce since November, 1018, have bean
ut on a different level from casualties
efone the armistice.
A referendum on the subject was
aken by the war office from all untt%
c that the decision is In keeping with
he general wishes of rank and
Continental Edition of the London **'
fall.
lilt \
_________ j
)WN i
MULTIPLY
THIS
By Your Capacity
LQNTKLY INVESTMENT OF
$1.00
tetaufra B. & L. stork matures * ^
$100
out six and a half years.
tONTHLY INVESTMENT OF
atauga B. & L. stock matures
out throe and one half years.
PREPAID STOCK
$100 Cash Per Share
s 0 per cent per annum, pay- >
innually, and about 1 per cent
anal at maturity in about 'six *"
half years.