Wilmington journal. [volume] (Wilmington, N.C.) 1844-1895, 1848-07-21

| we can confidently look TO the completion OF
our noble enterprise, yet that there Is no rea-
son TO despair of It's success if one united and
vigorous effort be made by its friends. Inc
resources of the country through which II
passes, with the liberal terms offered 10 stoeks
holders, together with the assistance they are
persuaded they can rely upon, your Commit
| tee believe sufficient to ensure speedy com+
mencement Of the work with a prospect OF lis
completion in a reasonable time.
The Committee have deemed if advisable I'd
recommend a reduction of the salaries of the
officers leaving TO the Directors the power OF
FIXING that of Engineers limiting the salary
of the Chief Engineer.
They are also impressed deeply with the
importance of an early commencement OF the
work, and recommend the adoption of a resC+
luton 10 that effect, as soon as the amount ne
cessary under the restrictions of the former
resolutions of the Company, can be raised.
The Committee therefore recommend the a
dop,ion of the following resolutions:
Resolved, That it be understood, in all cleo
! lions for officers of this Company, that no sal
airy is to be paid until the Road is commercials
but compensation shall be allowed for actual
services only, in the meantime proportionably
to the amounts paid per annum, for such Off
GERS respectively; together with such inciden+
tai expenses as they may incur for the Com
pany.
Resolved, That the resolutions adopted at
the last meeting of Stock holders, requiring the
Board of Directors when they shall deem it
advisable 10 commence the road, 10 put the
same under contract at each end of the lines
be so far modified as 10 authorize the Direc-
tors, when the work is commenced TO place
the whole road under contract when offers are
taken.
Resolved, That on all payments for sub
scrlptions to the stock of this Company, in-
6 terest shall be allowed from the date of each
payment. at the rate OF per cent per annum,
until the road is finished, when the amount of
interest so paid shall be charged TO the genet
al account of the cost of construction: and al
so that interest be allowed from the date they
receive credit for their estimates, to such con-
tractors, as agree 10 take part or the whole a.
| mount OF their contract in stock.
Resolved, That the resolutions adopted at
the last meeting OF the Stockholders, as re-
CARDS the officers of this Company, and theft
salaries, be so amended as to read as follows:
The President of the Company to receive d
salary of Two Thousand Dollars. That the
salary of Engineers be left 10 the decision of
the Board of Directors, so that the salary of
the Chief Engineer shall not exceed Twenty
Five Hundred Dollars That the salary of
General Agent be reduced to $1,000 per an
nun and the salary of Secretary and Treasu.
ry be reduced to $l1OO
, Resolved, That the Board of Directors be
requested to ascertain by the 1st September
next, what proportion of Stockholders are in
favor of the immediate commencement of the
Road, and if upon such investigation it shall
appear that two-thirds OF the stock of the Com
pany then subscribed is for the commence
lnent of the work, that the contracts for loca-
ting and grading the Road be let out as far as
applied for Provided, that no more shall be
let out, to be paid for in money by those un-
willing 10 commence, that will cover the first
instaIment until seven hundred and fifty thou
sand dollars shall be subscribed.
On motion of Mr.. Evans, the meeting ad-
journed to meet at 9 O'Clock tomorrow.
w. w. HARLLEE, Chairman.
FRIDAY, June 23d, 1913.
Pursuant 10 adjournment the Convention
met and resumed business. The Convention
resumed the consideration of the report of the
Committee, and the resolutions submitted
through their Chairman, Gen Harllee.
The report and resolutions, after eloquent
addresses, by ]. S. Bartlett, ]. A. Dargan, c..
w. Miller, and D. B. McLaurin, Esqs., were
unanimously adopted.
Gen NlcNae' rom tile Conilll'lee " NUM-.
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w. w. HARLLEE, President.
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