The Charlotte journal. [volume] (Charlotte, N.C.) 1835-1851, 1850-07-31
NORTHCAROLlNA RAIL ROAD
From the Carolina IVntchmnn.
First Meeting Of Stockholders.

From fhe Carolina Vdtchm1n.
First Meeting Of Stockholders.
Upon the motion of r. NJ. Saunders, Of
Wake, Hon. DUNCAN Cameron, was appointed
Chairman of The meeting, and John b. Lord,
E,q of Rowan, and S. F. Phillips, Of Orange,
were appointed Secretaries. A good deal of
the frs, day was spent in verifying the sub.
scrip,ions and proxies. A Committee con
sising of William A. Graham, George W.
Mordeca and John A. Gimcr, with the two
Secretaries, were laboriously engaged the
whole forenoon Of that day. A, length Stock
TO the amount of near nine hundred thousand
dollars being ascertaiucd to be represented, a
quorum to do business was declared, and they
proceeded with the business required by the
charter. Mr.. Giimei, Of GulloId, submit.
ted plan for distributing the names oil d..
rec,ors along the iue of Road, which excl.
ted an animated discussion; at length on the
suggestion Of the Chair, Committee OF ten
were selected to report upon The basis oil dls,ri
button and the manner Of selecting the seve-
ral directors. The said Committee reported
the plan submitted by Mr.. GiImer, and il
was adopted by the corporation |, IS seen
from the localities of the several directors
elected The following DIRrcroRs we're
chosen, VIZ:
Wm. c. Means, Cabarrus County.
jsR1 1,hn /. shavsr' have Rowan county.
john W. Thomas, Davidson county.
francis Flies, Forsythe county.
J"hn 4. GiImer. 6ulford county
William 4. Graham Orange county.
Berjamin TrolIinger, Alamance county
Romulus NJ. Saunders, Wake county,
A. De Rosset, Wilmington.
A. +. Jerkins, Newbern.
Committee on BY. Lars.
J. NJ. Morehead, &. ". Mordecai,
f. J. Hill, Ii. c. Jones.
j NJ. Leach,
The Chairman, Gov. Morchead, reported
series of BY. Laws, which with several a
meudmenls was adopted. The leading tea
lures Of the By Laws are as follows:
Subsequent meetings Of the Stakeholder
are TO take place at Greensbofuueh, Raleigh
and Salisbury alternately. Fnst meetn!
on the frs, Thursday in July.
The O.lice Of Secretary to be combined
for the present with that Of Treasurer.
Engineers AID other agents, 10 be appoint
ed BY the Board Of Directors at such prlce
for services as they may be able 10 asre
upon.
These several provisions, and others les
important, were discussed by Messrs. tilll
Mordecai Leach, Jones, Of Rowan, Melon
ald Graham, Osborne, Boylan, Boyden
Morehead, and Saunders. The chief mat
ters ia debate were salaries Of the officers
and the limitation of the term Of service Of III
Directors. the &C, of Assembly making il tn
duly OF the Stockholders to prescribe tn
term not more than a year, during whicl
the first set of Directors shall serve. Th
Presidents salary was fixed at twenty fis
hundred dollars, and his travelling expense
for jnurnies beyond the State on the busnes
of the Company.
The Secretary and Treasurer gives bon
. in sum of $50 600, and receives a salary
, $3.50. He is to deposit all the money ofth
CORPORATION in the State Bauk at Raeig
and the Cape Fear Bank a, Salisbury, and
not 10 hold in his hands in cash more tha
, $4,000 at any one time. The mode of nj
. king contracts au,hentcaline the same
i OF authenllcaling proxles-ot conducting Il
/. business of the Company, are all provided f
), in the BY, Laws.
A Resolution was offered by Mr.. Cline
$ which was amended BY Mr.. Osborne, TO Il
effect that the assurances made BY the Sc
i eral Conventions which sat a, Sllisbur
Greensborough, and Hillsborough, in rega
!, to the aymeut of stock in work, and OF g.
a ing preference to stockholders a, equal an
far prices in letting of contracts tor wor
|. materials, &C., be recognized, and re-asss
, led by this meeting; which after a lull
a free discussion was adopted.
= A Resolution submitted by Mr.. Colem'
=, Of Cabarrus ordering the route through CC
>. cord, Salisbury, Lexington, Grcenshorou
and Hillsborough, 10 be survey ed, was ado
"a ed without opposition or debate.
h. The meeting after the usual vote OF than
;; to the officers, adjourned at late hour
Friday evening.
It's MEETING OF THE DIRECTORS.
nv Subsequent to the adjournment OF the Sto
Ry holders, the Directors held meeting