Wilmington journal. [volume] (Wilmington, N.C.) 1844-1895, 1851-04-18

The Wilmington and Manchester Railroad.
In the published proceedings of the meeting of the
Stockholders of the Wilmington & Manchester Rail-
road Company. held here the 10th inst, we find
further business beyond the resolutions author-
zing the issue of bonds to the amount of Eight Hun
dred Thousand Dollars, stated in the last Journal
These resolutions subjoin in full At a prior
meeting, held at Marion Court House, on the 18th
Of March, resolution passed. referring the
question of the acceptance non-aceeptance of the
subscription of the State of North Carolina to the
discretion of the President and Board of Directors,
and making their action on the subject binding on
the Company. From the tone of an article in the
Commercial of Saturday. it would seem as though
the impression entertained, or wished to be con-
veyed. that the Journal was nmical to the Road or
hostile to the Board of Directors simply because we
chose to express opinion against the acceptance
of the State subscription. This we certainly had
right to do We do not now believe that the Direc-
ton of the Road has any idea of accepting the trans
fer of stock The Stockholders have authorized
mortgage of the Road, and with twothirds of the
stock subscribed it seems almost impossible but that
the bonds be negotiated on favorable terms. 1t
is evident to every one, that the bonds of the
old Road arc worth par. although it has had to con-
tead with difficulties from which the Manchester
Road will he saved. The Manchester Road can and
will be put in operation with good iron track for
little over half what the old Road has cost first and
last; and as it is as long, and will make connecting
link and thus increase travel the route it is alb
solutely certain that its profits will be as large if
not larger. from the very start. We believe that
Gen. HARLLEE. the President of the Road is now at
the North on business connected with the Company
For these We believed that it would be folly
to accept the transfer of stock on the terms prescr
bed in the act authorizing such transfer. The fol-
lowing the resolutions authorizing the issue of
bonds:
Whereas it is important that the entire line of abroad
from Wilmington, N c.. to Manchester, s. c. should be
speedily completed and the put into successful opera
on and is deemed expedent that for the purpose aoe
said the President and Directors of this Company be author
lied to borrow money issue Certificates other evden
of such oans to make tho convertible into the stock
of this Company the pleasure of the holders of the
and to pledge the property of the Company for the payment
of the with interest it is therefore
ResOUed That tho President and Directors of this Com
majority of them be- and they hereby author
ICED and empowered for and in behalf of this Company
borrow not exceeding in the aggregate eight hundred
thousand dollars $500 000 and to issue evidence ofsuch
loan loans be negotiated by them by virtue of this
resolution, Certificates Bonds to be signed by the Pres
dent and atestsd by the Corporate seal of this Comp
which said Certificates Bonds shall be redeemabe pay
able less than than twenty years
several and respective dates shall bear interest exceed
ing seven per centum per payable scmiannuay
and the SHALL at the pleasure of the holders thereof be
into the Stock of this Company its par value
Resolved That to the payment of the certificates of
loan bonds aforesaid to be issued and also of the
eres accrung the same the President and Directors of
this Company be- and they hereby authorized and
powered to execute decd of mortgage transferring all and
singular the real and personal estate property and effects
belonging this Company and subsequent deed
real property effects which may be acquired
this Company from tho proceeds of the sales of the cer
loan bonds be issued aforesaid which
several deeds all such covenants conditions
trusts shall be contained the President and Directors
shall seem expedient and proper.