Wilmington journal. [volume] (Wilmington, N.C.) 1844-1895, 1855-03-16
omelal Proeeedlngs ofthe Cape Fear and Deep River

Official Proceedings of Cape Fear and Deep River
Navigation Company.
At meeting of the Stockholders of the Cape Eear
and Deep River Navigation Company IN wilmington
on the 9Th March, 1855,
On motion, COL John McRae was called to the
Chair and Henry A. London and Joseph r. Blossom
were appointed Secretaries.
On motion, the Secretaries were appointed Com
mitee to ascertain the amount of stock present, IN
person and by proxy, and duly reporting large ma
ority of the whole stock to be present. the meeting
proceeded to business
On motion, the report of the President to the Legs-
ature was read and brief statement of the present
position of the Company's affairs made by John H.
Haughton.
The Treasurers last report 10 the President and Di
rectors was read
On motion, the Chair appointed Finance Commit
tee of five to examine and report the present cond
ton of the company the amount and character OF Its
liabilities, and recommend some plan by which the
same may be either Gquidated or funded; the amount
of individual subscr ption made and paid in, and if
any, the amount still DUE also, whether the amount
of the Bonds to be endorsed by the State will be suf
icient to complete the work, and put il in successful
operation, and to recommend any other plan for
the relief OF the Company. The Chair appointed as
said Committee : ]. H. Haughton, P. X. Dickinson
A. J. DeRosset jr., A. S. Mcneil, Hon. Abram Rem
cher. On notion the Chairman of this meeting and
the President of the Company were added to the Com
mittee.
A Resolution offered by B. l. Howe, to appoint
an additional Committee, debated and after
rious amendments adopted, as follows: That an
aud ting Commiteeiof three be appointed to exam
inc into the affairs of the Company and 10 make
full ana detailed report of all the moneys expended
by the Company from its organization to this date,
of the various items of expenditure, all the liabilities
of the Company of every character, together with
the evidence of all such liabilities and to report to
next meeting and SAID COMMITTEE shall receive 50
per dav for their services. Nath Cegg, R. E. Rives
and j. H Scott, were appointed as the Auditing
Committee.
On motion the meeting adjourned to meet next
day at 10, A. M
FRIDAY MORNING.
Met according to ad ournment, Chair called meet
ing to order On motion, the amendment to tho
Charter was read.
On motion, the report OF the Finance Committee
was read and received. After debate on on their
resolutions the following adopted,
Resolved lst That, in the opinion of this meeting,
it is expedient for the Company to issue one thou
sand shares of additional stock to be preferred stock,
with interest guaranteed at per cent. per annum to
be calculated and paid from the time of payment of
the several nstaments. The holders of said stock to
share equally with other shareholders whenever The
dividends of the Company exceed per cent. on the
whole capital stock, including the interest guaranteed
as above.
3D. That committee of II persons be appointed
10 receive subscriptions for the said preferred stock
and, at time, to raise company Of fifty indi
the whole amount required, and which may not have
been otherwise subscribed, previous TO the next gen.
eral meeting OF the Company, the subscription to be
paid as follows -One-e in cash these
proceedings shall have been confirmed by general
meeting of the Company, and the balance in install
mems of one-eghth each. in 3, 6, g. 18, a. 80 and
So months thereafter, sooner If preferred by
any subscriber. Provided, that any acknow ledged
claim against the Company shall be receivable as
cash in account Of said subscriptions. And further
provided, that the company may at any time after
three months notice call in and redeem one-half the
preferred stock and reissue the at par value to
the State of North Carolina, if decided to be pur-
chased by the Legislature at their next or any sub
sequent session. And provided furt er, that at any
time after five years the company may in three
months notice call in and redeem at par the whole of
the preferred stock whether held by the State by
individuals corporations, the certificates of said
stock to bear their face the provisions herein
! tanned.
The chair appointed Nm. McCIane H. Elliott
Jno. D. Williams, B.l. Howe, DR.. Jno. H. Mckay,
L. J. Haughton, P. K Dickinson, E. Kidder N. N
| Nixon, A. H. Van Bokkelen, w. w. Pearce and John
A. Taylor said committee to receive subscriptions
On motion the President and Directors were added
to said committee of q.
On motion resolved that the committee of IL be-
and hereby instructed to report TO the next called
meeting the full subscription for the one thousand
shares of preferred stock.
On motion, resolved, that the Committee of three
be directed to enquire what amount of stock has beer
subscribed, when taken, and by whom-when paid
for and the amount paid, and that they report
the stock remaining unpaid and that the said Com
mittee in reporting the amount paid by the Co. re
port to whom paid and the amount so paid from yea
to year, and that in reporting the present indebted
of the Co., they report the of the person.
to whom each debt is due
On motion, resolved, that the President and Drec
tors of the Cape Fear and Deep River Navigation Com
pany, be requested to call general meeting of sale
company, at Wilmington said meeting car
be called according to its chartersa the Sd Thurs
day i'll April. On motion the meeting adjourned SIM
! die.
! JOHN McRAE, Chairman.
4. A. R hosDSs' Secretaries.