Weekly North Carolina standard. [volume] (Raleigh, N.C.) 1850-1858, 1858-07-21
North.Carolina Railroad.

We gather from the Hillsborough Recorder the
following proceedings of the late meeting of the
Stockholders of this Road in Hillsborough.
DIR. Frederick j. Hill presided, and Messrs Thomas
Webb and E. R. Stsnly acted as Secretaries
The vote for Directors was Gorrell, Ais votes
R. NJ. Saunders, 4,7O9; Chas. F. Fisher, 4,l9s;
McRae, 1929; Fries. $780, Mebane, 1879, with
smaller votes for others. Messrs Gorrel Saunders,
Fisher and McRae were elected.
On motion of the States representative, Judge
Ruffn, it was
Resolred, That the Board of Directors, in con.
formity with the statute in such case made and pro-
vided, be required to assign and set apart the sum
of twenty-five thousand dollars annually, over and
above the semi-annual interest," as sinking fund to
discharge the per cent Coupon bonds heretofore
issued by this Company, and 10 invest the same in
the said Bonds of this Company, or in the per cent
Coupon Bonds of North. Carolina, and so invest the
profits thereof from time to time.
Resolced, FURTHER That the said fund thus set
apart shall on no pretence whatever be used for any
other purpose whatever but that of paying the said
bonds OF the Company, or Of meeting the said pay
ment at the maturity of the said bonds and that
the Board shall report annually to the meeting of
the Stockholders the amount of the said sinking
fund then existing and the particular investment
thereof"
Mr.. Nesbit introduced resolution against " dead
heads ALSO, a resolution requesting the President
to apply to the next Legislature amend the charter
so to require Director to own twenty five shares
of stock-also, resolution requesting the President
to make quarterly report of the receipts and ex-
pendtures of the Road and other matters of interest
to the stockholders The first and second resolutions
were lost, and the third adopted. Mr.. Nesbit's
proposition to confne Drectorshps to persons OWN
ing not less than twenty-five shares of stock would
if adopted, he unnst to the small stockholders, and
would, in effect, convert the corporation into an
ariStocracv. Power is always stealing from the
many to the few" 1t can make no Difference with
| an honest who is Director, whether he owns
stock not. If honest in his purposes and jns in
his Judgments he will serve the State or the -tock
holders as faithfully and ably without certificates
! Of stock as with them. Let us have majority "
practical acorking-men among the Directors ant
officers Of Railroads. and pnhlic works viii
then prosper and pay dividends as they should do
| Men who are poor in stock, and even poor in this
worlds goods, are often better qualified for Director
ships than those who rich in stock and who coun
their money by thousands
On motion of Mr.. Kirkland, the bye laws wer
amended so as to require seven Directors, of whom
| the PRESIDENT may De one, 10 constitute d quorum
| Of the Board.
Judge Ruffn moved that the Board of Directors
| out of the funds of the Company, pay to the Stat
dividend Of six per cent. on the one million G
dollars of preferred stock of the State. The motto
was not adopted.
On motion of Mr.. Mclean, the Treasurer of tn
Road was instructed to have the expenses of tn
Road for the last twelve months printed and publish
ed in detail, item by item, copy for each stock
holder
On motion of Gov Morehead, it was unanimousl
resolved, That free ticket be granted to the Ho1
Calvin Graves, of Caswell, upon the North Carolir
Railroad during his life, as mark of aPpreciatio
of his distinguished services for the same. Nobl
done!
Wewere mistaken in statement that Villa
R. Poole, Esq, of this County, had been appointe
, State Director in the Road. The vacancy was n
filed We learn from the Recorder that Gov. CIR
ham declined to serve State Director. This occ
, stoned two vacancies, which were filled on Mond.
last, by the Board of Internal Improvements,
appointing Giles Mebane, of Alamance, and Philem
B. Hawkins, of Franklin.