The daily exchange. [volume] (Baltimore, Md.) 1858-1861, 1859-07-26
MEETING OF THE SUBSCRIBERS TO THE
STOCK OF THE CITY PASSENGER RAIL


the meeting had been OF a more extended character
This fact indicates that the funds of the subscribers
are invested in other pursuits than advertising
and that they have paid no attention to the forma
tion of a sinking fund for the liquidation of thei
expenses while making stand against the grantees
of the railway right. We might suggest that
small pro rata advanced by the miRiondires might
be the of having more enthusiastic meetings
little crackers and cheese might bring them up
or perhaps change in the place of meeting.
At a quarter past five O'Clock, Mr.. John A
Thompson said that he thought there were as many
persons present were desirous of attending. Mr.
John W. Mccoy thought So too, and moved that
the,meeting proceed to business. Agreed to-Mr
Thomas Z. Hambeton, the President, then stated
that this meeting had been called at the request o
the committee, appointed at the last meeting
to present report and resolutions for the
action of the subscribers the stock of the City
Passenger Railway. II there was no objection made
the chairman of that committee would read the re-
port and resolutions.
Mr.. Thompson suggested that the proceedings o
the last meeting be read by the secretary; which
motion was concurred in, and said proceedings Were
read by Mr.. Allen E. Forester, the secretary and
approved by the meeting. "
The chair then stated that, if there no objec
tion made, the chairman of the committee would
proceed to read tho report and resolutions for the
action of the meeting. No objections being made
Mr. Thompson read the following:
To the President and Subscribers Of the City Passenge,
Ruil1uIys Association: ...... e
GENTLEMEN Your committee, appointed under the
following resolution:
,'Resolved, That committee of five be appointed tc
organize the City Passenger Railway Company, to fS
the capital price of shares and and all matters and
things inherent to- or connected Herewith and report al
the earliest moment
Respectfully report that having no authority to obtain
legal advice thereon have taken what they believe to be
a view of the ordinance, and would remark
that taking into considerations that the true object and
design of opening books for subscriptions to the stock
any public work is that all persons who desire may be
participants in the ownership and that it never
.1,a
made for sale transfer and under this view OF the
and from the fact that the interest of Messrs Travers
Browning, De Goey Cathcart, and Sumwalt, in the City
Passenger Railways is not in any manner specified, fol
lows that they only have common interest f any
interest at a with those who as provided for
in the section of the ordinance authorizing City
Passenger Railways and then only the ground that the
subscribers and the afoenamed Travers Browning, De
Goey Cahcart and SumWat are the association under the
provisions of the ordinance and then only the further
ground that the interests of all equal and
for if pro rata said Travers Browning, De Goey Cath
cart and Sumwalt not being subscribers, cannot have
any interest therein.
If Messrs Travers and his colleagues have made any
assignment of interest in the grant under the ordinance
it only be far their individual interests
cerned, and in way interfere with the rights of
others obtained under the same ordinance.
That whatever contracts the said William H Travers
and others have made for laying down tracks and equip
mens for railways can only be regarded as carrying out
the provisions of the ordinance on account Of the asso
citation.
That nasmuch as the said ordinance not specify
the amount of capital number Of shares price per share
any money specification whatever and in conse-
quence thereof the subscriptions under the seventh
ton were made in different ways it will be in strict
cordance with the spirit and intention Of grants general
y that the parties named therein should be partie in
interest, and to effect this end the stock should, when
fixed, be equal.
We therefore recommend the adoption of the following
resolutions:
BY order and on behalf of the committee
JNO. A. THOMPSON, Chairman.
Resoued, That the capital of the City Passenger Rail-
ways Association be one million dollars.
ReSOued, That the capital be divided into shares of
twenty five dollars each.
Resotued, That the stock be divided equally among
hose five persons named in the first section of the ordi
of the Mayor and City Council of Baltimore authO
rizing City Passenger Railways their assigns and
those persons who subscribed their book open
ed for that purpose under the seventh section Of the aOe
said ordinance.
Resored That board of trustees consist of seven
be elected with power to fill vacancies majority of whom
shall have power to elect from their body from
among the association, President Secretary and Trea
surer and to fix their compensaons also to elect or
appoint and dismiss such counsel clerks, agents and
servants they may deem useful and necessary to fix
their compensation and to conduct the affairs of the said
City Passenger Railways as they may deem most advan
tageous to the association.
ReSolued That the call in nsallments the
stock at such times they deem necessary and
subscriber failing to pay his nstament within five days
after the me designated for the payment thereof shall
forfeit all right and interest in this association.
Resolved. That should any stock become forfeited by
the subscriber falling to pay in the time limited, the
trustees may dispose of the same in lots of four shares
each.
Resolred That the trustees may convene the assoca-
ton at any time; and they shall order meeting when
tce thereof shall he published in at least three daily
newspapers of this city.
ReS0red, That the trustees when elected shall call
upon Messrs Trayers Browning, DeGoey Cathcart and
Sumwat and their assigns for statement of the affairs
of the City Passenger Railways and demand surrender
of all books papers &c also all contracts entered into
by them others by their authority account Of said
railways and in the evert of the nonreceipt thereof in
reasonable time, to take legal measures to obtain the
same.
Resolred, That the association apply to the next gen
eral assembly of Maryland for act of Incorporation.
After the resolutions were read, Mr.. Graft said
he opposed to the resolutions toto and offered
the following substitute:
Resolred That the chair appoint committee of FIVE
whose duty it shall he to determine upon the nominal
capital of this association, preparatory to asking from
the legislature at its next session an act of
also the value of shares of stock to be issued and the
Der thereof and the allotment to each subscriber giving
however first to each subscriber whose legit
maey recorded before the closing of the book share
regardless of the amount named the subscription and
the balance of the number of the shares be allotted pro
rata to the amount subscribed.
The question was about being taken on the sub
stitute when Mr.. Thompson said he hoped the chair
would not be in hurry-there was not one person
in the room who understood the substitute.
The secretary read the substitute again.
Mr.. Thompson opposed its adoption He asked
what benefit could be derived from Crafts resolu-
ton. You can't name pro rata amount from a
capital not stated. The resolution of the commit
tee was the only which would serve the pur-
pose of the subscribers.
The question taken on the substitute and it
was rejected.
Mr.. Thompson then moved that the resolutions
be taken up, and voted upon seriatim. Adopted.
The first resolution was adopted.
Mr.. Hammill moved to amend by striking out in
the second resolution ''25'' and inserting 900"
Mr.. Thompson opposed the amendment and Mr..
Hammill withdrew it. The resolution was passed.
The third resolution was then read.
Mr. Durus Carter opposed it. He said this reso-
luton gave rights to the grantees to which they
Ont pntif had riCrht tn in
equally with the subscribers.
Mr.. Calow differed from Mr. Carter he thought
it would be to the interest of the subscribers to have
the grantees associated with them. They had got
the grant, had opened the book, and had worked
hard to build railroad for the city. They had a
right to go with us.
Mr. Carter said they had assigned all their rights,
and the record of the court showedit.
Mr.. Callow said they had not conveyed their
rights away, and he would prove it at the proper
time. -r
Mr.. Thompson said if the grantees or assignees
have rights, then the subscribers have none, as
the ordinance names the assignees and their asso-
ciates.
At the request of member, the lst section of the
ordinance was read and afterwards the 7th sec
ton.
Mr.. l.. p. d. Newman, member of the City
Council, who introduced the 7th section, in
vited by the President to state to the meeting for
what purpose he had introduced that section. The
9TH section provides for the opening of the sub
sCFlptlon DOCKS, &C.
Mr. Newman said he had introduced said section
to give opportunity to the citizens of Baltimore
to invest their capital advantageously. He had
heard, that in other cities passenger railways were
very profitable to those who were concerned in
them, aud section of the ordinance pro-
vided that all work and material should be furnish
ed in this State he was desirous that the citizens
should have opportunity of investing their capi-
tai in the stock.
Mr.. Carter then moved to amend the resolution
by striking out all that part of the resolution Civ
ing anv joint rights to the grantees.
Mr.. Thorpe here moved that the meeting ad ourr
until the first of September next. He believed
some persons were present who wanted to kill the
action of the meetings of this association.
The question was taken on Mr.. Carter's amend
ment, and it was rejected. .-.i-.".,.. "
The resolution then passed.
The fourth resolution was also adopted.
Mr.. Graft offered the following substitute for the
fifth resolution:
from the legislature, and distribution pro a-in
cordance with the ordnance-sha have been made,
election of officers under said charter shall have tax
place, power to act shall be given this association
Mr.. John w. Mccoy opposed the substitute; i
was desfgnd to kill what the meeting had already
done. The resolutions of the committee looked t.
the distribution of the stock per capita and not rt
rata The chairman of the committee had ALREADY
said that an amount pro rata could not be formed
from a capital not stated. He hoped the meetin!
would reject the substitute. .Grtr. d
Upon the question being put, the substitute wa
rejected. ..... .... Al. .--s..- ......'
| Mr.. John Hammill then moved to amend by in
serting "that no installment shall be called in un
til after act of incorporation shall have beer
| obtained from the legislature" r-
Mr.. Thompson opposed the substitute, and it wa
/ los We H