Semi-weekly standard. [volume] (Raleigh, N.C.) 1853-18??, 1860-10-20

Raleigh, on Thursday, Oct. 4, 1850
RALEIGH, N. c., Oct. 4, 1850.
The special meeting OF the Stockholders OF the
Raleigh & CASTOR Railroad Company, called in Pnr-
surance of resolution Of the last annual meeting
of the Company, to consider of matters referred to
in said resolution, convened this day in the Com
mons Hall.
On motion of T. B. Venable, Esq, Maj. Chas. L.
Hinton was called to the Chair and W. W. Vass
and Joseph j. Davis requested to act as Secre-
teries.
w w. Vass and JOS j. Davis appointed
committee to verify proxies and report the amount
of stock represented reported that there were
sS5 shares represented in person. 1872 shares repre-
scented by proxy, making the whole individual stock
represented 9s07 shares, entitled to 1862 votes.
Hon. D. NJ. Barringer presented a commission
from the Governor as proxy for the State of North
Carolina representing 1875 shares entitled to 1851
votes.
1t appearing that majority of the stock owned
by individuals, and the stock of the State, were
present the meeting was regularly organized and
proceeded to business.
Hon. D. NJ. Barringer, from the Committee ap-
pointed at the last annual meeting to consider Of
and report upon the suggestions and recommends
tions contained in the last annual report of the
President and Directors, submitted the following
port-which, on motion, was adopted:
To the Stockholders Of the
Raleigh Dc CASTOR Railroad Company:
GENTLEMEN AT the general meeting of your
body in June last the following resolution was ad-
opted, viz:
Resolued, That a committee of three persons on
the part of the Stockholders, to act with two per-
SONS to be designated by the Directors be appointed
to take into consideration the suggestions and re-
concentrations contained in the Report of the Pres
ident and Directors and that they report at called
meeting of the Stockholders, to be held in the city
of Raleigh on the first Thursday in October next"
T. 3 H. call
mittee were appointed by the Stockholders and the
Board of Directors, respectively, and having con-
sdered, the subjects referred to Them submit the
following report:
The two leading suggestions and recommends
tiens of the most pressing and immediate interest
contained in the report of the President and Drec
tors referred for our consideration, embrace the
questions of increasing the capital stock of the Com
pany, and of purchasing and permanently oocning
"Gt least portion Of the hands employed in the
service Of the Company"
Upon full examination of these inquiries, look
ing at all the facts connected with the origin, pro-
gress and completion of the Road and its future
dition and prospects, the committee believe that
both these propositions ought to be assented to by
the Company.
A reference to the history of our Road and de-
tailed exhibit of the cost of its original construction
and of its reconstruction under the existing charter
will show that the capital stock of our Company in
OTueT u SecuTed just proper OF
its affairs ought to be at least 800 0G0 fifteen hun
bred thousand dollars. And, although, under the
existing charter it did not nominally cost or rather
did not have nominal capital of more than (S975,-
000) nine hundred and seventy-five thousand dol
lars; yet it is manifest upon investigation that the
Road with its equipments has really cost exceed
ing half million more than this sum; and that
Railroad of this distance, and through such re-
gion of country could not be made and kept in good
and remunerating condition. upon capital stock of
its present amount. The capital expended for such
a Road, on construction account according to the
usual estimate must necessarily reach at least an
average of ($25,O00 twenty-five thousand dollars
per mile; and many well-iuformed Railroad men
believe that it ought to exceed that sum. If opera
ted capital less than this there must of course
be diversion OF its receipts and profits which
should, in justice, be paid dividends to the Stock
holders from this proper direction to the account of
construction and permanent repairs which ought
chiefly to have been made from the capital of the
Company, and not from its ordinary receipts A
reference to the history and actual condition of our
Road will demonstrate that such has been the result
to our own Company, and that large amounts OF
surplus receipts which ought to have been distrbu
ted as dividends to the Stockholders have been ia
ken, or rather borrowed, of necessity from them,
and expended for reconstruction and permanent
repairs because the capital stock under the charter
never was sufficient for this purpose.
The committee have procured from the proper
officers of the Company an authentic and detailed
exhibit which they embody as part of this report
and to which they ask your attentive consideration
presenting statements, respectively, of the capital
stock authorized by the present charter and paid in
and owned by the State and individuals, and of the
c1st Of reconstructing and eguipping the Road and
its connections from Raleigh to Weldon, to the first
day of - 1860 This exhibit will be satisfac
tory we believe. showing faithful and economi-
cal administration Of the affairs of the Company and
Il -
Justly due dividends to the State and individuals
have been pressed into the account of construction
for want of sufficient original capital devoted to this
purpose. This additional expenditure for construc-
tioOn and reconstruction now amounts to more than
100000, as will be more fully seen by this state
ment, which ought in the opinion of the commit
tee to be converted into capital Stock to be appor
toned among the Stockholders, whenever an act of
the General Assembly can be procured, amending
the charter for this purpose. This proposition pre-
sents equitable mode of repairing, in great de-
gree the injustice heretofore done to the StockhOld.
ers, by the necessity which has existed to use the
receipts of the Road for its construction and eouip-
ment ard which have thus added to its actual value
present and permanent, sum at least equal to this
additional expenditure This actual value of the
Road is the true criterion of what its capital stock
ought to be.
Believing that the statement referred to is con-
elusive proof of the necessity justice and policy of
tuo pTOpOSeu lHCredSe OF the capital STOCK OF the
Company, the committee will not dwell longer on
this subject, except to recommend that a committee
be appointed to obtain from the Legislature an
amendment of the Charter, authorizing an increase
Of the capital of $525,Oo0, thus making the whole
capital 81, 100000
In regard to the other suggestion of the late Pres
ident of the Road, the committee entirely concur in
the belief that it would be expedient and best for
the interests of the Company that it should own
large portion of the subordinate and ordinary labor
upon the Road; and for this purpose we recon.
mend that authority be given to the President and
Directors of the Company to purchase number of
slaves not exceeding one hundred. The committee
fully endorse and refer to the reasons and arguments
on this subject given by the late President for the
adoption of this system which has been so success
fully practiced elsewhere in our Southern section of
the country, instead of tho more expensive, uncer-
tain, unreliable and hazardous mode now employed,