Weekly standard. [volume] (Raleigh, N.C.) 1858-1865, 1860-10-24
!. The Standard.
PROCEEDINGS

0f,a Called Meeting of the Stockholders of tho
Raleigh q CASTOR Railroad, Company, held in
5 Raleigh on Thursday, Oct 4, 1860.
= q af3s - RALEIGH, N, c., Oct 4, 1860.
y The special meeting OF the Stockholders Of the
surarce 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.. ". Vass
and Joseph Davis were requested to act as Score
taries.
W. W. Vass and JOS. j. Davis were appointed
committee to verify proxies and report the amount
Of stock representcd,w reported that mere were
6S5 shares represented in person. 1872 shares repre-
scented by proxy, making the whole individual stock
represented 26O7 shares entitled to 1862 votes
Hon. D. NJ. Barringer presented commission
from the Governor, proxy for the State OF North
Carolina representing 1876 shares, entitled to 1851
votes
It appearing that a majority of the stock owned
by individuals, and the stock of the State, were
present the meeting was regularly organized ana
proceeded to business.
Hon. d. NJ. Barringer. from the Committee APP
pointed at the last annual meeting to consider Of
and report upon the suggestions and recommends
tons contained in the last annual report OF the
President and Directors, submitted tho following re-
port--which, on motion, was adopted:
10 the Stockholders Of the
Raleigh d Castor Railroad Company:
GENTLEMEN AT the general meeting Of your
body in June last the following resolution was ad-
opted, viz:
"Resolusd, 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
<.Lo into tha ouvU
concentrations contained in the Report Of the Pres
ident and Directors and that they report at called
meeting Of the Stockholders to lie held in the city
Of Raleigh, on the first Thursday in October next"
IN pursuance of said resolution, the sail COM
mittee we're appointed by the Stockholders and the
Board of Directors, respectively, and having con-
sidered the subjects referred to them, submit the
following report:
The two leading suggestions and recommends
tons, 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 cunning
"at least portion Of the hands employed in tie
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 con-
dition and prospects, the committee believe that
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
order to secure just and proper administration Of
its affairs, ought to be at least OCO fifteen hun.
dred thousand dollars And, although, under the
existing charter did not nominay COST rather,
did not have nominal capital of more than 1915
A. Al. i -
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 a capital stock of
its present amount. The capital expended for such
. Road, on construction account. according to the
osual estimate, must necessarily reach at least an
gerage of ($25, 000 twenty five thousand dollars
per mile; and many well-informed 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 as 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 dstribu-
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
Tho committee have procured from the proper
officers Of the Company an authentic and detailed
exhibit which they enbody as part of this report
and to which they ask your attentive consideration,
presenting statements respectively, of the capital
stoct authorized by the present charter and paid in
and owned by the State and individuals, and of the
est Of rs-eonstructing and equipping the Road and
its connections from Raleigh to Weldon. to the first
day Of -, 1860. This exhibit will be satsfac-
tory We believe, as showing a faithful and economi-
cal administration Of the affairs of the Company and
also convincing to prove that large sums which were
justly due dividends to the State and individuals
haye been pressed into the account of construction
for want Of sufficient original capital devoted to this
purpose. This additional expenditure for co,lstruc
tloon and reconstruction now amounts to more than
$500, 0W. rs 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 o.
the General Assembly can DO procured, amending
the charter for this purpose This proposition pre-
sents an equitable mode of repairing, in great de
gree the injustice heretofore done to the Stockhold
era, by the necessity which has existed to use tn
receipts Of the Road for its construction and equip
ment Ard which have thus added to its actual value
present and permanent sum at least equal to thi
additional Expenditure. This actual value of tn
Road is the true criterion Of what its capital stoc
ought to be.
Believing that the statement referred to is con
elusive proof Of the necessity, justice and policy
the proposed increase Of the capital stock of tn
Company, the committee will not dwell longer o
this subject except to recommend that committe
Be appointed to obtain from the Legislature
amendment Of the Charter; authorizing an increas
Of the capital Of 1926 900, thus making the whol
capital 81, SOC, 900.
In regard to the other suggestion of the late Pre-
idept Of, the Road, the committee entirely concur
the belief that it would be expedient and best fc
the interests Of the Company that it should own
lrgs portion of the subordinate and ordinary labt
upon the. Road and for this purpose, we recon
mend that authority be given to- the President an
Directors Of the Company to purchase number
slsyeA not exceeding one hundred. The committe