Wilmington journal. [volume] (Wilmington, N.C.) 1844-1895, 1866-11-01


, On mOuOn, committee OF two g, itlt men. con
d sisting Of Col ". J.. steele. Of Richmond, and [
g s. Cowan. Esq, OF Brunswick, were appointed +
" ascer ain the quantity of stock represented and t
l. verify proxies
question then arose as to whether proxies re
qulred stamps in order to insure their validity
i Whereup"n 1t was resolved that the Treasurer q
he Company be, and is hereby directed to furnish
me stockholders with the necessary stamps TO
q the purpose.
7 The committee to inquire into to the amount 0
= Itoch represented reported the following:
Rv ProT l'o2i Shares
. Total No. Of shares represented 1868
majority of the capital stock being thus rep
, resented, the meeting proceeded to tue regular
On motion Of Gen. Alfred Dockerv. it was re
solved that the reports Of the different depart
meeting be, and are hereby ordered to be pub
Ii led.
The report Of the President was then read an6
submitted to the meeting, and was on motion Of
Il. Nye Hutchinson, Esq, received.
DR.. II. II. Robinson moved that the report OF
: the President be referred to Committee Of three
gentlemen, with instructions to consider the re-
port and submit the result of their consideration
to the meeting for its action. Adopted. The fol
lowing gentlemen were appointed to serve on the
above Committee: DR.. II. II. Robirson of Vii
mMgton Giles Leitch, Esq, of Robeson and
Gen. Alfred DOckery. of Richmond.
five Stockholders be appointed to inquire into the
CUNT Of salary paid the officials and EMPLOYEES
OF the Company, and report TO the meeting wleth-
er they considered them III proportion to the ser
wees rendered. and IL keeping with the severely
of the times. Adopted The Chair then appoint
ed the following gentlemen to on the above
Leitch, Esq, Of Robson, JOS. Green. ESQ, of
Brunswick, Dan'l II. Mclean, Esq. of Robson,
aud Hon, A. H. VanBokkelen. of Wilmington.
On motion, recess was taken until q O'Clock
+. M and the meeting accordnSl y adjourned until
| that time.
AFTERNOON SESSION.
The Stockholders assembled at the hour pre-
viOusly agreed upon.
Col. Il. h. COwan, President of the Company,
presented list Of the officials of the Company
with their respective salaries which was referred
to tho committee on salaries.
On motion of Col. r. H. Cowan Messrs Chas
| Malloy, M. Cronly and JAS. P. Leak were reap
pointed A1 Mg Committee Of the Eastern Diyi
J. G. Miller, Auditing Committee of the Western
Division Of the Road. 1t was also resolved on mo-
ton OF the same gentleman, that Hon Il. S.
french be appointed to assist the Secretaries in
| LEGATION.
NJ. Cronly, Esq, offered a resolution to the eff
feet that before Stakeholder shall be entitled to
participate in the deliberations Of the Stockholders
| he shall have Procured certificate Of stock in the
Company. This elected quite warm discussion
| between Messrs. Cronly, Guon and Cowan in IA
| yor of the resolution, and Messrs. Stede Cole
Hutchinson and Norment in opposition Col Il,
H. Cowan moved that the resolution be referred
to a committee of three for action. Adopted The
Chair appointed as this committee Col H. W
Guion, Nj. Cronly and S. d. Cole Esqs The
committee aft some consideration, suggested
next annual meeting.
REPORT OF THE COMMITTEE ON THE PRESIDENTS !
REPORT.
The committee recommend that the Stockhold-
ers accept the amendment to the charter passed |
by the last General Assembly, extending the road !
TO a point near the town of ASheYill1, BuncOmbe
county.
Resolced That the President and Directors are
authorized to apply to the next Legislature to ex-
tend the charter Of the road to the Tennessee line
The report accepts the action Of the Presi- |
dent and Directors III regard to the Wilmington
Railway Bridge Company.
1t was also resolved that the President and Di-
rectors OF tins Company be instructed to apply to
the next Legislature for the passage of an act su-
thoI1zln% the Company to execute first mortgage
on the entire property OF the Company, to secure
the payment of the bonds Of the said Company TO-
four millions of dollars Tor the purpose Of payinc
the Indebtedness of the Company to the State of
North Carolina and Others, and to complete the
road. And that A second mortgage be made to
the State to pay the debt due her until said debt
is hquldated by sale OF the bonds secured by the
first mortgage, the Agent for the sale of the bonds
being required to appropriate at least one-thlrd Of
all sales of the bonds towards lquidating the debt
Que the State
The report Of the committee was unanipouslv
adopted with the accompanying resolutions
The question regards in what proportion the
Company was responsible in endorsing the bonds
of the Wilmington Railway Bridge Company then
arose. Col CoWan replied TO the question by say
ing that the Company. was responsible for one
nalf OF the amount Of the bonds of the Bridge
Company, s2000Oo, and that the bonds were is
sued for ten years It was inquired why the W,
g. q r. Il. Road should be required to endorse the
bonds OF the Bridge Company 20 the amount OF
one-hali, when there were two other Companies
engaged III the enterprise. An explanation of the
case was entered INTO by Col. Fl. ". Onion and
others, who satisfied the Stockholders that II were
better as regards their interests that the COMPANY
should build the bridge unadcd and alone rather
han 1T should remain unbuIt.
The committee on salaries made a majority re-
port, that they had inquired into the amount Of
Inc salaries paid the officers of the Company and
considered that the salary of the President is too
llGlI, and recommend that ii be reduced to 50 500
n gold, or its equivalent III currency A minority
eport accompanied the above recommending that
he salary of the President be fixed at So, 600 in
he proper salary to be paid the President, in
which Messrs .. G. Parsley, ". l.. Smith, A H 4
Col. W. i: Steele and others IL
The committee subsequently, r. e
that the salary under discussion be is
iXed at 81 $50 in gold its equivalent in curren- tt
y, which was not accepted Hon. A. H. VanBok- {
eien then moved that the salary be fixed at So 900
gold, and called for stock vote, which was R
lad, and by this course it was decided that the b
President should DE allowed salary of So 900 in t
Id, or its equi valent in currency, per annum O.
A resolution from the Board of Aldermen of the
ity OF Wilmington presented by the Mayor tt
skiing that their body be allowed the privilege of Of
f the Company. The propriety of the resolution T
7as discussed by Giles Leitch ESQ, Col. r. b. e,
;oWan and others. Pending the discussion the h
Meeting adjourned until o'clock P M. d.
NIGHT SESSION. NJ
At P. NJ, the Stockholders again assembled
The question regards the resolution from the 10
'oard OF Aldermen requesting that they be al a.
owed to select Director of the Company from D
mong their body, was further discussed. b.
On motion of Giles Leitch Esq. the Stockhol- y,
ers of the several counties represented retired NJ
nd proceeded to recommend some one of their da
lumber for the position of Director Of the Com q,
any. ~
The following gentlemen were recommended
Of h. H. Cowan end Hon. A. Fl. VanBokkelen
New Hanover county; Jos. Green, of Brunswick:
ohm A. Mcdowell, of Baden; Giles Leitch Of -,
'obeson; Col. W. l.. Steel of Richmond; s. W. - -
ole, of Anson; s. II Walkup, of Union E. Nye 81
hutchinson of ALecklenburg; G. c. Henderson, of 81
lincoln; A r. Holmesley, Of Cleveland: A. G. Lo- N
an, OF Rutherford Haywood ". Guion of Bla-
en-.
considerable discussion arose on account of TT TT
lis, as it was alleged, unusual mode of nomina- II
on IN which various Stockholders participated M
1T was productive of no evident action It
An election for Directors for the ensuing year.
ballot, was then proceeded with. Messrs. O.
Parsley, B. S. Guion and Chas. Malloy we're
'polnted by the Chair to superintend the cleo pc
On: The result reported was as follows: TO
e: Cowan received the vote of 1924 Shares. ID