Wilmington journal. [volume] (Wilmington, N.C.) 1844-1895, 1867-03-01


toned, specified ard conferred.
ReSOlref, That the President and directors OF
| he said Wilmington, Charlotte and RUTHERFORD
Railroad Company be, and they are hereby direc-
ted authorized and empowered und,r and by viz
Tue of the provisions OF the said bill to issue bonds
of the said WILMINGTON, Charlotte a'd Rutherford
railroad Company, a"the:I lea Ell IL such a man
ner as they deem best in sums IT one thousand
dollars each, at rate of interest Of eight per cen
tum per aunum payable -cnli-i ii'ualy III the city
of New York said bonds to cOisISt Il two series
the first series to consist # two thousand bonds Of
one thousand dollars each, payable on the first
lay of January, 1887, with coupons attached and
the second series to consist of no thousand bonds
Of one thousand dollars EACH payable on the first
lay of January, 1897, with coupons attached. tie
| 1onds of both series bearing eqn~l date and the
principal and interest thereof 10 be yGbic Ill the
| city of New ork he fret coupon each bond
to become due and payable on tn" first day 81 JnY:
| 1867.
ResOlred, That for the purpose Of securing the
payment Of the said bonds 1t tn" maturity there
of, and Of the interest thereon the same shall
| become respectively due and payable, tie Prcsi-
dent AMI S. cretary Of the said Nlmj gtun, Char
lotte and Ruthe. .orl Rail- DAD Company shall, III
pursuance of the PROVISIONS # the said Dlll, make,
execute and deliver on behalf of the said Whining
| ton, Charlotte and rutherford Railroad Company
| to three Trustees, to be named selected and
chosen by the President and Directors Il tle said
| Wilmington, Charlotte and t!uthetforl RAILROAD
Company, a deed of mortgage CONVEYING the fran
chise and property Of the sail Wiilni. ton, Char
lotte and rutherford railroad Company, its road,
bed super structure, chooses IL action ahG person.
said mortgage deed to have tie usual covenants
with reference to preciosure, 10 be sealed with the
corporate seal of the said Company, and To be
| signed by the President and attosttti by the Sec
| rotary of the said Company.
| Some discussion here arose as to the denomina-
ton Of the bonds in which Mr. Parsley aud Col
Guon participated, and during which Il sta
ted that negotiations had been entered into by
the Directors and parties in New York relative to
the said bonds and that the resolutions
submitted as the result OF these negotiations.
Hon. A. II. EanB0kkelen objected to the style
of bonds and preferred that they be offered for
| sale i'll an European market, stating Tie advan-
tages to lie derived from negotiations for their
sale in gold, tho currency OF the United States
was not desirable as d basis for o"erations
Col. Cowan spoke of the difficulties existing in
the way Of the sale ofbOnds in turop,, lis the cap
italIsts Of the old world We're averse 10 loaninS
or negotiating for bonds OF any railroad in North
Carolina or III any Southern State as the political
condition Of the country such 10 render
any inves tment Of this character unsafe. He de-
sired an early completion of tte road, and stated
that the manner proposed OF I character, i'll
the minds Of the Directors, best calculated to
bring about this end.
Mr.. VanBokkelen still argued the falIacy OF the
proposition to negotiate for the sale OF the bonds
in United States currency, and insisted upo;,
their sale for geld.
Mr.. Guion urged the adoption Of the resolutions
and declined to accept Of amendments, pGtferring
hat they should be adopted as 4 whole.
| The discussion continued; Ny, V&nBokkelcn
still urging the advantages POSSESSED by sterling
| bonds.
The resolutions offered by Mr.. liuiou were final
| ~ adopted a whole.
| Colonel Covan here arose and alluded to the
presence Of the delegates from the Western Rail
road to consider the extension Of the TWO roads
westward, over the mountains, and made
ton to the effect that these gentlemen be invited
to address the meeting on the subject.
| Mr.. Woodfin, one Ct the delegates. here
called upon and arose to address the meeting
stating, however, they came not to propose meas
ures, but rather to hear what this Company had
to suggest on the subject in which 10th Companies
were intcre ted. He proposed connection ofthe
two roads, and suggested the town ofN~wton as a
desirable point for the connection.
| Mcssrs. McCorkIe and Ford, the other Two del
egates, concur d III the lemar1s Of their brother
delegate.
Col. II. D. Meares moved that the question be
referred to the Directors Of this Company.
! The question was then discussed by both the
opinions regarding the subject unfor consi1cra-
ton INDUCED in.
Col. Meares then placed his motion in the form
of resolution, which was adopted and made to
read follows;
| ResoIred, That the Stockholders Of this Com
pany are gratided at the suggestions made by the
| representatives Of the Western North CAROLINA
extend Railroad facilities TO the people Of the
West, and will make all efforts 70 accomplish it's
desirable purpose upon such terms as viii be best
| for the interests of the public. so soon as such
means are at our command as will enable us to do
so, and to this end the Board Of Directors are
hereby authorized to make the necessary surveys,
and collect the necessary Information to enable
| this body to act Understandings
| ReSOlUed further, That the Board OF Directors
of the Western North Carolina Railroad he reques
ted to join Board in their efforts to obtain the
requisite information.
Col. Steele offered the following resolution in ad-
dition to those offered by Col Guion, to follow
them in the record the proceedings of the meet
ing, which was adopted:
ResolUed, That in case the Board OF Directors Of
this Company shall find after trial OF the market,
or further information, bond Of different style
from that recited above. can be made more avail
able for the interests of the Company, they are
hereby authorized to make SUCH change accOr-
ding to their best discretion.
On motion of Col, Guion, the thanks Of the meet
ing were rendered to the President and Secretaries
| Tor the able and efficient manner i'll which they
discharged their duties
| On motion the meeting adjourned.
| CoNNECTIoN-THE W., c. & r. r. Il. AND THE
WESTERN NORTH CAROLINA RAIIRoADs.-Much
interest is felt by those sections of the State tray
ersed by the Wilmington, Charlotte and Ruther-
ford and the Western North Carolina Railroads,
in regard to the completion Of the respective
roads. In this subject the people of Wilmington
have as great an interest as those of any other
| section, and in fact much greater interest than
some persons areWilling to believe. To secure an
early completion of both roads alluded to- it is
| adjudged pecese Try that the connection be made
and that the Companies cooperate in the work of
| crossing the mountains by mutual expenditure
of money and labor. Those who have studied the in
terests of both Companies agree that the conn6c-
ton and cooperation of the two roads is the only
feasible plan for their early completion.
Many points are proposed for this connec-
ton, but it is first desired that the Companies
agree to cooperate, and settle upon some def
mite plan of action. To this end three gentlemen
of known ability, and warm friends of internal