Wilmington journal. [volume] (Wilmington, N.C.) 1844-1895, 1868-11-20

| on Gne t06n @t3Qg sLat0 OF the OonQ mar
ket, We therefor proceeded North with the view
OF funding our floating debt there, and while en-
gagged in that with attering prospects OF success,
Es BY the s on e
tanned writ of injunction and sequestration
against the company, and in addition had attached
our funds at the principal points where our tickets
| were sold The effect of this not only to
paralyze efforts at further negotiations, but
also to place in the hands of Receiver su the
earnings of the Road, and to tie up the means
! which we had been outstanding to meet the in
terest due on bonds let December, and what it
was absolutely necessary should be paid by the
LIST OF February to prevent the Trustees coming
into possession of the Road by the terms OF the
mortgage. Every effort was made to squash
these proceedings by application both to civil and
military tribunals, but without effect. Our credit.
(which before was poor enough, now received it's
| death blow and, after anxious consultation with
eminent jurists, found that we were compelled to
yield the Road to the Trustee, under whose
| action another Receiver was appointed, who took
possession on the first of March. We then by no
means despaired of extrcating ourselves, as the
| Trustee had promised that, upon our meeting the
interest then cue upon bonds, ard showing proE-
pect of our ability to discharge that becoming due.
the Receiver should be Withdrawn ard the Road re-
stored to US. With this hope and expe citation we
proceeded TO fund, and otherwise liquiGate, our
floating debt and it was not until We found from
| the returns Of the Receiver that the earnings of
the Road fell so far short of meeting the interest
| on it's bonded debt, to say nothing of the amount
necessary to place and keep in order, and provide
necessary machinery, that our hopes sunk
| By the Receivers returns the net earnings of
| the Road were, for March and April. $40 12o per
month May and June, 81 1903 per month July
and August, $14, SD per month September and
October, SIT ,O16 per mouth. that is deducing only
necessary operating expenses and exclusive of a !
extraordinary expenses for iron, machinery re-
pairs other than those done in it's shops or any
other extra expenditure.
Under all these unfavorab.e circumstances, we
have applied towards funding debt S12l, 900
Of second mortgage bonds, and 81 1897 80 scrip,
convertible into these bonds, and have graran-
tee from party holding claims fer over s4Q, coo
that this shall be funded so soon as the road is
restored to us--hEve collected all dues so far as
it has been possible and feeling that strict JUS
! tice required that the working men, employees
and labOrers, from whom the necessities Of the
company had SO long caused the Withholding
| their dues, should receive part at least of then
hard earned wages, have so Jar as il hiss been in
our power, preferred their claims in the disburse-
ment of our collections.
| In regard to the second preferred bonds, hypo-
thecated IN New York, say s503, 900 in al-sl00,-
600 Of them have been sold at price which COW
cred the amount for which they were pledged !;
1000 have been bargained for at sum eufi-
cent to meet the debt for which they were
pledged, and $4,000 were advertised for sale at
! auction on the 18th inst, by the Banking Com
paDy holding them, and we have been disappoiDt-
ed ct not receiving the returns this. Oh second
| mortgage bonds there On hand $3.50, 600,
twelve OF which will be required to redeem scrip
! given for amounts smaller than the denomination
! Of the bonds, Since the appointment Of tho Re-
ceiver, the collection and arrangement OF the
!
President, who has appropriated towards the set
tlement of various claims 1888 000 of second mort
gage bonds and scrip, and $685. 700 Of such collec-
tions, &c, As have been made, leaving balance
in his hands, of 81 149 n in cash, which is being
! appropriated towards the liquidation Of the pay
roll for October and November 1857.
/ 1t is a matter of great regret AID deappoiat-
nent that the Secretary and Treasurer has not
rendered statements Of the affairs Of the Com
pany in time for their incorporation IL this re-
port, consequently they must be omitted.
III conclusion, the Board does not hesitate to
express their firm conviction that hSd it not been
tor the destruction of the credit OF the Company,
as heretofore detailed, such negotiations could
have been effected as would, with the recupera-
ton Of The Company, have placed the Road upon
3 solid basis. Since, however, these untoward
circumstances have thWarted the hopes and ex-
Pectations entertained by US at your last meet
! ing, and rendered futile ell our anxious labors
| for your benefit, we induced, most II spect-
! fully, to say that should you deem il advisable
to place the future management of your interests
il other hands it Will be entirely agreeable to U.s.
AL which is respectfully submitted.
v. B. GILES
| Hon. s. j. Person arose III allusion
to that portion of the Presidents report
attributing the disasters Of the Company
for the past year to the suit entered by the
First National Bank, resulting in the turn
ing over the Road to q Receiver, thereby
paralyzing the credit of the Company, and
commented upon the action of the Presi-
dent and Directors in this particular.
NJ. Cronly, Esq, moved the reception Of
the report and its reference to q committee
of five Carried.
The Chair appointed as this committee,
Messrs. NJ Cronly, Geo. r. French, J. C.
/ Abbott, John Evans ard J. NJ luminous.
On motion OF 0. G. Parsley, Esq. the
meeting took a recess until q o'clock
P. NJ,
The meeting was called to order at the
appointed time by the President.
The committee to whom was referred the
report of the President and Directors SUBJ
mitted the following
REPORT:
The committee to whom was referred the re-
port Of the President and Directors, respectfully
submit the following report
It appears from the report and the verbal stata-
ments accompanying it made by the President
| that it has been impracticable to submit 10 this
meeting full and proper statement, showing il
detail the present financial condition Of the Com
pany, in consequence OF the inability to prepare
such statement OF the person who acted as Treas
urer of the Company from the commencement of
the last fiscal year up to March the LIST last when
the Road and effects of the Company went into
| tho possession of Receiver
! It is manifestly of the first Importance TO The
stockholders, in view of the present general con-
| dition of this Company, that they should have
| full information as to the debts and credits the
liabilities and the resources Of the COMPANY: and
the committee are OF the opinion that in the alb
sence of this information the stockholders ehonld
forbear to take any action in regard to the general
! affairs of the Company, and that this meeting
should forthwith adjourn to the earliest day at
which it is believed the books of the Company can
| be written up and the desired statement pre-
pared.
The committee for the reason stated, submit
| the following resolutions:
RESOLVED, That the President and Directors With
| out delay employ such suitable persons as NAV
| be deemed necessary to write up and thorough
| ~ post the books Of this Company. and that a
| statement in detail, showing he debts and re-
| sources Of this Company OF every kind whatever,
and also that the resources of the Company be
prepared and submitted to the stockholders at an
| adj burned meeting to be held on the first We'd
nesday after the second Monday in Jauuary next.
| ResolOed, That the President and Directors re-
quest the Receiver Of thu Company to place in
their hands statement of the affairs Of the Com
| pany up to the first of January next, or as near
that date as practicable.
Mr.. VIM. A. Walker here begged leave
| to call the attention of the Stockholders to