Wilmington journal. [volume] (Wilmington, N.C.) 1844-1895, 1868-11-13

each.
We regret the loss of the book containing the
list OF free travellers referred to in the Auditing
| committees report and we trust If the ranking
privilege the road has been abused in the past,
i: may corrected in the future, and we respect
fully call the attention Of the Board of Directors
to this matter
In regard to the resolutions referred TO your
committee, looking to connection with Suffolk,
| Va, while we feel the Importance of keeping in
| view such independent route, not pre-
pared in the present condition of TIE country. and
| of this Company, to recommend any important
expenditure, but leave it to the discretion of the
| Board of Directors.
The committee recommend the adoption of the
Resolued, That the salaries Of the President
and Superintendent of the Company be reduced
to four thousand dollars each.
| Respectfully submitted,
A. J. EERossET. J
| JOHN s. DANCY,
On motion of VIM. A. Wright, Esq, the
report was received.
Colonel Fremont moved an amendment
to the resolution of the committee that
the question of the salary of the Superinten-
dent be referred to the Board of Directors.
The motion was adopted.
Quite lengthy and animated discussion
here arose upon the salaries of the officers
and the expenses of the Company. which
was participated in by Messrs. o. G.. Pars-
ley, Hon. r. r. Bridgers, DR.. J. D. Bel
lamy, Colonel S. L. Fremont and Judge
Howard.
Mr.. Parsley finally proceeded to submit
the following as substitute for the reso-
luton reported by the committee, upon
which stock rate was called for
RESOLVED, That for the ensuing fiscal year and
until such time as the condition of this corpora
ton shall JUST Y and the President and Directors
sha!t have made dividend Or dividends to the
Stockholders, equal to five per cent. per anDum
on their stock, the salaries and pay of sts-
tionary officer of this Company shall exceed in
amount three-fourths of the amount stated in
the report now submitted to this m Getting.
ReSOlUel, That tie President and Directors of
this Company be, and are hereby instructed to
conform strictly to the above resolution.
Judge Howard offered an amendment to
the first resolution, which was accepted by
Mr.. Parsley, simply fixing the salaries of
the President and Superintendent at S., 900
per annum for the next fiscal year.
A stock vote was had and the movement
defeated.
On motion, a recess was taken until 4
o'clock P. M.
At y o'clock the meeting was again
called to order.
Dr.. \. J. DeRosset submitted the follow
ing, which was adopted
Resolved, That the Directors of this Company
be requested and instructed to inquire into the
e1padiency OF building branch road from Mag
nolia to Kenansyille
VIM. A. Wright, Esq, moved that the
next annual meeting be held in Whining
ton On Wednesday after the second Mon
day in November next.
Col. Fremont offered the following reso-
lutions which the meeting adopted
Resolced. That the r. ;'lent and Directors of
this Company be author. Iel to subscribe to the
capital stock of the WILLIAMSON & Tarboro' Rail-
road Company such sum they may deem
proper to be paid tor the transportation of mate
rails for the road Oh said Company pf0oidedb by such
subscription this Company shall Immediately
thereafter become stockhotder and entitled to a
proportional vote in the meetings Of the Stock
holders Of the said WILMINGTON Tarboro' Rail-
road Company.
Eeso!ued, That the President and Directors be
authorized TO contract with the Williamson &
wa1boro Railroad Company to operate that road
Whenever it shall be completed to connect with
this Company.
The same gentleman also offered the fol-
lowing. This also was adopted:
Res0lUed, That the President and Directors be
authorized to make such arrangements with tho
owners OF the Wilmington and Manchester Bail
road Company for the joint operation of the two
Companies, or for consolidation in management,
as they may deem necessary to the interests of
this Com any.
w. A. Wright, Esq, moved that the re-
port Of the committee on the Prcsident's
report be accepted exclusive of the resolu-
ton accompanying it.
A. Fl. VanBokkelen, Esq, moved the fol-
owing, which was then adopted
ResOlUed, That the President and Directors be
authorized to make suoh disposition of the stock
held by this Company in the Wilmington and
Manchester Railroad Company, hy sale or other
wise, as they may deem most to the interests of
this company
Col. Hall submitted a resolution in the
following terms, which elected some dis
cussiOn
Resolced, That the President aud Directors of
the Wilmington aud Weldon Railroad Company
be, and are hereby authorized to institute such
legal proceedings as they may deem necessary to
the Chetham Railroad, continuing the same to
Columbia, s. c.; and to prevent the building of
the same.
The discussion of this resolution was
participated in by Col. E. D. Hall, Gen.
Abbott, Estate Proxy, W. Wright, Esq,
and Judge Howard.
Gen. Abbott moved to lay the motion on
the table, and called for a stock vote. This
resulted as follows
ayes. 1901
Nays. ........................ 9,3715
1922
The question occurred upon the original
resolution, and it was then adopted.
On motion of DR.. A. J. DeRosset, the
meeting proceeded to the election Of a
President
On motion of Col Fremont, the follow
ing Committees were appointed On
Proxies for next meeting-J. W. Thomp-
son, Donald MacRae and w. L. Smith.
Auditing Committee-G. W. Collier,
Zeno a. Greene and Patrick Murphy.
The election resulted as follows
-. II. DroSueA ......3,45Z |
Mr.. Bridgers receiving the highest mum.
H., 4 Al,