Wilmington journal. [volume] (Wilmington, N.C.) 1844-1895, 1869-11-12
AFTERNOON SESSION.

AFTERNOON SESSION.
The meeting was called to order by the
Chairman at 3 o'clock
DR.. A. J. DeRosset from the Committee
appointed at the morning session reported
on behalf of that committee, as follows.
The Committee to whom was referred the Re-
port Of the President and Directors, with tho &C
companying documents, have had the same IN
der considerations aud beg leave respectfully, to
present the following
REPORT.
It is q matter of cOngra tulatiOn that the Re-
ports give evidence Of the general good manage
ment OF the load, aud that the regular and grad
ual Increase OF receipts, together with the en-
couraglIig prospects Of still larger business fon
the completion Of the great work OF the Winning
ton bridge Company, and of tho Railroads now
I in progress, afford reasonable ground for hope
tnat the Stockholders viii soon be again resliz
ing regular profits on their investment
The subject of reduction Of local fares and
frei@hts appear to have occupied much attention,
and the committee notice with regret that the
experiments which have been made with the
, Wow Of satisfying the wishes OF patrons OF the
road in this respect havc resulted so far, unsuc.
cessfullY, and that while 5000 moro Way-travel-
ers have been transported during the past year
than the year previous, about 81, coo less income
has been realized by the Company from that
source. The committee, however. are not dis
posed to recommend abandonment ct once
of the system which has been adopted but think
the experiment should be continued until it is
fully demonstrated that the rates should be
again increased.
The public can hardly be supposed to be so un-
reasonable as to desire the Stockholders to man.
age their property WI hout some prOtit-but every
effort should be made to convince them that there
is no intention the part of the Company to
take undue advantage Of the monopoly which it
enjoys with all similar corporations and that full
aud respectful consideration will always be given
to every reasonable mpaing OF those from
whom the income of the Company is derived.
In connection with this matter the Committee
recommend that the Board OF Directors shall pre-
, sent to the next annual meeting tabular state,
ment showing the comparative charges made by
, other Railroads in this and adjoining States--the
difference between their through and local rates.
and all other information calculated to show The
policy WI ich the experience Of other Com
panies has led them to pursue.
With regrad to the branch road to which rel
erence has been made in the reports, the COM
mittee are of opinion that while every encourage
ment and facility should be given to this con-
struction, in the present financial condition Of
this Company no money can be contributed or
any debt Incurred in aiding such enterprises.
The committee are very much gratiied with
the facts stated in the reports in regard to the
successful running of the trains during tho past
year without any serious loss or accident and
particularly as to the improved condition of the
road generally.
They recommend thst the strictest regard to
economy should be given in the management of
the affairs Of the npauy in all of Its branches
and in view of the fac. that no large outlay has
been reported Immediately necessary in the
fully suggest that such improvements be carried
On more gradually than the Board seems to be
contemplating, so that 81 reasonable portion Of
the profits OF the Company during the current
year may be appropriated to dividends to the
Stockholders.
Respectfully submitted,
a. J. DERossET,
Il 4: 3 GH SEARF' Committee.
The report of the committee was, on
motion, received and adopted.
On motion of M. Cronly, Esq, an cleo
ton for President for the ensuing year
was entered into.
Messrs. Alfred Martin and NJ. Cronly
were appointed tellers.
Mr.. Murphy reported in regard to build
ing branch road from Warsaw to Clinton,
that the people there were somewhat indif-
ferent as to tho plan. He suggested, how
ever, the construction of a branch road
from Magnolia to Fayetteville. and from
Magnolia to Onslow county. Whether or
not the matter was practicable, he was un-
prepared to say, but simply threw out the
suggestion.
A ballot being taken, Hon. r. +. Brid-
ges was declared to be elected President
of this Company for the ensuing year,
having received the whole number of votes
casts, 934.
An election for Directors was proposed.
Governor Clark asked whether tho stock
holders had the right to elect ten Direc-
tors, and whether, since the State had sold