The weekly standard. [volume] (Raleigh, N.C.) 1869-18??, 1869-11-17

Hon. Giles Mebane in the Chair
Col. Morehead moved that Messrs, Stapo
Parker, and Davies constitute committee
to verify proxies. .-a tr.
Mr.. John B. Kirkland said the object of
the meeting here to day was to take into
consideration the lease of the North Caro-
lima Railroad to the Raleigh and Castor
RAILROAD, and he should like very much, be-
fore the formal organization of the Company,
to have the views of the different gentlemen
representing ii. individual stockholders of
the Company in relation to this matter. He
would therefore move that the individual
stockholders of this Company give their diff
erent views upon the question of this lease
and the propriety of it.
The motion was lost-12 yeas, 10 nays.
Maj. VIM. A. Smith, President of the
North Carolina Railroad, made the follow
ing report:
To the Stockholders of the NJ G. Railroad:
GENTLEMEN: On the 18th of October
last the President of the Raleigh and Gas
ton Railroad Company made a proposition
TO the directors OF your company to lease
your road for twenty years, proposing to
pay annually two hundred and fifty thous-
and dollars for the same. The payment of
which to be secured by depositing that
amount In securities equal to cash, in some
safe bank in the city of Raleigh
Also to give like security to secure your
company against any loss or depreciation of
your road and its property.
Also binding themselves to return to your
company your road and rolling stock in as
good condition as when received by them.
The proposition was accepted on the part
OF your directors and this meeting was call
ed Tor its ratification or rejection Some
have said and complained that the time was
too short for the consideration of so grave a
subject. therefore respectfully recommend
that the consideration of the subject be
postponed until your annual meeting or to
some day to be named by your honorable
body.
Mr.. Smith also received the following
letter:
| RALEIGH, n. G., Nov 10, 1869.
MAI. W. A. SMITH, President of the North
Carolina Railroad:
| SR:-1 propose to lease the N. c. Rail-
| road for myself and associates on the basis of
| the lease to be voted on this day with the
| Raleigh and CASTOR Railroad Company with
the following notifications.
will pay as annual rental for said N. G.,
X. r. two hundred and sixty five thousand
dollars, payable quarterly-the payments to
be secured by satisfactory colaterals, and
satisfactory security to be given for the roll
ing stock, &c, of the Company.
respectfully refer to Henry Clous & Co.,
Bankers, 80 Wall ST., New York, and to
Col. Thos. A. Scott, of the Pennsylvania
Railroad Company, Philadelphia as to the
ability of myself and associates to comply
with the conditions of the proposals.
Respectfully Yours,
.... -.... A. X. MCCLURE.
Ex-Gov. Graham said he understood that
the immediate question before the meeting
was the report of the President upon the lease
which had been agreed upon by the Direc-
tors of these two Railroads He believed
that this power was never given to the rail.
ways in their Charter, and he did not know
how such lease could be granted without the
appreciation of the State Legislature. Asst
the North Carolina Railroad the only thing
that is found in its Charter, authorizing any
such thing as lease, is certain section.
granting them power to farm out the road
or purposes of transportation, and it is at
well established principle that they have no
right to do anything except what that Char
ter expressly allows Them And he read the
Acts of the Legislature which he believed
expressly forbid the power claimed by the
Raleigh and CASTOR Railroad.
Mr.. Graham continued his remarks at
length in opposition to the lease
Mr.. Merrymon said that the newspaper
discussions of the lease under consideration
has been matter altogether OF ex-parte
character, and it appeared to him that they
were not of temper or character to influence
the judgment of those whose real interest
it was to decide on the merits or dement's of
the question to-day. On the contrary in the
absence OF arguments to sustain their objec-
tions, they have resorted to that engine
of ridicule, for the purpose of exciting
prejudice, without looking to the actual
merits of the proposition.
Mr.. Merrimon consumed much time, and
argued in favor of the lease, and ridiculed
the idea of the reality of Mr. McCiures bid
to lease the road and, after Mr.. Mcrrimon
had concluded,
Mr.. Sutherland said he did not rise for
the purpose of explaining anything for or
against the proposition. He merely rose to
say that the gentleman who has been so
hastily traduced is here present, and instead
of being fraud and imposter as represent
ed, he (Mr. McClure) is gentleman of res
pectibility and integrity.
simply rise to request that the gentleman
may be allowed to explain himself as he is
now here present.
Mr.. Mcclure said he thanked Mr.. Suth-
erland and the gentlemen of the meeting for
the attention extended to him. He would
state that he had come here without know |
ing single gentleman in Raleigh; nor had
he single letter on the subject of this |
lease nor did he bring a single letter of in
PRODUCTION. He came here without knowing
a single gentleman until introduced to your
distinguished Ex-Governor Graham He |
understood the lease was to be voted on to-
day, and a fixed sum to be offered for your
road, and on consultation with gentlemen
who are the most experienced and success
full railroad men in the United States, they
advised him to make the proposition. He
therefore made the proposal, referring to the
gentlemen named in his communication.
He would like to answer the gentleman
who charged him with being fraud and
impostor; that such is not the case; that he |
came down to North Carolina to invest his |
capital, and in regard to the remarks of the
gentleman who preceded him QIr Merri-
nom that capitalists would not come-that
they would not embark their money in your
State enterprises, he believed this was an cx-
ageration, as he was well aware that capital. |
lists were investing largely. But if the gentle
men present were not willing to entertain
his proposition he would withdraw it, as he
did not wish, if affairs are represented so
by Mr.. Merrimon, to have
any connection with your State. However,
it was his firm belief that the railroads of
y