Wilmington journal. [volume] (Wilmington, N.C.) 1844-1895, 1869-08-06
The motion to adjourn TO 10 o'clock Friday NOR
ming was renewed and carried - '-.'-.t ..
SECOND DAY.

ming was renewed and carried - '-.'-.' ..
SECOND DAY. &! .!s .7
| FRIDAY. July 30, 1869,
The meeting of stockholders was again called
| to order by the Chairman, Col. Steele, at TO
o'clock yesterday. - 1.t--' .~i
The Chairman stated the question to be on the
motion to table the amendment offered by Col
Guion to the amendment of Judge Person to Mr.
Frcnch's resolutions. '-
The motion to table was withdrawn and the
question then recurred upon the amendment
| to the amendment, and stock vote was called
for.
Judge Person here arose to make q statement,
and spoke as 20 the legal bearing of the question
Il the Superintendent of Public Works, acting as
public officer, did appoint seven Directors. that
act was de fdctO act, whetl er the Superintand-
ent has given bond or not. IL. comply with it's
part of the contract, this Company, after accept
ing the amendment. has now to accept the seven
Directors appointed by the State. To mahenhe
contract binding it is necessary that it shall be
carried ont in accordance with the original
terms. He spOde in the interest OF no set OF
individuals, bnt for tine stockholders alone.
He did not hold to the doctrine that when
certain political party WAS in power it
had the right to tax the people or take their
money for tho benefit 0f it's friends. We must
look TO the interest of no particular section, but
for the benefit of the whole body Of stockholders
and men should be placed in charge Of the wosk
who would labor for the benefit Of the W ole.
The stockholders had performed their part Of the
contract and elected their six Directors and there
being dispute between the Governor and the
superintendent of Public Works. the quarrel is
between them. and is Judicial question which
should be left to the Courts to decide-tho stock
holders could do no more Than rest it in this
quarter. 1t is question depending upon the
construction of the law in North Carolina, which
the stockholders are not competent to decide. 1t
they decide that the Superintendent OF Public
Works has the authority to appoint the Direc-
tors, then the Governor and his Treasurer will
refuse to give them the three millions of bonds;
and ii, the other hand, they decide that the
Governor is the proper appointing power, then
the Superintendent: of Public Works will carry the
matter into the Courts. It is a decieion attended
with peril.
Judge Person then withdrew his amendment to
the amendment.
Tho question then recurred upon Col. Guions
amendment, which the mover aaked leave to offer
as q substitute
judge Person moved to lay the whole subject
upon the table
Mr.. French called for stock vote.
The proposition to lay Oh the table was carried
by the following vote Ayes 1913: nays 7,19l.
MIR. French submitted the following resolution:
Resoloed, That this meeting recognize. Alfred
Dockery, G. T. French j. H. Neff. Dan'l l.. Rus
SELL Dixon Ingram, T. nj. Smith, G. w. Logan,
as the Directors on the part OF the State in this
COMPANY. regularly appointed by the proper au-
thority, according to law and that the Directors
on the part OF the stockholders are hereby in-
structed to cooperate with them in the raorgan-
cation of the Company.
Judge Person arose to point of order, and
called attention to the fact that the resolution OF
the gentleman (Mr. French) was out Of order.
The CHAIR considered the point well taken, and
decided the resolution out of order.
MIR. w. A. Smith, President of the North Caro-
lima Railroad, and one of tho Directors appointed
by the Governor. hero s1ose, and the Chair ask
ed if the Stockholders recognized the right Of
one to address them who WAS not Stakeholder.
Mr. Smith said he merely wished to make an
announcement to the private Stockholders
the Directors appointed by the Governor wr::ld
meet this afternoon in Masonic Hall, for the pur-
pose OF electing officers.
Mr. French appealed from the decision of the
Chair, and called for stock vote.
Col. CoWan thought the delay in tho Crganiza-
ton in carrying the question to tho Supreme
Court would be fatal delay to the interests Of
the Company. He called upon the old Board of
Directors to meet at his o flee for consultation
and for this purpose moved that the meeting take
recess until 2 O'Clock. He stated again that
the contractors and the company must suffer by
delay of the reorganization. and that the road
must cross tho Pee Doe and reach that rich pro-
ducinp section beVOnd in tmC fO- this wears
crop.
The vote being takon, the meeting agreed to
recess until z p. N.