Wilmington journal. [volume] (Wilmington, N.C.) 1844-1895, 1869-01-15
Proceedings of an Adjourned Meeting of
the Stockholders OF the Wilmington and
Manchester Railroad Company.

Pursuant to adjournment at the last an
nual meeting, the stockholders of the Will
mington and Manchester Railroad assem-
bled in Masonic Hall, in this city, yester-
day.
The meeting was called to order by Col.
w. S. Mullins, Chairman. Messrs. VIM.
A. Walker and j. j. Ling were the Secre
taries.
The Secretaries were appointed a COM
mittee to verify proxies and ascertain the
amount of stock represented.
After examination, the COMMITTEES re-
ported the following stock represented
In person 4 ,O52 shares.
By proxy. ................. ,l34 IS
4Obal -O,loo
The State was not represented.
The meeting was then declared duly
organized, and business was regularly pro-
ceeded with.
The President, Mr.. ". B. Giles, then
proceeded to read and submit the following
report on behalf OF the President and
Directors
Wilmington d Manchester RdQr0a Co. ::
The President and Directors of the Wilmington
& Manchester Railroad Company have but little
to add to the report made at your last meeting.
We then stated that G. OF the second Preferred
Bonds 500 600 have been bargained for at sum
sufficient to meet the debt for which they are
pledged" We regret that our Impressions of that
transaction were not realized but those together
with 500 900 of the second Mortsge Bonds were
sod at auction in New York, at what rates we
have not yet been advised. The $213 600 likewise
alluded to as advertised for sale at auction, have
been disposed of at price which covers the debt,
for which they we're hypothecated except, s172 80.
We deem it proper here to state that the Chat
tell Mortgage alluded to in report of the Re-
ceiver to the BOndholders, and upon which he
believing it his duty has been paying rent du-
ring his administration, we believe, was satisfied
in September. 1866, and all the articles therein
included are subject to no lien except that held
by Trustees for the benefit of the Bondholders,
and that opinion is supported by legal adviser
and by it was intention to object to the rental
payment in the Court of Equity. where the dis
bursements of the Receiver are to be credited.
We herewith beg to present the Treasurer's
statement of the financia! condition of the Com
pany, as we'll as that of the Superintendent of the
LIST May, 1868, at which time the Receiver came
into possession of the road, and for it's opera
tions since that period we refer you to him. It
appears from the Treasurer's exhibit that the
bonded debt has increased since October, 1857.
s242, 0SS g. which has been applied to reduction
of bills payable, &C., say 500, COO to pay debt to
NEW 1Ork warehouse company $0U,UUUs IN SETTLE
ment of suits at Sumter and other compromise,
the most If not all not included in last years re-
ports, $51 900.
The balance, together with other assets, to-
wards the reduction of negro bonds for 1852 to
1851. ......S SOO w
On open accounts pre-
vious to and since the
war, acquisitions and
accounts payable 151,759 Sc
On pay rolls. ......... 30,69l 81
s1s3,25 81
The debt to guarantee and indemnify by s1eG,
500, for the payment of which S213, 600 of bonds
have been sold is in said statement still included
on bills payable, the notes not yet being surren-
dered.
All OF which is respectfully submitted.
W. B. GILES, President.
After which he proceeded to read the
report submitted by the Receiver, Mr..
Hull. It is as follows
VIM. B. Giles, Esq, President, ETC.: Sir:
The gross earnings of the
Road for nine months
from March LIST to Dec.