Wilmington journal. [volume] (Wilmington, N.C.) 1844-1895, 1869-04-30

Adjourned Meeting OF the Stockholders OF
the Wilmington and Manchester Rail
road Company.
At the appointed hour yesterday morn
ing the Stockholders of this Company met
in Masonic Hall according to adjourn
ment.
The meeting was called to order by Col
w. S. Mullins, Chairman.
On motion of Hon. r. r. Bridgers, W.
A. Walker and Geo. r. French, Esqs.,
were appointed a committee to verify
proxies and ascertain the amount of stock
represented.
The committee, after due investigation,
reported the following representation
In person. a. SAL shares.
by proxy .............. .......... 3,O75
Total. 1856
A majority of the capital stock being
thus represented, the meeting was declared
duly organized for business.
The following resolutions were intro
duced by J. Eli Gregg, Esq, on behalf of
the Board of Directors, and submitted 80
the Stockholders
WHEREAS, The Road and all the property and
effects, together with the rights and franchises
belonging to this Company, are now and have
been for more than twelve months in the hands
OF q Receiver appointed by and acting under the
DEGREES of the Courts Of North and south Caro-
lima, made in certain judicial proceedings inst;-
tnted Tor r the foreclosure OF the mortgage made
seventh day of May, 1866, to secure the payment
OF the funded debt of this Company, and in adj
dlton to said debt SO secured there ia also large
floating debt due by this Company; and whereas
it is manifest that this Company is altogether
unable to discharge its existing liabilities TO
make any satisfactory arrangements thereto, it is
therefore
ResolUed, That in view of the hopeiessly en-
barrassed condition OF this company and the alb.
solute certainty that while its Indebtedness, by
the accumulation Of interest is daily increasing,
its means of payment are decreasing, that in ius-
tice to the creditors Of this company, the estate
property and effects, with the rights and fran.
chises of this company should without further de-
lay, be applied in satisfaction of its indebtedness
and to this end that sale of the road and other
property and effects of the company, together
with its rights and franchises, conveyed by the
mortgage referred to In the preamble hereto,
should Be made and the same conveyed to the
purchasers in accordance with the provisions Of
said mortgage, or that said mortgage should be
promptly foreclosed under the pending judicial
proceedings against this company as the credi-
tors of this company intended &c be secured BY
said mortgage may elect.
Resolued further, That copy of the foregoing
resolution, with the preamble thereto be furnish
ed the attorney Of this Company as instructions
to him in any proceedings which may be institu-
ted against. this Company in connection with the
subject matter of said resolution.
VIM. A. Wright, Esq, moved that the
first resolution be amended by the follow
ing addition
ADd this Company, in order to carry out in good
!alth lts covenant and agreement made and con-
tanned 10 the SAID mortgage to the said M. &
Jessup, hereby valves all benefit OF any extension,
stay or appraisment laws, and all other laws OBJ
STRUGGLING sale, and assents that sale nay be