Wilmington journal. [volume] (Wilmington, N.C.) 1844-1895, 1869-01-15

undergoing some necessary changes, was
composed as follows Messrs. NJ Cronly,
VIM Evans, Geo. r. French, J. H. Neff,
DR.. d. Gilchrist.
The meeting then took recess until 7
o'clock P. NJ, at which time the committee
to whom was referred the reports of the
President and Receiver would report
7 O'CLOCK, Z. III.
At the appointed hour the meeting was
again called to order.
The special committee, to whom was re-
ferred the report of the President and Re
ceiver through their Chairman, NJ. CronIy,
Esq, Submitted the following report with
accompanying resolutions
Your committee, to whom referred
tors. as well the Receiver with &C.
compsnying documents, beg leave to re-
port that after consultation with the Auditing com
mlttee they report the accounts as correctly kept
and stated as th3 peculiar circumstances under
which the officials were placed would allow. All
disbursements are Sustained by proper vouchers
Your committee deem it advisable that the
Stockholders should be informed as to the rights
of parties under the ChatteI Mortgage, and deem
it eXpedient that the claim upon the ferry boa t
should in some manner be arranged, as it seems
to be at thus moment question OF vital impOr-
lance and after elghng carefully all the reports
have deemed it most expedient to advise the ap-
pointment of committee of three, who shall con-
stitute committee of Enquiry and Investigation
as to all ma tiers pertaining to the interests OF the
Company.
Your committee are of the opinion that owing
to the embarrassed condition of the Company, its
treasury being without funds it will be oblig atory
upon the part of this meeting to lay an assess
ment upon its stock for the salary Of the Presi-
dent.
Your committee for the reasons assigned, beg
Leave to submit the fOilwing resolutions
ReSOLCed, That an assessment of three per cent
per annum shall be levied and collected upon each
share OF the capital stock, said amount to consti
tute the salary of the President of this Company
for the ensuing year.
.Resoloed, That this meeting now proceed to the
election or q President for the ensuing year.
ReSotUed, That committee of three be ap.
pointed, to be styled a committee o. Enquiry and
Investigation, who shall go and carefully ex-
anime the condition Of the road, its wants and re-
quirements, costs Of connection with the Bridge
Company. draws required-in short, to report to
the Stockholders what amount in their Judgment
will be required to to make il tirst-class road,
ascertain the condition OF the steamer Wacca-
NAV, rolling stock, encumbrances-amount aud
when due-and report to an adjourned meeting Of
this Company, to be- held on Wednesday, after
the third Monday in Mar h next O7th)
On motion of Mr.. O. G. Parsley, the
report was received and laid on the table
as the subject of discussion.
Mr.. Parsley then proceeded to submit
some remarks regarding the subjects en-
braced within the report, giving state
ment concerning the purchase of the
steamer Waccamaw, and the amount now
due thereon. He opposed the assessment
on the stock for the payment of the Presi-
dents salary, and expressed his conviction
of the utter inability of the present Stock
holders to meet the debts of the COMPANY.
He thought that tie sooner the road
passed into the hands of parties able to
meet its debts and carry it through, the
better it would be for the people.
On motion, the reading Of the Superin-
tendent's report was called for. This re-
port was accordingly read.
The discussion of the report of the
special committee was resumed, and was
participated in by Messrs. 0. G.. Parsley,
VIM. L. Smith, Henry Mutt e. D. Hall,
w. A. Wright, ". B. Giles and others.
Mr.. Parsley submitted the following
T0SO1uLlOu DIS du dm0uumSuG 10 IudG reSO-
lutlon of the report which referred to
the appointment of committee.
WHEREAS, The present condition of this Com
pany is such as to preclude any reasonable
hope in it's ability to resuscitate the road aud
duct it's affairs successfully for the benefit Of its
creditors its Stockholders, or to the advantage
of the community interested in it and whereas,
proceedings have been instituted by one OF the
Trustees of the bondholders for foreclosure of
mortgage therefore
Resolued, That this meeting OF the Stockhold-
ers of the Wilmington Manchester Railroad
Company recommend tC their President and Di-
rectors to interpose no obstacles thereto, but
rather to acquiesce in order far as possible to
protect the interests of it's creditors
This motion was subsequently with
drawn.
Before the report of the committee was
submitted, the Chairman resigned the
chair to W. A. Wright, Esq. and addressed
the meeting. He concluded by submit
ting an amendment to the report instruct
ing the committee created therein to also
report upon the increase of the debt of the