Wilmington journal. [volume] (Wilmington, N.C.) 1844-1895, 1870-10-28

e@Aeh uHlii a y clOeA' III he purpose Oh 'tFA5-
ing proxies
| AFTERNOON SESSION.
The nesting was called to order by the Chair
man at the appointed hour.
Mr.. N. Cronly, from the Committee to verify
proxies, reported the following representation Of
shares.
Ia Person. OBSERVATION-DISCLOSURES. s. 597
By Proxy. .......................... $3.50
10Eai. IL, 557
ma ority Of the capital stock being th.s re-
presented, the meeting was declared duly organ
lied and ready for the transaction of business.
The President, DR.. VIM. Sloan. submitted his
report.
On motion of Mr. 3. Crony the report OF the
President with accompanying documents were
referred to Committee of five. which was made
by he Chair to consist Of Messrs. N. Crony, T.
w. Kerchner, Jasper Stowe, r e. Steele and a.
III. Houston.
On motion of 81. F. Leak. Esq, it was resolved
that the report of the above Committee be heard
this evening at z! O'Clock.
Mr.. n. Cronly offered the following preamble
and resolutions, snd called for stock vote
upon the question Of their adoption.
WHEREAS the General Assembly OF the State
o. North Carolina passed an Act entitled San act
to amend the Charter of The Wilmington, Char
lotte 4 Rutherford Railroad Company, 10 pro
vide for the completion of said Road, and to Sc
cure to the State d represaGtat "a 10 SAID Com
panY," which ratified on the 29th d&y Of
January. A. D., 1899, and aieo another Act sup
pIementa al thereto entitled "An Act sRpplemt ntaI
TO An Act to amend the Charter Of the Whining
ton, Charlotte & Rutherford Railroad Company,
and rstifed on the 29sh day OF January, A D.,
ratified the 9Th day of April, a.
d., 1869, which said two Acts
submitted to this - 0omgsn ~ 10 genera
April, A. d. 1869. amendments 10 the charter
Of this Company, aud as such were accepted and
adopted; and whereas, the General AeseInbly at
a subsequent day passed act entitled San act
to repeal certain acts passed at the session of
1885, making appropriations to railroad com
March, A. D. 1870, which said repeating acts in.
cluded the two before recited acte; and whereas,
at general meeting OF the stock holders, held in
the city OF Charlotte, on the lst day Of June, A.
ID. 1870, q resolution in the following words WAS
adopted THAT the said repeating act, ratified
The 9Th day of March, A. u, 1870, far az it
THAI the act ratified on tho goth dag OF January,
4. D. 1et9 and tho set supplemental thereto, rat
fed on the 5th day of april. a D. 1869, be deem
ed repealed, and az no longer constituting a
part of the charter CT this Campany;'' and
wkercas, by eaid repeating act, which was duly
accepted by this Company as aforesaid, the right
OF appointing Directors in this Company, on the |
part OF the state, ccasod to exist by the concur
ront &C. OF the state and this Company. and the
entire mana9 enent of the affairs of ;his coTpo-
ration remanded to the stockholders there Of |
and belongs entirely to them,
the election of --- Directors to manage the |
affairs Of tho Company for the ensuing yoar.
Mr.. 8. n. Martin proposed AT the blank coz
corning the number Of Directors be filed 50 as
TO read line 90.
Col. H. q. Cowan opposed this proposition to
TodUce the humber Of ii eotOrs IS innovation |
upon rule Of established IN 2ortaDce. it being
nzed lor a good reasor~-5O that the countieg
along the Iine of the road which had subscribed
the Board, while the city Of Wilmington had some
two or three because OF it's large subscription. If
the number was reduced to ne, ONLY five OF the
twelve counties alluded to would be represented, !
While i.n.ingtoo would have four Directors. & 6
submitted also few rem ark, by way Of personal
explanation, and b. eyed leave to state that be
was only interested stcckholder and private
eitiz II, and would say TO his friends that he
would most positively decline to accept any
official position, in which he might be called upon
to act; that he declined to serve !onger,as |
Director OF the Company; tka: he had 5me in
tarest in tho Company, and was willing to tender
bis services when they were generally desired by
the stockholders but he could not resort to I'll
petty t.ickery and the squabbles which now
seemed necessary year after year to rotan office;
that he not Office seeker and desired no
office, and these with other reasons anticipating
impending complications in the msua cement Of
the road induced his determination.
mott n in the form Of An amendment to the
original proposition here mado to make the
number of Directors thirteen (13), upon which q
stock vote called and had with the following
result ayes. 1915; nays, 9,0l2. Loot.
hIr. Martin renewed lis motion to make the
number nine go
4 stock vote was taken result rs follows: ayes
8.76l; nays 4, 785. Adopted
TIE question here REQUIRED upon the resoIu-
ton offered by Mr. CroDly, upon which stock
vote also called for.
Col. ". L Steele, in commenting upon tho res
olution, urged the stockholders to stand up for
their rights
The vote was announced Gs folows ayes
II 1871; nays 1,518. Tho resolution were de.
clared adrpted.
On motion Of Mr. ". J. Yates, an election for
nine Directors. for the ensuing year, in accord
ance with the resolution just adopted, was enter
ed into.
This election wac hald in accordance with the
usual custom, by ballot
On motion CT Col CoTan. tL3 ToIors were in
strueted to coptinue the count and report the
result of the ballot at u O'clock until which time
the cling adjourned.