Wilmington journal. [volume] (Wilmington, N.C.) 1844-1895, 1870-02-25
HOUSE OF REPRESENTATIVES,

THURSDAY. Feb. II, 1870.
By Mr.. Mcmillan: A bill to incorporate
the town of Magnolia, Duplin county. Re-
ferred.
On motion of Mr.. Sinclair, the rules we're
suspended and the favorable report of the
Committee on Counties and townships,
upon the report of the Commissioners of
Robson county, was taken up and concur
red in.
SPECIAL ORDER-CONsoLIDATIo
The question recurred upon the follow
ing substitute reported by the Judiciary
Committee.
Sec l, That it shall be lawful for the Stock
holders OF the North Carolina Railroad Company
st a meeting to be called and held as soon as
practicable after the passage of this act, accord
ing to the char ter and bylaws thereof, to trans
fer to the Atlantic u North Carolina Railroad
Company all that portion OF the North Carolina
Railroad between GodsborO' and the passenger
depot at Raleigh, with all the rights, franchises
and privileges owned and possess ed by the
said road therein.
Sec. Q. In making such transfer the portion of
the N. O. r. Il. referred to in the preceding Sec
ton shall be estimated at $500, 900, and the A. q
N. @. Il. r. 90. shall in compensation thereof
issue to the N. @. r. Il. 90. 5000 shares OF itE
capital stock. .,.-.
vate stockholders of the N. o. 4. Il. Company
may at their option exchange their one fourth
portion of the 5000 shares OF the Atlantic u N.
C. Railroad stock to be issued as above, amount
L,OU
longing to the State in the n. o. Railroad. In
case they shall by majority vote to make such
exchange, there shall be issued TO them proper
tionally to the stock of each private stockhoider
The said 600 shares, that Is each private stock
holder shall receive share Of the State stock
for every five shares of stock Owned by him in
the N. q. Railroad Company and certificate
stating the fraction of share to which he is en-
titled to for the number of shares OF stock which
he may hold not 6ivisbie by five such certificate
when presented to tho President Of the N. O.
Railroad Company, in sums amounting to one
or more shares, shall be exchsngeable OF the or
dinary certificates OF stocks, and shall IN the
meantime be entitled to the same per centum OF
dividend the stock of said Company.
Sec 4. If the private Stockholders OF the H. Q.
Railroad make the exchange provided for III the
preceding section the State OF North Carolina
shall be the owner of the whole OF said 5000
shares in the A. & n. G.. Railroad and shall be
entitled to vote therein in the proportion OF the
vote che casts upon the stock owned by her, to
the vote cast by the private stockholders, and
shall be entitled to appoint two additional dlrec-
tors of said road 10 the manner now provided by
law
| Sec. S. The State stock in the A. & n. @. Il. B.
issued in pursuance of this act shall be subject
| to the same pledges and bound in the same man
ner to the bondholders of the State bonds issu ed
| in building the n. q. Il. b. as the state STOCK IN
| the n. q. X. R.
Sec. G. The A. n O. E. B. Co. shall make no
discrimination in rates of freight or passengers
| az ainst the city of Wilmington or any way sta
ton on the W. & ". e. r.. but the rules for car
| rying passengers and like qualities of freight,
| destined for Wilmington or from Wilmington to
over said road is may be charged for freights
| to or from Morehead City or Newbern, and the
same for carrying passengers and like quantities
| and qualities of freight destined to or coming
| from way stations OH the w. w. Il. r., shall be
| the same as those to and from way stations on
the A. & N. O. R. r.
Sec. z. And if any officer agent of said COM
pany shall violate the provisions of this section,
any person injured or suffering loss thereby may
sue the company, or such officer or agent, In any
court having Jurisdiction OF the cause, and recov
er his actual damages and costs, and in addition
thereto shall recover the sum of fifty dollars as
liquidation and settled damages.
SEQ. 8. That the State proxy lnithe n. q. Il. q.
Company is hereby instructed to vote for the
transfer provided for in the first section of this
act.
Sec 0. That as soon as it is practicable aft er
the passage of this act and the acceptance thereof
| by the North Oarslina Railroad Company, q
meeting shall be called of the Stockholders Of the
Atlantic and North Carolina Railroad, to con-
slider the said transfer herein provided for, at
which meeting the State Proxy is instructed
hereby to vote for its acceptance.
Sec. 10. That If net sooner called, meeting OF
| the stockholders Of the n. O.. q. 3. Company
| shall be held at Greensboro on the = day
| OF -, 1870, for the purpose Of considering
| the transfer herein provided for.
The substitute was adopted.
Harris, colored, of Wake. supported
the bill.
Mr.. French spoke in opposition to it.
Mr., Seymour made remarks of some
| length in explanation and in favor of the
bill.
The following amendment was then Of
| fered by Mr.. French:
| The Company thus formed by the union oi
/ said Companies shau make no discrimination in
rates OF charges for the carrying of passengers
or freights against the CITY OF Wilmington or any
| station on the Wilmington and Weldon Railroad.
but the rates for carrying passengers and like