Wilmington journal. [volume] (Wilmington, N.C.) 1844-1895, 1870-06-10

read parties would not treat with ANYBODY
pufportlng to be such until the matter
was settled by the Courts, which could be
done only after long and ruinous Iitioa-
ton. Ii you attempt to remove the pres
emit officers, every movement Of the com
pany Will be covered up with iniunctions.
wrlts OF mandamus and writs of prohibit
ton and before you take such a course.
said the speaker, you would as well write
an inscription for the tombstone of the
road, and engrave il upon your charter,
Tor you will effectually kill it.
Col. Hoke made some additional remarks
and asked to hear from others.
MIR. McCauly, of Union, then moved to
adjourn until o'clock. Notion carried.
AFTERNOON SESSION.
The meeting reassembled pursuant to
adjournment and the pending resolution
(Col. Steele's) was taken up and passed
without further debate.
Mr.. IL. w. Guion then read Il prone
sition from AIR. Grice, submitting synor
SIS of the terms upon which company 81
contractors proposed 10 undertake tie
construction of the entire road.
Mr.. Nj. Cronly introduced a resolution
which We could not get to see. bnt liz
substance of which was that the whole sub
Iject of contracting for the construction
of the Road should be referred to q com
mittee of five Stockholders, other than
Directors, to be appointed by the Chair,
and that said committee should report at
an adjourned meeting of the Stockholders,
to be held in Wilmington on tho Gth ,lnt
of July next. The resolution also PRO
vided that the President should report L,
said committee the financial condition #
the Company at least two weeks prior r.
said meeting in Wilmington on tIiG 9Th Of
IIllU Il
on his resolution.
Mr.. Ii. ". Guion, when dis resolution
was reported, said that he regarded it u.
no other light than as reflection on the
Board of Directors, and that if Il Wa
adopted he should no longer remain in Tia"
Board
Col. Cowan, in explanation of his vote.
said that he was certain that his friend
from Wilmington (Alr. Cronlyj intended
no reflection upon the Board, and that he
would vote the stock which he represented
by proxy in favor OF the resolution. am
would decline to vote his own stock.
Messrs. Onion and Steele also declined
to vote
The vote was taken, and resulted. ayea
S,O19; noes 4 GG3.
On motion of Mr. VI. Croniy the follow
ing preamble and resolution were adopted
Whereas, The present financial condition OF
ty the exercise of strict economy. even IA Ilr
most minute details; and whereas tho system OF
free passes, granted to various pcreou1, ha- re
suited in great loss and dctriMant 10 tho Com
pany be 1t
ResolDed, That from and after tGi, la:..Lo
free passes shall be granted to any pcraou what
soever, whether an Official, employ or Dlhorwl-.
Adopted.
Mr.. Cronly then introduced Il rcsOluiicu
to pay the Directors of the Company ::
salary of 500, which ho afterwards with
drew.
The Chair nnonnc cd the namea of tic
committee of five under Mr.. Croily's rca-
oIution as follows: NJ. CronIy, S. n. Mar
tin, A Dockery, ". II. Mo;Z and J.. !.
Mills.
When the committee was announced MI.
Guion said that that resolution was the
death knell Of the company, and predicted
| that there never would be another annual
meeting. Who, he inquired, would sign
contracts made by this committee Would
| they have a President who was authorized!
to use and af1ix corporate seal The
old officers of the company are superseded
| by this committee aid II Che cOmmlttcC)
must be clothed with al! the authority
they had, therefore your resolution IS dc
fective and you must make it moro con-
prehensive IN order 10 enable them TO con
duct the affairs Of the road. But, said NJ.
! GuiQn. no contracts will ho offered them.
Parties Will NOT Uvutruvb ibI, this new ana
heretofore unheard Of power III railroad
corporation our road is dead and Within
sixty days from the lst Of July will he old
out.
Mr.. McCauloy then moved "a rcconsid
Grafton of the resolution raising the com
mittee of five, which motion was carried
Mr.. Cronly then stated that ne tAoubltt
the object of the resolution was cntirels
misconceived and no reflection upon ia.
officers of the Road was INTENDED, but ii
order to promote harmony he would with
draw it, which he did, ard on motion tht
meeting adjourned.