Wilmington journal. [volume] (Wilmington, N.C.) 1844-1895, 1872-11-22

city.
On motion of Hon. r. Il. Bridgers, the
meeting was organized by calling Silas n.
Martin, Esq, to the chair, and appointing
D. W. thompson, Esq, as Secretary
On motion Of Dr.. A. j. DeRosset the
oecFetaFy' With Geo. X. French, Esq, were
Committee to verify proxies
aud ascertain The number Of shares of
stock epresen.ed.
The Committee reported that there were
E'689 shares represented in person, and
';o9J by proxy, making total of 10, 7SS
Sha!gS, the total amount Of stock in the
itoad being Il, 323 shares at par value of
$IOO each. Whereupon the nreeiing was de-
clarcd 10 be duly organized.
On motion OF u. +. Newcomer, ESQ,
tue Secretary read the following resolution,
adopted by the Board Of Directors of tie
Company a. meeting held yesterday
The Instrument Of lease dcmising the
property, effects and franchise Of this
Company to the Wilmington, Columbia
q Augusta Il. Il. Co., drafted in pursuance
OF the resolution Of this Board, adopted on
the Z4Lh day Of May last, having been read
and considered hy the Board it was
thercupon
Heso(Ccd, That said instrument Of lease
be approved and submitted to the stock
holders CT this company, at their meeting
to be held this day, with the rccommenda-
u0n that the same be asscnted to on the
pat OF this company.
Tue resolution was adopted.
On motion Of DR.. A. j. DeRossct. the
meeting then proceeded TO consider the
lease ard the instrument was read bv
VIM. a. Wright, Esq.
lhe following preamble and resolution,
offered by Mr.. Newcomer, was adopted by
a stock vote Of 10 GJ5 for, and I2J against ::
WHEREAS, At meeting of the Board CT
Directors CT this company, held on the
9th day Of May, 1872, the preamble and
resolution following was adopted. that is
to say
Whereas, It is deemed THAT the inte-
rests of the stockholders Of this company
would be greatly promoted by efltcting a
lease of the Road and it's equipment aud
property to the Wilmington, Columbia &
Augusta r. r. Co., therefore, be it
ResOtUed, That Committee be ap-
pointed by the President to confer with the
President aud Directors of the W., G.. s. 4.
Il. Il. Co. or a Committee of the same, to
agree upon a lease of all of the property If
this company to said W., G. & \. Il il. Go.
for q term of Linety-nine years, rene Wable
forever upon sucn terms as will provide for
the payment Of the regular Interest on all
the bonded debt of this company, and the
assumption Of all It's assets, including stock
and interest in the Wilmington Railway
Bridge Company, and the payment of ali
its liabilities other than its funded debt
and the payment to this company Of FIVE
pei cent. on It's capital stock for the current
year, and the further payment o. six per
cent. on its capital stock for the next year,
and seven Per cent. for each succeeding year
during the continuance of the lease; said
payment to be free or exclusive of all taxes
ySrIli rHc rn of G,1,.0
after be imposed by the government of the
United States upon any dividend CT income
derived by the stockholders from capital
stock in this company. Arrangements are
also to be made for the Lessee to provide
for, and keep up, the sinking fund accord
ing to the requirements of the mortgage
now existing Oh the road, said sinking fund
and al inCrements thereof to belong to the
Lessee, who is to provide for the payment
and retirement Of the existing mortgace
debts of this company. And the Lessee to
obligate itself 10 make a consolidated mott
gage bond secuted by q proper mortgage
on all the property and franchises Of the
company. 70 tho extent of such
sum as may he sufficient for the retirement
Of the funded debt i'll such sums aud pay
able at such time after date as the Lessee
may elect, the Same to be delivered to the
Lessee, who is to agree, ID consideration of
the delivery Of said bonds, to provide for,
and take care of all the funded obligations
Of this company, low amounting to
81 ,620 900, as the same shall mature.
Said lease, agreed upon on tie part Of the
President ana Directors Of both companies,
! to be subject 10 the approval and ratifca-
| ton Of the stockholders, or a majority Of
/ the stock in each company. Provision is
also to be made to keep and continue the
! organization and charter Of this company.
| Ample provision t3r bctteIment clause is
! also to be made"
And whereas, in accordance with said
resolution, after their conference between
! duly constituted committees, severaliy APP
: pointed 10y the respective Boards Il Direc-
| tors Of th8 W., {. q A. II. Il. &c. and Of
| this company, an instrument Of = lease OF
! the property and franchises ii this COM
/ pany, as contemplated and proposed by the
! said resolutions, has been carefully d. ann,
/ and after receiving the diIigcnt scrutiny Of
! the Board CT Directors Of this company, IS
: recommended for acceptance by the stock
holders tf this company, a.d said irstlu-
meHt Of lease having been read and con-
sidcred by tbs meeting, in which large
/ majority i'll tie interests Of the stOckholdeis
! of this company is represented, il IS, there
fore,
! RcsoIrcd, That the action of tic Board
! Of Directors cf this company, in the preu'
! i=as is hereby approved ami ratified, and
/ that tic Stockholders Of this company as
! sent to the lease Of the railroad and o.hel
property. effects and franchises OF this
] company, to the W., &. &, \. 4. r, com
pany ON the tennis and conditions SCI
! forth il the instrument Cf lease this day
read to the Stockholders, and the Board 6
( Directors Of this company is hereby il
| structed TO cause said lease to be duly OK
fol in l,.,i1 II
pGny.
The meeting then adjourned.
WILMINGToN COLUMBIA AMI AUGrs
! IA L. R-Ihe stockholders Of this roa'
! met here yesterday, pursuant to call.
J. + Gregg Esq, was appointed Chair
man Of the meeting and }. IS. Thomnso'
Esq, Secretary,
i he Secretary ana L. d. Childs, ESQ
were appointed a committee to verit
proxies and ascertain tie amount Of stoc
represented.
The committee reported 1856 share
represented, the full stock of the compan
amounting 10 5000 shares.
On motion of 3. F. Newcomer Esq,
was
FesO1red, That the lease of the w. & "
, r. r. Co. to this Company, Of lis railroa
and the property, effects aud franchise, 0
, the terms and conditions set forth i'll th
instrument of lease this day read to th
, stockholders, and which has this day bee
ratified and confined by the stOckholdcl
: Of the ". & w. r. Il. Co., be, and til
l same is hereby, assented to aud accepte
, by the stockholders of this company, an
s the President Of this company is hereh
T instructed 10 join in the execution Of Il
same in behalf Of this company.