Wilmington journal. [volume] (Wilmington, N.C.) 1844-1895, 1872-10-25

holders of the Wilmington, Char
Kotte and Rutherford Railroad Com.

.--~%--
Regular Annual Meeting OF the Stock
holders of the Wilmington, Char
Iotte and Rutherford Railroad Com
pany.
The stockholders assembled in annua
session in the City Court Room at II
o'clock, and were called to order by MI
Martin, the President of the Company.
On motion Of President Martin, Il. L
Steele, Esq, of Richmond, was called Il
the Chair, and |. T. Alderman, Esq, ant
Capt F. NJ. Wo0ten were appointed Sec
retaries.
On motion of NJ. Crouly, Esq, the Sec.
retaries were constituted committee tc
verify proxies and ascertain the amount Of
stock represented. A recess was taken fol
the purpose.
The meeting being again called to order,
the committee made the following report
of stock represented:
In person. ...................... 1920 shares
BY proxy ..........................2 2,343
Total. Observation-Disclosures. 1866 50
y majority Of the capital stock being
thus represented, the meeting was declared
duly organized and ready for business.
The President submitted the following
report on behalf of the Board Of Directors !:
To the StockholderY of the Wilmington,
Charlotte and RWhcgord Raitrodd
Company:
At called Convention OF the StOckhOld-
ers of your Company, held in Wilmington,
May Sd, 1872, resolution was passed to
make efforts to raise all amount of money
sufficient TO relieve the Company of its
pressing embarrassmentS, and retain the
control in tho hands of the stoc1hOlders-
In case of failure TO raise the required
amount, chen the Directors were instructed
to offer no opposition TO the foreclosure.
There WAS 10 money raised. About tie
latter part Of June, proceedings were COM
menced by the first mortgage bondholdeIs
and the Superior Court of New Hanover
county appointed Receivers who have now
the control of the affairs Of the Company.
The control Ct the Board of Directors
ceased on the taking possession by the
Court, and it has not attempted to exercise
any authority since the Court has taken
charge. 5. \. MARTIN,
President.
On motion the report was received.
resolutions offered by himself at the last
me, ting of the stockholders, appointing
committees for the purpose Of raising sub
scriptions to ralieve the road of its pressing
embarrassments, and declaring that, if the
money needed for the payment of the in
terest on the bonded debt should not be
raised by the first of July last, and if the
| bondholders should institute suit after that
then good faith on the part of the Company
| to the hondholders required that no
resistance should be offered to the
! foreclosure of the mortgage. He
| stated that he now proposed to Offer
| a resolution resembling those passed at the
last meeting. Mr.. Cronly then proceeded
resenting a majority OF the capital stock tc
the Board of Directors in August last
! calling for special meeting of the stock
| holders for the purpose Of effecting ar
rangements to pay the interest due on the
! bonded debt, to complete the road, and fol
| general consultation. Mr.. Cronly stated
| that in carrying out the object Of this pc
| tition he endeavored to have a meeting
called, but found no President, Receiver OF
| Superintendent in the city. He then tele-
! graphed to Col. Fremont, the Superin-
| tendent, and received reply enclosing an
attorneys opinion, setting forth that any
! attempt to interfere with the Receiver or
| set aside his control would subject the
! Iii 40
for contempt OF the Court by whom he
was appointed.
Mr.. N. London stated that the effect Il
that opinion was to show the protection
! which the Court extended to the Receiver,
who was It's officer and the legally consti-
tuted custodian. Any proceedings to set
aside his control should come regularly
/ be fore the Court which appointed him.
Mr.. Martin explained the cause of his
absence at the time mentioned, and also
! set forth tha inability Of the Directors TO
do anything in the matter.
+ After some further discussion Mr.. Cronly
: renewed bis motion to reScind the resolu-
tions passed at the last meeting and called
! for stock vote, which was had, and the
/ motion was lest by the following vote
/ AYES, 1902 sh4res nays, 6,674 shares.
! On IllOIlOll VI w Lo'i.3 CIlC
stockholders proceeded to elect Board OF
| Directors for the ensuing year.
/ The following gentlemen, constituting
! the old Board, were reelected;
! S. y. Martin, Edward kiddcr, NJ. Cronly
F. w kcrchner, B. F. Little, Thos. S
! Asbe, ii. NJ. Houston, j. l.. Brown, Il. NJ
/ Oates, w. IL. Michal, j. A. Ware. 80
! After the usual vote of thanks to the
! President and Secretaries, the meeting al
! i0urncd to meet in Charlotte on the thirt
Thursday of October, 1873.
! WE regret TO learn of the death of Mr.
! jonathan w. Thompson, a highly esteemed
! citizen OF Onslow, who died at his resi-
! dence i'll that county on the 18th ult. o
! COngcStiye fever.
! The Salem Press says; d" We had tlC
pleasure OF examining, few days since
specimens of native woods collected by
Henry Fries, Jr., and intended for the
State and Charlotte Fairs. We have beel
kindly furnished with a list, and will pub
lish it next week as all answer to many
inquiries as to the variety and value o
native woods. The collection embraces
los specimens of native, and % exotic
. WOods.''
We hope that Mr.. Fries will also take th'
Wilmington Fair into consideration, ant
will send his collection here for-exhibition
They would certainly attract much matte