Wilmington journal. [volume] (Wilmington, N.C.) 1844-1895, 1872-04-12
LOCAL..

DR.. w. E. Freeman to the Chair, and re-
questing Maj. j. A. Engelhard and Mr.. T.
d. Meares, to act as Secretaries.
1t was ascertained that All shares stock
were represented III person and SO by
proxy, a total of 97a shares. This being
majority of the stock subscribed the meet
ing was declared ready for business.
The report Of the President and Board
of Directors, relative to the operations Of
the past year, was received and adopted,
and ordered spread upon the minutes
The report of the Auditing Committee
was also received and adopted, and ordered
spread upon the minutes. This report is
as follows:
WILMINGToN, n. G., March 30, 1872.
To tie Stockholders Of tie Wilmington
and lS,nithriUe Steamboat Co.:
The undersigned, members of the Au-
ditng Committee, appointed by your
President, respectfully report that they have
examined the books and vouchers Of the
General Agent and Treasurer, which were
found correct, and we beg reference to the
Treasurer's report for an exhibit of the
transactions Of the Company, their prop
erty, receipts, expenditures, sc.
We cheerfully state that, in our opinion,
your Agent and Treasurer, Mr.. Thos D.
Meares, is an efficient representative of
your interests.
Respectfully submitted,
(Signed) GEORGE HARRIS,
B. G. WORTH.
On motion of Alex. Sprunt, Esq, four
! shares of stock were voted to the President,
Col. S. l.. Fremont, in consideration of
services rendered by him to the Com
pany.
On motion Of Marsden Bellamy, ESQ.
it was resolved that the Board of Directors
be, and are hereby authorized, either to
build lighter, or to purchase a vessel
suitable for lightering, if it should seem
eXpedient to them so to do.
On motion Of Col. S. l.. Fremont, it was
resolved that Committee, consisting of
DR.. 7. B. Carr, and Messrs. Sol Bear and
NJ. Bellamy, be appointed to undertake
the very important work of raising means
to build hotel at Smithville.
On motion Of Mr.. F. w. Kerchner, it
was resolved that the suggestion of the
President, offering free transportation Of
building material and furniture to any one
desiring to build hotel at Smithyille, lie
adopted.
An election for seven Directors resulted
in the choice of the following gentlemen,
viz Messrs. F. ", Kerchner, Thos. B..
Carr, Marsden Bellamy, S. l.. Fremont,
Alex. Spr,lnt, Geo. Harriss, 3. G. Worth.
Adjourned.
TIE NAVAL STORES MARKET.-The
following telegram, received last night, from
New Y ork, will be found Of much general
interest to the people of this section. We
give it as it came to hand:
The Naval Stores trade has been COM
pletely unsettled during the past week, but
closed with some signs of recovery. The
present anomalous condition of this trade
grows out Of a series of large speculations,
beginning last Summer and planned to
control lhe entire production Of 1871. The
necessities Of foreign markets were allure
ments for combination or ring in Naval
Stores. The Franco German war has
North France, where the bulk of continent
tai supplies have been secured, aud up to
the time for sap to run but little c0ncentra-
ted effort was known to have been made
to resume operations in this section, hence
in June and July last foreign capital en-
tered largely to operate upon the Ameri-
can market.
1t was reported that the supplies from
Wilmington and Charleston would average
the same as the previous year, and upon
this assumption all advance i'll price was
established, about the middle Of July, over
the corresponding time in 1870, Of Is per ct.
| The scarcity focean freights led to an accu-
mutation of stocks, both in New \ ork and
at Wilmington. An effort was made to re-
lievc the latter port, but the vessel was
wrecked, and the news Of her loss broke
the market, and the price was depressed at
once II per cent. Since then the values
! in Naval Stores have been unsettled
| and the first 81 gnificant step in the drOOp-
! ing of prices is noticed this week
| The reason for the excessive fall in rosin
| lies in the fact that the stock in the yards
here is about 100000 barrels. A late
count announced on Change 10000 bar
rels, which did not include the stock in one
yard of nearly $4,000 barrels this is
against $4,000 barrels for the same time il
1871. The stock of Spirits Turpentint
now in this city is $500 barrels, against
$500 barrels for the same time in ISL
The market In this city has been relieved
within the past! 1.-TWO days, of about $4,000
barrels of rosin for export orders, and there
is disposition with the trade to name con
cessions that will induce larser relief OF
export, and place all stocks and stores lie
low the average of previous years.