The Hillsborough recorder. [volume] (Hillsborough, N.C.) 1820-1879, 1874-07-15

d "
Presented IN the meeting, by proxy s397
shares, and III person COS shares, ana
J that there were II stock holders pres
sent IN person, and 1888 represented BY
4proxy.
q Genl. Rufus Barringer presented g. M.
: Weikeras the States proxy, aud the tenn
organization OF the meeting was
4then voted permanent.
q The President of the company then read
bis annual statement, aud mads the fol-
flowing exhibit of the operations Of thc]
broad for the year ending June lst 1871 i
Rcctipts fs,i.i all sources S2JG, AZ I'll
Total expenses for tile year. &C. sT5 "a
Leaving balance Of ls9GO2 AL
kOf the above 500, SO p expenses, So. $751;
u was applied ii payment Or interest
] on our debt, aud In settlement
4 Judgments on old claims.
TOUT ofthe above balance we have paid
3'iividends TO the amount of Sl07,SOO nj
Leaving yet a balance OF g2,302 36|
Which has been applied 10 The sinking
fund aud other purposes, fully shownI
IL detail la the report Of the Tseasurer.
DEBT or THE COMPANY.
The total debt Of the Company reported
ilt astannnai meeting was Si0i.07s al
present debt ofthe Company is 597, 1855 sd
! ti0n which deduct amount Of rs
sets l41.SGO 81
And we have actual debt of
The Company 44s,527 O.
a MORTGAGE.
amount OF bonds issued under thel
Mortgage, S78o0oO d |
cash and bonds paid into the sinking
fund 459,650 o.:
sfNkfSG FUND.
lrhe Company has paid during the year ID
5tiov. w. 4. Graham, Trustees, SCI 900 OOI
OLD DEBT.
8fhe amount outstanding on The Loan oil
1857, which i past due, Il S3s.5OO cd
The Reports OF the Treasurer &c. werel
Preferred 10 \ committee ofthree consistineI
4,f J. n IMorchead, X. p. Battle aud RI |
Hires who reported that the reports wereI
Sall correct, and they were received.
"A recess was taken until , o'clock and
7ulon re-assembling, w. 4. Smith moved
- ~ intu the election Of Directors.
Pending the examination hy the com-
miliee on proxies Of those entitled 60 vote!
who had come in since the oTganizat ion|
~ The meeting. w, II. Myers Es,l, ia-i
produced resolution TO r,scind the bye law
providing for the alienation of The annual
7lneelings o. the company at Salisbury,
4tireensburo Hillsboro and Raleigh, and
hiking Raleigh as the permanent place of
lneeting. This led to an animated dis
russlon III which the resolution was al \
socated BY Messrs Myers aud Bachelor,
<and warmly opposed by Messrs J. A J.
kt;raiani, w. A. smith. and Thomas webb
4 mo.ion 10 lay tile resolution on the table
prevailed.
The meeting Then went into an election
J pf Directors which resulted III the choice
I o The following gentlemen:
No. M. Holt received votes G47J
Moses a Holmes : BO44
Nv. A. smith /" $3.50
AZ. b Haywood q 4O5s
and they were declared duly elected
L. w. Humphrey moved the appoints
snient ola uonmitteeof Finance. whicl
resolution WAS adopted without going into
! stock vote. aud Mcssrs z. Il. Hawkins.
3rsB. K.oslt and d. a. Davis were ap.
pointed on the part q the Stockholders.
W. X. Mycr- then introduced pre-
,nhlc. aud resolution providing for the ac
3eepiance 81 the Act Of the last Legislature
.lniending the charternf the company, a.
1ionbts existed rs TO the validity Of the
<action u Tie meeting cAlle.l nc Salisbury
I iir that purpo-r--thnt the President and
1Dimclors be authorized 10 issue bonds in
5-,icll sums and at such rate Of interest rs
snlay bcst promote the objects sought, the
3auaount Of bonds not 10 exceed SIS ,OO for
leach mile 81 the rad 10 lie constructed aud
Etllc rate 81 interest not 70 exceed nc, "a
i-ccurc such bonds deed OF Mortgage ID
Ibe executed To- three trustees. Of whom the
gimemOr Of the state shall be one, who
-liall Lr authorized 10 transfer the Trans
fchiscs of The company. road bed nc &cand
/ 10 make proper covenants with regard ID
3forclosure &c.
The resolution gave riseto warm debate
[rhey were advocated by Mcssers Myers
Holt aud Humphrey and opposed III
4Alessrs +. &. Cameron. Thomas Webb,
1w. A. Graham, J. d. Datchelor aud
others. We have no room here foranI
outline of the discussion.
Upon the passage Of the resolution q,
stock vote was called. Upon the call on tho
state Proxy his right 10 vote was opposed
land uon It's being admitted. protest
against the same was made by the ptivate|
P-tockholiers, voting agaiIist liie fesolulion,
(which was entered ofTecoFd.
The vote Of the state for the resolutions
.lecided the question w alatge majority.
fThequeslion decides THAI 81 consolidation,
30 far as the action ciihe North CarolinNl