The news & observer., 1897-03-04

Il haven't a considered opinion and
should try to investigate the matter more
fully than / have before acting"
Have you any opinion now well con-
sidered or otherwise upon this subject?"
Il can't say that l have an opinion,
because that would indicate that | had
considered the question, and L can't say
how | would act"
Il understand you to say then that an
opinion not well considered is no opinion
at all?"
Il did not say that but an opinion on
a question Of this magnitude is
worth nothing without a thorough ex-
animation and consideration"
''If in your opinion the interest of the
private stockholders conficted with the
interest of the State, would you sacrifice
your interest as a private stockholder
for the benefit of the StateY
If the conflict became such as is stat
ed in the question / should resign my
position as a director of the road and
act for myself as a private stockholder.
] should not regard it as my duty to sac
rifce $4,000"
do you not know that Gen. Hoke
and other prominent private stockholders
are opposed to changing the term of this
lease from 90 to 36 years?'
II have heard Gen. Hoke so express
himself and ] think several others of the
stockholders. | know that they voted for
the 80 year term"
Have you not heard Gen Hoke and
others say that they would resist
change and would not assent to the legal
ity of change from 90 to SO years?'
Il have heard that some of them were
opposed to change. / heard Gen. Hoke
say that it took two to make a bargain,
and it would take two to break it, He
| said in substance, that the Southern
Railroad could not surrender its lease
| or change it without the assent of the
private stockholders of the North Caro-
| lima Railroad"
Gould the assent of the stockholders
be given except in a regularly constituted
| meeting"
THAT is not in my opinion" BY law No.
3 of the North Carolina Railroad Com
pany was read which is as follows:
''At least 100 individual stockholders
represented either in person or by proxy,
and holding not less than majority of
the stock subscribed by individuals shall
be necessary to constitute a quorum for
the transaction of business
Mr.. III. w. Miller was next called
As he came to the stand the ques-
| ton arose as to whether the committee
had the right to proceed with the inyes-
| tigation in view OF a report already made
| by the committee. Mr.. Busbee thought
| that the only matter before the commit
tee were two bills, or the original bill
| and the Senate substitute and they
should only deal with these two measures.
Judge Avery maintained that it was the
duty and privilege of the committee to
make thorough investigation as to wheth-
er the private stockholders and the States
| interests would abide the proyi-
sions Of this substitute and if it appears
| that they would not do so, the law would
be a dead letter
Section and 6 were read by Judge
| Avery, which he claimed made the sub
stitute nothing more than waste paper
unless the Southern Railroad Company
and North Carolina Railroad Company
and the private stockholders of the North
ed to it. He thought the
substitute a delusion and a snare,
and the clause giving the Governor the
the private stockholders failed to assent
to a lesser term than 80 years. Mr.. Bus
bee claimed that the same applied to the
original bill, and that every private stock
holder was resisting that bill. He de-
clared that the clause allowing the Gov
ernor to advertise and lease the road
as well as the clause referring to two or
more stockholders entering into con-
spiracy were both proposed amendments
to the charter. He thought the Directors
had the right to modify the
lease without consent Of the private
stockholders.
Suppose private stockholders say you
shall not interfere with that leaseT' was
a question by Capt. Day.
'It cannot be insisted that private
stockholder is vested with rights in the
lease. The majority that leased it can
modify it.
"a clause insisting upon the consent of
the stockholders would have been
absurd.
''It was simply to obtain peace that the
Southern Railroad consented to this
modification OF the lease and not be-
cause we had any fear as to the validity
Of the 90 year lease. 1t was in obedience
to the great clamor that was being made
against the 80 year lease"
Judge Avery replying, said that he
did not deny that the minority interest
was unanimous in favoring a 90 year
lease and thnus put themselves out of the
control of the majority interest.
This substitute takes the opportunity
out of the hands of the Governor to whip
this company into a contract ON reason
able terms with the State
Mr. Schulkin: 'If they would come in
and consent to pay 10 per cent would
you be content"
Judge Avery: So far as / am concern
ed | would be satisfied and / think the
friends of fair and equitable contract
would be.
At this point the committee adjourned
to meet to-day at $3.50 p. m.