The news & observer. [volume] (Raleigh, N.C.) 1894-current, 1899-12-20
FOR CONSOLIDATION
Adjourned Meeting of the S.
and r. Stockholders.
Aside From the Representatives Of Mr.. Ryan
the Votes Upon All Resolutions Pre-
sented We're Unanimous.

Portsmouth, Va. Dey. 19.-(Special.)- -
The adjourned annual meeting of the
stockholders of the Seaboard and
Roanoke Railroad Company, was held
ait the office of the company in Ports
mouth today Judge l.. r. Watts pre-
siding
After the meeting was called to order,
the proxy committee appointed by the
president as provided for in the by laws
was requested by the chairman to deter
hume the representation present, and
after examining the proxies presented,
they reported that ont of the entire
capital stock of the company, amount
ing to 1854 shares there were present
in person or by proxy, 1860 shares,
which upon sealed vote as provided
for by the charter of the company were
entitled ito $3.50 votes. OF this number,
the representatives of Mr.. Thos Il.
Ryan, in person or by proxy were en-
titled to 432 votes Aside from this rep
resentation, the votes upon all resolutions
presented were unanimous in every ac-
lion taken.
Among the various resolutions present
First, a resolution approving of the
action of the Board of Directors of the
company; providing for the sale OF GER
tain securities, heretofore held by the
Seaboard and Roanoke Railroad Com
pany, for the purposes specified in the
resolutions, namely: THE purchase of
additional engines and rolling stock, in
GLIDING passenger and freight cars" the
r 4
chase of heavier steel rails 10 support
the rolling stock and equipment now in
general use; the acquisition of such adj
dltional terminals as may be necessary;
also to aid in the building of certain
roads, which are calculated to increase
the company's business. connecting with
it directly or indirectly as authorized by
law
These stocks, it was stated have al
ready been sold and at prices named in
the resolution, and hearty approval was
given to this action.
ALSO the following resolution.
Whereas. it is proposed to unite the
railways and properties of the Sea-
board Air Line System, with those of
the South Bound Railroad Company.
The Georgia Alabama Railway and Flori-
da Central and Peninsular Railroad
Company. thus creating a system opera
ting railroads from Richmond and Ports
mouth, Va. through the States of Vir-
ginia, North Carolina. South Carolina,
Georgia, Alabama and Florida. There
fore. be it
Resolved, by the stockholders Of the
Seaboard and Roanoke Railroad Conn
pany. that they approve of the corporate
union of the railwys and properties COM
prising the Seaboard Air Lime system,
with those of the South Bound Railroad
Company, The Georgia and Alabama
railway and the Florida Central anu
Peninsular Railroad Company. and
hereby authorize and empower the PRESS.
dent and directors Of this company to
join in such agreements, contracts,
merger or consolidation or other mea
sure as may be legally necessary or
proper. TO bring about the closest physi-
cal connection and corporate union or
merger Of such properties, for the ac-
complishment of the creation Of the
system So proposed.
There being no further business the
meeting adjourned until Tuesday, jan
uAry 10th.
WILL PAY DEPOSITORS IN FULL
Atlanta, Dec 19.-Robert j. Lowry,
President Of the Lowery Banking Com
pany has received a dispatch from J.
skeleton Williams, a director in the
Produce Exchange Trust Company
which suspended payments yesterday,
saying there IS no doubt every depositor
will be paid in full. Mr. Williams tele-
gram continues:
II believe the stockholders can real
ize from $3.50 TO 5000 per share Should
the company be liquidated assets are
sufficient to enable committee to pay
sixty per cent within sixty days if they
think proper to do SO.
1t is understood that many Southern
ers are interested in the company both
as stockholders and depositors. Presi-
dent Beall is from Virginia and Vice
President Scudder is from Texas.