The news & observer. [volume] (Raleigh, N.C.) 1894-current, 1904-02-26

stock OF nine hundred thousand dollars latter
wards increased; that it owns and operates a
railroad between the city of Goldsboro, in the
county OF Wayne and Morehead City in the
county Of Carteret. That the state OF North
Carolina is the owner OF 1865 shares OF The
canital stock OF The said corporations and The
stockholders other than the state OF North Caro-
lima are the owners of 5,ajl shares OF capital
stock thereof.
Fifth That by amendment of the charter Of
the defendant company passed by the General
session Of 1s5l-'55. entitled AN 4ct
AMEND S an Miami net E 2 an Act 10 ih n
North Carolina q Western Railroad Company, "
which said act was ratified on the ...l... day
OF .......s Il was provided: ''Sec. 4. BE it
further cnSeicd, That in all elections and upon
an cue siions taken in any general meeting of
the stockholders, in which vote by stock may
ne had, the, vote shall Ice taken according TO The
following scale: The owner Of one two shares
shall he entitled 10 vote; the owner OF not
less than three and not than four shares
shail le entitled 10 two votes; the owner OF not
less man hvc nor more than six shares shall be
entitled To three votes; the owner of not less
than seven nor more than eight shares, 10 four
Votes; the owner Of not less than nine nor more
than eleven shares 10 five votes; the owner of
not less than Twelve more than ifteen
shares, 10 sin votes; The owner Of not less than
sixteen Bor more than twenty shares, to seven
votes; the owner O! not less than tWcnty-one nor
more than tWenty-siX shares, TO eight votes; the
owner of not less than twenty -SeVen nor more
than thrty-three shares, To nine votes; the
v
than forty shares to ten votes; and the owner
of every ten shares above forty shall be entitled
therefor to one vote: Provided That ndi-
Yidual or company, holding stock in said com
pany, Shall be entitled to more than TWO lirm.
bred votes, except the State, which shall be en-
titled II three hundred votes; but should the
state hereafter transfer any part OF its stock
then its vote shall be in proportion TO what may
be retained. compared with the amount now
represented IN SAID corporation; the State shall
AT general meetings Of stockholders, be repre-
On
Governor. and such agent or proxy shall be en-
tiilcd III the general meetings aforesaid to vote
according 10 the above scale all questions
except IN me election of directors by the in,
divdual stockholders
Sixth. That under the provisions OF the char.
ter Of the defendant corporation asgtbus amend
ed, the state of North Carolina is entitled to
cast only three hundred Votes in the genera.
meeting OF the said defendant coronation
whereas the stockholders thereof other than tho
state OF North Carolina, as the stock is now
held, are entitled to cast seven hundred and
fifteen votes in such meeting ON all questions
upon which a stock vote is had as appears by
the printed report of the defendant company or
Se9temher 2lih. 1908
Seventh That the stockholders other than the
State 'of North Carolina were induced to sub
scribe and pay for their subscription. in the
capital stock OF said defendant corporation upon
the faith of the protection held ont and afforded
TO them by the scale OF voting prescribed in sec
ton four of the acts of the Central Assembly of
lS34- % TO amend the charter OF the defendant
corporation hereinbefore reeited.
q
stakeholder under the provisions OF the said see
ton tour OF the acts of the General Assembly of
ls3l-'55, is obliged to be present at all OF the
meetings of the said defendant coronation and
10 this end il is especially provided by section
four OF the acts of 1851 So, which has beer ac-
ceptod by said defendant corporation, that "the
state shall N general meetings of the stockhold-
trs be represented by an agent or proxy appoint
ed by tie Governor and such agent or proxy shall
be entitled i'll the general meetings aforesaid 10
vote according to the above scale on all dues
n he 81 81 nv no
individual Stockholders that the purpose and
intent OF this provision, (section four OF the
Acts OF 185i'531, was to give to the stockholders
other than the State OF North Carolina the con.
trolling and dominating vote on, all questions
where stock vote was, or could be had, among
which was the question Of farming ont tor leas-
railroad under the provisions OF section 49, of its
charter, which is in words and figures as fol-
lows, to-..t:
'sSec. Is. Be it further enacted that the
said company MAJ, when they proper, farm
out the fight of transportation over said railroad,
subject to the rules above mentioned and the
said company and every person who may have re-
ceived from them the right of transportation of
goods wares and produce on said railroad, shall
| be deemed common carrierA respects all
goods wares and merchandise entrusted to them
+ for transportation Which is in totidem verbs
the language OF the charter OF the North Carolina
Railroad, which has been held by the Supreme
Court of North Carolina in the case of State of
North Carolina VS.. The Richmond Danyille
Railroad Company, Y, ". G., page -, TO au-
Ninth. That the management of the defend
ant corporation since 1855, has been such as has
not produced revenue sufficient to declare ds
yidend except in a very few instances, and then
that such dividends declared at the expense
Of the proper maintenance OF the road bed
bridges, rolling stock and other equipment That
during the fifty years of the existence of this
corporation, only twenty per cent in the aggre
gate Of dividends has been declared, and in
MANY instances where dividends were declared a
deficit was created to the absolute neglect of the
a
ture rolling stock and equipment. That no di-
yidends at all have been declared in the last
three years. That in the present physical condi
tion Of the railroad bed, rolling stock and equip
nent. cars and locomotives of sufficient size end
capacity to do the business OF the road cannot
be moved the with safety to life
and property. Your orator quotes from the re
port of the President to the stockholders in gen
eral meeting assembled dated September oath,
1909:
"ITaving in former reports called your atten.
ton to the insuffciency in quantity of your
rolling stock and motive power, | would not
again lay the matter before you but for the
fact that the business of your road has reached
proportions which have placed it far beyond the
capacity of your equipment to handle, and
which demands that YOU take immediate and
effective action ito so equip and partly re-iron it
to enable it to meet the ever increasing com
petition, or make up your mind to give up the
struggle and TO turn great portion of your
earnings into the Golfers OF your connecting line.
Your road has reached a crisis in its aNars
which must, in some way, be met, or the cost OF
tranSactlng Its business VIII soon he increased
TO such extent to greatly impair its profits.
BY reference to the Master Mechanics report,
you will find that Won have
Ii locomotives, of which is virtually the
scrap pile.
first class coaches
coordination c9cs.
mail and express cars.
3 express fish cars.
l parlor ca.
cahoose ears.
so box cars.
IS fiat ca.S.
5 gondola cars
81 log cars.
IL shanty cars.
shop
All Of which fall so far short of meeting your
roads demands that its of foreign cars
reaches a daily average of 20 to -, which cost
YOU during the year over SS,00000, and which,
ii the proposition being discussed by the
Car Service Association to double the per diem,
is carried into effect, will cost you during the
coming year, not less than $40 000.0 90. Add that
sum to the interest $19,500 00 which you have
to pay on your bonded debt OF 1925 OC0.O0 and
two per cent. on the entire capital OF Your road,
from those two items alone, in addition TO your
taxes, insurance. etc
Your are few in number, and many of
them SO slight in structure when compared with
the more modern cars of your connecting lines.
that it is not deemed >expedent to permit them
to leave your tracks, with the result that while
your road is compelled to pay a heavy car per