| From the Wilmington Journal |
| November 20, 1863 |
| |
| Proceedings of the Stockholders of the
Wilmington & Weldon Railroad Company |
| Pursuant to notice, the
twenty-eighth annual meeting of the stockholders of the
Wilmington Weldon railroad company convened at the court house
in the town of Wilmington, on Wednesday, the 18th of November, 1863. |
| On motion of Mr. S. D.
Wallace, Thomas D. Walker, Esq., was called to the chair, and Dr. B.
F. Whitaker, of Halifax, and J. W. Thompson, Esq., of Wilmington, were
appointed secretaries. |
| On motion, the secretaries
were appointed a committee to examine proxies and ascertain the amount
of stock represented. |
| The committee reported that
7,810 shares of stock were represented by individual stockholders, and
4,000 shares by Col. S. L. Fremont, as proxy for the State; being a
majority of the shares of the stock of the company, the chairman
declared the meeting duly organized in conformity with the
requirements of the charter of the company. |
| Mr. S. C. Wallace, on behalf
of the president and directors, read their annual report, and
submitted the report of the superintendent and financial statements of
the treasurer, which several reports, on motion of Jerre Pearsall,
Esq., were accepted by the meeting without the usual reference to a
committee, and ordered to be printed with the proceedings of the
meeting. |
| A preamble and resolutions
were then offered by Col. S. L. Fremont, and at his request, laid upon
the table for the further consideration of the meeting. |
| On motion, the meeting
adjourned till half-past two o'clock, P. M. |
| |
| 2 1/2 o'clock, P. M., Nov. 18th, 1863 |
| Met according to adjournment,
when the following preamble and resolutions, submitted by Col. S. L.
Fremont, in the morning, were taken up: |
| Whereas, It is of vital
importance to the stockholders of this company that the roadway and
machinery of every kind, station buildings and repair shops, should be
put in a condition in all respects to correspond with a first class
Rail Road; to accomplish this, and to enable the owners to reap all
the benefits that should rightfully accrue to them, by a good and
economical management of their Road, and at the same time to afford
the most ample facilities to the public for the transportation of
persons and things. Therefore, |
| Resolved, That the
Board of Directors be requested to take immediate steps to accomplish
the results asked for in the foregoing preamble. To that end to set
aside an ample renewal fund, to collect materials, purchase lands, and
commence such works as in their judgment may be deemed best, and
without unnecessary delay to complete the Road and Machinery, Depot
buildings and shops upon a scale of permanency, convenience and style
commensurate with the importance of the work to which they belong. |
| Resolved, That it is
the opinion of the stockholders that all the permanent improvements
that can be made judiciously during the war should be made as soon as
practicable, and that a liberal portion of the nett income should be
annually applied to completing the works called for above. |
| Col. Fremont urged the
adoption of the preamble and resolutions in a few appropriate remarks,
when Col. John McRae offered the following as an additional
resolution: |
| Resolved, That the
Board of Directors, in connection with other Rail Road Companies, be
requested to consider the propriety of aiding by a loan of means, or
by becoming in part proprietors, of a Rolling Mill for Rail Road and
other iron necessary for the maintenance of the Road and machinery. |
| The question being put upon
the passage of the preamble and resolutions offered by Cols. Fremont
and McRae, they were read senatim and passed unanimously. |
| Col. Fremont then offered the
following: |
| Resolved, That the
salary of the President be fixed at $8,000, and that of the Treasurer
at $4,000, for the current fiscal year. |
| J. A. Taylor, Esq., moved to
amend the resolution by fixing the salary of the Treasurer at $4,500.
The amendment was accepted and the resolution adopted. |
| On motion of Colonel John
McRae it was further |
| Resolved, That the
President and Treasurer of this Company be paid a bonus equal to the
salaries received by them respectively for the first year, as a just
and well-earned compensation for past services. |
| On motion of J. A. Taylor,
Esq., the meeting proceeded to the election of a President of the
company and seven directors, and the secretaries with J. A. Taylor,
esq., were appointed a committee to receive and compare the votes. |
| The election resulted in the
Choice of S. D. Wallace, Esq., for President, unanimously, and the
following stockholders members of the board of directors, viz: Hon. R.
R. Bridgers, of Edgecombe, and Messrs P. K. Dickinson, Bennett Flanner,
Edward Kidder, A. J. DeRosset, Walker Meares and J. D. Bellamy, of
Wilmington. |
| Col. S. L. Fremont, proxy for
the State, officially announced the appointment by the board of
internal improvements of Col. G. W. Collier, of Wayne, W. W. Brickell,
Esq., of Halifax and W. A. Wright, Esq., of Wilmington, directors on
the part of the State. |
| On a motion of Hon. R. R.
Bridge3rs, the resolution above offered by Col. John McRae, giving a
bonus to the president and treasurer for past services was
reconsidered and the following resolution offered as a substitute. |
| Resolved, That all
officers now in the services of this company, be allowed one hundred
per cent. on their respective salaries of the past year, as fixed by
the stockholders at their last meeting, or by the directors at their
meeting on the 5th of December, 1862, and that the board of directors
be requested to make a proper increase of the wages of agents and
employees of the company for services during the past year. The
resolution being seconded passed unanimously. |
| On motion of Col. Fremont, |
| Resolved, That the
president, directors, officers, agents and employees of this company
have always been allowed to travel on their own business or pleasure
when they had occasion to do so, as part of their pay or emoluments;
and the stockholders in annual meeting assembled, do hereby declare
that this privilege shall be extended to them in future, and they
shall be considered to have paid two and a half cents per mile in
their services to the company for all the mileage they may thus make
in addition to such money allowances as may be paid them from time to
time. |
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