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Z7iC Tarborough Ircss,
BV GEORGE HOWARD,
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riSOEEDLG.$
Of the second Annual Meeting nf the Stock
"hohlersof the Wilmington and Raleigh
Rail Road Company.
At a regular annual meeting of the
Stockholders of the Wilmington ami .
Kail R iad Company, on Mnodiv,
;!;i!uf.U.y, 1S3S, in the Town of Wi'l-
Oil motion ofGiiv. Dudley,
Cu!. Andrew Joyner, of Halifax, was
called" U the chair.
II. V. United, ami John MeRae were
appointed Secretaries.
The Seerelai ics ami Thos. 11. Wrighl
were appointed a commilleu to examine
proxies, and L report the am unt of Slock
represented. The Committee after exam
i.iiiig, reported thai 5117 S!i ties of the
Stock owned by individuals were repre
sented, and also the State Stock by Col.
Andrew Joyner, of Halifax.
Gen. James Owen, President of the
Company, read his report, which, on mo
tion of Wtn. B. Meares, was laid on the ta
ble. Oa motion of Wm. B. Meares, Cq.
1st. Resolved, That the representatives
of the State, and a Committee consisting of
Mri John Wright, of Waynesboro, Col
Siiarp, of Edgecombe, and Col. Whitaker,
of Halifax, be appointed to examine the
accounts of the company, and that ihey
req iest the attention and assistance of the
Ilurd of Internal Improvement of the
State.
0;i motion of Col. Whitaker,
Tlie meeting rejourned till 9 o'clock,
next day, Tuesday, May 8tli.
O.i motion of Col. Whitaker,
21. Resolved, That in the opinion oJ
this meeting, the requisition made of five
percent, payable on ilie 1st of November,
1333, ought to be made payable the 1st
day of July next.
On motion of Col. Whitaker,
31. Resolved, That Jonb Pitt, Dr. Re!
la my, A.J. B iltle, and Milliard Washing
ion, he a Committee lo ci. quire into the
expediency of changing the stage route
'"in Enfield, by Tarborough, lo Stontons
burg, t the route by Rot ky mount; the
saving in expense, Si.-., and any other mat
ter 1:1 relation to the whole route, in re
gard lo safely, economy and expedition.
On motion of Wm. 15. Meares, E.q.
Tiie meeting adjourned till 9 o'clock,
next day, Wedmsday, May 9th.
Met accuidimr t a inn fn moii t
Hie Committee under the 3d resolution
"Ported through .Mr. Pill, that il w as iu
"pedient lo change ihe slag': route. The
rPrt was concurred in.
fe Committee under tbe 1st resolution,
ported through Col. Whitaker.
"The committee lo whom was referred
' Treasurer's account of receipts and
disbursements since ihe organization of
l. Company, respectfully report, that they
"ave had under consideration the subject
mailer referred to them, and have bestow
p upon it all the consideration which their
jilted time and other duties allowed.
her examination has not been as full as
j ty desired it should be.nor indeed could
well have been, considering ihe time
""km which it must be performed, and
le extent and magnitude of the transac-
j'utie-embraCed Wilhi" Uie SCOpC f l,,eir
iliey have however examined every
oucker in support of the charges made
inst ihe Company, which ihey find to
e regular and satisfactory; and if time had
"oived ihey would carefully have com
red the charges made in the books of ihe
;inPany with ihe several vouchers upon
'ch they have been founded, but your
Cornrmttee find ihat ihis cannot now be
net without protracting the general
ee.l'ng to a mosi unreasonable and incon
e,,ent length.
Yur committee entertain no doubt, but
accounts of the Treasurer are perfectly
jcurate, but as a general principle, which
.7ld never be departed from, thev ron.
r it the duty of the Stockholders at
ar0P0MA'
ihe.r annual meetings to investigate through
a committee appointed for the purpose, all
Ihe transactions of the Board of Directors
ana the 1 reasurer of the Company, and to
report ihe precise amount expended, with
such remarks and suggestions as lo them
may seem just and proper; and your com
mittee regret lhai for the reasons already
assigned, ihey have noi been able to make
llus examination as full and satisfactory as
ihey designed. To remedy this defect,
and as ihe only alternative now left them,
they respectfully recommend the adoption
of the accompany iug resolution. It is due
to your treasurer lo sl.te that he has in
vited ihe fullest examination into all his ac
counts, and has most promptly, and satis
factorily afforded the committee all the in
formation ihey sought lo obtain.
Unsolved, Thai a committee of three
Stockholders be appointed to compare ihe
amount of each voucher of the Treasurer,
with the corresponding charge in the books
of the Company, up to the 4th of May in
elusive, to ascertain ihe precise amount ex
pended and to report fully on the subject
to the next annual meeting of the Compa
ny" S. Will TAKER,
Afoy 10th, 1838. For the Committee.
Report concurred in.
On motion of Col. Whitaker,
4th. Resolved, That a committee con
sisting of Mr. Joshua Watson, J is. S. Bit
tie and J is. Owen, be appointed to enq.tire
into the expediency of borrowing money
for and in behalf of this Company for the
purpose of facilitating the work.
On motion of I)r F. J. Hill,
Gib. Resolved, That a committee of
three be appointed by ihe chair whose
duty it shall be to investigate the alViirs ol
the Company for the ensuing pear, and re
port to the next annual meeting of the
Stockholders at a early a period of the
same as nmy be, practicable.
A.J. Battle and Robert II. Cowan were
nppoiuted to superintend ihe balloting for
President and Directors, after the ballot
ing, they reported Gen. Jas. Owen una
nimously elected President for the en
suing year.
A discussion arose on ihe right of the
Slate representative lo vote for six Direc
tors, in which Gov. Dudley, Wm. B
Meares, Col. Whitaker, Col. Joyner, Wm.
D. Moseley, and others took part.
The question was then raised by Wm.
B. Meares, "has the St:ite a right to vote
for six Directors at this meeting?" decided
in the affirmative.
The Committee under tbe 4lh resolution,
reported through Joshua Watson.
"Thai from ihe great amount of travel
which now takes ibis route, and. from infor
mation extensively derived, very great ao
xiety is expressed for its completion. They
are decidedly of opinion that il is the duty
and interest of the Company therefore to
press it as rapidly as possible.
Two methods present themselves by
which this object can be accomplished
with the greatest facility, and convenience
lo the individual Stockholders.
1st. It is believed from intelligence re
ceived since the development of the affairs
of the Company lo this meeting, that many
Stockholders residing on the line of the
road, would very willingly work out the
amount of their Stock; and further extend
their contracts, taking in payment the
bonds Of ihe Company at one and two
years, bearing interest.
2d. Ihe Charier authorizes 44 1 he Pre
sident of the Company, to borrow money
for ihe objects of the Company, and to
make and issue all proper evidences of
such loan and assurance fur the repayment
thereof," they therefore offer ihe following
resolutions for the consideration of ihe
meeting.
Resolved, That the President and Di
rectors of this Company be recommended
lo'put under contract, ihe whole of ihe
road at the earliest practicable period.
'Resolved, That the President and Di
rectors be hereby further authorized and
requested, to borrow such sum or sums of
money as iney may deem anvisauie lor
the speedy completion of the whole or any
portion of ihe road.
JOSHUA WATSON, Chairman.
The meeting then proceeded to ballot
for six Directors for the ensuing year,
which resulted in the unanimous re-election
of Alexander Anderson, A. Lazarus,
Wm. B. Meares, P. K. Dickinson, T. II
Wright, and R. IL Cowan.
Gov. Dudley then on behalf of ihe
Board of Internal Improvements, named
the following gentlemen as having been
appointed Directors on behalf of the Slate:
E. P. Hdl, James S. Battle, Richard
Washington, and James Cassidy.
On motion of Col. Whitaker,,
7ih. Resolved, That the President and
Directors of this Company be directed to
(Mgecombc County, JV. f.J
ilUuch Z!Sl rPeedy meaSUrCS l f 0l,eC,i
ail SUCH SUIllS Of mnnpv n.irp nuiv , ....
sums of rnonev as are now due. m
shall hereafter become due on requisitions
for instalments on Stock, consistent with
ihe interest of the Company.
On motion 'of Win. B. Meares,
8ih. Resolved, That the report of the
President be taken up, received, and or
dered to be printed.
Adjourned till 9 o'clock next day,
Thursday, 10th May, 1838.
Met according lo adjournment.
On motion of Wm. B. Meares,
I3ih. Resolved, That the Stockholders
of this Company, may consiituie proxies
to represent them at any meeting of Stock
holder?, by any writing, the apparent in
tent whereof is to transfer ihe power of the
Stockholder to the proxy, such proxies
may be authenticated.
1st. By any person proving the hand
writing of the Stockholder before the meet
ing. 2-1. By the certificate of acknowledg
ment by the Stockholder, or proof of hand
writing, of a Notary Public, or of any
Clerk of the Court of Law or Equity, or
by the attestation of the President, Secre
tary, or any Director of ihe Company, or
Justice of ihe Peace.
On motion ol' Wm. B. Meares,
14th. Resolved That whenever any
Stockholder of this Company shall main
oaih before any officer legally authorized
to administer an oath that he has losi his
eiiihVaie of Slock, or so mislaid it, that
it cauuol be found, and thai diligence has
been used so lo do, and shall have ader
tised in some newspaper printed in Wil
mington for six weeks, that he intends to
maks application to the Board of Di
rectors for a new certificate. Il shall be
competent for the Board of Dneclois lo
order ihe Secretary ol ihe Company to is
sue a new certificate for such Stock, and
the Secretary shall make due recotdol
such oilier and shall specify in ihe new
certificate thai it is issued in lieu of one
then lost.
1 5 ill. Rtsolved, That the Stock of ibis
Company shall be transferable on the
books of the Company only by ihe owner
or his attorney. The deed or power to
be provtd or nckuovt ledged before some
Clerk of a Court of Uccord, Judge of ihe
Superior Court, or Supreme Court, Notarv
Public, or befoie the President, one of the
Directory Treasurer or Secretary of the
Company.
O i motion of A. J. Battle,
lGth. Unanimously resolved, That ibis
general meeting consider the important
cnterpiise in which they have embarked
as closely identified with the best interests
of the Slate, that they have the fullest con
fidence in its entire success, and that it
should be prosecuted lo completion with
all practicable expedition.
Oil motion of H. W. (lusted,
1 7ili- Resolved, That ihe President and
Directors tie requested to cause a recon
uoissauce lo be made with a view to a
branch from ihe Wilmington &i Baleigh
Kail Road, from a point near the Neuse
Biver to the City of Raleigh.
On motion of Gov. Dudley,
18th. Resolved, That the President and
Directors be authorized to cause a recou
uoissauce to be made when convenient
with a view ?o ihe extension of this Boat!
lo the Waccamaw Biver where it crosses
ihe line of North Carolina.
il iic it
On motion of A. J. Battle,
20ih. Resolved, That the next annual
meeting of ihe Stockholders of this Com
pany be held in Waynesboro.
On motion of A. J. De Rosselt,
2 1st Resolved, That Wm. B. Meares,
At J. Battle, and Col. Whitaker, be ap
pointed a committee, to enquire into the
expediency of changing the time of the an
nual meetings of the Stockholders of this
Company.
Col. A. Joyner, from the Chair, named
the following- gentlemen the Committee
under the Cih resolution, viz: IL R. Sa
save, O. G. Parsley, and John Wright.
Also, ihe following gentlemen ihe com
mittee under the resolution of the commit
tee appointed to examine the Company's
Acts, viz: John Woo&ter, Wm.A. Williams,
and Alfred Bryant.
The Committee under the 21st resolution,
through Mr. Meares reported,
That your Committee appointed to con
sider the expediency of changing the time
of holding our annual meetings, have had
the same under consideralion, and recom
mend that ihe present time, the first Mon
day in May, be continued Report con
curred in.
On motion,
22nd. Resolved, That John McRae and
Wm. B. Meares prepare for publication so
much of the proceedings of this meeting,
nrtfa,, J,ff
9, 1838.
51,1,1 itt such aJ manner as thev may
. I J
ucmi expeuieui
Jn motion ot Wm. (J. Lord,
23d. Resolved, That the 'resident and
Directors be requested to memorialize the
next Legislature to pass an Act, declara
tory of the construction to be given to ihe
Act of Assembly, authorizing ihe Slate to
become a Stockholder in the Wilmington
and R. R. R Company, so far as regards
ihe election of Directors of said Company,
and of the number of voles to which ihe
Slate is entitled; and to declare said con
struction to be, that the Slate has no vote
in the election of the six Directors to be
appointed by the Stockholders, and that
she shall on oilier questions, be entitled to
two votes for every three votes given by
individuals. And also, on anv other sub
ject touching the interests of ihe Company.
On motion id 1 bus. II. Wright,
24ih. Unanimously Rtsolved, That the
thanks of this meeting be tendered ihe
Chairman, for the urbanity and ability
which he has exhibited in ihe discharge ol
nis omce.
On motion of Thos. II. Wright,
25th. Unanimously Resolved, That the
thanks of this meeting be tendered the Sec
retaries for the faithful performance of their
duties.
On -notion of A. J. Battle,
The meeting adjourned.
ANDREW JOYNER, PresU.
John McRe, 0 . .
II. W. HUSTED, J S-'-
PRESIDENT'S REPORT.
In laying before you an account of their
transactions since the last annual meeting,
the President and Directors have the satis
faction to state, that afier the most tho
rough examination of the country through
which the road is lo pass, its location has
been decided and fixed passing 3 4 of a
mile cast of Wayncsborough, crossing Tar
River near Rocky .Mount through En
field and Halifax to Weldon : making the
total distance between Wilmington and
Wchlon 161 miles.
Having carefully examined the several
routes surveyed and reported lo them, they
concur entirely in the opinion, that the
above is the most eligible; and their expec
tations of its speedy completion, at the ori
ginal estimate, (as will appear by a com
munication from their Engineer are now
fully confirmed.
The total amount received in payment
of slock if.
From individual subscribers
From the State, 1st instal
ment, and on account of
2d do.
Bcrrowcd from the Board
of Internal Improvement
" from the Bank of Cape
Fear,
S12S,914 67
200,000 00
150,000 00
34,813 34
Total amount ree'd by TreasV S313,75S 01
The total amount of appro
priations and disburse
ments,
795;153 97
Unappropriated balance
Appropriated, but not dis
bursed, SIS, 604 04
7,204 S7
Total balance in hands of
Treasurer,
We have received also in
25,S0S 91
payment of the Slate's
2nd Instalment, but not
yet entered to the credit
of the State, a check for Si00,000 00
Upon this check is based
amount borrowed from
the Bank of Cape Fear in
the above exhibit,
35,000 00
65,000 00
To w hich add unappropria
ted balance in the Trea
sury, 18,604 04
Leaves in the Treasury, gS3,604 04
The expenditures have been principally
on account of Steam Boats, Locomotive
Engines, Coaches and cars, with a large
quantity of machinery for others, the fin
ished portions of the road, Iron, Plates,
and Spikes for '110 miles, all of which
have been paid for, and 75 per cent, on the
contracts still unfinished.
Under the resolution of the Stockholders
at their last meeting, the Board have bor
rowed from the Board of Internal Improve
ment of ihe State, the amount of the next
instalment on account of the State's sub
scription. Of this amount 65,000 are so
appropriated, as to save the interest to the
Company, whilst it is subject to our calls as
our necessities may require.
Whilst the funds set apart by the Legis
lature for this object, are thus invested with
advantage to the State, ihe Board have
been enabled to postpone their calls upon
individual Stockholders.' An Instalment
of 10 percent, became due on the 2nd inst.
making 70 per cent, required of individuals;
and as soon as a further requisition of 5 per
cent is made upon Ihem, we will be au?
Vol XIV So. 23.
thorized to calf Upon the Slate for her third .
Instalment, arid the loan will be thus con
verted into a subscription.
v. it was the intention of the Board to have
put the whole road under contract imme
diately after your last meeting; but owin
to me disastrous slate ol the times the
low prices to which produce had fallen
the suspension of business by the Banks,
and the derangement of the whole mone
tary attains ol the country immediately
thereafter; the difficulty of collect ine in
stalments appeared sj great, that they
uecmeci it prudent to limit their opera
tions preferring to have a portion of tho
road finished and productive, to having tho
whole of it half finished, and exposed to
injury and decay. The times are still un
propitious; yet the requisitions of the Board
have been met with a promptness which,
they had scarcely anticipated; evincing the
confidence which the Stockholders retain
in their investment, and presenting a guar
antee, that the work which has been under
taken for the present year will be accom
plished. With these views, the road has been ful
ly let to competent and experienced con
tractors, irom this place to Waynesbo
rough, and from Weldon to Enfield an
aggregate of 103 miles.
Y Intel the Board believe, that no similar
work has ever progressed with greater ra
pidity than this, they have been disap
pointed in their expectations of having the
road opened on this occasion, to the depot,
at Mrs. Teachy's, 42 . miles north of this.
An embankment across Bcrgau Creek,
about 600 feet in length, which we had ex
pected would be finished in December, was
delayed in consequence of frequent heavy
falls of rain and snow; and it is only with
in the last fortnight that it has been pro
nounced sufficiently settled, to receive the
superstructure. We have now passed 4hia
obstacle, and there is no other in the way
until we reach the point above specified.
Thirty-four miles of the road are now
opened for transportation, over which our
cars pass daily with passengers and materi
als for the road. The sills and rails have
been laid down as far as Mrs. Teachy's,
and in twelve days more, the iron will all
be on. The whole of this would have been
completed at this time, but for the impedi
ment to the transportation of iron beyond
Bergau. Adding to thi? 7 miles from
Weldon to Halifax, now in oneralion. and
we shall have 50 miles completed before
the last of May. Early in June 6 miles
mote, immediately above Teachy's, on
which ihe sills and rails are nearly all Said,
will be opened; and by the middle of June,
12 miles more from Halifax to Enfield,
making altogether 6S miles. In July we
hope to be able to reach the Duplin depot,
which will make the whole length of road
finished 80 miles.
This will bring us within 23 miles of
Waynesborough, and unless the elements
prevent, it is morally certain, hat we will
complete the work marked out for tho
present year, before its close.
The graduation of this whole section is
under contract; the sills and rails are all
engaged many are already dressed, and
we arc laying them down as fast as the gra
ding is completed.
The Board might here tender to you and
the public, their congratulations; that when
our road is completed to Waynesborough,
an uninterrupted line of communication, by
means of Sleam Boats and Rail Roads
from the Sothern termination of the Rail
Roads of Georgia, to the most Northern and
Eastern point of the connexion will be af
forded; with the exception of 58 miles be
tween Waynesborough and Enfield, to be
filled for the present by our stages, passing
over one of the finest natural roads in the
world. We have therefore the strongest
inducement to press the work, feeling a full
assurance that even by the next fall, the in
come from only a portion of it, will j-ield
a profit equal to the best stocks now owned
in the State.
That it is the most important link in the
great line of intercommunication between
the North and South, whether taken in a
commercial, political, or military point of
view, is conceded by all who have reflected
on the subject; and we have the most flat
tering assurances of the interest which is
felt for its completion, by those engaged in
similar works from Philadelphia to New
Orleans. Il is the main stem into which
all the branches North and South of us are
engrafted and from which they must chiefly
derive their support.
The most prominent advantage of this
road to the State, and one which, from its
importance, must commend it te her re
gard is, that whilst it connects her naviga
ble rivers, (crossinc them lust at the head
of navigation,) it in effect, brings the sea
board 120 miles into the interior, and with
in about forty miles of the seat of Govern
ment. It forms a base from which olher
roads may btj extended to any portion of
the State, and brings in contiguity every
section of it. An end, most devoutly to
be desired, as thereby, a common interest
will be created the Stale released from
the vassalage, tp which fhe has heretofore
if: