Lynchburg daily Virginian. [volume] (Lynchburg [Va.]) 1852-1861, 1854-10-27
THURSDAY MORNING, Oct. Goth.

port through the chairman. Gen. Clay and re-
commended the adoption of the following resolu-
tons:
lsf. Resoired, That the salary of the Pres-
dent of the company shall be $4,000 per annum.
payable quarterly, and necessary travelling
penses, to be previously approved by the Board.
Ind. Resefred, That the pay of each Direc-
tor shall be s. per day for the time they
be aefsaiiy engaged in the service of the
company, and they may be allowed their actual
expenses when they may be called to travel ON
the business of the company. bat per diem
shall be allowed when travelling.
Mr.. C. L. Mosby offered an amendment TO the
first resolution. that it take effect from the last
meeting of the Stockholders. The amendment
was discussed BY Messrs. Mosby, Clay aud G ar
land, aud ON the vote being taken il was lost
The question recurring upon the original reso-
luton. it was adopted.
The second resolution was then taken up and
also adopted
Gen. q. G. Clay behalf of the Commit
tee then made further report, consisting Of
the following resolutions, which were oa notion
laid on the table.
1st- Resolved, That the Board If Directors
be instructed 10 enquire into the list of the Off
GERS, Engineers and employees of this Company
with view, If practicable. 10 reduction of their
number, and decrease, if e1pedient by sound e.
economy, of their Salaries, and 10 require
strict services Of all persons in the employ neut
of the Company.
I'd. Resolved, That the 18th and 10th Rv- Laws
OF the Company he Repealed.
I'd. Resolved, That the bylaws of the Com
pany shall be published annually with the pro-
eeedings of the annual meeting
The following amendment TO the 10Th Bylaw
was offered by Gen. Clay, aud on molten was
laid the table:
Neither the Presdcrr nor any Directors nor
Enginecr IN the employment of the company,
shall have any interest, direct or Indirect IN any
contract with the company, and nothing shall be-
paid by the company, recovered from ihftn on
any contract in which the President or any Di-
reetors 80 Engineer in the employment Of the
company shall have any interest except such as
may have been cast upon him 10y will. or operation
of law, and no Director, or other officer OF agent
OF the company shall act as proxy at any meet.
ing Of the Stockholders.
On motion of Gen. CLAY the report OF the
committee Ia examine the books accounts. &C.,
of the company, which was vestards, laid on
the table, was taken up, and ii was resolved that
the report be Fe-oomnitted to the committee to
continue i'1eir work and report To the next meet
ing of the Stockholders. The committee 10
whom was referred the report of the President
and Chief Engineer and accompanying docu-
ments then submitted their report consisting Of
the following resolutions. which were adopted.
LIST. Resoiped, Tbatthe contracts reported by
the President with Messrs. Scott IL Adam. aud
Kyle Radiova. for the construction OF the salt
Works branch. and the mortgnge executed
thereon, viz, 10 indemnify Thos. l.. Preston far
ms obltgatlonsin respeotio the cost of oonstruc-
ton, isapproyed
hat tIa IL. -
eral Assembly, passed the u st February, i-54,
entitled, An act 20 provide for the construction
OF railroad from the Virginia 4 Tennessee rail
road to the Virginia Genital railroad, at or or
near Clifton Forge" be aud are hereby accepted
by the Stockholders.
3D.. That the Stockholders ere gratihed at nle
increase of business exhibited by the operation
of the road during the past yesr-and belie wing.
III view of the wants of the company md its pre-.
sent hscal condition, that an increase of rates
upon passengers may be properly made. the
Board OF Directors requested to make such
increase as, IN their opinion, may be iudlcious.
4th, bat while the company has neces sarly
felt the same monetary eubarrasstnents which,
during the past year, have effected the whole
country, and the general work may have been
retarded thereby the Stockholders feel II lust 10
approve the action of the President and Board OF
Directory in meeting their difficulties aud pros
sing on the main line, notwithstanding this niriil-
gency- and the 9Th resolution of the last meeting
OF Stockholders having invested the Board of Di-
rectors with all necessary powers in respect to
the finances n the company, no further action is
deemed necessary than to reIey 10 that resnlu-
luton. and ~ carrying II ont, TO urge the Board
TO increased energy aud activity III the great OBJ
ject OF finishing the road daring the year 1855.
The meeting then proceeded to the election Of
President and Directors of the company when tho
following gentaeanen were unanimously re-eheotod
viz Jno. Robin Mcdaniel President and Henry
Davis of Lynchburg and Geo Stuart of Wythe-
Directors the part of the Stockholders
On motion, the resolutions of the committee on
Salaries which were previously laid on the table
were taken up and adopted.
The amendment of the goth bylaw was then
acted upon and passed
Mr. Crockett moved a reconsideration of the
vote on the amendment of Mr.. Mosby to the list
resolution Of the committee salaries, which
was carried, and the resolution as Sr,ended was
adopted which makes the increase I'd the Pres
idenis salary take effect from the last meeting
of the stockholders.
The same committee, viz: Chas. W Christian
and n {. Manson, were e-appointed to examine
the books accounts &c. Of the company.
Genl Clay offered the following resolution.
which was adopted
kesofred, That the proxies to represent stock
in the general meetings shall only be valid for
the space of two years.
There being no other business before the meet
ing, on motion of Gen. Clay, it then adjourned
sine die.
ri