The daily dispatch. [volume] (Richmond [Va.]) 1850-1884, 1854-04-15
LOCAL MATTERS.

i AAC - NNA@&eMActb sXuaR1kz4& DeaA2atN -
sMetropolitsn Hall yestart1y inofhings ard the
meetinswas called to orderat ten minutes before
II o'clock, BY the chairman, Hon. VIM. 8. ARCHER
Of Amelia. Col TowEEs, from the Committee of
thirteen, to whom was referred the Presidents
report on the day before, presented the following
report:
The Committee to whom was referred the report
of the President Of the Richmond and Danville Rail-
road Company, havehadthe same under their con-
sideration, and beg leave respectfully to make the
following report:
To the enquiry made by the President that in
convenience had been experienced in the mode oil
appointing successor to fill vacancy in the office
of President by Board OF Directors, and the pro.
priety OF selecting different mode by bylaw OF
this Company, your Committee are OF the opinion
that the present mode OF selecting successor by
Board of Directors is regulated by the laws OF the
land, and that any mode OF appointment lnconsls.
tent with it, would be invalid, and that modifca.
ton ofthe present mode can alone be made by the
Legislature of Virginia.
On the subject ofthe tolls, your committee are OF
opinion that this is proper subject for the eonsidf
Grafton of the Board of Directors, they should adopt
n proper tariff and revise the same from time to
time as they may deem expedient-that the stock
holders as body could not be SO accurately intorm
ed on this subject as the Board OF Directors; and
apy interference of the stockholders, would in
great degree, remove the responsibility of the Di
rectors and greatly protract the deliberations OF
body designed by law to assemble not more than
once in year. Your committee therefore think
this subject of tolls should be regulated alone by the
Directors. and that they should adopt such
as should secure for this road the travel and tom
mage OF the country through which it is located,
and give to the company reasonable and just
compensation by way OF tolls.
Your Committee concur with the President in the
opinion that it is expedienr to authorize the Board
OF Directors to cause preliminary survey to be
made at convenient time through the counties of
Pittsylvania, Henry and Patrick, as proposed by a
resolution adopted at the last annual meeting for
branch of this road from the town of Danville
Your committee likewise concur with the Presi-
dent in the opinion that is expedient to appoint
committee to confer with the citizens OF North Car
DINA on the subject of connection of this road
from Danvile to the Central road ofthat State and
to memorabilia the Legislature of North Carolina
that subject and that the President and Directors
of this Company should be charged with the duty of
carrying out this application, at such time and in
such manner as they deem proper
Mr.. LEWIS E. HARvIE did not intend to discuss
the report and would have made no allusion to it,
but for the fact that had been asserted in Rich
mond and elsewhere that he did not expect or de
sire the road to pay dividends. This was not true
He had always expected the road to pay handsome
dividends, and fully calculated that it would pay 10
per cent when completed to Danville But this, he
believed, could better be done by moderate tariff
oftolls, than by an excessive one-for, while the
former plan would drive business from the road
the latter would bring business to it, and thereby
Increase its profits. He did not approve of all the
statements or recommendations of the President
but opposed to the general scope of his report
long and animated discussion ensued between
Messrs, Stovall, Clifford, Witcher, Harvie and Bry.
ant, when the following resolution was put to vote
and passed $50
Resolped That the report of the Committee on
the report of the President be re-committed to
them with instructions to take into considera-
ton the statement OF the President of the financial
condition of the Company aud make report of the
same, and OF the amount necessary to Complete the
road to Danvile, as well as the probable time it will
take to reach that place with the work
Mr. CLIFFORD offered the following resolution
which was unanimously adopted e,.
Resolved, That a committee of five be appointed
to take into consideration the most appropriate
mode of expressing the sense of the stockholders
as to the irreparable loss sustained by the Comma
ny in the death Of w P. TuNsTALL late President
The Chair appointed the following gentlemen
said Committee Mr.. CLIFFORD having declined to
serve, owing to his connections with the lamented
dead:-Messrs Isaac r. Watkins. s. s Brvent w
G. Craghead, G. D. Neal and Charles 8. Mills.
DR.. L. p. ATKINSON, from the Committee of
three, to whom was referred the subject matter of
the report presented the following:
The committee to which was referred the cues
ton whether the present meeting of the stockhold
ers OF the Richmond and Danville Railroad Com
ny has the power to fill vacancies Occurring in the
Board OF Directors in the interval between the reg
ular meetings OF the stockholders" have examined
leave respectfully to report IL
That by the 18th section of the general law reau.
lating the proceedings and prescribing the duties of
chartered companies, the annual election of Direc
tors is confded to the stockholders with the power
OF removing any director and filling the vacancy
occasioned by such removal.
In no other case does that law thorse the stock
hotders to nil vacancy except when the number
OF Directors is reduced below the number necessa.
ry to hold meeting of the Board" whilst the Di
TectOTS exDreRalV red m
cy which may occur in the office of Director Other
aoise than by removal IL -
There being no vacancy 'by removal" and the
number OF Directors not being 'below the number
necessary to hold meeting" your committee are
OF opinion, and respectfully report that the power
to fill any vacancy which may have occurred in the
office OF any Director appointed by the stockholders
belongs to the Board of Directors, and not to this
meeting. z ~a !74.#
A long discussion here arose between Messrs Az.
kinson, Giles and Others in favor of the report and
Messrs. johnson, Patton and others, in opposition
to it. =, -FF 1880
Mr. GEO n. JOHNSON offered the following as a
RESOLVED, That the report be rejected and that
the stockholders will proceed to fill the vacancies in
the Board of Directars 0a4731 T-G377Fe'
Mr.. JOHN M. GREGORY offered as an amendment,
that all OF MIR. Johnson's resolution from the word
rejected" be stricken out, and that the blank be
filled with land that the consideration OF filling the
vacancies be referred to the Board of Directors
"A seafeu vote was called on the amendment. and
the question being put resulted as follows: Ayes
565-noes 1860. 7f73 &aa 1881 a fs<S3i -
So the amendment was lost
The question then REQUIRED upon the original res
olutlen OF Mr.. johnson, when the hour of 5 O'Clock
having arrived, an adjournment was moved and
carried to meet again at 5 o'clock, Pm. .@.s
-35 AFTERNOON SESSION. iis4- tsst
The Chairman took his seat at the appointed
hour and called the meeting to order. He then sta.
ted that the business to be first disposed Of was the
resolution of Mr.. Johnson, offered at the morning
session, which had been slightly amended by the
mover, and now read thus: sg ssrss
Resotoed, That the report be rejected, and that
the stockholders will proceed to the election of
Director referred to in the report of the commit
tee of three. So ~ s+s. : 80 N r. y -
Mr.. JOHN M. GREooRy moved to indefnitly nest
pone the report and resolution The question be.
Ing put the motion was lost
The vote was then taken on Mr. Johnson,s resolu
ton, and carried in the affirmative.
The Chair then announced his readiness to re.
ceive nominations for Director
DIR. 1. +. ATKINSON, OF Danvie, nominated JAS
BROWN Jr, OF tais city, and payed high tribute to
his moral WORTH $500 = :.
This nomination was heartily seconded bv
Messrs. John NJ. Gregory, L. L. Harvie, S. S. Bry.
AI,.