The daily dispatch. [volume] (Richmond [Va.]) 1850-1884, 1854-04-14
LOCAL MATTERS.


tropolitan Hail. yesterday commencing at IL
o'clock:
Mr.. A. r. d. GrFFoRp, Pesidept Of the Company.
having learned from the Secretary that quorum,
was present, called the meeting 10 order. and on
his motionthe Hon. w. s. ARCHER Of Amelia was
Of DanviIle appointed Assistant Secretary. Mr.. p.
VAN DuERsEN, tho clerk of the Company being
er-ogeie the Secretary of the meeting
The Chairman having taken his seat, on motion
ofMr. GrFfoRD committee Of three was appoint.
cd to examine proxies and report the amount of
stock represented. YsfFzs refsfs1
The Chairman appointed Messrs THos. T. GILES
of Richmond, e. g. LEIGH OF Amelia, and HUs.
TER II MARSHALL of Charlotte, said coniinittee.
President CLIFFORD, by general consent, aud du-
ring the absence OF the committee proxies, then
arose and read the following report;
To the Stockholders of the Richmond aud Ddnpafe
Railroad Company, in called meeting assem-
bied:
GENTLEMEN:-The official position 1t ismy for
tune to occupy as President OF the Company, makes
il my duty to announce formally to you, that OF
which informally you are alreadyt too well aware,
that you are assembled here at the unanimous cali
of the Board of Directors in consequence OF the la
mented death of Mr.. President Tunstal :
| decline altogether any attempt to enumerate
the many qualities and virtues which adorned the
character OF our late resident, or to point out to
the stockholders the claims to their gratitude and
regard which that distinguished gentleman has en-.
tailed upon them; but shall content myself with re-
porting the resolutions, published in Dispatch at
time of passage) which with unanimity were passed
by the Directors OF the Company, as soon as they
could assemble after the fatal intelligence of MI
Tunstalfs death had reached them. f,-'
The Directors having been advised by the eoun-
sci OF the Company that the powers of President
pro tenn. ceased, as soon as vacancy In the Pres
Dental office occurred; that President was an es
sential part OF the Board, end that without him the
Directors could not have the proper business ofthe
Company performed, nor possibly do any act ex.
cept to fill the vacancy, Immediately proceeded to
elect President, and the choice fell upon myself
1t was, however, previously understood amongst
themselves, that the stockholders were to be- as
soon as practicable, assembled, and the selection of
myself was not intended as permanent appoint
ment, or In any manner indicating the opinion of
the Directors as to my superior claims to quail
hcations for the off1ce-and ] may add without [
trust any indelicacy the violation of official con-
hdence, that had the Board been compelled to fill
permanently the office, il would not probably have
been conferred upon me-and here | may be al
lowed to say, thar the notion of any having
claims over all others, where 30 many, both within
and without the Board have served the Company
since its organization with much zeal and ability
and with signal advantage to its interests would be
as arrogant pretension as 1t would be absurd and
unjust towards others.
cannot help thinking however, that there is
some Inconvenience in the present mode of ap
pointing successor to fill vacancy in the office of
President by Board of Directors, entaing upon
LneUl uuty euIDaFIdsSliiS anu utsdgFe6ADie. and
should the stockholders have toe right by bylaw
to select different mode. should think it desira
BILE to adopt it.
Many doubts having been suggested to me by
gentleman learned in the law doubts, too, which
had arisen in the mind of the counsel of the Com
pany.) whether the stockholders could in called
meeting appoint President, the Directors having
already executed that duty, | beg leave to tender
to the stockholders my resignation of the office
have now the honor to till and ask them to consd-
ar ar until nv hao
ed.
The very great increase in all our expenses in
duced the committee on tolls to suggest a proper
tionate rise Ia our tariff of tolls which, TO great
extent, was agreed to by The Board-( although
subsequently reconsidered and the tolls remain the
same as last Year, Thii proposed rise met with
Sreat disiavor in both town and country, and many
parties by letter and by personal appeals, remon-
strated against the increase, and many openly
took the ground and still maintain it, that the road
was not built for the purpose of dividends upon
stock, but for the accommodation of the country,
and that the stock would not have been subscribed
had the notion pre- vailed, that the Company were
to look tor dividends theron.
If these opinions had been advanced by the few
and inconsiderate, should not have felt justified
in OBTAINING you by criticising them, but believing
them to be held by many early and warm friends of
the road, hope you will pardon me if test their
soundness and expectancy by brief review OF the
sntecedents ofthe Company, and the actual posi-
ton OF its affairs.
ana nTsl as TO the mode IN which the work has
heretofore been prosecuted. ..r
1t was the early policy of the B. ard in negotiating
with contractors. to obtain from them Subscrip.
ton to the capital stock of the Company and in the
very first contract made tor grading and masonry
900 in stock was taken and is still held bv tbe
contractors. This system was pursued, and at last
we advertised to let thirty miles of road providing
an payment for the the contractors would take
forty per cent of the amount in the stock of the
Company his condition was complied with, the
Iynr "a nd ia nov arlxr
any one who will doubt the injustice that would be
done to stockholders thus situated who took their
stock at par, il the Company were to sanction the
doctrine that revenue tariffs not to be regard.
ed Again, in urging the county subscriptions
were not the people again and again told that it
would only be lending the credit of the counties,
because the dividends that would be sure to be de-
clared as soon as the road was completed would
more than pay the annual interest on the bondsY /
cannot of course speak for all whose duty or pleas
ure it was to address the county meetings on this
subject, but know that in conjunction with the
late President | invariably made these or similar
declarations.
And again. The stockholders passed resolution
in general meeting, in February 1851, by which all
the future nett revenues of the Company not al.
ready pledged, were pledged ito the completion of
the road to Danville." Thus much for the antece
dents; and now bear with me whilst briefly state
the present financial condition OF the COMPANY
In January 1852, the Chief Engineer made an %.
road to Danvle but owing to the great Increase in
the cost of material and labor his present estimate
will exceed the former one by S3l9, 900, added TO
which must be estimated the excess of cost of
twelve miles of track west of Staunton river. in
substituting the heavy tor the fiat rail- amounting
to $4,000, additional furniture and wharf OPPOSITE
Rockets, So, 600, making altogether S456, 00O-
Now, assuming the nett income OF the road by the
Both September next, from the commencement of
the business, after paying expenses and interest on
the debt, TO be $4,000 the deficiency would be
1906 900 besides which there are sixtyseven miles
of plate rail track which the Chief Engineer reports
must shortly be substituted by an edge rail- a. cost
of $685. and that too after allowing l34 900 as
the value of the old rails. The stockholders will
thus that Ito the language OF the report of
the Chief Engineer) betore the road can be consid-
cred as complete and in condition to perform the
business which naturally belongs to it," the sum OF
SSi2 0C0 will be required The reports of the Chief
Engineer upon which these statements are based
are file in the Office, and of course at the COM
mand of the stockholders ei
trust may not be understood to be advocating
the principle of high tolls. All wish to be con.
sdered as contending for is fair revenue tariff
such tariff, in my judgment, the present very high
rates OF agricultural products will Justly bear, and
must be borne in mind, that had the late increase
In tolls been maintained, and the result been an I'M
que amount OF revenue the benefit yyoolS ba no on,