Richmond daily Whig. [volume] (Richmond, Va.) 1842-1861, 1854-01-20

The Commonwealth of Virginia, by Beverly B
Douglas, Chasain White aud Charles $ Nor.
gan, proxies, having 1870
Total, 45G votes
Thomas II. Ellis the President of the Company, pre-
scented ani read report, as follows:
10 the Stockholders of he lanes Rire. and E,napLa
Company ia General Meeting assembled
GESTLENES This meeting has been convened n pur-
sance Of an order adopted by the Board of Public Works
on the seventh day OF December last a copy Of which il
herewith communicated.
Two distinct question: il will he perceived are indi
Gated in the order.
FIRST Whether il il advisable TO sell the companys
works to the State aud
Second Whether il is proper To convert tho debt due
by the company TO the State into stock of the company
at such price "a may be agreed upon by the partcsi
Both OF these important questions have been repeated
y considered aud acted upon by the stockholders n gen.
eral meeting They first introduced at the annual
meeting in December 1872 On that occasion they were
referred TO special committee, who reported that was
not eGpedlcnt then to take further action upon the sub
jec AT the next annual meeting the proposition that
tue State should take the Improvement aud complete It
State work, was referred TO the general committee Of
thirteen who, in effect reported upon it adversely The
same proposition wSs carefully considered by the first
president OF the company who presented an elaborate
and able argument against il, in his supplement TO the
eleventh annual report 1t brought before the stock.
holders at their called meeting in April of the last year
when, after debate 1t postponed for further consle
ration. At the annual meeting in October last il was
fully discussed, and then rejected the proxies II
the State declining 10 vote.
In respect to the second question: the stockholders
their meeting in December, 1885, adopted resolution
asking the Legislature to release the company from Il
debt due by the State and from the t ma
the guaranteed bond upon condition. that the company
would complete the canal to Buchanan and the improve
Of the ksnawha river from It's mouth to Charleston.
the debt thus assumed 10 be converted stock of the
company The subject was, accordingly presented 10 the
Legislature by select committee of stockholders ap
pointed for that purpose At the annual meeting in No
yember, 1916, resolution reported unanimously
i al. H. 49,.
vert the debt due from the company TO the Common
wealth ami aso the debt of the company due by bonds
Of which the Commonwealth guarantor, into stock
the company nj par, on terms which might be uat be
tween the Common wealth add other stockholders This h
presented to the Legislature by the memorial Of
select committee of the Stockholders At an adourne,
meeting in February 1917, the proposition that the Stat
should suspend its lien, to enable the company ras
upon its own credit the money necessary 10 construct
railroad from ynchburg Guyandotte was referred 10
committee who reported unanimously, that il was ineS
pedent at that time to present to .hr Legislature any
plan departing from the adopted the preceding gen
eral meeting At the annual meeting in November 1851
the stockholders, by resolution, assented to modification
Of the charter, by which IT contemplated that the
General Assembly should fund the bond debts Of the com
pany and the payment thereof the part of tho
State Ny immediate predecessor in office in four sc
cossve annual reports presented with olearness and force
tho advantages resulting from the policy which had beer
forced upon the company, Of constructing great part
it, impr0semeDtw borrowed capital aud he suggested
the conversion Of tho debt into stock Of the plan
Of relief which met his appreciation.
In view Of the familiarity Of the stockholders will
the question submitted by the Board Of Public Works
aud Of the circumstances under which this meeting has
been called, deem II becoming IN 10 abstain from
any elaborate discussion Of those questions hut can
not refrain from expressing in the most unqualified man
nor my convictions Of the impolcy Of the propose,
sale.
deem Il peculiarly impoitic at this time the par
OF the company its revenues which have hith
erto proven inadequate, have reached point, by
steady and SUITE increase, when the company will be
abed pay IL interest, meet s current expenses ant
In short time have balance Tor division among IN
stockholders. The work has advanced into tho Valley
from which already receiving accessions Of pro
duce aud minera 10 extent which may be CONSIDERS
IS realizing the singuino antcipations OF its friends
Besides which public opinion 10 reference the vau
Of the Improvement daily strengthening and increasing
II s impolitc, because the State has determined,
the coat Of millions Of dollars TO construct the CoynF