The daily dispatch. [volume] (Richmond [Va.]) 1850-1884, 1855-12-14
LOCAL MArrHRs.

s.os A.o"ets met NJ the company Office yesterday
morning at Ii o'clock, GEO. wIiI1AMsoS. ESQ 70
1 suming the chair ~
| Presidents Rrpors-Mr A. ID. Dickinson from
the committee 70 whom was referred the President
| spors anu accompanying documents reported that
| they had carefully examined the same and having
| the most implicit confidence that the statement
therein set forth are correct and truly exhibit the
state OF affairs, cordially unite with the President
IN eongIatniatng the stockholders on the crafty.
ing condition OF the company and its brilliant and
nattering prospects. They therefore recommend
the adoption Of the report and also advise that the
suggestion it contains of creating sinking fund to
meet the liabilities falling due In 1859 and lafa
| amounting to 600 be carried out
| Ihe committee likewise recommend the adop-
ton of the resolution referred to them relative 10
the pettlonng OF the Legislature for increase OF
stock of the company to the extent of b 600 600
on the two and threefifth principle and the exten
sion OF the road to some eligible point on the Viz
ginia and Tennessee Railroad"
On motion OF Mr.. Myers, the report was received
aud approved.
| Col Townes, in order to carry out the views O,
the committee the Presidents report offered the
| following resolution: .
Resoteed. That the President and Directors be
| instructed to present to the General Assembly of
Virginia, at its present session. memorial asking
an increase of the capital stock of this company to
the amount of 81 100000, to be applied to the ex
tension OF the Richmond and Danville Railroad
from ITS western terminus to such point on the
| Virginia and Tennessee Railroad az may be deem
| ed to be most eligible.
MIR. SiOvall moved the following an arnendmen,
to the above resolution:
| "Prorided, however that no portion of the earn
ings of the old road shall be appropriated tn the
| eongation Of said road
Col. Townes could see no reason for the adoptiou
| of the proviso. The Legislature would prepare
| such a charter as it might deem proper when the
| stockholders would be convened to accept or re
| fuse it.
Mr.. Smith, of Henry, hoped the proviso would
| not be passed, for by it the new stockholders
hn ~
to the old road by the increase of tonnage produc
| ed by the extension
MIR Grattan advised the stockholders not to act
too hastily in the matter before them. They ought
| to know something of the benefits to be derived
from the new road, before placing themselves i'll a
| position which they cannot readily get out Of
| Mr. Harvie thought the resolution only asked the
legislature the privilege of extending the road -
| When the subject comes before that body it will
be licked into shape, and the company can then
| accept reject the charter as the stockholders
may deem proper.
| Mr. Witcher concurred with Mr. Harvie, and
| gave a glowing account of the mineral and agr
cultural wealth of the country through which the
| elongated road proposed passing The resolution
under discussion only asked privilege Of the Leg
| islature, which the stockholders could receive oil
| not when the charter was granted. Believed the
Danville road supplied more produce and was q
| better outlet for merchandise than any other
that Richmond has. He then adverted to the course
pursued by the Southside road in refusing to bring
freight intended for Petersburg, and regretted that
| such was the case. Indeed, he had lea rned from
gentleman desirous of sending his tobacco to Rich
mond that he could send it to Petersburg and then
lighter it around at Sll0 per hOgshead less than
he could send it by the Danville road, because OF
| the want of concert between the South-side and
| Danville roads. --
Mr.. II. billiard of Henry, opposed the proviso
| with considerable warmth, and declared that peo
pie along the designed elongated line could raise the
money necessary to build the road by the aid Of the
| State, His people desired TO pour in their agri
cultural and mineral wealth into the capital of the
| State. When the Danville road needed aid hi,
people came to it's rescue with their money. They
now expect aid that they may pour into Richraond
the inexhaustble wealth of their fertile lands and
| mountains groaning with mineral treasures. But
| if this loan were refused them, then they should
| seek different outlet and bid Richmond adieu for
| ever. He hoped that the stockholders would reject
the proviSo and aid his people in making the elon
| gated road asked for.
| DIR. Atkinson moved to amend the amendment
by inserting the words without the consent of the
stockholders of the present road"
| Mr.. Harvie necessity for DR. Atknsont
amendment, as. by its adoption. the subject would
| stand just where it was without the proviso.
Mr.. II. 4. Bouldin advocated the application fol
an independent charter and thought that the bes
plan to be adopted the friends of the extension
| asked no money of this company.
Mr.. Smith replied briefly, and said that while
they greatly pref rred to join the Danvie road, il
compelled to make road, they should choose theil
own outlet. ..
The question then taken on DIR. Atkinson.
| amendment, and carried in the affirmative.
The question then came up on the proviso al
| amended, and scale vote being called for by Mr. l.
| &. Harvie, resulted as follows:
| For the proviso as amended-l664.
| Against it-292l.
| So the proviso was lost .... .- Sd.
| The question then came up on Col. Toyxnes' re
| solution originally offered and the question be
| ing taken, the resolution was adopted.
| The met citing then adjourned until 5 o'clock a
| the African Church ~
EVENING SESSION.
| The stockholders met at the African Church pur
r suant TO adjournment, Mr.. Williamson resuminl
the chair.
The Secretary announced the vote to be as fol
lows, on Mr. St,valrs proviso anne lded-
| Ayes l,634 Noes 2,9l5. Majority against the pro
| viso, ,26I .-
The question then came up on the original reso
luton offered by Col George Townes, which wa
amended at the suggestion of Mr.. Grattan, ant
| passed as follows:
| Resolved, That the President and Directors bt
instructed to present to the General Assembly o
Virginia. at its present session, memorial askiue
| an increase of the capital stock of this Company
to the amount of So 0OO,O00, to be applied to the ex
| tension Of the Richmond and Danyile Railroad
from its w, stern terminus to such point on the Vir
ginia and Tennessee Railroad, as may be deemet
| to be most eligible: Provided however That any
| act, passed in pursuance Of the foregoing resolu
ton, shall be submitted to general meeting OF tn
stockholders, and be accepted bysfem, before
| shall go into effect.
| Accounts-Mr. Finney, from the Committee OF
| ACCOUNTS, reported that they had performed tn.
duty and found the books neatly and accurately
kept.
Sale Of BoRds.--On motion, the sum of $500 wa,
appropriated to pay James Brown, Ir., for selling
$60,0O0 worth of the company's bonds
MIR. A ID. Dickinson offered the following reso
| luton, ~ an amendment to the nth bylaw;
| Resolved, That at each annual meeting Of the
stockholders of this company, there shall be ap
| pointed committee of three, whose duty it shall
be to ascertain and report to the next succeeding
general meeting upon the condition and manage
ment of the affairs OF this company; the mode OF
| keeping its books and financial affairs how il
| charges may be reduced avoided, and in what
| place and what manner an economical, systematic
and efficient administration of the company can be
| established. And the said committee shall have
authority to employ sklful accountant - aid them
| in this investigation. .s-.ses-,ssse-
| Mr.. ID. then addressed the meeting on his resoiu
tion.
/ Mr.. Clifford did not believe the Board of Public
Works had the power to instruct the agents OF this
company in the discharge of their duty but II the
committee ia 10 be spppinted he was in favor Of
paying each member per diem for his services, as
gentlemen could not be expected to give the ne
cessary time without compensation.