Richmond enquirer. [volume] (Richmond, Va.) 1815-1867, 1858-04-13


JAMES RIVER AND KANAWHA COMPANY. |
An adjourned meeting Of the stockholders OF the
lanes River and kanawha Company. was held 1t
,he Company's office, in this city on Thursday the
s;l, instant, at o'clock, y. u. Col. H. Z. Cabeii
resumed the Chair Mr.. w. +. Munord, the Score
tsry of the Company, attending as Clerk tE GWc'0;
Col Eis the PRESIDENT addressed Inc slocHho'h
srs as follows:
Gent.men:- Under The authority oil your re'uu'
ton OF the 9Th OF January last and of resolution
subsequently, adopted by the Board OF Directors: !
have executed and delivered 10 Ihs proper authorities
Of the State, end they have duly accepted, a oon1
and deed of trust as required nv the Act oil Assem-
bly,, passed 22nd December, 1857.
You will recol-ct that at your meeting III January
a bill "urovidiug more effectual means tor the i'm
provement of the navigation of the kanawha river.
which had then passed the Senate was considered oy
you. The bill having been referred 10 the Comm't-
tee on Finance, in ths House OF Delegates, was III
siructed BY YOU to ask certain amendments and IN
the event OF their ADOPTION to use my best enceaVors
to have il passed. have complied with your in,
strucons and now report, that the bill hnay passeu
on the 18th of February. The only material dePar'
ture from the amendments submitted on your behalf
was one prescribing that the new director VINO Is 10
be added to the board al at present CONSTITUTED, sa
be elected the President OF the COMPANY st s
the Joint vote Of the State and tie private eto.A
holders. certified copy OF the Dill IS no" suo'nl''eu
for your acceptance.
Isubmt for your information, certified copies OF
two other acts which have also passed, to VIII, one
entitled:
IAN ACT authorizing the transfer Of the franchises
of the North River Navigation Company TO the
James River and Kanawha Company" passed March
lGth 1885, and the other, entitled IAN act ior cnang
ing certain toll gates on The james River ana hana-
| wha Turnpike passed April 9TH lSoo
regret to inform you however, that the prihcipal
| application of tho Company 10 the Legislature mas
not been granted. Az you have been heretofore ad'
vised bill 40 increase the capital stock OF the Com
papy, and to suthorze subscription thereto by the
Commonwealth was duly prepared aud reported 10
both Houses. Ii was streuuousy advocated IN pri'
yste by many warm and influential friends and ell.
cited several communications, which take the iioer-
~ to lay before you, TO wit:
a lstier from ihe President of the Company, ad
dressed TO the senator and delegated from TINS CITY, 10
the General Assembly; another from Mr. Iyous, one
of the directors of the Company, addressed TO
Messrs. Desne, Lsyne, Carpenter, and DINERS, mem
beers OF the General A-semoy; ana leaai oplh.on'
from Messrs. John NJ. Patton and arthur A Morsoh
During the regular session, il was not debated OF
voted upop in either House, except tor the purpose
of being ordered to engrossment. During the extra
d session il was twice briefly discussed, and twice
voted upon in the House Of Delegates receiving OF 81
Tho last occasion vote Of 70 for it 10 10 against III st
y members being absent II. therefore ta'led for thu
want of a constitutional msjori'y When II came ny
tor consideration in the Senate, the Senator from AL
d bemarle proposed substitute, which was ADOPTED
and then the bill was indefinitely postponed by ma
iory of one ten being absent or not voting
The substitute was as follows:
q A BILL,
To increase the capital stock of the James River ant
Kauawha Company, and to authorize aaubscrlpuoi
n thereto by the Commonwealth.
L. Be it enacted by the General Assembly, That IN
. capital stock of the James River and hanawha Com
pany shall be Increased eight millions OF dolars "
J. shares Of one hundred dollars each w
g OF the said new stock the Board OF Public WORK
thereby instructed TO subecribe in the manner mere
matter provided, on brha'f ct ths commonwealth 10
exty thousand shares which shall be received IN salts
10 faction of the entire debt due by the said Compa
Or nv to the Commonwealth, and the entire debt TO
- which The State is bound IA security for the said Com
- pany and the annuity due to the old James RiVe
ompany and when the certificates for The sald slI
Ia thousand shares shall he received by the Board O
in Public Works, il shall give to the james River an
Ksnawha Company receipt IN fuli LOT 'he saa se't
raj debts and demands, and surrender 10 u all the on
r. legations of the sad Company now held by me STATE
n g. When the preceding section bas been compiler
=. with the Board of Public Works is hereby dreote
to Issue to the holders of the bonds OF the James Rive
ls and kapawhs Company tor which the az. respon
10 sibe, corresponding amount OF the bonds OF IN
=, State made in the prescribed by law payabl
thirty -four years after date, and bearing interest
III the rate OF xix per cent per annum payaoie eenl
ss nusly such holders Of guaranteed bonds surrender
"a ing the came to the Board Of Public Works, who cha
- cancel and fe the same
sc L. This remaining twenty thousand shares OF stoc
re of the James River and ksnawha company, create
by this act ehull be sold by the said company, eIthe
nv opeujpg books of subscription In the manner nov
+ authorized by law, or 10 such other manner "a TO
10 NAV seem bes Provided, that no ehare shall be- col
g tor less than hundred dollars, paid or secured
Ia he peid in good faiths Provided further that the stoc
authorized be isened by tha act shall be constitute
preferred stock, aud six per cent. dividends aba
be declared and paid TO the ownsrs thereof betor
n any dividends paid on other stock IN shid jaime
o, River-and kanawha company: And, provided more
" over that the Board OF pnblic works shall moi sh'
d scribe for the ssd sIiY thousand shares !st mei
le toned till ten of the twenty thousand shares hereb
D. authorized 10 be soid or subscribed, shall be dui
= taken by perscns bodies corporate, solvent dn
sb. to paw nor shall the Board Of pubG works gran
ecouttances TO the James River and Kanawha con-
II psny, as provided in the second section of this &C
except upon the actual payment OF the subscription
Aforesaid by others than the Stare, in the proporfio
10 of six huaGred dollars 10 be recepted for on the par
ira Of the State 70, every hundred dollars actual
or paid of the said subscription OF ten Thousand shares
5. The council or appropriate authorities OF an
city or town. and toe county court Ct any county, ar
hereby authorized TO subscribe on behsi CT snch CITY
&, town or county Tor stock created by this act s1d
borrow from tune TO lime behalf OF any such city
town or county, nnaa sums of money al will be r.
IN aured to effect said otlsei. and 70 levy, assess an
On collect such ~ in their op,4iSp VIII os necesa
nv for the purpose Of paying tho neres end redeem
ing the principal Of any loan which the aala cnanc
' or authorities, or county court, may nego'iate u
n virtue of THE act; aud such subscription snai o
r.. made as nearly may bs c0uiormaDiy 10 the pre-
yisions of the Code OF Virginia authorizing sabscril
tions by counties TO works Of internal improvement
= g. This act shall be in orce rs soon "a the stock
holders Of the said IN general meetlnR sba
= accept the same.
At Tde vote by which thi, bill was indefinitely pos
a. poned vas recoDsidered, and the bill then laid upc
The table, and the following day the Senator fror
80 Augusta submitted sc bstitute, which subsequent
30 passed the Senate, by than the requeits cor
et stitutional majority, and lie as follows
.. ]. Be II enacted by the General Assembly, That tn
- James river ald Ksnawha company be, and they ar
10 hereby authorized to borrow the terms now pre-
soribed by law, a sum Of money, and to issue IN
ia ~ fha
>, two and r. hail millions of dollars, to be expended j
g completing and extending The water line Yves
wardly.
IF 9 That Il shall be lawful for the said company {
in secure the said bonds by mortgage. or other ape
;" cifc lien, on all the works and property which thu
10 said company now owns, or hereafter may acqulr
East of Covington ard all its net revenues. Thu
ID | all liens or prior claims which the Commonwealth
- may hold on the ss'd wnsks property and revenues
~ are hereby suspended in favor Of such persons o
bodies corporate as may loan money for the purpose
of this act. CT become Tho holders OF the said bond
. until such oan loans, with the HccruDg interes
" thereon. have been fully rGid and discharged: Prc
3, pided. horcrcr, when the d-Si with its arcru'n
niereet whchis herein authorize for the coinp'e
i. lion and extension of the canal Yves wsrdiy s'ia
. have been fully paid and discharged. the Common
II wealth sbal be r-ins'ated TO ell the rights privilege
and prnri,Ds to which il ~as entitled by virtue @
Ia such LENA or prior claims before the passage Of thi
acf and shall also he entitled to lien on all IN
FORKS Of said company which shall be constructe
under THE act.
8 This act shall be In force from and after tn
|. time when The stockholders OF the said james rive
a and Kanswha company in general meeting aha
accept the same
This measure when it came up for final disposition
tn in the House of Delegates received vote ct ~
Ia 81, faing for the wnnt of only FIVE votes II
= known that among ha ahsentees there were friend
enough OF the measure IL have increased the vote "
i favor of the bill To the requisite constitutional majority
| 1t Is my duty further 10 inform yor that the Huls
, Of Delegates in December last adopted resolution
requiring The president Of this company to furnish tn
!, House a list Of the sslared officers Of the company
: showine ,as compensation paid to ench and state
ment Of the gr6s5 receipts and net profits reauns
from all sources of ncoap. From the frequent atsn