The daily dispatch. [volume] (Richmond [Va.]) 1850-1884, 1858-12-10
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LOCAL MATTHR9.

rhe stockh olders assembled yesterday sctn,ng ~
10 o'clock in the ball room Of the Ballard hosse'
Mr. r. n Watkins resnmiue the chaif.
7sstfaonidt MIR. T, 7. Giles ohered me i,'o""s
,esoIutiou which was unanimously adopten'
Eesolrsd. That the thanks OF the stochho'de,s
are due and are hereby rendered 10 the,s la,e VI
rector, JAMES BRows. jr Esq Tor Tue deso,,oa ~
heir interests which he has always evinced, aho
t,r the Industry and fidelity with which ms dutee
az their officer have been DISCHARGED:
order Of The Day.--The order Of the day, being |
,he report of the Committee on the report OF the
President and Directors and accompanying docn
ments, the Chairman read the resolutions, auu
proceeded to put them vote, seriafdp'. |
Rosolesd That the report Of the President ana
Directors be approved aud adopted.
The question being put to vote, the reso'u'ien
was adopted.
The fret and second resolutions were adopted,
reported By the committee, in the following
form:
/, whereas the Pres dent AMI Directors. noi
teeming IL rudent TO have, at no time carried
Into effect the T, solutions adopted Dy tne s,och
holders at their annual meetings hsid IN me {en.a
net, pvosits Of the Company, heretofore announced
and the stock holders have acquiesceu IN the coui
thus pursued by the Board-thereiore, ;uonora.
i,s-oi we'd That the said resolutions are lnoper6
tive aud void. .,,,,a xber
the stockholders may reasonably expect q return return
for their i5vestments in the Richmond and panV!ie
Railroad: that tie estimated nett prohts curing tne
prose- fiscal seaf will they elleve sf,er pfs
sid;ne for tho debt nav able Ia this year, and all
other iabilef end that they tn rel re n ti,a
10 the Board to dc such div dend at sUCn TIME
in the present seal year. as the Beard may aeemto
be proper. o-....o
The third resolution reporte by the Committee
was then read, and, after being amended ~ i'i'
VS., was adopted
. Resolved That TIE stockholders earnestly De
sire the extension of their Railroad AUTHORIZED py
the act of the General Assembly, adopted on nv
18th day Of February 1885, thSt TO acct mpnsn th.t
and tlta President ana Directors be instructed 10
arpoint commas toner's to OBTAIN sncscIipuon y;
tie additional capital STOCK pro'neu 10, f he rontes
for such extension to suCh point III henry county do
the Board may deem best .
The fourth resolution was next read, when Mr.
IEvIs D. CRENsnAw offered the following as SUBJ
sttute 80, ,.,.,
Eeso' we'd That the stoo khoiders Of the Richmond
and Dany,ile Railroad Company Ice ing gee M
terest In the prop osed railroad from DanViiis west
waTd through the counties # Henry ard Fattick
trwards the Virginia and Tennessee road, ana WIN
view TO aid in the acc nIDpiishment OF tnat euteI-
rr. 10 now declare their Willingness, whatsoever
the money in the treasury OF ths company eACetuS
SIX per cent that the stockholders can receive
a dividend of six per cent IN cash, and surp us
tiI remain the TIRE Srry TO spr rcpfIase Souch
of such turplus of cash in their treasury towards
the construction OF SAIL road as at tbat TIME ana
Under the circumstances, may pe eXpedient 10 the
company 10 appropriate
whenever the old stockholders could receive fair
dividend on their outlay, he was willing TO aie In
making the branch asked for by the people OF
Henry.
Mr.. Martin OF Henry, spoke at length in oppos-
ton TO tie substitute and in favor of the resoiu-
ton repor,ed by the committee He gave a glow
iug account of the mineral and agricultural res
sources of the section of country through which
the branch Of read designed 10 pass, and urg-
ed with much force, that the stock holders
owed il to the people of his section to aid in max
ing the branch He offered the resolution of the
Committee as an amendment TO the substitute OF
BIZ. Crenshaw, after striking out Of the words tour
per cent in the 9Th lire aud inserting SlT per cent
Col J. II. Smith of Henry, followed Mr. Martin
ia favor Of his amendment to the substitute, AID
gave it as his opipion, that the new road. when
Completed would pay handsome dividends, as
we'll as pour into Richmond vast amount OF
tonnage and travel hat now go elsewhere.
Mr.. L. d. Crenshaw submitted q fow remarks in
support OF his substitute.
Mr. X Anderson was in favor cf the amend
meut proposed 10y Mr. Martin, because be believed
il to be the interest of the stockholders to make
the improvement, and because in voting for it, he
did not feel that ne was voting to do moro than
| make ten miles Of the road when twenty miles of
| it had been made by the people along the line.
Col IL C. Cabel opposed the substitute because
| ii committed the entire surplus OF the company
to tie building Of the branch road while the TesOs
luton If the committee only pledged the company
| for the grading of ten miles
| Mr. Wood BouldIu WAS opposed TO the substitute,
| because il pledged the company to nothing. lie
Was willing 10 60 a little farther. As soon as the
stockholders;r their six per cent, for one he
| is willing TO grade ten mics OF tGs branch, ont
If the surplus, when the friends pr the branch
| have grcied twa nty miles.
| TIE discuasIon was continued by Messrs. Mar
| tin of Henry, Chambers of HaiitaI, Anderson OF
Richmond, J. A. JONES' l.. Z. Iarv5. J. g. ssovall
and others.
beiug acceptable to all parties, the committee &C
ceDted it III lieu Of their fourth resolution; aud
| which. on being put to vote, was adopted:
| Resolved, ihat whenever the subscribers TO tue
| al Gfo Ot he q
the said act OF the General Assembly al the 18th
day 81 February, 1886, shall have procui ed money
sufficient 10 grade twenty miles OF The extension
| provided for by the said ACT, and the said twenty
miles stall have been graded and De ready To re-
ceive the tupersfrncture tbe 10 ane eH
isting stock corp oratlon as soon as there 81
| be sufficient AMOUNT OF the net profits Of the
| Company, actually received, TO pay Dividend a
per Cell; on the capital steck, to the existing
stock hooters, after paying all The current expenses
| OK the year and TIE cost OF the I'M prove nent5
| which the roadway deem proper, and alter provi
dug for the debt OF the company and the interest
the, con tie same bscomes due WIFI, out OF the
| surplus profits that may remain, cause the super
structure OF ten miles OF the road 80 graded 10 be
! constructed and completed, az their proper Cost
such cost to constitute debt on the part OF the
| new utssribers: Provided, however, that nothing
| in this resolution contained shall be construed Il
| commit the stockholders TO the existing stock ia
anywlse, or to any extent TO eny further coEtrlou
| tlon towards the SAID extension.
The next resolution reported by the committee
and published yesterday, was taken up, and on
motion Of MIR. Martin, amended and adopted, as
follows
| mes, wed That Messrs Thos Giles, Joseph An
der4on and Alfred Jones. be appointed commit
tee to present 10 the General Assembly OF Virginia
At is next session, memorial on behalI oil tII'
Company ask. sutscr ptlon OF The part OF the
State, the additional capital STICK OF the Com
pany.
offered by Cot. Cabel, was next called up, When
| Col Cabeil offered the following as substitute
| Resolved That the stockholders OF the Richmond
ana Uauvilie Rairo.d Company think that tue pro
! npsai extension OF the 1T aQOke valley y abroad
from Carksyiiie to Key s7ille CT the junction, vii
BE- of essen 'ial benent 10 their road and that tu'
| President aud Directors Of this Company be anC
they ara hereby uthorised to furnish the iron anc
| lag down the surerstructure on ton L. lies OF thu
I'D as soon twenty miles OF said road has beer
graded by Other sthan this Com pany, and the neces
sary 81 ,atiye permission can be obtained for sucf
subscription. subject IN all respecs to The
contained in the resolution TO the e1tcrsicn OF tn
| road from Danville w est.
| MIR L. T. Haryie moved to amend the resolu ton
by striking out all after the word road, 30 thai
| the resolution, as amended, would read thus:
| Resolved Thatthe stockholders of the X. 4 d. <
r Co think that the proposed extension OF the hoa
Hoke Valley kallrosi IRON ClAcksEiite TO heysville
or the Junction, will be of essential benefit TO thei
road: land that they snxousig dc sire the success o
the efforts to accomplish rue same "
The amendment was discussed by Messrs. B. NJ
Jones, Bou !diu, Stoyaii, Iiarvie and Wiley.
| Mr.. Chambers moved recess untii7 o'clock.
| The question being put, the motion was lost
| yDrsIi0utl0n-On motion OF Gel. Wiley, the fol-
| lowing gentlemen were appointed the "Committet
of Iuvestigation,' as required by the 17th bylaw
| Messrs Wood Bouldin, John II. Elmunds and Is
| w. Finney.
Free Ifctets-On motion of Mr.. Darlington, free
tickets over the road were granted the Committee
of Investigation the past year, for the succeeding
| two years
| On motion the meeting adj burned until O'Clock
| p NJ when the resolution ard amendment viii
| come Up for discussion
| EVENING SESSION.
| The stockholders ro-assembled yesterday eve.
| ming at I o'clock in the Exchange Reading Room
| Mr. +. NJ WATKINS resuming the chair.
| The first business being the amendment offered
| by Nj. Harvie to Mr.. Cabeils resolution, Mr.. IL
| withdrew theamendment, by general consent.
| The question then being on sir Cabell's Iesou
| ton, Mr.. Wood Bouldin moved to amend it by