Alexandria gazette. [volume] (Alexandria, D.C.) 1834-1974, 1858-04-30
LOG AL 1T K N y


MEETING OF THE STOCKHOLDERS OF THE MA
NAssAs GAP RAILROAD CoNPANY.-pursnant
to adj ,urnmeot the Stockholders OF the Ma
nassas Gap Railroad Company, re-assembied
at Liberty Hall, at I! o'clock on Wednesday
evening.
The meeting was called to order by the
Chairman, Gen. Meem. when MIR. Marshall,
President of the Company, again explained
the object for which the Stockholders had
been called together, and the nature OF the
act they were called upon to accept The
act was published by US yesterday.
Mr.. Marshall said that, thong the appro-
priaton was not as much as Was needed even
to pay the debts Of the Company, yet, by
enlargipg their means. he hoped it would In
crease the value of the Company's bonds, and
thereby enable the Company to pay its debts,
and prosecute the work to some limited ex-
tent. 10 conclusion, be offered the following
resolutions:
Resolred, That the act of the Legislature OF
Virginia, passed. on the 25,h day OF March,
1888. increasing the Capital stock OF this Com
panv, by the sum of two hundred and fifty thou
sand dolIar with all the provisions and condl-
lions contained therein and authorizing the sub
scripton OIL behalf OF the Commonne alth for
the whole OF the said increased capital, De &C
cepted.
Resolred, That in conformity with the condl-
tons OF said act, the whole Of the Capital stock
so subscribed by the Board OF Pablo Works,
on behalf OF the State, is hereby constituted and
declared to be prefrred six per ceEtum stock;
aud tnat the Commonwealth shall be entitled
10 have, and actually 10 receive. SIX per centum
dividend thereon perpetuaIly, before any other
dividends are declared or paid upon any other
stock held in this Company.
Mr.. Marshall next introduced resolutions,
having for their object the redemption OF the
Rockingham bonds, now hypothecated aud,
also, the remission 10 that County Of the future
interest on these bonds.
| He stated tina. the county Of R)ckingham
had paid to the Company bonds amounting
to one hundred thousand dollars, which pay
nent was ahead of the call of the Company
and of the order of the Court strictly con-
strued. 1t had been made under the expecta-
ton that the road would be completed to
Harrisonburg in two or three years, and the
interest had DOW been paid on the bonds tor
three years. The work was suspended, with
doubts az to the time at which its prosecn-
ton would be begun, and the Company would
be receiving interest on the unexpended
bonds, without compliance on their part with
the stipulatons expressed in the order of the
Court, under which they were placed in the
hands of the Company.
Mr.. NJ. then read his resolutions, as fol
lOws:--
Eesored, That the President and Directors
| are hereby instructed 10 redeem with the funds
arising from the appropriation made 10 TINS
| Company, by the Legislature, al It's late session
the bonds of the County OF Rockingham, no"
| hypothecated, amounting TO torty-one thousand
| five hundred dollars.
Resolv,d further, That The Board OF Directors
shall suspend all demand for interest OIL said
bonds whIch shall accrue alter the Isl OF July,
! tx cept on such OF them as shall be paid out 10
the contractors on the work beyond Mount Jack
son, in conformity with the condition OF the
order of the County Court OF Rockingham
passed at It's June term, in $50
MIR. Marshall asked that vote be taken
upon each resolution separately.
Mr.. b. +. Harrison objected to the resolu-
tons aud offered the following as substi-
tutc: -
Rcso'vcd, That the $3.50 900 to be subscribed
10 the Stock OF this Company, by the State OF
| Virginia as preferred stock. at SIX per cent,
accepted by the Stockholders this day, conform
| ably 10 the act OF the General Assembly, be APP
piled TO the payment OF the debt OF the tompa'
ny: and first, 10 the payment OF claims which
are subject TO the highest rate OF interest.
Mr.. Harrison explained aud advocated his
substitute. lie was opposed to making any
debt of the Company preferred, and wanted
those debts paid first upon which there was
the highest rate of interest. lie was opposed
t. paying Rockingham in preference to any
other county to which the Company was in-
deb.ed II Rockingham had made bad con-
tract with the Company, which he thought
she bad, she ought to stand to it, and not
now demand to be released.
Mr.. Deneae denied emphatically that the
people of r Rockingham asked to be relieved
from any contract. Whatever agreement
they entered into, they would abide by. This
road was the pride of his county, and she
was even DOW willing and ready to assume
greater responsibilities on its account. lie
was very much pleased with the resolutions
of Mr.. Marshall.
Mr. Harris, OF R Rockingham, explained the
nature of the subscription on the part of hls
| county. 1t was made for O special purpose
lie warmly advocated the passage of the
resolutions, and spoke in very flattering terms
of the President and Directors Of the Com
pany, and Of the manner in which they had
conducted the affairs Of the road.
Mr.. Harrison again urged the adoption OF
his substitute, which be couteuded covered
the whole ground.
Mr.. Marshall. by request read portion
of the order of the County Court OF Rock
ingbam, relative to the subscription, for the
benefit of MIR. Harrison. Mr.. NJ. appealed
20 the meeting to make the vote upon the