The daily dispatch. [volume] (Richmond [Va.]) 1850-1884, 1858-12-01
LOCAL MATTERS.
RIcHMosD AID YoaK Rryrr RArIRoAp,

hichMoSD AND i okK hIvEn RAILROAD
Al the fourth annual meeting Of this Company
and Directors, and 70 election of AIExANprr pun
LEY, Esq- as President. the question of appoint
ing Directors by the Stockholders cam. up, whe,
vas announced that the Board Of Public Work.
naa appointed four on the part Of the State, viz
Gen. VIM. d. Taiiaferro, VIM. g. Paine. G. W Pur
cell and ". r. G. Douglas, leaving but one for ID,
Stockholders to appoint.
AFTER this announcement, q resolution "a,
ADOPTED, appointing a committee to consider ths
ques.ion Of q the right of the Stockholders to ap.
The Committee, after due consideration. rs
ported, that as "The Board of Public Works II al.
reeted TO appoint (by the laws of the State, sucb
proportion OF the Directors az shall bear 10 The
whoie number Of the Directors of such Company,
the same proportion, as nearly as possibIe' fbsi
toe stock held in behalf Of the State in such corn.
pany bears to the whole Of the capitaI stact
tnsreof :; aud as the capital stock of this companv
- S'oo,ooo-$soo,ooo OF which is owned By the
commonwealth, and 900 900 by private StocE.
nolders-that, therefore, the Board of Public Work.
have the right to appoint four out of the fiye Di.
rectors. wv ~
The ratio required by law can be exactly at.
tained by increasing the number Of Director. IN
seven. in which event the Board of Public Wort I
can appoint five and the Stockholders two.
As the suggested increase can ouly be mad,
by the amendment of the by.laws, the Committee
recommend that the Directory remain as alreaa :
adopted increasing the number to be appointed "a
seven. at the next annual meetiu Z. a.s. 1-4ss3,
The meeting then adjourned 70 meet again on
the j0th of November.
We append brief synopsis of President Dud
ley's report, from which the reader can readily
see the present condition of the works, and their
future prospects 1t is as follows:
The President, in bis report, states, that he was
Instructed by the Directors to visit New York and
for chaa 0f rail- no
of the Company, but failed to do so, because OF
the shock sustained in railroad securities during
the crisis of 1857. He, however, received several
proposals to furnish either English or American
rails, If paid for in cash State bonds, and anon
these was one from the Lackawana Coal and Iron
Company to supply Us with the best American
rail, subject to inspection by this company at their
works, at $40 per ton, delivered at Elizabethport
N. j.; and believing This by far the bes. offer, he
made q verbal contract with that company, to be
submitted to the Board for their approval for 220O
tons weighing hfty.two pounds per lineal yard,
which il considered in every respect equal to the
best English rail, weighty sixty pounds Der yard.
This agreement having been approved Of by the
Board, has been duly signed by both contracting 2
parties. This purchase will be sufficient to finish
the road from Richmond to the White House, and
it is confidently believed that when this shall be
done, and the bridge over the Pamunkey compile.
sion of the road to West Point can be readily
obtained. As the road bed is now nearly ready
for the superstructure on that part it will REQUIRE
a very short time for its completion.
The contract with Dir. Carpenter for the Pa
munkey river bridge, because of our inability to
obtain funds necessary for its construction, was
abroga.ed, with his consent, and has not been re.
let.
As early as possible, after the late subscription
by the State, the Chief Engineer was directed to
advertise for proposals to complete the grading,
masonary, tresselirg, bridging and superstruc4 =
ture of the road and these portions OF the work
are now under contract.
The statements of the Treasurer give In detail
the financial condition of the company cd TO the
30th of September, showing the expenditures
snce:the last annual meeting to be 81. .l09-leav.
ing in cash $790.05-in the registered stock of the
State $lS9, ,o00-and due from individual stock.
holders and the State on subscriptions to the old
stock. the sum of $i6,349 .94-making iu the az.
gregate the sum of 1924 739 90, for the further
Of your work.
We also append another extract, which speaks
for itself:
The Principal Engineer, in bis report of Octo
Der 1st, says that arrangements are all made
with reference to completing and running the
road in the month of April next, to the Pamun-
key river, and have every reason to assure you
that from the character OF the parties to whom
the various contracts are awarded, you may RELY
upon the completion of that division Of your road
n the time mentioned"