The daily dispatch. [volume] (Richmond [Va.]) 1850-1884, 1866-11-23

seuuent political and monetary cOmplica-
tions In that country hsye retarded their
| operations; bat now there Is every reason
to hope that in q short time those arrange
msnts viii be completed, and that the work
will bs ensrgetically prssssd forward.
Should there, however, be q failure In
these arrangements, and should the com.
missioners not succeed In getting compe-
tent parties to take the work, 90 vital Is
the interest Of this company in this great
enterprise, that your board will regard 1t
as the duty of the directory Of the compa-
nv to ask the stockholders TO take into con-
sideration the propriety Of themselves un-
dertaking q work without the completion
of which your road must remain o mere
local one.
EXPRESS COMPANIES.
A contract was made in August, 1865,
with the Adams Express Company, by
which they lent this company $50, 900, and
obtained the privilege of doing, under pro-
per restrictions, express business upon
your passenger trains, to the exclusion Of
other parties who would not make like
loan and agree to similar restrictions. The
National Express Company, subsequently
organized, made complaint against this
contract, and upon the suggestion by the
Board of Public Works that the contract
was tainted by usury and was Illegal, the
Board of Directors Of this company, on the
18th of November last, directed that the
Adams Express Company should be in
formed Of these facts, and notified that the
execution Of the contract must be sus-
pended, and asked to assent to such
changes as would make 1t conform to law.
On the oath of November the Adams Com
pany notified this company that they
would expect compliance with the con-
tract. The opinion Of counsel was taken,
which was favorable to the legality Of the
contract. The Adams Company, however,
acceded to modification Of the contract,
and new one wasmade on December lst, by
which the advance was converted into .
prepayment, without interest, instead Of .
loan this cured the taint of usury. This
company had received the money of the
Adams Company, had spent it, and had 1t
not to repay. Every dictate Of honor and
honesty required that this contract should
be fairly carried out, unless the courts de-
cided it to be illegal and the directory de-
termined upon that course. An unavail-
ing effort was made to arrange the matter
with the National Express Company, and
on January lst they were remtted to the
freight trains, and their remedy In the
courts. They applied for an injunction to
restrain this company from carrying out
their contract this injunction was awarded,
and on the 11th day of July, 1866, the pas
senger trains, without the restrictions of
the contract with the Adams Company,
were thrown open to all parties desiring to
forward express matter, and SO remain at
this time.
Mr.. Magruder, chairman of the commit
tee appointed at the last annual meeting to
examine the treasurer's books and accounts,
reported that they had found the papers OF
the office Systematically arranged, and the
office books neatly and accurately kept. The
committee concurred with the president in
recommending that hereafter diligence
should be used by the accounting officers
in having all the accounts for the year pre-
sented and entered as far as practicable,
and that careful estimate should be made
of those not presented in time, and re-
port made Of the same, so that at the close
of each fiscal year the stockholders may
have full and exact information as possible
of all expenditures and receipts Of the
year, and thus know the true condition OF
affairs.
Election Of Officers.
Mr.. William J. Robertson, of Albemarle,
nominated Colonel Edmund Fontaine for
the presidency, and spoke in high terms of
his fitness for that office.
Mr.. Page, Of Hanover, spoke in favor OF
General Wickham for the presidency. He
did not think that any one had better ad-
ministrative powers, or that any one could
have managed the affairs Of the road bet
ter than he had during the last year. But
there was no use of nominating him, as the
wires had been arranged by which he was
to be thrown out of office. He hoped that
Colonel FOntaine would use half the ef-
forts in carrying on the affairs of the road
as he had in securing the position OF presi-
dency. He thought that General Wick
ham had done nothing to forfeit his posi-
tion, and thought that the wisest course
would be to reflect him. Should he not
be elected, the responsibility would rest
with those who elected Colonel Fontaine.
Mr.. Branch, of Richmond, hoped that
further discussion would be ended, and
that the election would be proceeded with.
The vote was then taken, and Colonel
| Fontaine was almost unanimously elected
president by acclamation.
On motion, Messrs. N. B. Hill and G. r.
Mason were then unanimously elected di-
rectors on the part Of the stockholders.
Colonel Fontaine expressed his gratif-
cation at the unanimity of opinion which
had been displayed in his election. He
pledged himself to use his greatest efforts
in behalf of the company.
DR.. John r. Woods, Of Albemarle, ten
dered his thanks to the company for the
confidence reposed in him whilst director,
and was proceeding in political discourse
when he was interrupted by Mr.. Aylett,
who wished to know whether or not the
gentleman had spoken upon any SUBJ
iect pertaining to the objects of the meet
| ing or the interests Of the road.
Mr.. Magruder stated that DR.. Woods was
only making personal explanation.
DR.. Woods proceeded further, when he
was called to order by the Hon. James
Lyons, who was sustained by the president,
Tredegar Iron Works.
Mr.. Lyons then, after brief preface,
offered the following resolutions
Resolved, That the proposition Of Messrs.
J. r. Anderson & Co., in their printed
pamphlet of the lst Of August last, propo-
sing subscription by this company to the
stock of the Tredegar Company, under the
charter thereof as amended by the Gene.
raj Assembly, be referred to the board Of
directors of this company, with authority to
subscribe thereto for and in the name OF
this company, provided the charter be