The daily dispatch. [volume] (Richmond [Va.]) 1850-1884, 1866-10-16
Compiled hon The Lynehbusy Republican.
Stockholders Meeting-virGinia and
Teunessec Railroad Company.
Last nav @

The meeting was called to order ct 10
O'Clock.
The Chair announced that the following
gentlemen were appointed to act on the
committee of investigation, required by
the following resolution offered by Judge
Wingfeld, amcndatory Of the original re-
solutions of Mr.. Logan :-Mcssrs. .. u.
Clay, Robert Gibboney, Waller X. Staples,
D. A. Wilson, and George X. Barr.
Resolved, That committee of i've stock
holders be appointed by the chairman,
whose duty 1t shall be to examine tho
rouqhly into the action and proceedings OF
the directors of this company, and report
whether or not the affairs Of the company
have been economically managed what
salaries have been paid to the officers OF
the company whether they may not be
reduced; and what has been paid out by
the order of the said Board of Directors
for fees to counsel and other incidental ex-
penses, and the necessity and reasonable
ness Of such expenditures and that the
expenses of the members of said commit
tee, while attending to their duties as such,
be paid out of the funds Of the company.
MIR. Sale then arose to add the following
resolution to the series submitted by Judge
Wingiicld ..
Resolred, also, that the said committee
be specially charged to inquire into the ex:
tent to which free tickets have been granted
by the president and directory of said COM
pany. Adopted.
The Chair called upon any person WHO
had not voted upon the question OF con-
soldation to come forward.
A few votes having been added to those
cast the night before on Judge Wingiield's
resolutions, in obedience to repeated calls
the result of the ballot was then announced.
1t stood as follows:
Vote of private stockholders for consoli. 40,
dation NEUTRALITY-SUSPICIOUS.. ooo
Vote of private stockholders against con-
Making total of.............4 ,9ol
Vote OF the State proxies ttwo-thirds OF
the vote of private stockholders) 1or ,o
consolidation .............. .....-....... 5'ioo
which, added 10 the vote of the private STOCK
holders, gave the consolidationists majority
Of 1876.
Mr.. Logan appealed from the decision.
He believed that according to the charter
of the road the State was only entitled to a
three-fiftbs vote. Subsequent legislation
had restricted, not enlarged, the power she
eXerts in internal improvement corpora
tions. The clause Of the general railroad
law under which the State proxies had
heretofore cast two-thirds vote of the
votes actually given was meant to apply
where three -iifths vote of all those repre-
scented shall exceed two-thirds of those ac-
tually given. lie thought the course here
toiorc pursued was all wrong.
The expression of this opinion gave rise
to most elaborate and ingenious discus
sion.
Mr.. Logan's view Of the question was
sustained by Mr.. Burks.
Mr.. Watts thought the vote of the State
ought to he scaled, as arc those of private
stockholders.
Mr.. Walter Preston insisted that the
State was only entitled to three -fifths
vote, which represented every dollars
worth of her interest in this corporation.
Mr.. Goode lengthly and warmly urged
that the State proxies were entitled to a
two-thirdS vote, and called on the gentle
men, in the name Of our common mother,
not to betray the trust committed to their
charge and surrender any portion Of the
States just rights.
Mr.. Goggin, however, did not consider
the yielding Of the principle and rule OF
computation claimed by Mr.. Logan as any
surrender of right or concession to clamor.
He thought Mr.. Logan was right, and with
out any eye to the result he intended TO
do what he considered right.
Mr.. Robertson concurrcd in the eX-
i 20
method Of computation.
The vote being thus rcmodcllcd and cor
rected, appears rs follows:
Private stockholders vote for consoli.
S,,, ua rn,a far Observation-Disclosures S2S
Making n total of................. 800
consolidation. ..................... 3,S2l
80 -
Giving 4 majority against IL of..s.... lis
When the result was announced, the
whole air rung with plaudits OF approval
and triumph.
Mr.. Blackford presented the report of
the committee Of thirteen, which was read
and unanimously adopted. The following
are some of the resolutions:
8. That the present resources and pro-
spccts of the company are such as there is
reason to believe that the accruing intc-
rest on the bonds of this company and its
current expenses may, with proper man
agement, speedily be paid out of its cur
rent revenues.
5. That the action of the Board of Direc-
tors in disposing of the bonds of the COM
pany at the prices reported for the pur-
pose of meeting the immediate wants OF
the company is approved.
9th. That liberal arrangements with
other lines Of transportation should be
made for securing the most uninterrupted
movement of tonnage and passengers, and
the Board of Directors is hereby instructed
to avoid all special arrangements whereby
the efficiency of the company can be inn
haired: to use their utmost endeavOrs to
reduce the rates of local freight, and to ex-
nedjte the transit of both local and through
freight and travel.
Resolved, That a committee of five stock
holders be appointed to inquire into the
character and expediency of certain con-
tracts and arrangements now existing be-
tween the company aud various express
companies, and to report the results of their
invest igation to the next annual meeting Oh
the stockholders.
Colonel Watts came in with the report of
the committee charged to examine and re-
port on "certain contracts said to exist be-
tween this road and certain express COM
panies."
They find that an agreement with a So
- II 80,