The daily dispatch. [volume] (Richmond [Va.]) 1850-1884, 1867-05-24
yIu.,NrA CENTRAL RAILROAD
srcovp DArs PROCEEDINGS or TIE
sT0CKHOLD MEETING.


half the number who were present on
"Wednesday having arrived at 10 O'Clock,
the hour appointed for the adjourned meet
ing.
We would take occasion to remark
that we have rarely seen a finer looking
hodv of men than have been assembled in
the hal, of the House of Delegates at this
meeting. Besides the distinguished names
which we placed upon record In our issue
of Yesterday, many others might b. men
toned who are well known in Richmond
and throughout the State. Eminent mer-
chants, moneycd bankers, influential law
yers, and large number of staid and we'll
TODD planters, were present in force, and
gave the aSsemblage an air of great respect
ability.
Alta ouartcr-past 10 the meeting was
called to order by Mr.. b. Ii. Magruder,
chairman, who declared the meeting open
| for business.
The Committee on Free Tickets pre-
scntcd report; which, on motion of Mr.. }.
Wood, Jr., was laid on the table until
more important business could be trans
acted.
Mr.. J. Hunter, chairman of the com
mittee TO whom was referred the report of
the President of the road, presented the
following:
MAJORITY REPORT.
The committee TO whom was referred
the report of the President and Directors
touching the policy OF entering into con-
tract for the completion OF the Covlngton
aud Ohio railroad, have had the same I'M
der careful consideration, and have III
structed us to report and recommend the
following resolution for the adoption OF
the stockholders, namely:
Resolved, That in view of the present
condition of the Virginia Central Railroad
Company, the unsettled status OF our
State, and the impoverished condition of
our people, it is imprudent to take any
action for the present on the subject oil
contracting for the completion of the
Covington and Ohio railroad.
john HUNTER, Chairman.
Mr.. J. G.. Paxton, on behalf of the mi
nority, urged the adoption OF the following
resolutions in lieu of that reported by the
committee, sustaining them by able ana
conclusive arguments:
Re>olred, That the President and Di-
rectors be instructed TO contract with the
Commissioners of the CoviDgton and ONO
railroad for the construction OF said rail-
road.
Resolved That this company, when or
ranized as the Chesapeake and ONO Kali
road Company, will create S,OOO,CO OF pre-
terred eight per cent. stock, and that when
the So, O0O, 900 shall have been subscribed
by parties solvent and able to pay IN snch
instruments as required, vii! commence
the construction OF the railroad from Co
vington 10 the Ohio river.
Colonel Fontaine wished to offer com
promise, which he thought would settle
| the difficulty, by a measure upon which all
might agree. For while all desire the con-
! struction of the railroad, there is certainly
difference of opinion among the stock
holders. All agree that the proposed con-
,truction is desirable if it can be accom-
plished without Infringement upon the
revenue of the Central railroad. We can
not. any Of us, be willing to devote the
funds which we have gained by years OF
hard work, for the upbuildiDg OF others:
This is no tritling contest Tor victory, anu
neither party need exult II triumphant. ;,
We must do something upon winch We q"
| are ogreed, as in my opinion II either sue
cepdS it viii be fatal to the great OBJECT
which both have at heart, on! oiheIIns
about the time of its Accomplishments.
With a view to unanlmlty, he would move
commitment Of the reports to the com
mittee. and would 10 them present ms
NJ paxton urged that Mr.. James Lyons
no added 10 the committee. Agreed to.
Mr.. Branch.-The President says he has
Q COMPROMISE scheme upon which we
might all agree. 1t seems to me informal
that he should now offer such statement.
II sI,ould have been offered last night.
What is TO be exposed in the committee
room that can't be exposed here! With
aue Difference, | think the report should
moi he recommitted unless we know what
il is for.
Mr.. LYONS thought the recommitment in
order. We desire to avoid discussion upon
this floor, and recommitment will insure
harmony.
Mr.. Branch was not willing to recommlt
unless we know what for. Let the Presl-
dent read what he has to say.
The question being put, the reports were
both recommltted.
4 recess was then taken until IL o'clock.
AFTERNOON SESSION.
The meeting was again called to order
at half past r. AN hour and half having
been occupied by the deliberations OF the
committee 10 whom were rccommltted the
majority and minority reports.
The committee made the following re-
port, which had been unanimously adopt
ed, in lien of those presented at the morn
lag session:
REPORT.
Resolued, /. That it is inexpedient for the
COMPANY to undertake TO construct the
Covington and Ohio railroad with borrowed
capital.
2. That the Board Of Directors of the
company be instructed to offer 10 contract
with the Commissioners of Virginia and
West Virginia to construct the Covington
and Ohio railroad on the following terms
and conditions:
|. That if the amount OF money required
toput the road in operation from Covng-
ton to steamboat navigation on the IA
nawha river, with the necessary buildings
and equfpments-not less than s. ,0O0, 900
he not raised within six months from the
date of the contract by subscriptions OF
stock, which the Board of Directors be-
lieve are available, and they are willing to
receive as cash, then, and in that case,
this company shall be released from the
contract if they desire 1t.
.. This company will guarantee 10 those
stockholders who furnish the funds 10 con
s,ruct and equip the road 10 steamboat ma
IA