Alexandria gazette. [volume] (Alexandria, D.C.) 1834-1974, 1867-04-26
GENERAL MEETING OF THE STOCK
HOLDERS OF THE ORANGE AND AL
EXANDRIA RAILROAD COMPANY.

Ef ENlNG Observation-Disclosures
The meeting re-assembled at half-pasL four
clock Yesterday evening. --.----
Mr.. W. G. Cazenove, in view Of the difficult
ties that. surrounded the subject of the propo-
ssea transfer, thong that the==proper course
for the meeting to pursue would be to rccede
from its action, in conditionally accepting the
contract for the consolidation of the two rosds,
and adjourn until the lst of Jane. He hoped
the Manassas Gap Railroad Company would
not ratify the conditional contract, but would
adhere to their unconditional ratification, and
when the stockholders of the Orange and Al
exandria Company met again in June their
Directory would be able to advise either All un-
conditional ratification of the contract under
consideration or its unconditional rejection -
He thought by the action he proposed the
bondholders of the Manassas Gap Railroad
Company would be brought to terms, such as
it would be impossible to obtain from them II
the Orange aud Alexandria Railroad Company
bound itself by ratifying the contract OF trans
fer. He then moved to reconsider the cote by
which the conditional ratification OF the con
tract had been adopted
Mr.. James Barbour opposed the reconsider
alton. Such action could result in no good,
and its adoption would be only the occasion for
the bondho!ders to be travelling about The
country hucksteriug their bonds There could
be no utimatum from the Directors that was
not backed by the stockholders. f.. s-,.H...
Mr. Cazenove said the question in issue vas
whether, if the Orange and Alexandria Rail
road Company ratified The contract as at pre-
sent wordad, it did not assume the debts Of the
Manassas Gap Railroad Company al their par
value, and it was the danger Of such contln
gency that he WIS striving TO guard against
Mr.. Barbour thought that as there Was no
copy Of the rontrlct under consideration ia the
hall, the discussion was going Oh in the dark.
Thcre, non, Mr.. Cazenoye Withdrew his mo-
ton, and the chair announced thatlher was
10 b,i.;ilcas before the meeting.
After pause tbs Chairman suggested that
as there was nothing now before the meeting,
and would NOT De until the Committee, depn-
ted to inform the meeting Of the stockholders
of the Manassas Gap Railroad Of the action OF
The meeting over which he presided made
their report, the chair should BIZ Temporarily
vacated.
Mr.. j ohm s. Barbour said he had 40 specific
business to present to the meeting, but If the
contract Of transfer vas ratified by Goth com
panies it f7otild be necessary 10 provide Tor The
issuing 0i new certificates Of stock and new
bonds, and for making additional mortgages,
and for the election Of two Dew Directors, and
that the nocaaaity for the business he proposed
was almost certainty, because he had no
doubt that the bondholders Of the Manassas
GAP Railroad Company Woud accept 3 reason
able offer for their bonds rather than be sub
iect1d TO the trouble and Inconvenience OF the
litigation that would result from their refusal.
Col. W. 7. Shepherd offered 4 resolution
that The President and Directors Of the Orange
and Alexandria Railroad Company appoint
two additional Directors for the Company as
sooa as compromise with the boadholaere OF
the Manassas Gap Railroad, and the consolida-
ton OF the two roads should be effected.
The resolution being amended 50 AS to pc.
vide for the Immediate electiun Of lmo pr0yi
9ional Directors to be installed npun the
goIidatiou OF the So roads, vas ad0ptcd and,
upon nomination, Mes<rS. +. &. Marshall, Of
FauQuier, as the representative Of the Pied.
mont section, and Dr. Samuel A. Kaufman,
OF Buckingham, ~ the representative of the
Valley, we're unanimously elected.
Mr.. Cazerovc remarked, upon til" anliounce
lnent, that he did not know whether The law
the election and in response to a
question by Mr.. James Barbour az to the effect
OF the election just proceeded With, in case the
Manassas Gap Company rejecred the contract,
the chair replied he supposed it would be
nullty .... .......
After some further conversation, MIR. f. i.
Smith introduced d resolution, which was
adopted, authorizing the Directors Of the
Orange and Alexandria Railroad Company to
mortgage the property of the company, to the
amount OF two millions OF dollars, and to issue
ono million Of additional stock, rs provided for
by act of Assembly,
Mr. Chapman, of Orange, moved that in
consideration of the additional duties of the
President of the Orange and Alexandria Rail
road Company, his salary be fixed at $1,000 per
annum, and travelling expenses. This motion
was carried unanimously; aud no further bust
ness being before the meeting, the chair was
vacated.
About six o clock, B. Fl. Shackeiord, Chair
man Of the Committee appointed to present
the contract Of transfer to the meeting of the
stockholders Of the Manassas Gap Railroad
Company, appeared and reported that he had
gone 10 the hall in which that meeting had
been held, and found that it had adjourned
sine die; but that in conversation with the
President Of the Manassas Gap Company he
had heen informed that previous to their adj