The daily dispatch. [volume] (Richmond [Va.]) 1850-1884, 1867-11-30
VIRGINIA CENTRAL RAILROAD
Annual Meeting Of Stockholders.
SECOND DAYS PROCEEDINGS.
ELECTION OF OFFICERS.

luC pltSlueuIS Vi lne hlCunOQQ, fTeQe-
ricksburg and Potomac, Richmond and
Petersburg, Richmond and Danville, and
of the Seaboard and Roanoke Railroad and
Bay Line routes, be adopted by this COM
pany, and that the regulations therein sug
gested be prescribed for the adoption of
the officers of this company.
The following is the agreement:
RICHMOND, October %, 1861.
"The undersigned, presidents of rail
roads, being requested to take the subject
into consideration, have agreed to recon-
mend the following, on the subject Of free
I passes, for the approval of their stock
holders:
Resolued, That from and after the
day of - the executive officers of all
the railroads in this State should issue no
free passes to any others than the follow
! ing persons-viZ.:
81. The acting officers or agents Of the
company and their families, as part con-
sideration of services, and the executive
officers Of roads having business with each
other.
SO. Members of committees in actual
discharge of duty.
; "3. The Governor of the State, men,
bers Of the Board of Public Works, it's
secretary, and the proxies Of the State.
NOte.-Thls is not intended to inter-
| fere with any existing arrangements Gre
ated by the stockholders or by special con-
! tract; nor is the President hereby de-
prived Of discretion to issue an occasional
pass clearly called for as an act Of charity,
or in any other extraordinary case.
"CHARLEs ELLIS, President Of the Rich
nond and Petersburg Railroad Com
pany;
"E. FoSTAINE, President Of the Virginia
| Central Railroad Company;
GA. S. BUFoRD, President Of the Rich
mond and Danville Railroad Company !;
"P. V. DANIEL, President of the Rich
mond, Fredericksburg and Potomac Rail-
road Company, and in behalf of the Sea-
board and Roanoke Railroad Company
and Bay Line Steamer Company, by
authority Of Charles NJ. Robinson, Presi-
dent"
CHESAPEAKE AND OHIO RAILROAD.
The committee to whom was referred
the report of the President and Directors
reported through General Echols recon-
mending the adoption of the following rcso-
lutions by the meeting:
II" Resolrcd, That the Board of Directors
be instructed to enter into new contract
with the commissioners of Virginia and
West Virginia for the construction of the
Covington and Ohio railroad, with the fol-
lowing stipulations:
"l. The work to be commenced and
completed in the time and manner pro-
vided in the charter.
"2. The company to guarantee four per
cent. semi annual diTidends upon any
stock which may be subscribed for the
construction Of said road after the COM
pletion Of the road to the Ohio river, and
in the mean time said stock shall be pre-
fcrred in any dividends which shall be de-
clared by the company to an extent not
exceeding four per cent. semi-annually.
3. The company to borrow such sums
Of money, at rate of interest not ex-
cceding eight per cent. per annum, as
may be necessary, in addition to the funds
arising from stock subscriptions, for the
completion Of said road, and to execute
lien on its property and revenues osccure
the payment of the principal and interest
of such loans: Provided, That no portion
Of the work on the Coyington and Ohio
railroad shall be put under contract until
three and a half millions Of dollars Of
stock, applicable to continuous line to
| the Ohio river, shall have been subscribed:
Provided, further, That subscriptions may
be received to be applied to the construc-
tion of the work continuously from either
| end Of the line.
| "ReSOlred, The company may guarantee
the payment Of principal and interest Of
/ ~ "a nd in,
payment of subscription to stock.
"ReSolved, That the bonds of cities and
counties, at ninety cents in the dollar, and
bearing eight per cent. per annum-interest,
convertible into preferred stock, be re-
ceived in payment Of subscriptions of
stock.
"Resolred, That nothing contained in
any contract made by this company shall
have the effect to deprive the present Gre
ditors of the company of their claims for
ratification out Of the present property of
the company. And it shall be the duty Of
the president and directors, before exc
cutting any further lien on the present
property of this company, funded or float
ing debt, not heretofore so secured, that
cannot be promptly paid off in the ordi-
nary administration Of the affairs OF the
company"
General Echols addressed the meeting
in an earnest speech, advocating the adop-
tion Of these resolutions.
The resolutions were then read, and op-
portunity afforded for amendment.
Mr.. John Hunter moved to strike out all
after the word "river". in the second
stipulation.
After some. discussion, Mr.. Hunter
withdrew his motion to strike out, and
Colonel Fontaine moved to amend the Sc
cond stipulation by adding the words
"provded no part Of the earnings accru-
ing east of Covington shall be diverted
from the use and benefit of the present
stockholders and their successors until
the road is in operation to the Ohio river"
The propriety of this amendment was
discussed by Hon. James Lyons and Ge-
neral Echols; after which 1t was with
drawn by Colonel FOntaine.
The proposition to amend as above was
then renewed by Mr.. Branch, of Rich
mond, who spoke at length in its favor.
DR.. Charles Brown, of Albemarle, va
ried the exercises by some interesting and
happy remarks in relation to bridge-bulld-
ing: the kind of timber which should be
used, the time for cutting the wood, etc.
The proviso offered by Colonel Fontaine
was then voted upon, and defeated.
Mr.. Wood, of Albemarle, renewed his
motion to amend; which motion was also
defeated. The second stipulation was
therefore declared adopted as reported by
the committee.
The rest of the resolutions were then
read without the Offering offurther amend