Alexandria gazette. [volume] (Alexandria, D.C.) 1834-1974, 1867-04-24
GENERAL MEETING OF THE STOCK
HOLDERS OF THE MANASSAS GAP

GENERAL MEETING OF THE SIOCh-
HOLDERS OF THE MANASSAS GAP
y, RAILROAD.
In pursuance OF the published call, the
Stockholders of the Manassas Gap Railroad
met in general meeting, in the chamber OF the
Commoa Couaci!, in this city, at noon to-day
Robert Beverly, Of Fauquier, in the Chair, and
S. N. Yost, Of Rockingham, aud Daniel Nor
gan and Edgar Suowden, Jr., OF Alexandria
Secretaries.
Messrs. Timothy Taylor, Of Loudoun, +.
Lewis Marshall and Thomas R. Foster, of Eau
ouier, and Samuel O. Bagot, of Alexandria,
were Amounted committee on proxies
1.-THE committee, after an examination, report
ed that large majority Of all the stock was
represented which, report having been adopted
Mr.. Marshall, President Of the Company
read the following report
TO tie StockhoNersof the Manassas CUP h0''-
Tond:
The Board ha. called this meeting of the
Stockholders for the purpose ofdeteTmlnlng the
question of the transfer Of the charter ana OF
the Manassas Gap Railroad to the Orange ana
Alexandria CompanE, upon certain conditions.
brought to Your consideration ut the annual
meeting in November last, when it was accept,
ed by Il resolution giving authority 10 inc
President and Directors TO negotiate WITH; ana
.ransfer to the Orange and Alexandra hallro
Company, the property, franchises, &c;, ol inc
Manassas Gap Railroad Company: Wh'ch p"SSe"
without dissenting Tu!CG.
The requisite lcc islntivo authority has been
obtnined-tha act roct1s the terms OF agreement
BET ween the two companies, ana recognises
their acceptance by both as a conoitlen o. ne
consent ofthe Legislature to tn; rclinqnifi lent
of the stock shares Of this company be!4hBln9
TO the state, and the basis upon ~h:',a the n"-
thority to make the transfer Is GiF"i!
The terms racite4 III the act arc he transfer
Of the charter, franchises, propHrtY, anu ligits
tocether with the stock sEarcs belonging TO the
Stare, to Alexandria, tire Counties, and to lndi
viduals Of the Manassas Gap Company 10 the
orange and alexandria Railroad Company,
upon condition thar the Oranseand AlcHandria
Company shall assume the payment 0! the neDtS
Of every kind of the Manassas Company, and
reconstruct the rn:.i from anAssHs junction
to uarrisonburg, the werk 10 ne finished IN two
wears; that in case of failure the property, Nc.
is to revert to tho Stockholders Of the Manassas
Company that the charges on transportation
arc to be pro rata upon the two ROADS tnaV TWO
directors are to be added to the Orange and
Aleyancria Eoard-one to be chosen from tho
Vullcv and tle other from the Piedmont conn
tics: that tbs Orange and Alexandra Company
muy lnko the name Of the Grange, Aic1andrlh
AMI Manassas Company. The act allows such
sui;piemenlnl negotiation rs may be Wanhcd |"
carry out the proposed measure
Tie terms of the agreement are deemed fair
bv the Board There has been some OBJ lection
made to the REIMBURSEMENT Of the stock ns re,
uuirpa The surrender Of the stock Is essential
10 the arrun Cement. The stock i at the same
vote it gives, Of power. No idea OF dividend
On the Manassas stock was eXDecte'. ana there
fore, MS property, it has no value. The stock
Of tho Orange and Alexandria Company has
now Il market value, the exchange OF tie stocks
would therefore not only be Unfair, but would
be robbery to the extent that it would dinnl: b
the value Of the Orange and Alexandria stock,
BY the addition 10 its amount. AS the repre-.
sentative Of power, the votes the stock gives
would give TO the holder control OF the man
agcmcnt Of the road the transfer beng ynlu-
ally q sale Of the road, the effect Of retaining
the stock would be, 10 keep IN the hands OF the
Manassas stockholders the control OF the prop
ertv they had sold, to the exclusion OF the pur-
chaser, The Manassas line is, however, saved
from any damaging management by lne repre-
seDtation allowed IN the Board, and the condi-
ton rccited that the charges shall be the same
on the two lines OF road.
Experience has demons trnted the p!oprl2ty
and necessity Of the contcIn plated transfer. -
Our friends i'll tho Valley-dctcrmntd rs all
people in this age Of progress are dctermined,
to bring to their midst railroad, were this
winter diverted from the Immediate embrace Of
an alternative scheme, which would have been
fatal to Manassas by the certainty of the speedy
reconstruction Of the Manassas road, which this
combination Of the Orange ard Alexandria and
Manassas offered them. They returned prompt
ly to tho old scheme as soon rs they had assur-
ancp3 t lis SucchsSful prosecution. Not only il
this restoration Of Manassas q subject OF con-
graduation, but it is pleasing reflection that
this consolidation brings under one manage
ment and one policy all the Valley and Pied,
mont interests centerng at AleXaNdr!1, ana
gives increased power over their direction,
In making q surrender Of their trust the Pres
dent and Directors find justification in the
dearth of resources consequent upon the dc"as'
tation Of the road BY the effects OF the war.
Their past record shields them from the inpll-
tation Of shrinking from the task of resuscitN.
ting the road, if its state Of d lapidation, and
paralyzcd credit, offered 4 hope Of making the
prompt movement which the circumstances Of
the case require Your Board has given ample
evidence Of fathfulness and rigor in the work
Of the past Before the war they mad virtually
completed the ROAD to Hacrlsonburg-A distance
of liz miles, crossing the Blue Ridge, two con-
siderable rivers, and threading the Valley,
bridged large streams every five or six miles,
one Of them with bridge six hundred feet in
length, and in height only second to the bridge
over the Appomattox. The Manassas road is
equal in grades, curvature, alignment durabii
ty, and finish Of structure, and made at 10
lar characters. With passenger revenue
amounting to about onet tenth Of that of the
main lines, this road to Harrisonburg, together
with sixty miles of road on the independent: line
and Loudoun Branch, have been made with
comparatively small bonded debt whose pro-
duct will cover the floating dobt outlying
Since the war your Board, surrounded with 4
wreck of credit, have reconstructed 81 miles Of
road TO point more than halfway to the VAL
ley, upon which there was not Il rail and hardly
q cross-te.
In the dissolution Of the old company whose
confidence they have enjoyed, and with whom
they have coz operated in labor Of love for so
many years, they feel the sadness of parting
cheered by the rays Of the new life now prom
ised to Manassas Tesulrected.
By order Of the Board Of Directors.
EDWARD c. MARSHALL President
The act uthorizng the transfer Of the Ma
naacas Cap Railroad to the Orange and Alez-
l., Rail al r., Il,