The daily dispatch. [volume] (Richmond [Va.]) 1850-1884, 1867-05-23

VIRGINIA CENTRAL RAILROAD.
Lnp 0RTAyT MEETING or ST0cKH0LD DERS


yesterday morning, in accordance witt
the following preamble and resolution
adopted at meeting of the Board OF Di
rectors held March 90, 1867:
Whereas, by acts of the last Legisla
ture of Virginia and West Virginia, the
Virginia Central Railroad Company ha:
been authorized to contract with the Com
missioners of Virginia and West Nirginit
for the completion of the Covngton and
Ohio railroad; and whereas this Board ha'
been induced to believe that an amount o
stock not less than s3,0O0,OO0, payable il
cash instalments, can be obtained towards
building the Covington and Ohio railroad
provided the stockholders will agree tc
make that amount preferred stock a.
eight per ccntum:
"ReS0lred, That the stockholders be con
vened on the 22d day of May, to consider
whether they will authorize the Board tC
negotiate for building the road if the sub
scription of stock above mentioned shall
be obtained"
On motion of Colonel Fontaine, Mr.. B
III. Magruder, of Albemarle, was choser
chairman, and MesSrs. j. Garrett and G. }
F. Netherlaud were requested to act as Sc
cretaries.
Messrs. J. Wood, Jr., of Albemarle, B
Christian of Augusta, !. Davenport o
Richmond, j. X. Pendleton of Louisa
and S. l.. Gallagher Of Augusta, were ap
pointed a committee to ascertain whethc
a quorum of stockholders was present.
Mr.. J. Hunter, of Louisa, moved to TAX,
recess until | O'Clock, in order to ALLOW
time for the Committee on Proxies to re
port.
Mr.. B. Christian desired a recess unit
halfpast 5, as number Of stockholdcr
were expected to arrive by the Afternoon
train on the Central road, and the Stat
proxies were not yet present.
Mr.. J. X. Pendleton suggested as a com
promise to take a recess until o'clocI
p. M.
The amendment of Mr.. Christian pre-
vaiing, the meeting adjourned until hall
past D O'Clock.
AFTER RECESS.
The stockholders assembled pursuant t
adjournment, and in addition to those pre-
sent in the morning, we noticed a numbc
VI lllC lL'i VI wv bcAh'Ns 'A'
many OF the old residents of Richmond
among them we may mention Genera
J. K. Anderson, General John Echols
General J. d. Imbodcn, Speaker j. i
Baldwin, General C. G.. Coleman, Colo
mel NJ. G.. Harman, General Williams c
Wickham, David Niche, Colonel l.. Fon
tainc, =. II. Aylett, Esq, J. II. Gilmer
Sr., and Il. b. IIaxall. The hall of tn
House was well filed by stockholders, Will
many spectators were in attendance.
At half-past five o'clock the meeting wa
called to order, and the Committee o.
Proxies, through their chairman, Mr.. j
Wood, Jr., reported that 1880 private an
1904 State shares were in attendance, ASS
being necessary for a quorum.
The Chairman announced that a quorum
being present the meeting could proceed
TO business.
Colonel Fontainc, President, then sub
mittcd the following report on behalf Of tn
Board of Directors:
REPORT OF PRESIDENT FONTAINE.
At the last meeting Of the stockholder
the following resolution was adopted, VIZ.
"Resolved, That the President and Di
rectors be authorized to make application
TO the General Assembly so to modit.
the charter of this company as to enable !
to contract for the Covington and Ohi
railroad and the completion thereof, il
case the party now negotiating for tn
same shall fail to contract therefor"
Although not distinctly instructed, bu
only authorized" to apply for the right
and although the parties negotiating ha'
not abandoned the negotiation, the Boar'
thought it was proper TO secure the lega
authority, to he used thereafter if the com
pany should think that its circumstance
justified an inquiry into the practicabilit
of making contract. That authority ha
been given by the Legislature and ais
in the event of the Covington and Obi
road being undertaken by other parties
this company is empowered to consolidat
with them, if the stockholders consent t
do so, and can make satisfactory terms, S
as to have one connected road from tn
Ohio river to Richmond.
In this state Of things your Board fel
somewhat embarrassed as to the cours
they ought to take, in view of the gigantl
character of the work of constructing tn
Covington and Ohio road, compared wit
the present crippled condition Of the com
pany, the difficulty of raising money, an
the fact that the negotiating parties al
luded to in the resolution still entertai
hopes OF success. Ut may be proper t
remark that your Board is informed tha
these parties are about making a renewe
effort To secure the contract.)
After mature consideration the Boar
adopted the following preamble and resc
luton, under which you are now con
vened, namely:
"Whereas, by acts of the last Legislator
of Virginia and West Virginia, the Vii
ginia Central Railroad Company has bee
authorized 10 contract with the Con
missioners of Virginia and West Nirgini
for the completion of the Covington an
Ohio railroad; and whereas this Boar
has been induced to believe that a
amount of stock not less than three mi
lions of dollars, payable in cash insta
ments, can be obtained towards buildln
the Covington and Ohio railroad, PR
vided the stockholders will agree to max
that amount a preferred stock at eigl
per centum
RESOLVED, That the stockholders
convened on the 22d day OF May, to col
slider whether they will authorize II
Board to negotiate for building the road
the subscription of stock above mentione
shall be obtained"
1t will be readily understood from Il
language of the foregoing resolution tn
the Board did not think this company we
prepared to undertake the work with
present means. However anxious th'
are to see this work completed, whi'
would not only advance the general inte
ao,o of tho State. but SO much promote n