Staunton spectator. [volume] (Staunton, Va.) 1849-1896, 1867-05-28
Virginia Central Railroad.

The following proceedings of the recent meet
ing in Richmond Of the Stockholders of the
Va Central Railroad will be read with interest.
On the second day of the meeting, Mr.. j. Hun
ter, chairman of the committee to whom was
referred the report of the President of the road,
presented the following:
MAJORITY REPORT.
The committee to whom was referred the re-
port of the President and Directors touching
the policy of entering into contract for the
completion of the Covington and Ohio railroad,
have had the same under careful consideration,
and have instructed us to report and recon-
mend the following resolution for the adoption
of the stockholders, namely:
Resolced, That in view Of the present condl-
ton of the Virginia Central Railroad Company,
the unsettled status of our State, and the I'M
poyerished condition of our people, it is impru-
dent to take any action for the present on the
subject of contracting for the completion OF the
Covington and Ohio railroad.
JOHN HUNTER, Chairman.
Mr. j. G. Paxton, on behalf of the minority
urged the adoption of the following resolutions
in lieu of that reported by the committee, sus-
tanning them by able and conclusive arguments :
'Resolued, That the President and Directors
be instructed to contract with the Commission
ers of the Covington and Ohio railroad for the
construction of said railroad.
"Resolved, That this company, when organ.
lied as the Chesapeake and Ohio Railroad
Company, will create $8,000,O00 of preferred
eight per cent. stock. and that when the 49,
100000 shall have been subscribed by parties
solvent and able to pay in such instalments as
required, will commence the construction of the
railroad from Covington to- the Ohio river
Colonel Fontaine wished to offer a compro-
mise, which he thought would settle the diff
Guilty, by measure upon which all might agree.
With view to unanimity, he would move a
recommitment Of the reports to the committee,
| and would to them present his compromise.
The question being put, the reports were
both recommitted.
The meeting then took recess of an hour
made the following report, which had been
unanimously adopted, in lieu of those presented
at the morning session:
|. REPORT.
ResolUed, l. That it is inexpedient for the
company to undertake to construct the Covlng-
ton and Ohio railroad with borrowed capital
2. That the Board of Directors of the Com
pany be instructed to offer to contract with the
Commissioners of Virginia and West Virginia
to construct the Covington and Ohio railroad
on the following terms and conditions:
| l. That if the amount of money required to
put the road in operation from Covington to
| steamboat navigation on the kanawha river,
with the necessary buildings and equipments
not less than 5000, OOO-be not raised within
| six months from the date of the contract by
| subscriptions of stock, which the Board of Di-
rectors believe are available, and they are will
| ing to receive as cash, then, and in that case,
| this company shall be released from the con-
| tract if they desire it.
2. This company will guarantee to those
stockholders who furnish the funds to construct
| and equip the road to steamboat navigation on
| the Kanawha, and on any such additional stock
thereafter subscribed, four per ce,stuna semi an
nually as preferred dividend on all the stock
| fully paid after the road is completed to the
Ohio river.
3. That all nett revenues derived from ma
| king the road west Of Covington before it is
| finished to the Ohio river shall be appropriated
to that object.
| 4. No part Of the earnings of the road accru-
ing east of Covington shall be diverted from
| the use and benefits of the present stockholders
and their successors until the road is completed
to the Ohio river.
| 5. No loan shall be made pledging the prop
erty Of the company east Of Covington for the
completion or equipment of this road west Of
Coyington until it shall have been completed
| anu properly equipped 10 StealHDOaC uaVlSdtlOI
on the Kahawha river.
6. If from any cause the work done west Of
| Covington be forfeited parties who become
| stockholders for the completion of that part Of
| the road thereby forfeit their stock, and they
shall have no interest or voice in the manage.
ment Of the road east of Covington.
| 7. That the President and Directors are au-
| thoriaed to employ such agencies as they may
think necessary to carry out the objects OF the
foregoing resolutions.
| The resolutions were unanimously adopted
The committee to whom was referred the
subject of free tickets, or ''dead heads" sub
mitted a report, upon which there was consid-
cradle debate.
| General Echols thought that some provision
should have been made in the report in order
that editors should be allowed to travel free.
| Mr.. James Lyons said be was DESTROYS to
end the controversy about dead heads fnrev-
er. He was free to say that he was utterly op-
posed to the system. 1t was reproach to oul
Legislators that they accepted free tickets when
no services had been rendered therefor He
desired, however, to confer with other compan-
| les before taking any action upon the subject.
| He therefore moved the adoption of the follow
ing resolution:
Resozved, That the report of the committee
on the free-ticket system be referred to the
President and Directors, with instructions to
confer with the authorities of the other rail
roads With a view of agreeing upon uniform
rule on the sabiaat, and to report to the next
general meeting Of stock holders
| This resolution was adopted after some play
| full sparring between stockholders.