Staunton spectator. [volume] (Staunton, Va.) 1849-1896, 1867-12-03
Virginia Central Railroad Company.

The following proceedings of the meeting OF
the stockholders of the Virginia Central Rail-
road recently assembled in Richmond will be
read with interest.
General Echols, chairman of the special COM
mittee Of thirteen on the annual report of the
President and Directors, submitted the follow
ing series of resolutions, viz:
"Resolced, That the Board Of Directors be
instructed to enter into a new contract with the
commissioners of Virginia and West Virginia
for the construction of the Covington and Ohio
Railroad, with the following stipuations:
Il. The work to be commenced and COM
pleted in the time and manner provided In the
charter.
SO. The company to guarantee four per cent.
seml-annual dividends upon any stock which
may be subscribed for the construction of said
road after the completion of the road to the
Ohio river, and in the mean time said stock
shall be preferred in any dividends which shall
be declared by the company to an extent not
exceeding four per cent seml-annuaNy.
SO The company to borrow such sums OF
money, at rate of interest not exceeding eight
per cent per annum, as may be necessary, in
addition to the funds arising from stock sub
scriptions, for the completion Of said road, and
to execute lien on It's property and revenues
to secure the payment of the principal and IN
terest Of such loans: Provided, That no por-
ton of the work on the Covington and Ohio
railroad shall be put under contract until three
and half millions of dollars of stock applicable
to a continuous line to the Ohio river, shall
have been subscribed Provided, further,
That subscriptions may be received to be appl-
| ed to the construction of the work continuously
| from either end of the line.
s'ResOlUed The company may guarantee the
payment of principal and interest of bonds of
cities and counties receivable in payment of sub
scription to stock.
| "Resolced, That the bonds of cities and coun-
ties, at ninety cents in the dollar, and bearing
| eight per cent per annum interest, convertible
| into preferred stock, be received In payment OF
subscriptions of stock.
"Resolved, That nothing contained in any
contract made by this company shall have the
effect to deprive the present creditors OF the
company of their claims for ratification out OF
the present property Of the company. And ii
shall be the duty Of the president and directors,
before executing any further lien on the present
property of this company, funded or floating
debt, not heretofore so secured, that cannot DC
promptly paid off in the ordinary administration
Of the affairs of the company.
General Echols addressed the meeting in an
earnest speech, advocating the adoption of these
resolutions.
! After several amendments were proposed and
rejected the report of the committee was adopt
ed by the following vote ayes, 5000; noes
1,906-majority 1908.
Mr. Thomas j. Niche offered the following
which was unanimously adopted:
| 'ReSolued, That, when the President and
| Directors of this company shall have concluded
a contract with the commissioners of Virgins
and West Virginia, it shall be their duty a
once to assume the name and style of the Ches
apeake and Ohio Railroad Company, and tt
claim and exercise all the rights and franchise:
conferred upon the said Chesapeake and Ohio
Railroad Company by the acts Of the Legisla
lures Of Virginia and West Virginia.
ELECTION OF OFFICERS.
On motion Of Mr. NJ. g. Hartman, the meet
ing proceeded to the election Of officers for the
ensuing year.
Colonel Fontaine was unanimously elected
President by reclamation.
The names Of Messrs. c. r. Mason, Isaac
Davenport, Jr, and n. B. Hill, were placed il
nomination, and a scale vote demanded
The vote stood: Mason, 2,160; Hill, 1885
Davenport, ,227.
Messrs. Hill and Mason were declared elected
directors of the company.
SALARY OF THE PRESIDENT.
Mr.. Branch moved that the salary of the
President be raised from So, 500 to $1,000
The motion was carried by considerable ma
jority. Adjourned.