The daily dispatch. [volume] (Richmond [Va.]) 1850-1884, 1869-09-09
LOCAL MATTERS.

MEETING OF TIE hlCHMoND AND I'l1h
RIVER RAILROAD COMPANY THE ROAD
TO EE EXTENDED TO THE CHESAPEAKE
BAY.-A called meeting Of the stockholders
of the Richmond and York River Railroad
was held in the office of the company yes
tcrday afternoon, and was organized by the
election of Mr. Il. r. Lacy, Of King William,
President. a committee appointed for
the purpose having reported that majority
Of the stock was represented, either in
person or by proxy, Colonel Buford, the
President Of the road, briefly stated the
object of the meeting. Before doing so he
stated that no effort or diligence had been
spared by the management to improve and
develop the business of the company and to
adjust and liquidatc its numerous and en-
barrassins obligations. Its condition and
prospects arc materially improving, and
each month promises to give additional
strength to the line.
The daily line to Baltimore, connecting
at West Point, has materially increased the
prosperity of the road.
Two things it is supposed only remain to
insure the permanent and eminent success
of the line as u valuable avenue oil trade
and commerce to the public, and the rcsto-
ration of its credit and profitable operation
for it's owners. These are the projected
rail connection with the c0tcrminus and CO.
operating roads in the city Of Richmond,
and the extension of the main line to
the waters of the Chesapeake bay. The
city connection is already undertaken, and
| will soon be in progress, by the Richmond
and Danville Railroad Company. TO con-
slider of and provide for the extension OF
| the main line is the object for which the
Board has convened this meeting.
The importance Of this extension to the
complete and permanent success of the
connanv's operations is doubted by none
familiar with the facts; and has for some
time past been looked to with great interest
by the company as q necessary develop
mcnt whenever circumstances would JUS
tify its undertaking.
In the judgment of the Board, rs we'll as
the stockholders, rs far as the Board arc
advised, that time has arrived, and the cir
cumstanccs arc opportunc for making the
necessary effort to accomplish this import
ant work. 1t is expected that chiefly on
the credit OF the extended line the rcQui-
site means for its construction may be OBJ
taincd. Auxiliary means may he rcsorted
10 as far as found necessary ana deemed
iudicious. It will probably be found ne
| ccssary that the President and Directors be
invested by the stockholders with ample
authority to negotiate for means, and to
direct the prompt and energetic prosecution
of the work.
| 4 large amount Of tonnage, now beyond
our control, will be opened up for us when
We get the extension and the connections
in this city; and We should use all efforts
to gct it at once. Unaidcd, We cannot 90
thc work, which will cost about 500, 900.
70 mortgage the extended line would load
it with a debt which it would scarcely bear.
The opinion of the Board is that it would
he better to issue limited amount Of pre-
| Gcrrcd stock to The amount Of 100000 TO
$l50,O00.
The prospects Of making the stock now
owned available in the market rests mainly
with this extension.
He offered the following resolutions,
which had been agreed upon at late
meeting of the Board:
L" RcsoIrcd. That the interests ot this
company require that its main line be cX-
tended from West Point to some direct and
suitable point on the waters of the Chesa-
pcakc bay. Us authorized by act OF the
General Assembly passed the 18th Fcbru-
airy, 1867, at rs early Il day as tho same
can be properly and judciously effected.
" RcS0iued, That the President and Di-
rectors be, and they arc hereby, fully au-
thorizcd and empowered to take such mca-
surcs ard make such contracts as they
shall deem necessary and prudent to carry
out such extension, and to that end may
\ issue and dispose OF an eight per cent. pre-
fcrrcd stock to On amount not exceeding
$1,000 and may issue and dispose of the
obligations of the company TO obtain the
additional means requisite to dcfray the
cost of such extension Pr0rided, That the
whole amount of such obligations, together
with so much of said preferred stock as
shall be issued shall not exceed the sum
of $550,0C0
"ReSolred, That in order to secure the
payment of any obligations so issued the
President and Directors he, and they arc
hereby, authorized to create such lien by
deed of trust, mortgage, or otherwise, On
the said extended line of the company, as
we'll as all other property of the company
acquired and TO be acquired as may, in
their judgment, be judicious and neces-
sary"
The amount of preferred stock was origi-
nally put down at $50, 600, but, on motion
Of Colonel Gordon, was reduced to 500, 900
The resolutions were then, on motion OF
Mr.. Duval, unanimously adopted.
The meeting then adjourned sine die.
This action of the stockholders secures
the extension. The money can be raised,
and will in short time be forthcoming
The managers of the road expect to COM
mence operations on the extension during
the present fall. Through that level coun-
try the road can be rapidly built, and with
in few months the shrek Of the locomo-
tive will he waking the echoes OF the Plan
kitank.
This is no new thing with the company
DR.. Gwathmey, the late president, in his
report to the annual meeting held on the
9th March last, said:
"Nothing further has been attempted
with reference to the Chesapeake extension
except reconnaissance by the chief engi-
nccr OF this company of the two routes pro-
posed. The facts thus elected were alto
gether satisfactory, and may be useful in
the future prosecution of your work" ;"
The extension proposed will enable the
company to make the trip to Baltimore in
four hours less time than is now required
and also to connect with the Annamessey
route TO Philadelphia, which has its south
ern rail terminus on the Eastern Shore al
most directly opposite the mouth of the
Rappahannock.
FALSE CHARGE.-J. Caughman and F
W. Lohman, arrested by Constable Robin
son, were examined before Justice Atlee
Yesterday on the charge of cutting ant
| S4aolnsr Eftnnn dol rsi worth of wood from