The daily dispatch. [volume] (Richmond [Va.]) 1850-1884, 1869-11-29

! Annual Meeting OF Stockholders.
! The stockholders Of the Chesapeake and
; Ohio Railroad Company assembled, pur-
| snant to adjournment, in the hill of the
House Of Delegates on Saturday night.
| Hon. J. 3. Baldwin. from the committee
! to whom was referred the various Droposi-
tons for the completion Of the railroad to
| the Ohio river, reported that they had given
the same mature consideration, and begged
leave to reneat the recommendation made
in favor Of the adoption Of what is known
lstho Huntingdon contract. THE provisions
. If the proposal of Mr.. HUNTINGTON and
associates have already hcen published in
the DiSp0tch.1 Mr.. Baldwin said he regret
ted to say tfnt the committee were not
unanimous i'll this recommendation.
| Mr.. james Lyons submitted n minority
report, signed by himself. ]. II. Caldwell, B.
III. Maerudcr, ?. H. Avlott, and W. Skeen.
recommending the rejection by the stock
holders Of the contract proposed by Hun
tingdon and associates. and the adoption Of
that which has been proposed By James
! Carter and associates.
| Mr.. Lyons then addressed the meeting ut
| length. setting forth the reasons actuatino
the minority. He had at first been in
favor of the Huntingdon proposition ONLY
because it seemed to be the only feasible
| one. not having Decn maze acquainted Win
| that Of Carter and associates.
He reviewed the conditions Of the former.
is heretofore published, and claimed that il
was the most extraordinary and monstrous
| contract ever eXtorted from q free people
! Huntingdon and associates get in enormous
bonus Of SS.000,00G of stock, advance only
! 81 900, 900, and exact the privilege of APP
| pointing majority Of the Board of Direc-
tors, with a president rcSidin%in New York.
I r. 4. 10
Sented BY Mr.. James Carter, propose to- give
us one million Of dollars within twenty
! DAYS, two millions in one month, and eight
millions within six months. For this we
are to give them stock only to the amount
/ Of five millions. and the appointment of
! a minority Of the directory. The New York
/ parties may take five wears to complete the
road. whereas the London firm will do the
work rs fast as we can spend eight millions
! OF dollars and it may not take the whole OF
this sum. Adopt the London proposition.
and the early building of the road isa fixed
fact adopt the other. and we know not
when the Job will be completed. So far as
the reliability and responsibility Of the CON-
petin9 parties are concerned, there Is little
distinction. Huntingdon e Co. arc &C
llnowlcdgcd to he wealthy and compe-
tent. Smith & Co. were at first unknown
TO Us. hut they are endorsed on this side
York, whose standing is unimpeachable.
The President Of the Fourth National
Bank teegraphs that McGinnis 4 Co. Z" are
good for all their engagements" Ii Secu-
rity is required on the other side Of the
water we present cable telegram from
the President of the London and Westmin-
ster Bank, Il financial institution second to
none in Great Britain, which says that Link
il Co. is an old and well-known house, reli-
ut,l for ak Tho
speaker therefore considered the parties on
an equal footing. He concluded by offering.
on behalf Of the minority, the following
resolution:
"Rcsolved, That in the judgment Of the
stockholders it is proper that the directory
Of this company enter into 4 contract with
James Carter and his associates for the sale
of seven per cent bonds of the company on
the basis of the proposition submitted to
said directory by him."
Mr.. Baldwin advocated the adoption Of the
majority report. He, too, had inquired into
the standing Of the competing parties. VI
the New York party, he said Mr.. Hunting
don was man in the front rank of tlnan-
ciers, who, in connection with FISK d
Hatch, has built more railroads in the
last five years than any other man
in the United States has in life
time; W. H. Aspinwall, he said, was OF
|
and successful tinancer; a. A. Lowe,
president Of the Chamber of Commerce OF
the city Of New York David Stewart, a
merchant prince of the metropolis; Mr..
Winslow, retired banker of large means
and great success in business; Mr.. Clarke,
with fortune OF millions. Others of the
same character might be named, but suffice
it to say that a better array Of names could
hardly be made. They represent fifty, OF
one hundred millions OF dollars. On the other
hand, who are the London party? Smith &
Co., represented by q Mr.. Carter, who. to do
him Justice, seemedto be well-disposed gem
tleman of fair intelligence. The speaker had
examined him closely, and this was the re-
suit concisely, and he thought fairly stated !:
Smith s. Co., of which Mir. Carter is the
Junior member, are solicitors, who do not
claim to be very wealthy, and act here only
as intermediary parties, claiming to have
made a contract with O Mr.. Sleigh ana
other capitalists with view to the COM
IS to take loans and negotiate them on the
London and Frankfort markets. MIR. Carter
did not bring the contract for orr exanlina-
ton, having left home hurriedly. He has
no power of attorney or letter authorizing
him to act for anybody but Smith Co.,
no endorsers in this country but McGenms
g. Co.,, nor has he acquaintance, letters
OF Introduction, OF correspondents VI Wis
side of the water. These We're the PLAIN
facts as stated by Mr.. Carter. Yet he said
he could get the endorsement of the Bar
ings, and the committee waited for IT. That
endorsement was not received, but instead
we receive cablegram from the London
and Westminster Bank speaking OF Smith
& Co., solicitors, as old connections Of the
bank, and perfectly reliable, and expressing
a "high opinion" of Mr.. Sleigh, who has
also t'banked with them" This is all we
know of the London parties, except that
McGinnis s. Co. back them; and we all
know what miserable failure our loan had
in the hands of McGinnis y Co.
Colonel Baldwin then reviewed the pro-
posal of Huntingdon, and said that the
conditions were perhaps excessive. but
would nevertheless rebound to the welfare
of the company. AS to transferring the
MANAGEMENT to New York, which Mr..
! LYONS so greatly deplored, he could not
agree that 1t would be such a misfortune.
Affairs had sometimes been badly managed
here, and it was proposed now to put the
road into the hands OF railroad men second
In ability and foresight to none in the land,
and then there would be an end of this
dragging of political affairs into our annual
/ meetings. In conclusion, he said that If even
| the two propositions were equally well
balanced. liz Smiths endorsers were as good