The daily dispatch. [volume] (Richmond [Va.]) 1850-1884, 1870-09-01

4
RICHMOND AND DANvILLE RAILRAoD-IM-
PoRTANT ACTIoN.-A called meeting of the
stockholders Of the Richmond and Danvlle
Railroad Company was held yesterday
morning ut the Exchange Hotel.
President A. S. Buford called the meet
ing to order, and on his motion Judge +.
Nat. Watkins, of Prince Edward county,
was called to the chair, and Mr.. j. d. Blair.
auditor of the company, acted as secretary
A committee appointed for the purpose
aScertalned that there was a quorum pre-
sent.
The President stated the object of the
meeting to be to take into consideration the
propriety of accepting the act of the Legis-
lature, which he read, directing the Board
Of Public Works to sell the States interest
in this road upon the terms specified. He
also read the following statement:
. RICHMOND, August 81, 1870.
" TO the Stockholders Of the Richmond and
Danuilte Railr0ad Company:
"Gcntlemen,-On behalf of the PreSi-
dent and Directors, respectfully submit for
your consideration and action the following
statement and accompanying paper referred
to-:
"In accordance with what was under
stood to be the wish Of 4 large part of the
private stockholders, as we'll as the declared
policy of the Governor, as set forth IN his
message to the General Assembly OF the
Sth day Of March, 1870, the Board
OF Directors in April last authorized COM
mittee Of the President and two members Of
the Board to take steps to procure such
Legislation as might be necessary to author
ize the purchase by the company of the in.
terest of the State in the capital stock OF
the company on terms equitable and
practicable. In pursuance Of this authori-
ty, bill framed for the purpose, under
the advice of the company's counsel, was
prepared and submitted to the General As
sembly, and the same was finally
passed by that body and approved by the
Governor on the 18th day OF July, 1870.
An attested copy Of said act of Assembly is
herewith submitted. By its terms it will
be seen that the private stockholders are
required to decide in general meeting,
within six months from its passage,
whether they accept its provisions or
not. To make this election, and, if ac-
cepted, to direct how this contract
shall be carried out, you have been assem-
bled to-day by resolution of the Board OF
Directors. The law is therefore now SUBJ
mitted to you for such consideration as you
deem necessary, and for your acceptance or
rejection. If accepted, / shall be ready to
submit for your consideration, and with the
concurrence of the Board, such suggestions
in regard to the manner of its execution rs
are deemed best.
"Respectfully submitted,
a. s. BUFORD. President"
Mr.. Buford also offered the following reSo-
luton:
"Resolred, "a majority of the private
stockholders represented in this meeting
concurrng), That this company accepts the
act of the General Assembly of Virginia.
approved 18th July, 1870, entitled an act dl-
rectipg the Board of Public Works to sell TO
the Richmond and Danyille Railroad Com
panv the stock of the State in said company,
and authorizing said company to buy the
same, and hereby agrees to the purchase OF
the interests of the State III the capital stock
OF the company OH the terms and stlpula-
tionS set forth in said act, and the President
and Directors are hereby authorized ana M
structcd to purchase the said stock on the
said terms and Stipulations."
The adoption OF this resolution was de-
bated at great length by MeSSrs. Buford,
Wood Bouldin, and William Y. Suthcrlin,
in support of it, and by Messrs. W: J..
Scott, William Martin, and David Chal-
mers, in opposition.
AT o'clock, on motion of Mr.. :. &. y H.
piles, of Patrick, 4 recess was taken until
Night SesSon.-Quite number OF newly
arrived stockholders reported to the secre-
tary and were registered.
Major Slltherlin again urged the adoption
of the resolution, and he addressed the
meeting at great length in support OF his
views. He regarded the meaning of the re-
solution simply to be to get rid of dead
partner and to receive Il live one. The
stock of the company was unpro1ltable, lis
passenger and freight rates were higher
than any other road in the Commonwealth,
and its accommodations were the subject
of general complaint from all the people
along its line. 1t wanted money, and 1t
could not possibly obtain any unless this
DronoSition was carried and the stock OBJ
tanned from the State disposed OF to private
individuals who would take interest III lts
improycment and ZealouSly work for the
advancement of the road. 1t must eSla-
blish through connections both North ana
South, and to do this money must be had.
Mr.. John Il. EdmuudS, of Halifax county,
said the constant mutations III the state dl-
rectors rendered it impossible for the COM
pany to have any fixed, permanent, ana
tar-Sceing policy. No less than three tilnes
since the termination of the war had these
directors been changed, and new men with
new ideas and new schemes introduced into
the controlling management OF the. COM
pany. There could be no doubt, in his
opinion, as to the practicability and neceS-
sity of getting rid of their tickle partner.
The next question to be answered was,
"Is the States interest worth the price
asked for it!'' He thought it was. and he
proceeded to show how soon and how
easily the private stockholders could recon-
pense themselves for the new ouCIty Ilis
proposed purchase would require.
A short debate took place between hcSSrs.
Sutherlin and Edmunds as to tie best policy
to be pursued in the disposition hereafter
to be made of the stock purchased from the
State. The former advocated putting it
upon the market, open to all who wished
to become purchasers, and the hitter urging
that it'be kept in the hands Of the company.
At the conclusion Of the discussion Mr..
McPhail called the previous question
upon the adoption Of the resolution. Ile
call was sllstained-ayes, AZ; noes, 2S.
The roll was then partially called on
scaled vote, when, 1t appearing that 2,4O0
out of the 4,200votes present had been cast
in the affirmative, a further call was dis
pensed with and the resolution declared
adopted.
The act of Assembly by which the Rich
mond and Danyille Railroad Company has
become the purchaser of the States lnte-
rest in this road provides that for each
share of stock now held in said company by
the State the company shall pay one share
of State stock. The State owns about
u. 900 shares, which is equivalent i'll value,
at the present market value of stock, TO
about 5000. .OOs. The payments are to be
made in twelve equal scmi-annual install
ments.]
MIR. Wood Bouldin, Of Charlotte, then
offered the following resolution
"Rcsoloed, That in the purchase of the
stock aforesaid from the State, and in the
disposal thereof by the Board, the Prcsi-
dent and Directors be, and are hereby, all-