Alexandria gazette. [volume] (Alexandria, D.C.) 1834-1974, 1871-09-15
O., "a. & Nj. IL. X.

Pursuant to adjournment, at II clock yes
tcrday morning, the Stockholders Of the Orange,
Alexandria and Manassas Railroad Company re-
assembled at the Assembly Rooms. ut ) o clock
p H., Mr.. MaSsie in the chair. when,
Mr.. Chapman. chairman Of the Committee
on Proxies, reported that there was represented
by proxy 50,S9 shares of stock besides large
amount in person. being much more than l
quorum.
Mr.. Cazenove stated that he had 4 letter
from Mr.. Barbour, regretting his inability to
| be present OH account OF Illness and suggested
that as Mr. b. could not attend the meet
ing proceed to consider the subject for which
they were convened, viz: the acceptance Of the
act of the Legislature, providing for sale OF
the States interest in the works of internal
improvement, included in which was the inter-
est ia the Orange and Alexandria and Manas
sas road, and proceeded to explain the provisions
of the said act: at the conclusion OF which Mr..
&. stated that he was authorized by the l'resl-
dent of the company to advise the purchase,
and that the necessary arrangements would he
made for compliance with the terms OF the
sale, and such as would secure the company
against risk or loss He moved that the act be
accepted.
Mr.. G. NJ Blacktord, Of Lynchburg, i'll order
to bring the question before the body IN more
tangible shape, and somewhat more technically.
had prepared a resolution, which, he thought,
would cover the ground. Before presenting his
resolution, however, he explained further the
provisions of the act, which, he said, WAS to
divorce the State from her works OF internal I'M
proycment by the act the Board Of Public
Works were not aufhoI-0l to sell, but the com
mand was imperative upon it to sell, and it was
simply i question whether the company, who
have been granted prior right to become the
purchaser, should buy or have the stock put up
at pnblic auction and let it pass into other
hands As had been stated arrangements could
be made for the purchase. and he was oi opn-
ion that it would be wise to accept the offer
made by the State lie then offered his resp
luton and read it as follows
Whereas, by an act Of the General Assembly,
approved March 18th, 1871, entitled An Act
directing the Board Of Public Works t" sell the
States interest in the various internal improve
ment companies of the Commonwealth. the
Board Of Public Works is authorized and dl-
rectcd to sell to each railroad and internal i'm
provcmcnt company in this State the interest ~
the State in thcsame, including all bonds, stocks,
loans and claims (ior the sale of which! provision
had not heretofore been made by law i"ran cqua
amount of State bonds and whereas, the sad
act provides that any company desiring IT, avail
itself of the provisions of SAID act shall SIGNIFY
| to the board OF IWDc w pFkA ll9 a'Cti'titii'' W
the same within six months from lis passage, and
that thcrcupOn it shall become binding and Oh
5 ligatory upon it; and whereas 1t Is dcclne, adj
visable by this company to accept the provisions
) of said act SO far rs the same may apply |" H.
: now therefore, be 1t
Resolved by the Stockholders Of the o., y. X
NJ r. r. Co., in general meeting assembled,
That this Company accepts the act ii III" Cen
eral Assembly, approved March 2atn, io,l en-
titled AN act directing the Board 81 PHhlic
| IL, flTIN.
internal Improvement companies Of the Com
| monwealth' so far rs the provisions Of said act
apply to the interest Of the State in this company
upon the terms and conditions and with the priv
ilegcs in said act contained
, Resolved, That the President Of this company
be, and hereby is, directed to notify the Board
of Public Works Of the acceptance hy this com
, pany of the provisions Of said act.
Mr.. John Wood Of Albcmarlr. thought that
in view of any probable difficulty that might
arise in reference to the kind Of bonds that may
I be demanded in payment by the Board of Pub
lie Works, it would be we'll 10 simply pass
!; resolution authorizing the directors 10 accept
the act and notify the Board Of Public Works
of the fact, after making the necessary prellml-
nary arrangements. He desired to know IT the
Directors knew what description ri bonds woui.
1 be required, whether old or new since the fund
inr bill had passed subsequent to the passage
of the act under consideration.
Mr.. Cazenovc WAS not prepared fully TO al
d, sYcr the questions pr0p0undcd. bnt WAS salts
fed that all the requirements Of The act would
be met without loss or risk to the company. lie
thought that the only object had in view by The
passage of the act Was that the State should DC
reimbursed for original outlay in the works OF
Improvement, and that it was not contemplated
. to drive any hard bargain. At the time ol the
passage of the act the funding bill was not Il
law. and he supposed the Board of Public
Works would receive the old registered bonds,
or, at least, one third in old and two thirds III
: new bonds.
6 Mr.. Wood had merely suggested that some
difficulty might arise and it was; toayert any
thing of the sort, that he had made his sugges-
ton In three years time there might be no
!. old bonds, fifteen millions having already been
D funded.
Mr.. Cazcnove repeated that the only object
had in view Nv the State was to liquIdatc her
} debt and for this purpose had authorized the
: sale. He was Of opinion that tho act had to ''e
accented by the Stockholders in general meet
! ing assembled, and without any provision; the
, State having laid down her terms which must
= be accented or rejected II, after accepting
the act the Stockholders thought it advisable
to suggest any provisions for carrying out the
purchase. that might be done, but il done, 1t
! Should be separate and distinct action. The act
- made provision for liberal discount if at the
r amount was paid at once, and this might b"
: done: if so he thought it advisable.
Mr.. Wood again urged his proposition 10
authorize the Directors to make the purchase.
Mr.. Blackford though t the protfcr must be
accepted or rejected. Any other proposition
must be made subsequently, The act was per,
emntory and its provisions must DC complied
with. As to the description of bonds that must
be at the ''buyer's option; accept the act and
their arrangements could he made afterwards
about the bonds.
Mr.. Eugene Davis thought that while the
action of the Stockholders was necessary. yet,
he favored Mr.. Woods suggestions
MIR. r. A. Coghill suggested that the meet
: ing should adopt Mir. Black ford' resolutions
and then if it was thought advisable. Mr.. Wood ;
E proposition could be considered. lie explained
IL, A. =, DIAL Il