The daily dispatch. [volume] (Richmond [Va.]) 1850-1884, 1871-01-04
Richmond and York River Railroad
Annual Meeting OF Stockholders.

Richmond and York River Railroad
Annual Meeting or Stockholders.
The fifteenth annual meeting of the stock
holders of the Richmond and York River
Railroad Company was held On yesterday.
Mr.. R. T. Lacy was called to the chair, and
Mr.. G.. A. Smith appointed secretary. -
A committee to examine proxies report
ed majority present. -,
PRESIDENTS REPoRT. a
Colonel A. S. Buford read the following
report:
"7o The Stockholders of the Richmond and
York Riuer Railroad Company:
Gentlemen,-A general meeting of the
stockholders having been held in October
last, at which the President and Directors
submitted to you report Of the operations
and condition of the company up to that
period, but little is deemed necessary to be
said by way Of report to the present meet
ing. coming, as it does. in such close proX-
unity to the date of the last meeting and re-
port. The results OF the present fiscal year
can hardly be foreseen with any certainty
from what has been realized in the first
quarter, just elapsed; the gross receipts for
which, however, have fully reached the
average Of the preceding year, amounting
in the aggregate to the sum of S23, 81. so.
The present quarter can hardly fail to re-
suit in some diminution Of the company's
income. This is due to two causes. First.
because it embraces the dullest business
season ofthe year. and secondly, because our
steamer connection, against our remon-
alleging their inability to run it oftener,
though concediDg their obligation by agree
ment to-run it daily, thus dividing and
reducingHthe aggregate business of this
company's line. The management have
used every effort to remedy this state
of things, as yet without success.
1t is hoped, however, that in short
time some effective and final remedy
may be secured. No effort or means con-
sistent with the existence of the, company.
should be spared to effect it promptly, and
to this end it is recommended that ample
authority be conferred on the management
btoimake any contracts or arrangements with
other companies or individuals that they
may find necessary and best to protect the
company from the assaults and unfriendly
policy Of certain competitive and hostile in
terests, to which your attention has been
called in q previous report. -.... ...
In the progress of the efforts made by the
management OF the company to start the
work of the proposed extension of the
company's line from West Point to the
waters of the Chesapeake Bay, grave doubts
arose as to the authority of the company to
create new credits on the new work not
embarrassed by The company's existing
leins. These amounted to a prohibition,
in fact, Of the plan of efecting the eXten-
sion as part of the company's present line
ofproperty, and left the management ap-
parently no alternative except to procure
enabling legislation and organize new
company III the interests and under the
control of the present one, or to abandon
the extension, essential as 1t Is TO the final
and proper success of the present line.
The management did not hesitate in this
choice, and proceeded to act at once in OBJ
tanning q charter for the West Point and
Chesapeake Railroad Company, with al-
thority to this company to subscribe to the
capital stock of the new company. Under
an order of the Board of Directors, this
subscription has been made to the extent
of five hundred shares and on this and q
small number of private subscriptions the
new company has been organized, and will
proceed with all practicable dispatch in the
work before it. 1t may be we'll. though
not deemed essential, that the stockholders
formally approve this subscription. That
| it is in the beg. interests Of this company,
none can doubt. .s.-
Respectfully submitted OH behalf of the
Board. A. S. BUFoRD, President"
The report was submitted, and, after ex-
planatory remarks by Colonel Buford in re-
gard to the West Point and Chesapeake
railroad, elicited by inquiries from stock
| holders present, was adopted.
WEST POINT AND CHESAPEAKE RAILROAD.
On motion, the action of the Board of Di.
rectors in subscribing to the new company
was approved and ratified.
The following proviso, offered by Colonel
Gordon, was elaborately discussed, and
adopted by scale vote:
sProrided, That the Board make no con-
tract with any other parties giving up the
control OF the Y ork River Railroad Com
pany over the West Point and Chesapeake
Railroad Company which will not, in their
opinion, protect the York River Railroad
Company from liability for its unpaid SUBJ
scription."
Mr.. Buford, on behalf Of the Board of Di-
rectors, submitted the following resolu-
tons, which had been adopted by the
Board:
"Whereas, the contract proposed be-.
tween this company and the Richmond,
Fredericksburg d. Potomac Railroad Com
pany, the Powhatan Steamboat Company,
and Potomac Steamboat Company. Of date
of 18th october, 1870, has not been acted
upon by this road in consequence of the
uncertainty in the Judgment OF this road as
to the legal effect and Interpretation there
of, and some Of the parties to the same hay
ing shown their disposition to contrayene
the spirit and object Of said proposed con-
tract, and thereby to defeat the main con-
siderations which might have influenced
| this company, to enter into the same !:
Therefore, be it
Resolved, That the whole matter be re-
| ferred to the stockholders, in general
meeting assembled, for their consideration,
| and instructions to the board, with this
recommendation from the board, that the
best interests of this company demand that
| the said contract be rejected, and that the
parties thereto be notified to this effect
without delay.
Resolued, That the foregoing be commu-
| nicated by the President to the meeting Of
stockholders, to be held this day, for their
| consideration and action"
A committee was appointed to consider
the subject and report at an adjourned
| meeting to be held ut 10 O'Clock this morn
ing.
ELECTION OF OFFICERS.
The election Of officers was then gone into
with the following result: President, Col.
AS. Buford Director, Col. W. w. Gordon.
Col. b. b. Douglass moved that the time
of holding the annual meeting be changed
to the Tuesday after the second Monday in
November in each year, to take effect On
and alter this year. Adopted.
The meeting then adjourned until 10
O'Clock this morning.
POLICE CoURT-TUEsDAY-Justtce White