The daily dispatch. [volume] (Richmond [Va.]) 1850-1884, 1871-05-08
MEETING OF THE POTOMAC RAIL.
z,,..s, Road COMPANY. zssi
Report OF Hoard OF Directors-Eiee'
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Report OF Hoard OF Direcsors--Eiee
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q An adjourned meeting of the stockhold
ters of the Potomac Railroad Company wa
held In this city on Saturday last, at TIL
office OF the Richmond, FredericksburI
and Potomac Railroad Company. Majo
William B. Myers was appointed chairman
Of the meeting, and James B. Winston sec
Mr.. P, "" Daniel, Jr., President OF tn
company, submitted the following
10 REPORT or THE BOARD OF DIRECTORS.
| p,. PoToMIc RAILROAD CoMPANY,l
r" RICHMOND, VA., Sd May, 1871. ) ?
Since the reorganization of the company
at the recent meeting OF its stockholders.
comparatively little has occurred which cor
properly be the subject of report to ths
present meeting. i".a4a -.
/ Financial arrangements which have been
the subject OF consideration, correspond
ence and negotiation by the President with
others who are or may become interested
In the construction or operation of this
company's works, have not been so ma
tured as to be properly reported to this
meeting, rs they, NAV be to a future ad'
journed meeting Of the stockholders. Fol
these and other obvious reasons it is re-
commended that the. resolution for such IN
adjourned meeting herewith submitted be
Iadopted at the present meeting! -e"-s1gs ~.
The Board Of Directors have, however,
felt authorized, with the resources at their
Idisposal, to, commence the location and
lconstruction OF this company's railroad,
land have caused proceedings now pending
Ito be instituted in the County Court ol
Prince. William county for the condemna.
tion of such land In that county as shall be
needed for that purpose.
THE expected early completion OF the
extension or branch road of the Richmond,
Fredericksburg and Potomac railroad to
point near .Quantico creek made it OBJ.
yiously expedent for this company to COM
| mence the construction of it's railroad at
that point of junction with that railroad, SO
as to make as much as practicable of-thls
company's works Gncluding a branch road
| to, and suitable wharf and warehouse at,
lShipping Point, at the mouth of Quantico
creek) at once available and profitable to
the company, rs they shall be from time to
time completed.
For this purpose an understanding, soon
! TO he made contract, has been had with
the authorities of the Richmond, Fred
ericksburg and Potomac Railroad Company
for;the use by that company, with its cars
and machinery, for fair and reasonable
compensation, of the roadway, wharves,
and other structures Of this company. This
Contract, when executed, with any others
which may he hereafter made for similar
purposes, with any other company, will be
| duly reported to the next succeeding meet
ing of the stockholders.
In accordance with the views and plans
of the directory herein recited, the board
sadopted the resolution herewith submitted,
authorizing the commencement and prose
cution of the construction Of this COM
pany's works, as already described. The
ratification by the stockholders Of that
action of the board is recommended. 1t is
also recommended that the stockholders, at
this meeting, adopt the resolution here
with submitted, authorizing suitable ar
rangcments with other companies for the
use by those companies of the roadway and
! other structures Of this company.
| Respectfully submitted in behalf Of the
Board Of Directors.
p. V.DANIEL, Jr., President"
q The following resolutions were adopted
;, " ResoiUed, That the stockholders ap.
prove the resolution of the president and
| directors for commencing the location and
construction Of this company's railroad at
and in close connection with the northern
terminus between Chippaw womsee anC
Quantico creeks Of the branch railroad o
the Richmond, Fredericksburg and Poto
mac Railroad Company, and proceedinl
with the same, including a branch roat
with suitable wharyeS and buildings for 8
steamboat connection ; and the stockhoId
ers authorize the president and director:
to proceed with the construction Of the
whole of the main line OF the railroad au
thorzed by the cempany's charter, as wei
as with the construction OF such Drancl
road, when and rs the means Of the com
pany will permit and the stockholders
consent to their borrowing money for an!
of these purposes, and to their issuing pro
per certificates of such loans, and pledginE
the property Of the company, by deed o
trust or otherwise, for the payment OF th'
same and the interest that may accrue
thereon.
| Rcsolred. That the president and direc
| tors be, and are hereby, authorized TO make
with any other railroad company or com
panics such arrangements as they may Geen
| Iexpedient for the use of all or any portion
of this company's road and its branche
with the cars and locomotives OF such othe
company or companies.
| hesOt0ed, That when this meeting shall
adjourn, it be adjourned to meet on tn
18th day of June, ut the Office OF the Rich
mond, Fredericksburg and Potomac Rail
road Company. in the city of Richmond
| The stockholders then elected the follow
ling officers for the ensuing year: 2. Y
Daniel, Jr., president; John l.. blarye, Jr.
james Alfred Jones, William b. Myers
Edward Cohen, anu Edgar Snowden, Jr.
| directors. ,.r.