The daily dispatch. [volume] (Richmond [Va.]) 1850-1884, 1872-03-21
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Correspondence or the Rtchncs,, III s:,,,
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L itS atiiuit iNtStiit 5f Tue Rt0ckflol Gers of
the Petersburg Railroau Company, held this
morning, was largely attended, and great in.
terest was manifested In It's proceedings. The
meeting, however, was entirely harmonious
and characterized by good feeling. DR..
Thomas WithcrS presided, and Colonel D. G.
Potts acted as secretary. -%til3ss
There were present lin person and by
proxy stockholders entitled to cast S,5G6
votes. The entire number Of shares b
lS,2i2; the entire vote, 1891; necessary to
Il quorum, 2,4ls. OF the entire number of
votes represented in the meeting, 2,9l5 were
held and cast by Mr.. John LYON. who ap-
Feared us the proxy Of such large holders IA
the Petersburg corporation, MeSsrs. Rasland
4 Lancaster, Brown 4 Co., the Branch fami.
", and many others. In fact, Mr. Lyon In
himself controlled largely more than ma.
joritv Of the votes present, and conducted
the meeting pretty much in his Swn fashion.
without opposition.
This was first made apparent in his defeat
ing the proposition made by MIR. R. D. Nc
llwaine that the salary Of the president be
determined prior to his election. Mfr. Nell
wainc proposed that the salary be increased
from $4,000 to $1,000 per annum Mr.. LYON
said that he and the gentlemen he repre-
,Sented saw nothing In the condition of the
road TO justify such an increase. He re-
fused however, to accept the amendment of
$4,000, and opposed all present action on the
question, leaving matters to stand rs they
are. The object of this move is by no means
apparent (as the salary has to be fixed by the
stockholders. and there is much speculation
in regard to it.
The report of President Collier and that Of
the examining committee were received and
laid on the table.
Mr.. Lyon nominated Mr.. Reuben Ragland
for president He was elected almost unani-
mousiy, receiving 3, G13 votes. Two stock
holders refused to vote ut all, and one voted
for e. Z. Bridgcrs. Mr.. Ragland returned
thanks for the honor, and engaged to exert
his best energies in behalf of the road. E
4 resolution was adopted, With but, IS dis
senting votes, to instruct the directors per-
cmptorily TO extend the road to City Point.
1t was stated that the new management eX-
pect TO buy the old road or purchase right
20 Use its road-bcd.
The directory were also empowered and
authorized to negotiate the sale Of $4,000
: Der cent. bonds, secured by a second mort
gage on the property Of the road, in coupon
or registered bonds, which may be converted
at the pleasure of the holder. OF the former
issue OF half million dollars but Sl5S, 900 re-
mains, out of which $1,000 will have to
be drawn to pay money borrowed to
meet negotiable note. Mr.. Lyon
stated that this course was necessary to pro-
vide necessary funds to carry out improve
ments that were designed and had been
| authorized. as it had been found impossible
to increase the capital stock 100000 (Which
| the directory had been authorized to do at
called stockholders meeting last June), since
the stock could not be made to bring par, as
| required.
| A resolution giving the directory full dis
cretion as regards the employment of super
| intcndeut. and another providing for Spe-
cial meeting of stockholders, to be held on
the 1st Of next June, were offered by Mr..
Lyon. and unanimously adopted, when the
meeting adjourned.
The following directors were elected for
the ensuing year: MesSrs. L. Il. Brooks, S.
A. Plummcr William X. Mallory, j. Camp
bell MaLen, and r. \. Young. NIessrs.
Brooks and Plummer were in the old direc-
tory.
The Board held meeting this afternoon,
but entered into no election of officers,
everything for the present remaining as here
| totore. The impression is there will be q
clean sweep of the old officials, and there
will almost certainly be a reduction in their
number. It's stated that Mr.. Collier is to he
made attorney for the company to make him
some amends for the loss of the presidency.
The new administration propose to make
n trip tomorrow OF the next day to Weldon
to examine for themselves the condition OF
the railroad.
William Talley and Winfield Lewis (white)
were examined to-day before Justice Atkins
on the charge of passing Il counterfeit $40
note on Blake Pittman, and were sent on to
be indicted. Lewis was released on bail, but
as he appeared to be making ready to run,
he was re,iyTested this evening and recon-
United to Jail.
The gland.jury term Of the Hastings Court
begins tomorrow. ROBIN ADA1R.