The daily dispatch. [volume] (Richmond [Va.]) 1850-1884, 1872-06-13
vIaaTNIA NEWS.
aatter isasss sssaa s,.., ].

ever REID in this city. Dr. Thomas W;fi,ers
VINO presided over tho regular annual meet.
''tS. cailcf! the convention 10 order and "a,
cauihS the roll. and alter tho r,,port. If ina
COMMITTEES on Proxies, IL appeared that mere
were present 3,13o votes by proyy and roc
votes III pcrson---1 200 more than censtitntad
Quorum. There was, preliminary stri1p.
gie whether Mr.. John Lyon, who held
pivNns representing more than a. con.
ironing majority or The stock present In
re f'esutig, should vote DR.. Lassiter's
S'oeh OF tWcnty-one shares, which had
oeeh asoWeaiy sold to another parfr--
supposed to be Mr.. Raslana II yyas a,.s,,;aL
that this stock should be reduced nv scs,s
under the law when consolidated WITH fia
other stock held by the person. who had pnr.
chased il. IL was, on the other hand. Urged
that the person in whose name the stock Was
entered on the stoek-bo was under the
law the owner of the stock for an purposes
Of the company; and so it was finally de-
cidcd by the meeting. r.. s;f 81
The report Of the President. Mr. Reuben
Ra@iand, with the documents attached, WINS
then read by the Secretary. 1t states that
the physical condition of the road has Under
gone great and decided Improvement; that
some 100 tons Of new rail have boen pur-
chased. and the old rail displaced has
been sold ut favorable figures. Reference
j. then made to the amount of S44 900 paid
| aS taxes To the State of Virginia from 1853 to
| 1861, when the road, under its charter, Was
| cxc,hpt from all charges and taxes to 81 300
| raid the city for taxes. and an amount of
about VI. 900 paid the State of North Carolina.
Steps either have been already or will at
| The proper time he taken to recover the
money so improperly paid, the Council of
| Petersburg already having the claim against
the city under consideration.
| The report then abruptly presents the
claim of NJ. Reuben nagland and OF some
other parties against the company for s24!,.-
80; iro hanircd Ght .ffiy HOusdnd three
hmarcd Gnd .ffty doiiarS as dividend
on the preferred stock Of some $500 shares
purchased by them from the city. 1t is
claimed and argued that the present holders
| Of this stock are entitled 10 I'LL the dividends
al 3 per cent. due preferred stock in nd.
diti0n to whatever dividends out of net re-
| ccipfs il may have received as common stock
| from the year 1853 to thee present time;
and that such dividends shall be due also
hereafter for all time. In accordance with
| this view resolution IS embodied and re-
commended for adoption that certificates of
preferred stock be issued to these parties for
liit iNil tiiIoIiU VI Ntt'h w ti"ii
! ll,;.: the Board of Directors BIZ instructed
| and authorized to pay the amount OF $53i3, $50
from the funds of the culliimiIy. Ii was
| also claimed TINT when the stock was aoulerfd
| in 1861 or 'G2 to the extent OF 50 per cent.
| The preferred stock then held by the city,
and now mainly by Mr.. Ragland, was pro-
portionately enlarged in shares, and entitled
| to corresponding increase Of dividends. APP
pended were the opinions of Mr.. John Lyon
and Dir. William Green in favor Of the legali-
" OF the claim; sundry letters, and commll-
nicatiOns. and other papers.
The report gave rise to lengthy and ii
| bored discussion, in which all OF its points
were gone over and examined with such care
rs the suddcnness OF their presentation per-
| United. Mr.. S. =. Paul, while stating that
| no stakeholder WAS opposed to strict justice
being done, and everybody paid in full what
| was due him. made IN earnest appeal for
| limo, during which the law could be looked
| intoandan intelligent opinion formed. This
| discussion arose on 4 motion submitted by
| MIA. q. McIlwaine, for many years Il dircc-
| tor Of the company. who moved that the
| ,luin be referred to Il committee TO report to
an adjourned meeting TO he held ut day not
remote. Colonel George W. Boiling su>-
tanned this mellon in \ speech OF. great force,
stating that the utmost activity and industry
| had consumed three months in diligcnt rN-
animation OF the ease to get it into its present
shape: aud that il was not fair to rush it
| through without allowing more tlmn three
hours for the stockholders 10 make up their
minds. Mr.. Boiling raised the point also
| that he was not clearly decided that the
parties who hnugh. of the city bought also a
retroactive interest and right in whatever
| I,,.n ni,rit l,ik rtIiraI IN the city
during its tenure. He said, for instance,
if he owned six shares and Il dividend were
| declared in July 500 would be put to his
credit on the books whether he drew 1t or
not, and il belonged to him whether he sold
| the stock or not, and not TO the person who
thought his stock unless by special contract
| that interest WAS transferred. Mr.. Andrew
| kcyan made also III earnest appeal for time
| for consideration and examination. He
pronounced the scheme the greatest piece OF
| JimrFiSkism ever pcrpctrtea, aud warned
| the parties to ii TINT they would damn
| themselves i'm the community. Mr.. Ragland
| demanded To know whether he was personal
| in his allllsiulls, when Mr.. kcvan disclaimcd
| such Il purpose. SIX -.a
The resolution of Mr.. Mcllwane was
voted down--,aycS, 600 and odd noes, i2l.
An attempt was then made TO enter of re-
cord the protest OF the minority, but Mr..
Lyon, whose votes welded and directed the
meeting, refused to permit if. This led to
Colonel :. B. Paul rcumrking that he wished
il TO be understood, then, rs IN effort OF Il
| party, by the voting OF proxies, to put in his
own pocket the money Of the whole com.
| mlny. Mr. Ra%land passionatcly resented
this. denollncing it rs II rascilly proposition,
and the language that of no gentleman. a
stormy time followed, and Dr.. Withcis
threatened 10 leave the chair; but the excite
memt was finally quelled. and mutual eXpla-
nations and rctrartionS followed.
The meeting proceeded to vote on three
resolutions. offered by Mr.. Lyon. to carry
ont the purpor Of the Presidents report and
the individual claim therein advanced. Tie
result has not yet been announced, but the
resolutions have no doubt been adopted, ms
| Mr.. Lyon had, in fact, the majority Of the
votes of stockholders in his pocket.
ltwas thought 1T one time that IN injunc
ton would be gotten out to stay proceedings
but of that there is now said to be no danger
There is great excitement III the city OF
the subject, though there had been whispers
of the character of the proceedings OH the
streets for several days previous.
] tss.f RoBIN ADAlR.
| Special telegram TO the Dispatch. -
PErERsauRG, VA, June 1e.--The section;
! o,ror.d hv Mr. Ivan weresnll udoDted They