Alexandria gazette. [volume] (Alexandria, D.C.) 1834-1974, 1873-04-10
ALEXANDRIA, VA.
THURSDAY, APRIL 10, 1873.

THE WAsIIlNGToNC CRY, VIRGINIA MIDLAND
AND GREAT SOUTHERN RAlLRoAD.-At the
meeting of the Stockholders at Lynchburg, on
Tuesday, a report of which appeared in yester-
DAYS Gazette, Mr. G. NJ. Blackford, chairman OF
the Committee on Bylaws and other business,
submitted series Of bylaws for the govern
mcut of the operations of the company. The
18th article provides that the salary OF the
President shall be 5000 and necessary travel
ling expenses, and the Directors shall be allow
ell ST per day and their necessary expenses
when in the service Of the company. The re-
port was unanimously adopted.
Mr.. James Blrbour offered the following
resolution, which was unanimously adopted
Resolcul, That in order to obtoin upon loan
the amount Of money required by tins company
for the discharge Of all existing lens upon ITS
nronerv, for the completion Gifts line, and Tor
the general Improvement Gifts road, the Presl,
dent and Directors OF this company are author.
lied and Empowered to execute, Issue, sell ana
negotiate the bonds Of this company tor an
amount not exceeding $S,0oo,0 900; and to exc
cute a mortgage or deed OF trust upon all or amy
OF the property and franchises OF the company
to secure the payment OF the principal ana IL
tcrcst of the same, which said boudS shall be
for such sums, at such rates of interest, pay
adj. at such times and place as the said Prcsl-
dent and Directors may direct, and they arc eX-
prcssly authorized and empowered to Include IN
said mortgage or deed Of trust the railroads now
constructed or to he constructed, aud any prop
erty now owned or To be hereafter acquired by
the company.
Mr.. Johu S. Barbour, in response to re.
quest Of the meeting, returned his thanks for
the honor conferred in clecting him President
of the company He said he would only say,
as the politicians sometimes do, Il refer you to
nv record, )" as an earnest Of his interest IN the
road, with which he had been connected 81
ars, from its very infancy, he might say.
When he went into Office he found but 10 miles
of the road completed, and no money on hand.
With the aid of his able Directors he had now
finished the road nearly to the North Carolina
lnc, and had handed back to the State the very
bonds which the State had subscribed to build
it, so that it had not cost Virginia one cent. lie
promised that the policy Of the company, 10 the
future as in the past, would be one OF develop
mcot of the resources of the country, and to
make it harmonic with the local Interests of
the communities through which it passes. He
believed the true policy of the Southern rail
roads to be to encourage and develop local in
tcrcsts. We have in Virginia resources which
cannot be developed save by Introducing capt.
ta and that can only be done by Offering to
capital cheap transportation to market for its
products. There must be thorough sympathy
between railroad managers and local interests,
to have prosperous railroad. You cannot
have a.prospcrous and paying railroad till the
community through which it runs is prosper
ous. Their interests go hand in hand and arc
identical