The daily dispatch. [volume] (Richmond [Va.]) 1850-1884, 1874-12-10
thursday MORNING. DECEMBER 10, 1874. 4

THURSDAY MORNING,
The COMMITTEES Is gratffied to learn, Is one
CONJUNCTION rather than Of expansion. snl
the attention Of its officers will be more al
reced TO the Improvement and advancement
OF the main rather than its lateral lines ant
tn 10 matter Of sincere copgratulation tba
your committee can repeat the assurance.
tnas the owners OF majority of the stock II
your road, whose voice In your proceeding
Is potential, are desirous that the road should
oe manage! In your interest and that of the
|. The committee earnestly recommend q
l1udictous economy in all affairs appertainipp
/ 70 the company, and that systematic, earnest
ana cooperative eXertions be made by ali
parties in interest to restore it's stock and its
bonds to their intrinsic value IN the markets
OF the country .,s 81. :..: t,. &.
The committee recommend that their
to 1871. ..,....e.'.',.
MIR. Edmunds, Of Halifax, moved that the
report of the Examining Committee be re.
ferred TO special committee. Agreed to.
1 Messrs. Henry Edmonds, HE. G. Basker-
yill, W. w. Read, Thomas Branch, and r.
". Watkins were appointed. 80. ,1a A.. &.
eTHER REPoRTs-L LEGISLATIVE PASSES.
Reports OF Colonel r. M. B. Talcott, en-.
gineer and superintendent, and Mr.. e. A.
Barber, auditor. accompanying the above,
give detailed information, OF nearly all mat.
ters referred to BY the President and Elk.
aiming Committee. It Is considered that
the company was deprived of 18,347.43 Of
revenue by free passes given others than
employees. Of this amount S1,234.16 is
charged to the account of legislative passes.
The casualties for the year include "two
men killed, both by their, own fault, and in
jnries to four other persons, TIVE Of whom
were employees" Number of passengers Of
all classes carried, r139.501 number Of tons
Of general, special, and express freight car
ried, 20o,357. = z 7..1 = + : ..',0 =. =
MOTIONS AND RESOLUTIONS. :, .-a;s
On motion of Mr., H. e. C. Baskervill,
the subject of the completion of the Roanoke
Valley railroad was referred TO committee
consisting of General J. r. Anderson, Colo
mel w. H. Palmer, and w. G. Friend, Esq.
IS Major: w. T. Sutherlin offered series of
RESOLUTIONS containing plan designed to Sc
cure immigration to the counties along the
Hne of the road. Referred toa committee
consisting of Messrs. Elisha Barksdale, w.
4. Sutherlin, B. F. Garrett, Thomas Branch,
and DR.. II. D. Stokes. l,tnt
At 2 P. III. the meeting adjourned until
P. NJ, in order to give time to the commit
tees to prepare their reports. .E. ;'ti z
Night Session.
The meesing pursuant to adjournment met
at O'Clock, Judge Watkins in the chair and
Messrs. w. E. Turner and Richard Brooke
acting secretaries.
Mr.. Edmonds, from the committee to
whom was referred the reportof the Exam
lining Committee, submitted report en-
dorsing the recommendations in relation to
passenger accom- modations and in respect to
the policy Of contraction and the devotion Of
the revenue to the road ITSELF, and disap.
proving all other recommendations Of the
Examining Committee. After some discus
sion between Messrs. Isaacs and Edmonds, on
motion of Colonel w. ii. Palmer the subject
was laid on the table In order to hear from
the committee on the Presidents report. -
ACTION ON THE PRESIDENTS REPORT. -
MIR. r. V. Gaines submitted the report Of
the committee on Presidents report. The
report fully endorsed and ratified the Pre-.
sident's report; but Mr.. Gaines said it had
not been adopted by unanimous vote of
the members Of the COMMITTEES. Some men,
bers OF the committee doubted the legality
of the action of the Board in mortSagiDg
the road for S6,00O,0OO.
The report was taken up and acted upon
seridtfm, 1t being In the form of, resolutions
|. On the following resolution, embodied in
The committees report, Major Sutherlin
called for scaled vote: s..s%g
/" Resolued, That- the stockholders of this
company do hereby approve dsanction the
action of the Board of Directors in the exc.
cution and recording of the deed Of trust Of
this company to Isaac Davenport and George
B. Roberts, trustees, dated the 5th day Of
October, 1874, referred to in the report Of the
President and Directors this day submitted; !;
and do hereby ratify and confirm the said
deed of trust or mortgage as fully as if the
same had been executed and recorded In pur-
suance Of resolution of the stockholders
before that time in general meeting assem-
bled." -i-t2& ,e-i.i9.t
Colonel Buford, by request Of Major Suth-
erlin, explained the necessity which com-
pelled the Board TO take the action 1t bad. He
said the company's property was worth more
now than at any time since the war;
Mr.. Gaines proposed the following as an
addition to the resolution Of the committee
given above: ---r---.
!" Resolued, That the stockholders do not
intend hereby to recognize the right of the
Board of Directors to mortgage the proper.
tyi of this company without the formal con-
sent of the stockholders in general meeting
assembled" -.
!. Colonel W. 81. Palmer hoped the amend
ment would be added to the committees re-.
solution. OF course the stockholders would
have to confirm the mortgage But as 1t
was created without authority of law he
saw no necessity for complimentiDg, the
management for it. : IS. $ ~. i7''.sss.
Mr. Gaines spoke In favor Of his amend.
ment and lamented the fact that the debt OF
the company was continually increasing.
He did not believe the bonds could be sold
|at $50 Except the 81, ,000, 900 to be taken by
the PennsylVaDians) unless capitalists could
be assured that the debt was to be no further
increased and the company was to stop It's
wildcat speculations.
Mr.. Gaines's speech was applauded by the
stockholders, who were called TO order Dy
the chairman. s.ss... ....,-..-r.... -, =.
MIR. Thomas Branch advocated the resolu.
tion lust as presented by the committee, and
be thought ifxthe company did not get along
successfully with this 100000 it would 60
up Salt river. BE would vote for the amend
ment offered by MIR. Gaines as an independ'
ent proposition. He didn't believe the
Board had violated law. in contracting the
foam and executing the mortgage. AS to
Colonel Bu!ord, he said he was more like q
piece of sraWhide than anybody he knew !;
and during the past nine years had been run
from Dan to Bersheba worse than, any body
be had ever seen; he had often complained