The daily dispatch. [volume] (Richmond [Va.]) 1850-1884, 1874-10-01

ATLANTA AND RICHMOND AIRLINE RAIL.
wAy,-We attended the called meeting oil
the stockholders in this company at Atlanta
nm the 22i instant. Judge Collier, of At
lanta presided, and Colonel Larkii: Smith
acted az secretary.
There was large attendance of indi.
yiduaI stockholders and county agents
mich larger than ever before at a meeting oil
stockholders. The president and directors
of the road were pleased TO see the large
meeting, as various false reports had been
ipdustriously circulated about the action OF
the Board in regard to the management OF
the road and its bonded debt. Those stock
holders who attended under the impression
that the president and directors had bar
gained off the road to the bondholders and
the PENNSYLVANIA Railroad Company with
out an effort to save the stock Of individuals
and counties saw, after the reading of Pre-
sident Buford's report, how they had been
deceived.
The presidents report stated that the road
had been built and managed under many
endorsements. The expense OF building
was one.third more than the original esti-
mates, and the length of the road thirty.odd
miles longer than the first survey indicated,
recurring much larger sum Of money to
complete it than previous calculations had
minated.
The company had been unable to pay the
interest due last January OIL the first mort
gage bonds, and for several months past the
president has been endeavoring to effect
some arrangement with the bOndholders to
prevent foreclosure of the mortgage and
i've to individual and corporation stock
holders their stock in the company. The pre-
siaent and directors were unwilling at pre-
sent to recommend any plan for the endorse.
mcut Of the stockholders, and suggested that
negotiations he continued, and any arrange
ment that may be made with the bondhold-
erS should be submitted to 4 meeting OF the
stockholders hereafter fer their approval or
rejection.
Without dissenting vote the stockhod-
Crs approved OF the action Of the president
and directors as indicated in the report, and
voted an ADJOURNMENT subject to the call OF
the president for a further report from ne
gotiations in regard to the bonded debt OF
the company and other liabilities.
The report will soon be published for the
benefit Of the stockholders and the public.
Colonel ButGrd, the president of the road,
has worked with all his might to advance the
interest Of the company, persevering under
many difficulties and obstacles. TIE Board
Of Directors have not only spent their time
but their money in attending meetings at va
rlous points for the purpose of aiding the
work and assisting the president in his no.
bic ttiJrts to complete the greatest under.
taki1g of the present day-drect railroad
connection between Charlotte and Atlanta.
lin regard to the false reports that the SUI.
peror officers of the company are paid
while the laborers and other creditors are
neglected, We will state that the treasurer
OF The company informed Us that President
BuiOrd has not drawn a cent Of his salary
tor four Years, and other officers are behind
in salary for several months. The laborerS
are paid in preference to all others, as far rs
circumstances justify.
If arrangements can be made to increase
the rolliUs-stock OF the company it Is conf
IDENTITY expected that business will be in
creased Oh the line to such an extent as to
double present receipts, and finally make it
paying line tc those who have put their
Money III 1t.
Alter the adjournment Of the stockhold-
crs' meeting the Board of directors met and
appointed Messrs. AustelI, Cannon, and Nc
Alden committee to assist the president in
negotiations with the bondholders.- Char
i0He Democrat, 2Sh.