Alexandria gazette. [volume] (Alexandria, D.C.) 1834-1974, 1875-07-23
WASHINGTON d OHIO RAILROAD
STOCKHOL DERS' MEETING
New Contradictory Management
Construction of the Road to
Winchester, &c. &c.

New Contract-New Management
Construction Of the Road to
Winchester, &C., &c.
A called meeting of the stockholders of the
Washington and Ohio railroad was held at the
Office of the company, in this city, at eleven
O. clock to-day.
Lewis Mckenzie called the meeting 10 order,
and upon bis motion w. T. MERCER was chosen
Chairman, r. Johnston acting as Secretary.
j. j. Jameson, r. Johnston and Powell
Harrison were appointed committee on prox-
les, who reported that there were present in
person and by proxy 1899 votes-more than
quorum.
Mr. Mckenzie stated the object of the meet
| ing to be for the purpose of considering pro-
position from Oscar A. Stevens for the con-
structioD of the road to Winchester, which was
most desirable. Money was very scarce and
credit scarccr, so that when proposition that
would, in his opinion, secure the construction
of the road and liquidate the debts of the COM
pany was made it would be better for the stock
holders and better for all the present bondhold-
ers to accept it.
rhe proposition was then read 1t pro-
vides-
FIRST. That O. A. Stevens shall be appoint
ed Vice President OF the company aud General
Manager, with salary
Second. That said Stevens shall negotiate
bonds to an amouot to produce $500 900 to be
used in paying the debts and extending the
road.
Third. Assigns a majority of the stock to
trustees, to hold in escruw.
Fourth. The President and Directors to re-.
sign, the designations to be withheld for the
present and until the contract is complied with.
Fifth. Unless Mr.. Stevens negotiate the
bonds by November next the proposition sub
mitted to fall and be void.
MIR. Mckenzie stated that should the propo-
sition be accepted, in his opinion the line would
be completed to Winchester, and that it was
to the interest of the stockholders to pursue
this course. The party contracting was with
out doubt, backed by the Pennsylvania Cen
trail railroad, Strengthening the contract.
MIR. q. +. Lee offered a resolution accepting
the proposition.
Judge G. B. Ball opposed the acceptance OF
the proposition as, in his opinion, unwise and
ipjudicious, aud moved to adjourn for two
weeks in order that the stockholders might
have time for consideration.
Dir. Lee was anxious for speedy consum-
nation of the contract; for as soon as signed a
force could be put upon the line and the road
constructed to Winchester at cost Of about
S700O0O, half of which would be taken by
Adams, Hammer & Co. The present manage
ment had not been able to raise the money to
make the road because the line was not long
enough to base loan upon.
Judge Ball again urged postponement, for
while there might be majority for immediate
action, yet the large and respectable minority
ought to have chancs for consideration.
Mr.. H. Heaton advocated the prompt adop-
ton Of the proposition. The question was,
Shall the road be success or failure? Men
could not be convinced against their will, and
postponement would do no good, as the sub,
ject had already been considered for two
weeks. The money could not be raised by the
present management, aud if the proposition
was not accepted the road would stop in Lou.
doun The largest stockholders were in favor
of acceptance. This was tangible PROPOSE
zion, one by which the road could be extended,
because the parties making the proposition
could raise the money. Ii the money could be
ralsed,or there was every for raising it,
he would no dO2Gssspt the proposition but as it
RaS,-tnls was the best thing that could be done
the only thing to carry the road to the coal
fields.
Judge Ball said that after cousidera-
/
position was unwise, iniudcious and i'm
proper and ought not to be accepted =
lie wanted time for consideration not for him
self but for others. The contract placed the
road irrevocably beyond the control OF the stock
holders, and for 20 adequate consideration.
| The franchise was one of the most valuable 10
the country, aud there was no reason that in
| the future it would not be invaluable. Au
eminent fnancier had written him that there
might be chance for raising money; at any
event there should be at least one more
| endeavor before giving up this great work. He
made an earnest appeal to MIR. McKeuzie for
| further time.
Mr.. Mckenzie said he had fully considered
| the proposition and nothing could be gained by
| waiting.
The vote on Judge Balls motion to ad-
journ for two weeks, was then taken by
| stock vote, and resulted-yes, 1872; noes, 1896.
MIR. Lee again proposed his resolutions ac-
ceptiug the contract with Mr.. Stevens.
Mr.. Geo: Il. Head proposed an amendment
! requiring that one executive officer, aud three
directors should be citizcus of Virginia, which
was accepted by Mr. Lee, Mr. Head aavocat-
Ing IN speech the propriety of such a course.
Col. L. W. Ashby, while not seeing the ne
cessity of MIR. II s remarks, yet concurred in
'Ho re tihSuto cApleoScu NY tial SeullcLdu,
the difference being that while Mr.. II. would
vote for the proposition be, Maj. A., would
vote against it.
Mr. Head replied, explaining bis position
and his previous remarks.
The question then occurred upon the adop.
ton of MIR. Lees resolutions accepting the
proposition and creating o. A. Stevens as Vice
President of the company 90 which a stock
vote was taken, resulting: AYES SAT: noes H.
Immediately upon the announcement of the
vote, 90 motion Of w. B. Lynch, the meeting
adjourned sine die
The meeting was a large one, and great
deal of interest was manifested 10 the proceed
lngs.
VIOLATING THE OYSTER LAw.-At the last
County Court Of Gloucester there were seven
cases against j. w. McReady, a citizen of
MARYLAND, who was prosecuted for planting oys.
tiers in Norfh and Uara r;yo,s Tho,o uoro