The daily dispatch. [volume] (Richmond [Va.]) 1850-1884, 1877-11-16
JAMES RIVER AND xANAwHA co.
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Annual Meeting OF asie SaocIk holders.

JAMES RIVER AND lkANAwHA co.
Annual Meeting OF asle Stockholders.
ff5:rtlg7 !t:v-- --. :. I'll 5 - IA
REPORT, OF, TIE COMMITTEE, ON, THE PRE-.
sIDENTlss REPORT4-ELECTrON OF oFFI-
Rs-BucHANAN,atKND.. .cLIFToN-FORGE
RAILWAY CoBfPANY--MEETTNGO or THEIR
STOCKTON. oI.DERRs7 ! FL LECTION OF, OFFICERS,
&c. &C. s.:.t:; =. IL. .-l =. ,>tf'1t s'r>i;t
The stockholders OF the james River and
Kanawha Company resumed its session yes
tcrday at IL A. N.-Mr.. .McCance in the
REPORT OF THE COMMITTEE on. THE PREsI-
= DENIS REPORT. ,.[s
Mr.. Nowlin, from the committee to whom
was referred the annual report OF the Pre-
sident aud. Board OF Directors, presented
the following; which was read by the Sec
retary: -|.E.I = ,z.!i- 80
l. The committee have considered the
questions at issue between this company and
the Rivanna Navigation Company, which are
set forth ut pages lands Of the report, and
recommend the adoption OF the following
resolution
Resolved, That the Board OF Directors
are authorized and empowered to effect
such settlement Of the questions between
this company and the Rivanna Navigation
Company as may be decided by them to be
expedient, and in so doing may contract for
the lease OF the Rivanna improvement by
this company II they decide it to- be eXpe-
dent, and are also empowered to apply to
the General Assembly for such legislation
as may be necessary. .:'i - i.l.t-' j..
2. We also recommend the passage OF the
following resolution in reference to the re-
commendation on page II Of the report:
Resolved. That the president OF this COM
puny is requested to make application to
the General Assembly for The use of con-
victs in the work OF repairing the canal on
such terms as he may deem expedient and
be able to secure. ..ss;.> " .''as: .-.s:a. ,.~'
8. In reference to the Use and occupation
OF the works and property Of this company,
referred to at page. 1G Of the report. we re-
commend the adoption Of the following re-
solutions: -, .-s ,; <re.rur w.<'.- i.
RESOLVED, That the resolution adopted by
the Board OF Directors on the 9th Of August,
1877. and copied into the report ut page 16,
is approved and confirmed, faT! ls'r.,.
Resolued, That the valuation Of $751;
54I so, for the works and property OF the
canal company upon its: location west of
Buchanan, so far as occupied by the Bucha-
nan and Clifton-F Forge. Railway Company
under the survey and location OF, its line,
which has been made, Is satisfactory, and il
agreed to by the Buchanan and Clifton
Forge Railway Company the amount so
agreed on may be used by the Board Of Di-
rectors in part payment for the stock Of the
Buchanan and Cliiton-Forge Railway Com
pany for which this company has subscribed.
Resolued, That the Board OF Directors
tender to the Buchapsn and Clifton-Forge
Railway Company an additional payment
on said stock OF S123,500, to be paid in the
third-mortgage bonds OF this company at
par, and that for settlement OF the balance
which will then remain due-viz., $780,
OO0-this company will agree to hold SINH
lar amount Of its third-mortgage bonds as
set apart and pledged to secure said balance,
and that this company will use all reasona-
BILE cndeavor to effect with the city of Rich
mond an exchange OF said s125, 900 OF third
mort gage bonds for S125,000 OF bonds OF
said city. But this suggestion OF the man.
ner in which the aid of the city OF Rich
mond may be asked shall not be considered
as restrictive or rs o prohibition to such
other arrangement as the Board may effect
with said city in fllrtherance OF the compile
ton OF the Buchanan and Clifton Forge
railway. -,. - i;.:'i,. - Z.
4. We further recommend that the proxies
representing this company in the meeting
OF stockholders Of the Buchanan and Clifton
Forge Railway Company be instructed to
vote lin said meeting that proper steps be
taken to secure amendments to the charter
OF the said company which will provide
! !. To extend THE time mentioned in the
tenth section for the completion OF the road.
! 3. To secure the maintenance and guard
ing Of convicts employed on the work at
the expense OF the State ..,l IL = ,asa,1..,:.
3d. 70 remove all restrictions as to the cor.
porate and OF the cities OF Norfolk, Peters
burg, and Lyncbburg. ii .s.,.. -. .~,ns-,t's ';o
| 4. For such other aid and assistance on
the part Of the General Assembly as may, in
the opinion OF the Board OF Directors Of the
Buchanan and Clifton-Forge Railway Com
pany,. be deemed proper and judicious.
We further recommend the adoption OF
the following resolutions: 3~.-!.. --e
1. Resoiued, That the stockholders find
pleasure in testifying their belief that the
canal is, all the circumstances considered,
| in good condition throughout its whole
| length, which condition they believe can be
maintained and greatly improved il the
State will give its aid In the matter, Of con-
vict labor as indicated in. the report, of the
Board of Directors. 80 :. - s..' ...r
| 9. Resolued, That the stockholders reeog-
niZe the remarkable ability and energy
manifested BY the president, chief engineer,
and other Officers in prosecuting the con.
dstruction OF the Buchanan and Clifton
Forge railway. r.,,,.,,. --.
+ 3. S.Resolued, That the progress made in
1.-THE workiand the reasonable prospect OF IN
early completion Of the railroad is source
Of con graduation mo less to the stockhold-
4 erS and bondholders of the James River
and Kanawha Company than to the cities Of
Richmond and Lynchburg; and the entire
State. t.E&'tEE ~ Il'Af-s
g.. We also recommend the passage Of the
following resolution in reference to the re.
commentator: on pagel5 OF the. report 'f''
Resolued, That the President OF this com.
pany be requested to make application to
the General Assembly for. such Legislation
rs may in his opinion be proper ahd .expe.
dient as to the terms upon which the re.
naming second mortgage bonds or this
company may be disposed off, IF$lt,,,I,
c. Resolued, That [present proxies, eX
cept Colonel w. Fl. Palmer; who takes Mr.
w. H. Haxall's placel be appointed proXie;
to represent the stock Of this company in
all meetings of the stockholders of the
I Buchanan and Clifton-Forge Railway Com
1pany until the next annual meeting OF thi;
Company, and until their successors are ap
pointed, unless sooner removed.
! AS to all other matters Of said report, the
committee recommend its approval by the
stockholders. 80 (; .e.5 aos,,i,.:,s,--:. ,l>
+ Respectfully submitted. .,T@np -,