The daily dispatch. [volume] (Richmond [Va.]) 1850-1884, 1877-04-26

SECo Nd ANNUAL MEETING OF THE COMPANY
REPORT OF THE PREsIpENT-ELEcTIoN OF
OFFICERS, &C., &C.
The second annual meeting OF the Straight
Shoot Railroad Company was held yester-
dav Mt the office of Colonel William Z. Bur-
we'll, in this city. Colonel Burwel was
chosen chairman, and NJ. Looms was
chosen secretary. A committee was ap-
pointed on stock and proxies by the Chair.
Said committee reported that 3l4 shares OF
325 outstanding were represented.
MIR. A. L. Williams, president, submitted
his annual report, as follows:
To the Stockholders Of the StraightShoot
Railroad: ~
At your last meeting you directed that
the force OF engineers should be kept In the
field, and that work should be prosecuted
on such sections, il any existed, as would,
upon completion, furnish immediate busl-
ness, it having been suggested that certain
parties were anxious to commence mining
operations upon our line, and that 1t was
desirable to encourage them to commence
such work. The surveying party under
Mr.. Jolliffe, who had been placed in Apo
mattox and Campbell counties, were placed
at Clifton Forge, and made careful survey
of the route to a point below Craig's creek,
where the lines connected with the routes
of former survey. We also Inquired into
the question of land damages, the Biz
mingham G. and I. Company, D. S. Cook &
Co., and others, having offered large ton
mage if we would lay the iron past their
mines. While we were taking these steps
another corporation. which claimed supe-
rior right and present ability to build this
road, protested against our operations,
threatened litigation against us, and Its
agents announced to the people along the
line that our project was hostile to their
interest, that it was in the hands OF outside
parties, &c., and should not be encouraged.
We soon discovered hostile sentiment
along the line. Persons who had offered us
fair terms begged for !; return OF. their pro-
positions, and the most eXorbitant de-
mands-in some cases exceeding 81, 900 per
acre-for the land desired were made. We
Immediately ceased operations, discharged
the engineers, and abandoned all thought
Of immediate work.
Certain responsible parties made pro-
position in August last 10 undertake the
construction of the entire line from Rich
mond to Clifton Forge with steel rail and
full equipment for one half the average
charge on the Chesapeake and Ohio railroad
between the same points, taking their entire
bonds Of the company, and to require no
cash advance except as they completed Sec
tions of fifteen miles each. A conditional
contract was entered into, and mortgage
was executed to the Farmers Loan and
Trust Company, OF New York. 1t was
necessary, in order to carry out the agree
ment. that we should have another year in
which to complete the work under our
charter. We asked for this ut the last ses-
sion OF the Legislature, but were met with
strong opposition, our bill being received as
hostile to other rival projects, and we with
drew the same.
There are indications now of more fa-
yorablc temper, but we have lost valuable
time and opportunities, and unless we can
commence operations soon, without risk
of interruption, it will be too late to attempt
to complete the entire line within the limits
OF our charter. We have largely relied
upon the business Of the Is. G.. and /. Com
pany for our success, but they are now con-
sidcring arrangements with the Midland
and Southside railroad that may direct
tonnage to which we are entitled. We have
been careful to avoid needless expense or.
unwarranted assurances. We are more
than ever satisfied that the Straight-Shoot
railroad is Il necessity to the iron
interest OF the James River Valley. and
would prove profitable investment. But
other projects in which State pride and in
terests are involved are in seeming antago-
nism, and would advise that you carefully
consider whether we can either act without
the support of public sentiment or wait for
that sentiment to grow. The contract above
referred to, profilcs, maps, and report OF
engi1cers, and the report Of the treasurer,
are herewith submitted.
A. l.. WILLIAMS, President.
april "a, 1877.
The report was accepted and approved.
Thomas Bond, treasurer, presented his
annual report, which was accepted and ap-
proved.
After which the following gentlemen
were elected directors for the ensuing year
Alfred i. Williams, Of Michigan; Sidney
Cornell and Thomas Bond, Of New York;
NJ. Loomis, Washington, d. c.; w. ?.
Burwell and It. G. Jones, Of Virginia, and
II. Chester Parsons, of West Virginia.
After consideration it was, on motion,
ReSolrcd, That it is important that work
on the line of the Straight-Shoot railroad
should be prosecuted; and the Board OF
Directors are instructed TO make every
effort possible and prudent to secure its
construction, and are directed to secure
such modification of the present contract
for construction, if possible, as will make
it available; and they are directed to open
Immediate communication with the officers
of the Pittsburgh, Virginia and Charleston
Railroad Company to secure. il possible,
concert of action with them; and the Board
of Directors are hereby invested with all
necessary powers to that end.
At meeting of the Board Of Directors,
subsequently held, the following officers
were reelected: A. l.. Williams, president;
II. G. Parsons, ylce-president; Thomas
Bond, secretary and treasurer. The prin-
cipal office was established at 1872 Broadway,
New York.
RESIGNATION OF THE ASSISTANT PoSTMAs
TER.-Our Washington special yesterday
said of Miss Van Lew: Z" 1t is understood