The daily dispatch. [volume] (Richmond [Va.]) 1850-1884, 1878-02-11
lifii,,!ol'd is|Iatrll
MONDAY i FEBRUARY II, 1875.
PETERSBURG.

oF THE C0NFkRGNGEs VI .Ciiihr'ssTtA DiA.''
ron THE RE6RGANIzATIoN OF TIRE ROAD
APPROVED AND THE LEGISLATURE To BE
ASKED TO PASS TT---sYSoPsis OF THE BILL
rouSTsa~AcTIoS TO BE TAKEN.
correspondence Of the Richmond Dispateh.i
FEBRUARY 0, 1875.
as animated in my letter of yesterday,
the meeting OF citizens held 10 confer as 10
fhe Feasibility OF the purchase by the city OF
she petersburg railroad. when it Is sold,
f,nisbea i,s lahors last night--or rather this
,,,nrn;ng. for adjournment did not take
,,iorn ,,nti, near o'clock A. M. This was
10 tb;rd conference held on the subject,
the citizens present being there by invitation
on6 without reference to their sgmpathies.
sTheY represented the most of the intelli-
ssence and worth of the community. The
Conferences were private, and the proceed
ings were not made public. It was desired
;ba, the action OF the conference should not
he given out until it was completed.
The Conference last night approved bill
IN he presented to the General Assembly,
entitled An act Incorporating Board oil
Railroad Commissioners for the city OF Pc
tersburg, aud to enable the said city to &C.
nuire the ownership or control OF the Pc
tersburg railroad"
A committee OF three gentlemen, consist
ing Of Messrs. J. Wesley Friend, S. B. Paul,
and r. T. Arlington, was appointed to pre-
sent the bill TO the General Assembly and
ask its passage. As it may be OF interest TO
many OF the readers OF the Dispatch, l give
a SYNOPSIS Of sections OF the bill:
Section provides that Robert A. Martin,
S. p. Arlington, George Fl. Davis, John O.
jackson, DR.. George c. Starke, j. p. Will
hanson, and Alexander DOMAIN are hereby
incorporated board of railroad commits
sioners, who shall serve as such without
pay or emolument, for the city OF Peters.
burg. to be known as the Board of Railroad
Commissioners.
Section .. That the said board shall elect
one OF their number chairman, shall have
a corporate seal, and shall attest all their
acts that need be atteSted; shall generally
exercise all tae powers conferred. and per.
form all the duties imposed upon boards OF
directors OF railroad companies by the laws
of the State, and their individual RESPONSE
bility shall only be such as attaches to the
same, and as corporation they may sue OF
be sued. plead and be impleaded.
Section provides that vacancies in the
Board shall be filled by the remaining mem
bers. -Four votes must concur in the cleo
ton, and the action OF the Board in each
case is to be certified 10 the Hastings Court
and entered OF record.
Section 4. The members OF the Board
shall be citizens OF Petersburg. and no OF
ticer OF the city shall be eligible to election
or hold seat in the Board, and nc member
OF the Board shall he eligible to any city
Office nor to any Office in that railroad with
a salary within FIVE years after his resigna-
ton or connection with the company ceases.
ANY member OF the Board shall be subject
to removal by the Judge OF the Hastings
Court OF the city on complaint and convic-
ton before said court OF any malfeasance or
miSfeasance in Office
;. 1t shalt be lawful for said Board, fol-
and in the interest OF the city, to acquire the
ownership or control OF the works, ma
chinery, property, and franchises OF the
Petersburg Railroad Company by purchase
or otherwise, and to this end they may agree
with the first mortgage boDdholders OF the
road for continuation Of the said mort
gage and the bonds secured thereby, and the
Board shall have the right and power
70 control and Ito employ any debt,
claim, or demands against or interest in
the same which the city may hold OF
acquire, or to control and employ any
debt, claim, or demand which the city
may have. hold. or become entitled to, and
which may be secured in whole or in part
by any claim against, or any stock or other
issue OF the railroad company; and the
rights and interests OF the city in and to any
such debt, clam, OF demand. shall ut once
vest in the said Board upon the ratification
OF this act. They shall have authority to
make such mortgages on The road as may be
necessary to substitute the present mort
cages, or to compromise with the present
DondhoiterS.
6. II the commissioners acquire control
or ownership OF the road, they shall con-
duct its operations, appoint its agents and
officers, &C., in trust for the city OF Peters.
burg, and invest all net earnings in the
bonds issued or guaranteed under the act ;
and after these have been discharged, to
pay the residue into the city treasury. II
the Board does not obtain control, any
stocks or interests it may have acquired
shall be delivered to the proper officers OF
the city. and its functions shall be deter
mined. Any costs incurred by the Board
in proper efforts to carry out the bill to be
betrayed by the city.
Z On ratification OF this act the Board
shall be entitled to receive, and the authori.
ties OF the city shall deliver, all evidences OF
debt, claims, demands, or liens, held on nc
count Of the city, secured in whole or part
bv any stock or evidences OF debt or issues
OF the road now held or pledged for the
payment OF such debts, &c. /; and to adj
vance and pay to the Board such sums rs
may be necessary to carry into effect the
purchase by the Board OF the stock or other
evidences of debt OF issues OF said road sc
held or pledged as aforesaid.
s. The Judge OF the Hastings Court shall
cause the sense OF the voters OF the city tC
be taken on the 9th day OF March upon the
ratification OF rejection OF this act; shall
publish notice in the papers before March
lst, and require the vote to be taken by
baliot-each ballot TO be endorsed with the
name OF the voter. The vote is to be re.
turned on the 18th day of March to the
clerk OF The Hastings Court, who shall an
nounce the result OF the canvass. II it ap-
pears that three tifths OF those voting and a
majority OF the freeholders vote for the bilPs
ratification, the act shall be in force, and the
Judge Shall ratify the fact to the president
of the Council and TO each OF the Board,
and to convene the Board in the Council
chamber on the 18th OF March for orcaniza-
ton.
Sentiment seems to be divided in the
community as to the prOpriety OF the pas.
sage OF such BILL While it has strong
friends it also has strong opponents. The
opponents OF the measure are to-day circu-
lating paper calling for conference.-the
OF citizens to oppose any act on the part OF
the city looking to the securing OF the con-
troll Of the Petersburg railroad, and also to
protest against allowing the eity's claim
against the road to be used for that pur-
pose. In consequence OF these opposing
sentiments quite W1eeling has been aroused
in the city to-day.
The estimated value OF the road, under.
ctand liz snmewhaf over one million of dol.