The daily dispatch. [volume] (Richmond [Va.]) 1850-1884, 1878-11-28

| be an absolute and undoubted guarantee
! that the Richmond and Allegheny Railroad
] Company will carry out the contract that is
proposed to be made with the James River
and Kanawha Company, and the security oil
the debtors Of the company. He was op-
posed to the James River and Kanawha
Company's using its influence or power to
coerce its creditors.
A proposition was then made for the ap-
pointment OF subcommittee to consider
the whole subject and report to an ad-
/ journed meeting OF the committee and stock"
holders.
/. Objection being made, 1t was finally
agreed that the entire committee should con-
slider the plan, and 1t was taken up and read
by sections and amended in various particu-
lars TO read as follows:
The Richmond and Allegheny Railroad
Company will undertake as follows:
First. Within thirty days after good and
valid deed Of conveyance to trustee, or
otherwise, upon such terms as may be
agreed upon, subject to the debts and obi-
cations OF the company, OF all the property
and franchises OF the James River and
Kanawha Company, it will commence the
construction OF q railroad between Rich
mond and Buchanan, and will complete and
equip railroad from the basin in Rich
|
ton Forge railroad at Buchanan within
eighteen months from such date OF COM
mencement, and will complete railroad
connection between its main line at the
mouth OF North river and Lexington within
the same period.
OF the first one hundred and six miles
constructed and equipped, fifty miles shall
/ be below Lynchburg and tifty-six miles
above Lynchburg, and any railroad con-
structcd between Buchanan and Clifton
Forge under 4 contract with the Buchanan
and Clifton Forge Railway Company, in
the first period OF eight months above
named, shall be considered as part Of the
one hundred miles.
In approaching and passing through
Lynchburg. the Richmond and Allegheny
Railway Company may arrange for the
temporary use OF railway already con-
structed.
The substitution OF q railroad for the ca
nal rs line OF commerce shall be SO man.
aged as not to interrupt the business on the
canal during the progress OF railroad con-
struction.
Second. The Richmond and Allegheny
Railroad Company are willing to make the
purchase only upon the condition that they
can acquire the outstanding encumbrances
upon terms satisfactory to them; and they
reserve the period Of thirty days after the
acceptance OF their proposition by the
James River and kanawl.a Company within
which to do this. If they fail to do this
they shall, at Or before the expiration OF the
thirty days, be at liberty to withdraw this
proposition. If not withdrawn by written
notice to the president OF the James River
and Kanawha Company, the contract is to
be consummated.
\ ;,;o hail ho "a
trust-dced referred to in the 1st section for
the forfeiture and reconveyance to the james
River and Kanawha Company by the Rich
mond and Allegheny Railroad Company in
event OF their failure to comply with the
terms Of the contract.
The committee, having completed the
paper above noted, took recess until z.
NJ. =.
| Afternoon, Session.
The committee met again-Gencral
Ewing, Mr.. Parsons, and Mr.. Rice, OF the
Richmond and Alleghany Railroad Com
pany, being present.
Upon the reconVening OF the committee
the amendments proposed were reported to
the committee of the Richmond and Alle-
gHany Railroad Company. ,-
| General Ewing stated in general terms
that he regretted that they had found
amendments necessary, and that he desired
it 10 be distinctly understood that while
they sincerely believed that the proposition
as made could be carried to success, he
knew the danger OF submitting the case
to his associates, and felt that any material
change would endanger the whole project.
At the same time he was willing to meet
the committee in the frank spirit it had
shown, and would do all he person.
ally could to reconcile the different views
In this spirit the amendments were taken ur
in detail and considered until they reached
the question of guarantees (as noticed be-
low. On this General Ewing said that he
knew no reason why his associates might
not be induced to deposit the S5O0,OO0 re.
quired, but he had no reason or right to
speak for them in the matter, as it had never
been expected that such requirement would
be made. lie could say, though, that be
was sure that both the condition Of refusing
to pass the title and requiring the deposit
would not be accepted, and that he did not
see how it could be TO the interest of the
people to both destroy the basis OF credit
and to exhaust the means Of construction.
and he must remind them that there was
such thing as being "too safe" He
:. would, however, assist them in rcmodciiing
the section referring to conveyance.
General Logan. chairman OF the commit
tee, stated to General Ewing that the com.
mittee had carefully considered the printed
proposal, and had agreed upon certain
, notifications, and that he was instructed by
, the committee to state that il the committee
could be assured that satisfactory guaran-
tees could be given that the Richmond and
| Allegheny Railroad Company would COM
: ply with the terms OF its contract and con.
I struct the railroad, the committee would
recommend 10 the stockholders 10 make the
. contract with the Richmond aud Allegheny
Railroad Company on the basis Of the SAID
: proposition as modified by the committee
> and that it was the sense OF the committee
that the guarantee should be deposit ol
| S500,000 in Government bonds with the
| Board OF Public Works OF Virginia.
, General Ewing made various inquiries in
. regard to the debts OF the James River auG
! Kanawha Company, which were responded
to by President Johnston. General Ewins
objected to the limited time thirty days. re
ferred to in which the Richmond and Allie
, ghany Railroad Company are to confer will
, the creditors; also in relation to the poin
on the main line where the Lexington
branch shall tap it; and also the double sc
curity-viz., the $500,000 deposit and tht
, forfeiture. sr--..
A protracted discussion ensued.
, AMENDMENTS AND CONCESSIONS.
Mr.. Cannon moved to amend the section
referred to by General Ewing so as to strike