The daily dispatch. [volume] (Richmond [Va.]) 1850-1884, 1878-01-09

Il
VALLEY RAILRoAD-A RESOLUTION TIC
RESTORE THE CANAL TO BUCHANAN, &C
An adjourned meeting OF the stockhold-
ers OF the James River and Kanawh ha Com
pany was held yesterday. Present-The
city OF Richmond, br Judge Meredith,
/ proxy; the city OF LynchbGrg, by B. H.
! Nowlin, proxy; individual stockholders,
by proxy; the. Commonwealth, by Messrs.
Graham, Nowlin, and McCance. proxies.
Mr.. McCance resumed the chair.
The President stated that Messrs. A. N.
Davies and G.. W. Button, OF Lynchburg.
and William A. Anderson, Of Lexington,
were present as delegates from those cities.
On motion, these gentlemen were request
ed to take part in the proceedings OF this
meeting.
The President submitted the following
papers for the consideration of the stock
holders:
1. Concurrent memorial adopted bY the
Board OF Supervisors OF Rockbridge county
and by the Mayor and Council OF the town
| of Lexington in relation to the preservation
| of the canal and the construction OF rail-
road along the James-River valley.
9. Report OF the president to the Board
Of Directors in legard to convict-labor on
canal repairs.
THE VALLEY RAILROAD.
8. Report OF William Joliffe, civil engi-
neer. rs to the cost OF railroad from Cliff
ton Forge to Richmond. 7
4. An estimate OF cost Of completing tue
repairs Of the canal. .g;
Colonel Cubell, chairman Of the commit
/ tee of the stockholders appointed at the last
meeting. presented and read report en-
bodying the draft Of q bill authorizing the
james River and kanawha Company to
construct upon or near the line OF its eX-
isting works Il railway from point at or
near the town Of Buchanan to point at or
the construction of the said railway such
part OF its existing works az may be suita-
BILE for that purpose. The bill also pro-
vides for the repair OF the canal from
Lynchburg to Buchanan, including the
branch to Lexington.
Colonel Cabell offered resolution, which,
| after discussion and amendment, was adopt
ed, as follows:
Resolved, That the president and direct
ors be authorized and instructed to use
! their best endeavors to secure the early
and thorough restoration Of the canal
from Richmond to Buchanan and to Lex
ington and rs it is evident that the re-
sources OF the company, even with the aid
OF the conyict-labor furnished under the
recent act of the General Assembly, will
not enable the company to furnish the
needed repairs, therefore that the presi.
dent and directors be directed to apply to
the authorities OF the cities of Richmond
and Lynchburg and the counties upon the
line OF the canal for the means necessary,
with the convct-labor OF the State granted
under existing legislation, to put the canal
in thorough repair throughout its entire
length upon such terms as may be agreed
upon between the president and directors
and the authorities OF the said cities and
counties.
Major Isaac Darlington submitted
A MINORITY REPORT,
which, after lengthy discussion and sum
dry amendments. was adopted, as follows: !:
The city of Lynebburg, the Common
wealth Of Virginia, and private stockhold-
ers, in person and by proxy, having 105
votes IN the affirmative, and the city Of
Richmond and private stockholders, haviag
800 votes in the negative,
l. Resolved, That the president Of the
company apply to the General Assembly OF
Virginia for the passage of an act author
the city OF Richmond to the city Of Lynch
burg without forfeiture OF any right OF pro-
perty or franchise by reason of its failure
to operate and keep in repair its line from
LynchburS to Buchanan.
,. RESOLVED, That the proxies OF this
company in the Buchanan and Clifton
Forge Railway Company are hereby in
structed to vote for resolution directing
the president of said company to apply to
the General Assembly OF Virginia for an
amendment of the charter Of said company
which will authorize the road to be eX-
tended to the city OF Richmond or to such
intermediate point as its means may allow.
Before the adoption OF the substitute as
above Mr.. Anderson Of Rockbridge SUBJ
mitted the draft OF sundry amendments to
the charter Of the Buchanan and Clifton
Forge Railway Company thought advisable
by him.
These suggestions embody the following
propositions:
/. Change of name to Richmond and
Clifton-Forge railroad.
9. Authorizing the construction Of its
line from Clifton Forge to Lynchburg, with
branch to Lexington and to Richmond as
soon,as practicable after its completion to
Lynchburg.
3. Fixing the capital stock at $4,000, 900.
i. Authorizing the canal company to
stock s1.50O,0 600, including 100000 hereto
| fore subscribed, TO be paid for in mortgage
bonds and convict labor.
5. Providing for the use by the canal
company of convIct-labor in aid Of the con-
struction Of the railroad on the same terms
as recently granted for canal repairs.
6. Authorizing railway mortgage in aid
of construction, and giving to the pur-
chasers OF the mortgage bonds the right to
nominate four out OF nine directors OF the
railway company.
7. Providing for a close connection be-
tween said railroad and the Atlantic, Mis-
sisSippi and Ohio railroad, Virginia Mid
land, and Lynchburg and Danyiiie railroads
at Lynchburg, so as to prevent dscrimina-
tions, and to make said railroad trunk
line, and TO protect all OF the cities and
counties OF the State interested in its con-
struction.
Mr. Anderson stated that in his judgment
the proposition submitted by him did not
conflict with the substitute offered by Major
Darlington.
Afterwards, on motion OF Mr.. Bocock.
| Mr.. Anderson's proposition was referred
to the Board OF Directors Of the Buchanan
and Cliiton-Forge Railroad Company fol
their consideration in drafting the proposed
bill. :,
On motion the meeting adjourned unit
Thursday, the 17th instant, at IL A. NJ.
RICHMOND PERPETUAL BUILDING. LOAN
AND TRUST COMPANY.-At meeting or tht
stockholders OF this company held at the!
| nj ,,st ,,;ohs tho folinwIno directors were