The daily dispatch. [volume] (Richmond [Va.]) 1850-1884, 1879-04-29

The Railroad III, ya,res River.

The Railroad UP James River.
WITH TIE CREpIToRS-EARI.Y
AGREEMENT PEGEARI.E-EXTENS NSIoN OF
TINE FOR SETTLEMENT WITH THE BOND
HOLDERS.
The committee Of bondholdcrs OF the
James River and kanawha Company. con-
siS,ng OF McSSrs. John Stewart, J. II. Ed
mundSon, Thomas Seldom, Isaac Daycn-
port. Jr.. f. Il. Scott. james Ii. Dooley, T.
81. Logan, and Il. w. Crcnsbaw, appointed
at the general meeting held in this city on
the 18Th instant. have been diligently en-
gagged in their duties for some time past to
procure the signatures OF bondnoldcrS 10 an
acrccmcnt for the safe Of their bonds to the
Richmond and Allegheny Railroad Com
panv on terms which had been unaui-
mo,lsIy accepted bv tic meeting. They
have held several meetings, at the first
Of which il WAS aSccrtaincd that additional
security and some notifications oi the
agreement entered into between the bond
h0!dcrS and the Richmond and A!lc9hany
Railroad Company would be required by
GunGhoiucrs who had not been presented
il the meeting. In view OF the importance
OF agreeing upon some settlement which
would be satisfactory 10 all the b0ndlold-
crs, the committee recommended the Rich
mond and Allcc hany Railroad Company to
make the concessions demanded, and that
company as>eEted, and on its own motion
agreed 10 extend the benefit or the addl-
tlonal security to all bondha!drrs, including
those who bad already signed the original
agrcc:lCnt.
This committee Of the creditors Of the
James River and kanawha Company have
been in communication with some OF the
large nonresident creditors who were un-
willing TO accept the terms agreed on at
the general meeting. There was no contest
over the price, hut they required deposit OF
first mortgage bonds Of the railroad
company in addition 10 the mortgage OF
dock and watcr-rcDtS, dc.
Complaint WAS also made by some OF the
holders Of the second mortgage bonds and
the buchanan and Clifton Forge Railway
Company bonds that their security was de-
ielrcGl. Several days ago the railroad COM
pany consented 10 give the collatcral> re-
uuired. as referred to above, but on condl-
ton that they should be divided and made
special trusts. An amount equal to the
notes given for the list mortgage bonds III
one class, for the second in another class,
and for the Buchanan and Clifton Forge
railway bonds in another Class; 50 that IN
this there should be no preference OF crcQ-
itors, and that as oftcn is the railroad COM
rany should pay 100000 OF principal be-
fore maturity it should withdraw 100000
Of its bonds. 1t also consented that the
persons named by the committee should act
rs trustceS-Mc>srs. Isaac Davenport, Jr.,
| Charles :. Darlington, and James n. Doc
ley-it being understood that The New York
| bondholGcrS were satisfied with this ar
ranrcmcnt.
Under this arrangement the cash to be
advanced by tie railroad company will be
about 800, 900, and the debts secured about
100000, before they get possession OF tho
canal property.
The time fixed by the Legislature for tho
limit OF negotiations expired yesterday. anC
the company asked for the contemplated cN
tension OF sixty days. which the Board o
Directors Of the James River and kanawh;
Company, at their meeting held last night
agreed 10 extend.
The committee are noW engaged III SEND
in" blanks and circulars to the bondlindlS
and the indications are that tie rrNcd Qucs
ton will now hc promptly closed and III
| short time work commenced.
| The Executive Committee OF the Rich
mond and AIeghany Railroad ComPan.
will meet i'll Washington on "Wednesday.