The daily dispatch. [volume] (Richmond [Va.]) 1850-1884, 1879-11-15

THE PLAN .
4 called meeting Of the Board OF Public
Interests was held in the Council chamber
yesterday evening. Present: Messrs. l..
D. Crenshaw, J. r. Anderson, E. .. NOlt-
ing, NJ. L. Straus, E. D. Christian, W. II.
Palmer, James T. Gray, +. Stearns, and A.
R. Courtney. On motion OF Mr.. Straus
Dir. E. d. Christian was called to the chair.
Mr.. b. L. August, secretary OF the Board,
acted as clerk.
General Anderson, from the committee OF
FIVE, submitted the following report:
To the Council OF the City of Richmond:
The Board of Public Interests, having
had under consideration the necessity for
the construction OF a railroad in the Valley
of James river, invited Il communication on
this subject from Major John W. Johnston,
president Of the James Kiver and Kanawha
Company. Major Johnston r sponded in
communication, hearing date OF 10th Noyem-
ber, instant, which is herewith submitted
for the consideration OF the Council. Here
tofore published in this paper.]
The Board, after full consideration and in
restigaton OF the facts, have arrived at the
following cOnclusiOns-to Wit:
/. That the construction OF this railroad
is essential 10 the interests Of the James
River Valley, and vital 10 the interests OF
the city oil Richmond.
2. That persistent efforts which have been
made to induce the construction OF this road
by others have failed, and there is no rea-
sonable ground for hope OF success in the
continuation OF such effort.
8. That in consideration OF these crcum-
stances, and Of the danger OF diversion OF
part of the line, and the importance OF
maintaining the line as a whole from Rich
mond to Clifton Forge, the Board most re-
spectfully recommend to the Council that
the city OF Richmond tender to the James
River and Kanawha Company its aid and-co-
operation in the construction by said COM
pany Of a railroad from the city Of Rich
mond Uia LvuchburS and buchanan TO
Clifton Forge, with branch to Lexington,
on the following conditions and stlpula-
tions-to-wit:
I. That the said James River and Kama
wha Company secure settlement with It's
creditors substantially on the basis follo"-
ing:
(a) Payment of its frst-mortgage bonds
at a rate not to exceed sixty cents on the
dollar of principal and accrued interest ;
and of It's second mortgage bonds at not eX-
ceeding twenty cents on the dollar OF Prln-
cIpal and accrued interest.
(b.) Satisfaction of its debts to the cities
OF Richmond and Lynchburg by the grant
of water privileges 10 said cities respective
ly.
(c.) Release OF its debt to the county OF
Rockbridge for repairs growing out OF the
frcsbet of 1870, in consideration OF the COM
pletion OF the branch railroad to LeXlng-
ton.
(d.) Settlement OF its floating debt, other
than its debt to the State or virginia LOT
convict labor, at an aggregate sum "hlcn
shall not exceed the sum OF forty thotsahu
dollars.
(e.) In the settlement Of the bonds OF the
said company guaranteed hy the state OF
Virginia, the payment OF which was as
sumcd by the State by the act OF the Gen
eral Assembly passed March, 1860, the SAID
company shall secure from the state an
agreement TO allow, as an Offset to the debt
due and to become due to the State for con-
Wet labor, such amount as said company
may have to pay in settlement Of SAID guar
anteed debt
II. The mortgage bonds OF the Buchanan
and Clifton Forge Railway Company issued
not exceeding seventy cents on the dol
lar OF principal and interest. Such mort
care bonds OF said company as may be here
after issued shall be redeemed al sum not
greater than the amount at which they may
be issued by the company ana interest
thereon.
III. The James River and kanawha Com
pany shall obtain the legislation necessary
l. For the consolidation OF the Buchanan
and Clifton Forge Railway Company win
said James River and Kana~ba Company,
so that the latter company shall acquire all
the works, property, and franchises OF The
Buchanan and Clifton Forge Railway Com.
pany.
.. For the construction and maintenance
OF a railroad by the James River anc Kama
wha Company from Richmond uta Lynch
burg and Buchanan to Clifton Forge, IN th(
county OF Allegheny, with branch 10 Lex
ington, in the county Of RocSbridse.
3. For the transfer by the State to The
city of Richmond, upon its making TO The
james River and Kanawha Conspany tht
payment OF seven hundred and fifty thou
sand dollars, hereinafter provided fer
of TWENTY-FIVE thousand five hundred
shares OF its common stock and tfty-hYe
thousand five hundred shares OF lis prefer
red stock in the James River and Kanawha
Company, so that thereafter the STOCK 0i
said company shall be held as follows:
Shares
Gv The State of Virginia. common stock. a'5oe
i;y the state of Virginia. preferred stock. lS5ut
Nv th. CITY Of Richmond common STOCK. 2s.3El
By the city Of Richmond. preferred stoch. 555o[
81 the present private stockholdcrs.'''...' Zo'ool
, ..1a4 OOC