The daily dispatch. [volume] (Richmond [Va.]) 1850-1884, 1879-11-27


FIVE hundred shares Of its preferred stock
in the James River and kanawha Com
pany, so that thereafter the stock OF said
company shall be held as follows:
a.. Shares.
BY the State of Virginia, common stock. 1900
By the ihe civ Of # Richmond Common stocE. 22.5o0
b, the city Of Richmond. preferred STOCK. $4,000
By the present private stockholders ....-. 10000
Total... .1Z4.UUU
"A. That thereafter there be seven direc-
tors Of said company; Of which four shall
be appointed by the city Of Richmond. two
by the State OF Virginia, and one by the
stockholders other than The State and the
city OF Richmond. The directors on the
part of the city of Richmond shall be elected
by proxies for said city; which proxies
shall be appointed By the Common Council
and Board Of Aldermen in joint session.
IS. That in all meetings OF stockholders
OF said company each share of stock shall he
entitled to one vote"
And did further recommend that
"IV. When the aforesaid conditions have
been fully complied with, and when tender
is made to the city Of the transfer to it OF
the stock aforesaid, as herein before pro-
vided, the city OF Richmond shall pay to
the James River and Kanawha Company
tuC sun VI sCfEu duu ua'y toOo
sand dollars: said payment to be made con-
temporaneously with the re0rGanlZatlon CT
the company under the agreement herein
contemplated"
Now, therefore, the Common Council,
the Board OF Aldermen concurrinS, after
full consideration. hereby adopt the recon-
mendations aforesaid, and, with the view OF
carrying the same into effect, it is hereby
Resolucd uhe Board OF Alderman con-
curring), That the representatives from the
city Of Richmond in the General Assembly
OF Virginia be, and they are hereby, re-
quested to assist the James River ana ka-
nawha Company in obtaining at as early Il
day as practicable the legislation above re-
ferred to, and also to procure at once such
amendment TO the charter OF the city OF
Richmond as shall permit the issue Of
bonds OF the city for the purpose OF raising
the S750,000 aforesaid, whenever the issu-
ing of same shall have been authorized by
majority Of the legal voters OF the city vo-
ting on the question, which said majority
shall include majority OF the freeholders
voting on the question; and further, so
that the amount OF debt contracted for the
purpose herein contemplated shall not he
included in the aggregate debt limited to Is
per cent. of the assessed value Of the. tax
able real estate Of the city.
2. ReSolved the Board OF Aldermen con-
curringl, That the sense of the legal voters
of the CITY of Richmond be taken on such
day as the City Council may hereafter desig-
nate upon the question whether the bonds
Of the city shall be issued for the purpose
OF raising S750,000, to be used for the pur-
pose herein before referred to, and upon the
conditions set forth-to wit:
II. That the said James River and ha-
nawha Company secure settlement with
its creditors substantially Oh the basis fol-
lowing: ...-.
"(a) Payment Of its rst-mortgage bonds
at rate not to exceed sixty cents on the
dollar of principal and accrued interest; t;
and of its second-mortgage bonds at not
exceeding twenty cents on the dollar OF
principal and accrued iaterest.
90 Satisfaction of its debts to the cities
of Richmond and Lynchburg by the grant
OF water privileges to said cities respec-
lively.
"(c) Release OF it's debt to the county of
Rockbridge for repairs growing out OF the
frcshet Of 1870, in consideration OF the COM
pletion Of the branch railroad to LeXing-
ton. ..r
"(dl Settlement of its floating debt, other
than its debt 10 the State OF Virginia for
conyict-labor, at an aggregate sum when
shall not exceed the sum OF forty thousand
dollars. .-.-.. . .~.... 49,. 80 =.
"(e) In the settlement OF the bonds Of
the said company, guaranteed by the State
of Virginia, the payment OF which was as
sumed by the State by the act OF the Gene
raj Assembly passed March, 1860, the said
company shall secure from the State an
agreement TO allow, as an offset 10 the debt
due and to become due to the State for con-
yict labor, such amount as said company
NAV have to pay in settlement Of the SAID
guaranteed debt.
II. 1.-The mortgage bonds OF the Bu-
chanau and Cliilon.Forge Railway Com
papy issued to this date shall be settled for
at price not exceeding seventy cents on
the dollar of principal and interest. Such
mortgage bonds Of the said company as
NAV be hereafter issued shall be redeemed
ut O sum not greater than the amount at
which they may be issued by the company,
and interest thereon -; provided that the
legislation above referred to shall before
that day be procured.
MAJOR JoHSsToS's VIEWS.
BY invitation, Major John W. Johnston,
president of the James River and Kanawha
COMPANY, addressed the Council, first max
ing appropriate acknowledgment for the
invitation accorded him. Major Johnston
then briefly referred to the past applications
Of his company for aid to repair the canal,
and Of his advocacy OF those applications;
OF the refusal Of the city to aid in repairing
the canal, which Gt having been repaired
without such aid) he now thought was wise.
He in fact reviewed the history Of the canal
company for the past few years, and the
various steps taken looking to the construc-
ton OF railroad, which until very recently
had not been the policy of his company.
The railroad scheme, he contcnded, was q
Richmond scheme, and not scheme or1gt-
Mating with himself or his company. He now
thought it wise scheme. Hereferred next
to the near completion of the Buchanan and
Clifton-Forge railway, and argued that
that company held the key to the James
River Valley, and that capital could be OBJ
tained at any time to .bui,d the road from
Clifton Forge to Lyneht turg. To his mind.
the road was OF more importance to Rich
mond now than ID Vas two years ago: i
was q thing 10 be desired. He believed i
would pay, and tt.at now was the time iol
Richmond to ts,.;e hold Of it. He then. reae
the preamble and resolutions Of the 3b9aIl
OF Public interests, and explained toen
one by ore. There Is to-day IN tne 1a.hes epes
River y alley more and better ifQn-ere Lnal
In the whole of the Pennsylvania aron icolr s
try. and In the Kanawha YaileY the DtsI
eokina coal can be, had. Now they are sepa
rated by Just thirty-four miles. Tns saYent