The daily dispatch. [volume] (Richmond [Va.]) 1850-1884, 1879-06-28


At the night session IT. w. McCance
Esq, in the chair Messrs. Henry &. Can.
non and John NJ. Higgins, two OF the Rich.
OF the stock represented.
CONDITION OF THE PRoPERTY-THE CONTRACT
Major Johnston, the president, submitted
the draft OF notice to the Richmond and
Allegheny railroad and OF deed OF con.
veyance in pursuance Of the act OF Assem-.
bly,, the 120 days having expired.
The President reported that, "deSpite
cumulative disasters. and difficulties, the
canal has been restored and is in fair navi
gable condition from Richmond to Lynch.
>hurg, North River, and Lexington. Such
progress has been and is being made on the
heavy and difficult repairs between North
River and Buchanan as to Justify the
confident expectation that the canal
will he fully restored and in operation
to Buchanan as we'll as to Lexington with.
in sixty days" Owing to the uncertain
future of the canal The revenues are falling
off. No new boats are being built. and fe~
old ones are receiving necessary repairs.
The President thought some steps should be
taken to encourage the building OF new
boats, which are pressingly needed TO meet
the demands OF transportation. The act ol
Assembly provides for the compensation OF
owners OF boats on the canal in the event
OF n railroad being built, but does not in-
cude boats tha may be built but not actu-
ally put in use before the substitution.
Boat-owners are afraid that the substitution
of the railroad for the canal may he sud
denly made and the loss thrown upon them.
THE TEN-DAYs' NOTICE.
Dir. Barclay offered a series OF resolutions
covering this matter and other points,
which were under consideration, when Mr..
Parsons twho bad just arrived in the city
from Lynchburg) came into the meeting
and addressed il by invitation, stating what
has been done towards etiecting settle
ment with the bondholders. Though they
have not been altogether successful, the
gentlemen represented by Mr.. Parsons had
abaied no iot or little OF interest in the
work. and yet hoped that in the course Of 4
few DAYS terms might be made with the Gre
Gitors. What Mr. Parsons asked was that
the canal company, without prejudice to
any right, should delay for reasonable
time the notice provided for in the 9th Sec
tion OF the act. Within ten DAYS after that
notice the railroad company must deposit
the 100000 security, and provide 1or the
payment OF the floating debt.
THE SECTION IN QUESTION.
Section 5 OF the act OF Assembly OF Feb
fuary 81, 1879, is as follows:
After a final and absolute contract of sale
shall have been concluded between the
James River and kanawha Company and
the Richmond and Allegheny Railroad
Company, and within ten days after the
James River and Kanawha Company snail
have, in writing, notified the RichmonGand
Al!crhany Railroad Company cf its rcadl-
ness to convey al lis property and fran
chises in pursuance OF such contract, the
Richmond and Aloghany Railroad Com
pany shall make the cash payment ana de-
vosit hcrcinheiorc required on tender oI
such conveyance land ii such cash pay
ment and deposit shall not then be made,
the contract OF purchase Slall be ard be-
come absolutely null and void: but the said
contract must be made within one hundred
and twenty days after the passage OF this
act.
DISCUSSION.
Considerable discussion fpl,OWed rs to tic
right of the canal company to defer this
notice. Mr.. Barclay tLon%ht they bad ne
discretion in the premises. Mr. Parsons
construed the act differently, Major Johl
ston's impressions ironi IL" debates IN ih'
General Assembly was Tia Tie e:itirc tim,
was absolutely limited 70 i20 days and II
days, Colonel II. Coaltcr Cabell spoke o
the laborious efforts OF Mr. Parsons TO Sc
cure settlement, audtook the position tha
the canal company could defer the tcn-dayS
notice. hIr. Parsons said that within twt
hours past he felt confidence that the ne
potiations with the creditors would be sue
cessful that he had not felt for four weeks
Major James ii. DooIev said that upon eX
animation of section ) he was Of opinion
that 1T did not require the canal COMPANY
to give the notice immediately upon the eN
.piration OF the 120 days; they could defe
it for reasonable period, not for an in
definite ONT.
Mr. Cannon, after referring t. the anti
ring energy OF Mr.. Parsons, as displayed II
the effort to procure settlement. expressed
his conviction that they should now tint
out il the railroad company is q reality ant
able 10 carry out its contract; IT 50, h'
would be willing to defer the notice for
limited time. Mr.. Nowlnn, OF Lynchburg
desired to learn something OF the company
It's aims and abilities-before granting th
delay. He insisted that the stockholGer
were entitled to full information now, aut
should demand it without taking Sunhe
action. Major Johnston said that the rai!
road company had thoroughly investigated
the canal company; but That the canal com
pany literally knew nothing Of tue railroat
comnany. They ought to know With whom
they are dealing, and have evidences 0
ahl!ity and good faitb.
A PROPOSITION. -
Mr.. Nowlan moved that coEamittee o
three be appointed to confer With the Rich
mond and Allegheny Railroad Company, t
reDort to an adjourned meeting Oh the stock
holders at II O'Clock to-day.
Mr.. Parsons said that II $Tas to be al
ei the railr6ad company "a
-would like 10 have time to confer with b.
Baard OF Directors; he WAS the only omes'
OF the company in Richmond.
Mr.. Nowlan expressed his surprise aha
the railroad company had not prepared II
Golf "a rive all the information des!rctl.
Mr.. Parsons said that the company Is III
lv organized and able 10 carry: out all OF II
contracts. The principal office, noWefe'
| is in New York, and it wouia DO lnatts
| OF some embarrassment 10 him 10 lui
all the information that would ee iieeae
between this bour Qla p. Ml and A. u.
Mir. Barclay could see 20 good 10 De u
compished by the committee. He Wot
much prefer adiourning over 10 Monuay
TUESDAY or until such time as Mr. Parsoi
could have his Board OF Directors mere.
Mr.. Newlan, Withdrew bis thotion.
+ >. ON motion OF Mr.. Cannon, the E'eet!'
adjourned until Tuesday at 0 T. IL.