The daily dispatch. [volume] (Richmond [Va.]) 1850-1884, 1879-12-02
Tas WEATHER YESTERDAY was clear ant
richmand and Allegheny Railroad.

81 IOOAL MAI L EESS.
a p;rhn and and Allegheny Railroad.
81 vrv7ING or THE SToCKHoyDERS-REPORT OF
81 7as PGESlpEST-ELECrIoN OF DIRECTOR
q FASCINATION OF MR.. GEORGE S. PALMER
II rrrrRE PROSPECTS, &C., &C.
Il The stockholders OF the Richmond and
a AIechaGv raill DAD met again Yesterday at
"a fine company'S O1lice, corner Thirteenth and
8 Min Strcets-NIr. II. D. Whitcomb in the
"A chair.
Mr.. Fl. c. Parsons, vice-prcsident OF the
q company, presented the following report,
i wh;ch was read and. on motion Of MIR. &. E.
q Wor,ham, received and adopted:
8 n .be Stockhoiders of the Richmond and
.iNeGhcny Rairoad Company:
q Since vour last general meeting we have
a devoted a GOOD deal OF labor and care to n
2 rsrrtul exploration OF the mineral district
n ,brovcD which your line passes, and exact
surveys Of the different routes suggested,
4 and estimates OF costs Of construction.
Z r II. Temple was appointed chief en-
a cireer. and perfected the surveys and esti-
S5nets. in July last. large amount OF
j frId-work was done, and the data and ma
n ,,r;gl previously in possession OF the CON-
s n,ny utilized. so that the Office now CON-
tans The results OF surveys extending over
i fiyq hundred miles, and particular and
4 comr9rAtive estimates.
8 l|yjor Tempe resigned his position in
q Tuly last in order to accept desirable
4 office. and / take great pleasure in COM
u aendlng his faithful and exceedingly val
"a l9Glc services.
IL II November, 1878, negotiations were
a onpncd fo- the purchase OF the works OF
~ ha
81 and q contract. conditioned upon leglsa-
q I'VE action. was entered into.
n The Legislature refused 10 approve the
q contract. 1t, however, passed an act, ap-
Il proved on he 9th OF February, authoriz-
j Ing the sale of the works of the james
8 River and kanawha Company to Us.
The act was upon the whole satisfactory,
q but it continued certain provisions that
4 made the undertaking difficult, the most
4 important being the assumption OF all the
S debt. of said company. These debts aegre.
n gated in the schedule furnished $2,06l,.
"a 1859 with 4 market value OF about S600..
90.
Although the debate and delay Of four
ia months had enlarged the expectations oil
q the creditors and made the purchase less
IA de.irahie at least to some OF our stock.
"a holders, we entered into contract on the
q eSh DAY 0; March. conditioned only upon
u failure TO negotiate an equitable settlement
III with the creditors.
IN TIE creditors were so many and so far
8 removed we could not approach them per.
8 sCnaily, and we invited q general meeting.
# This was held in Richmond and fully at
"a tended, and after TWO days conference
"a apropo>.tion was made to Us and promptly
n accented. At this meeting q committee OF
~ J.. fai m a.
"a tures t. the final agreement, and entered
81 actively upon their work. We provided
II for their expenses and the compensation OF
III attorneys and agents.
a We we're in few days advised that addi-
y ti0nal collateral security would be required
8 by certain large bolders, and committee
8 sdysing Us 10 accede, we did so. When the
H limitation OF the contract was reached less
IA than S35G.O00 OF the whole indebtedness
3 WaS adjusted. and MrSsrs. keene, Ewing,
IA and Blaine, Of the Executive COMMITTEE,
IN requested the james River and kanaW ba
h Company 10 delay notice and tender OF deed
V ualil your company could make another
aE and direct attempt at settlement. This the
M James kiver and Eauawha Company re-
M fused. .s s.,
A An important proposition has recently
IA been made 20 this company, the acceptance
IA Of which would involve immediate changes
"a in our plan and organization, and will re-
% quIre legislation. 1t is not in form, bow
ID tyer TO be now presented, and we suggest
"a ibsl the vacancies in the Board OF Directors
A Se Tiled and special authority be given the
# Board 10 act in the premises, and this meet
III Hs adjourn to an early date. ..-.5. + -.
Z IL. G. PARSONS. Vice-President.
8 QtTee Of Richmond and AHeghany Rail
M road Companu No. 80 Broad street,
# Nsr York, November q, 1879. ~ .....
M On motion Of Mr.. Workman it was ordered
That committee of three be appointed on
BYLAWS. The Chair appointed Messrs. q.
8 I. Workman, ?. A. Wexford, and w. z.
IA Bnrwei.
@ hThe committee reported amendments to
w bylaws, which were adopted.
& es!gnation OF Mr.. George 5. Palmer,
81 VI 'ai> city. as director, was received and
"a ;;CCcrpled. and, on motion OF Mr.. &. T..
"a Soitham, Mr.. CYRUS II. Mccormick, Of
'alcaSo, Was elected to fill the vacancy.
S oA motion OF Colonel Cabell, Mr. Samuel
eaahaE was elected director to fill va
f4lcy, and on his further motion It was on
NJ yye'ed that the further election OF directors
De postponed until the next meeting OF the
AFockholGers.
81 "a hiVIiou III IlF. w OItllulu III was Va
A ss.ed that Whep the meeting adjourn Il ad-
"urn until Tuesday, December 9th, at II NJ.
# Adjourned.
8 DIR. Parsons said, in answer to inquiries,
4a' The organization Of the company W ould
- protab!y changed within a tsw days,
Int oil the original parties going ous. and
;. aas Tue new directors named yesterday were
nli vacancies. He also said that the lnti-
# sHlon that the company had abandoned its
ss'pose to build the entire line, il it built
s,ai, certainly could not have come from
m one who had read its charter, the only
X 'alIons Of which are that it shall com.
he work before March next, and COM
resst division between Richmond and
Ssa9arg within two years thereafter.
M S.a %%se shethar is wealthy merchant OF
I,a, ,n iofk, SAT and $40 Broadway, and the
hrEsor Of large factories at Yonkers.
8 principal railroad connections have
4 WIN the Iron Mountain railroad.
M EssEL CLEARED.-Tbe American
M el,s"ef elonaef Elizabeth ID. Hart cleared at the
~ Sal ,sir mousse yesterday for Rio Grande do
A bsI,.naih nsih Cargo OF 400 barrels and 200
IA .biaasassfs's OF -four, valued at Si8,6l0.ae,
S Ttta Dy the Haxaf,.( .rpn ha ~ tiomnans,.