The daily dispatch. [volume] (Richmond [Va.]) 1850-1884, 1879-04-17

l ~ n.
the CHEF matter to be disposed OF is 4 SCI
tlemcnt will, the creditors, and reeommen
; that in the event OF The bill to sell to h
Richmond ana AiEe:ghany Railroad Compa
nv failing. that TIE canal company be au
thnrized TO sell to arsy Aonc cIse1
When called before the joint commiite
OF the Legislature, speukin. for our con,
paDy, used tie following words:
I II It Is desirable that they should do so
1T seems TO me- that yoaF considc-afiol
sanuid be turned rs much TO- making sbi
Thing sure as to meeting RtlYSiduaf opin
ions. At the best, it is not esrSsin. 4 diff
CUT and important negotiations mterveu es
Creditors holding claims agcregst;ng nearly
jtwo,dDlliOns must be coasuis stt, a good
title must be secured. and # Is serious
question whether you ought To- adjourn
withon: making other proyisjs ion. is case we
90 not succeed. 1t seems to me there arc
Interests too important to be let To- a:sy un-
certainty. Our company will sot Segard
as hostile or prejudicial any other provision
you make. or any contract you ,athorizc
with any other corporation. So faI ~ We
can Judge, we snail he able to make,
FAIR TERMS WITH THE cREDIToR%
and we shall ask nothing unfair. Epegy
expression we have go far ad-and we iaY 0
| had many-has encouraged us.
Ii the amendments presented on ycsror-
Lday are m indication OF the purpo:c Of Slic
Legislature, it is the more important t,a
additional legislation should be given.
Above nj! things | 90 desire that this elrn-
| est attempt to relieve IL people shall By no
accident result in delaying their deliver
lncc.
And when we were afterwards Threatened
a =, I,,t
should give the
SAME TERMS THAT HAD BEEN GIVEN Us TO ANY
OTHER PARTY
unless we submitted toa certain settlement,
wr not only disregardcd the threat. but
advised our friends TO support the supple
mental bll. In noiiin. have we infen-
tinnally limited your freedom or prriudiccd
public opinion. Our Executive Committee
| have appointed General Thomas Ewing.
with full authority in this behalf, and he
Will meet any committee you may appoint
Tor ilIll consultation before Il final PROPOSE
! ton Is made.
Mr. " NIllians now renewed his motion for
the appointment OF the committee named
above.
Mr.. Straus suggested that the committee
be r!lir|cd.
3lr. Williams changed his motion so ~ 10
| enlarge the committee to three from each
class Ci creditors.
| af. Straus moved that the number 10 re.
! present the hi>.-mortgagc bonGholG,rs he
Increased to four. Agreed to.
The resolution was then adopted: and thc
Chair appointed the committee, * fol-
lows: On behalf OF the rst-mori.a-c bond
holdcrS-Jud-c Edmundsrn, Ilcssrs. Iu-
son Young, Thomas Seldom. and Col
oncl Ross; >ccnnd-m"rtga"c bonlholdcrs-
MrSSls. StlauS, Il. W. Crcnshaw, and ".
H. Jordan; to represent the general cred
itor>-Mr. Charles L. Williams, with Major
Dno'ey as chairman (er.oHci0!.
Mr.. Young, Of New York, asked to he
excused from service Oh The committee, aS
the bondhOldors that he represented would
be largely bound By what be should do. lie
| thought he would rather cmbalr;lss the de-
liberalionS OF til" committee.
Mr. Ioln" was excused, and the Chair
appointed Mr.. r. a. Lancaster.
| The meeting then took recess until s
p. NJ, 10 MEET in the room over the First
| National Bank.
I.yening Session.
The bondholders rc>umcu their dcihcr,.
! tionS at o'clock-Maior Doolcy in tho
| chair.
TIE PROPOSITION.
Judge EdnunG>on. from the committee
appointed to confer with the representatives
! III the Richmond and Allcghany Railroad
Company, submitted the following report
which was read by Mr. Charles u. Williams
Il member OF the committee:
| For the first mortgage bonds Of the james
River and KanawEa Company the Richmond
! and Allegheny Railroad Company offer 81.
| for 800 OF principal, with two years past.
due interest coupons attached; or, III caSC
! the coupons are not with the bonds Whcr
delivered, the deduction for the mi>Sln"
coupons shall be in the same proportion :;
| the Richmond and AI!cghany Railroad
Company to give their notes, payable three
years after date. with 6 per cent. interest,
| payable s"mi-aunualy in advance, secured
! by deposit Of the bonds for the purchase
| ni which the note, are given, with the priv.
| iie9c to the company after its deposit with
the State OF $.JO0.000 required by law. at
any time its cTigcncc> require, TO suDsti-
tlltc its own first mortgage bonds, dollar for
dollar, for the principal and interest OF the
bonds so to be Deposited; such iirst movt-
gage bonds not to exceed $4,000 per mic
upon its line.
For the purchase Of the second mortgage
y
Richmond and Lynchburg and county OF
Rcckbrid9c- the railroad company make the
same proposition in every respect, except
that the price shall be SO, instead OF SO,
for each 500 Of principal, with $l2 OF past
due interest.
AS TO either first or second mortgage
bonds, when bollcrs have more than two
years OF unpaid interest it shall be paid for
ut the same rate per ccntnm.
The Richmond and Allegheny Railroad
Company do not at present make any propo-
sition as- TO any other OF the debts OF the
james River and klnawha Company, pre-
ferrin. 10 wait and negotiate thcrcfor after
relcla9 al agreement with the holders Of
the first and second mortgage bonds, il one
can be rpached.
The Richmond and Alle"tany Railroad
Company reserves the richt 20 decline 10
bvS anr Of the bonds Of the James River and
kannwha Company unless tAry can arrange
with an Of the creditors OF the canal cnnl-
l',ny.
TIE PR0PoSITIo% vG:i1ILATED.
.kfter the proposition Bud been read. 'he
Cl.alr s.Iid he was ready - receive ;ny mo-
tiun on the subject.
Mr.. Srddon: move chat it be rejected.
Mr.. Youn. said the asmc proposition had
been aircady rejected by some OF shc New
York bondholdcrs, a3d he had therefore
| ~. the lca,. difficulty in voting upon it.
Mr. Scott lnlima:ll that It would be best
, Fer some countcr-aropositiou 10 be offered
before this one IS Inally REJECTED.
| Mr.. Isaac Davenport said very frankly
| that he favored tDe pre- position.
Colonel Ross expressed his unqualified
| opposition to the proposition.
Maior Dodley Or Fred. r. Scott in The
chairI cave 1t some length his objections t.