The daily dispatch. [volume] (Richmond [Va.]) 1850-1884, 1880-01-26

| NY-A PROPOSITION FROM HON. JOHN g..
! NEW LOOKING TO THE CONSTRUCTION
or a RAILROAD UP THE JAMEs-RIvER
vALLEY-FAvoRABLE PROSPECTS, &C.
An adjourned meeting OF the st0ckhold
eis OF the James River and Kanawha Com
pany was held on Saturday morning Dir.
Thomas W. McCance in the chair, Colonel
W. r. Muuford secretary.
| Major Johnston stated that he had at
first hesitased 10 call the stockholders to-
getber. but a number Of gentlemen desired
10 open negotiations with the James River
and Kanawha Company with reference to
! the construction OF railroad up the James.
Rive. Valley, and he felt that he could hesi-
tate no longer to call the stockholders to-
getber since matters had assumed the shape
that they have.
| A quorum was present.
NEGOTIATIONS OPENED.
Major Johnston read 10 the stockholders
the following communication he had re-
ccived:
RICHMOND, VA, January 2i.
( MAJOR John W. Johnston. President Of
! James River and RQnQtchd Canal COm-
| pdny:
Dear Sir,-YOur company having adyer-
tised for proposals under the act OF the Le-
gisature OF Virginia OF April ,, 1879. several
gentlemen i'm New York and elsewhere have
spent some time in examining the proposed
plans for the construction of railroad on
the general line OF your cOmpany's canal.
The examination having resulted thus TAR
favorablv, they have associated themselves
to insure the carrying out OF any agreement
that shall be entered into, and have sent
committee here for final examination ana
conference with your company. A majority
OF the committee is now in the cry, ana
would be pleased TO meet such officers or
committee as you may appoint for that pur-
pose. Very respectfully,
JOHN c. NEW.
CONFERENCE COMMITTEE.
Mr.. Cannon moved that a committee OF
seven be appointed to confer with Mr. New
and his committee with view to opening
negotiations. Agreed TO-
The Chair appointed MesSrs. Henry u.
Cannon. a. T. Barclay, George A. kinnear,
w. Ii. Palmer, Isaac II. Darlington, I. VI.
Logan, and II. X. Ellyson.
on motion of Mr.. Barclay, Major john
sson was added to the committee ana MADE
chairman.
Major Johnston stated that Mr.. New and
his friends were anxious to leave the city
this afternoon, and he hoped meeting
would be held as soon as possible.
On motion OF Mr.. Ellyson the Stockhold'
ers took recess until =. NJ, and the com
mittee went down 10 the Exchange Hotel 10
meet with the committee OF the capitalists.
AFTERNOON SESSION.
The stockholders resumed their delibera-
tions shortly after O'clock-Mr. McCance
in the chair a message was received from
the committee that they would be ready TO
report at s. =. NJ, to which hour the
stockholders adjourned.
Evening Session.
The stockholders met again about half
past O'Clock.
Major b. III. Nowlin, Of Lynchburg, one
of the State proxies, who was unable 10 De
present at the morning session, havl"g been
detained in Lynchburg, arrived III Inc city
about s p. NJ, and attended the meeting III
the evening.
The stockholders having been called &c
order. Major Johnston, president OF Tho
COMPANY and chairman OF the special com
mittee appointed ut the morning session &c
confer with General New and his associates
: stated that the committee bad perfOrmet
that duty, and had spent several aours II
. conference.
TIE REPORT OF COMMITTEE.
M,ior Johnston then read the report o
thr committee as follows, after stating tina
il had been unanimously agreed to by th
3 committee:
; III the Stockholders of the James Rire
. and KanGlcha Company:
D The committee report that they have con
N IL. y md
. associates.
:; These gentlemen state that they c0ntem
! plated the purchase Of the works, properly
L and franchises Of the James River and Ia
navha Company under the provisions O
{; thc act approved February ,, 1879; but tha
: such contemplated purchase was cond
y toned on the settlement OF the debts OF IN
f; comnanv on the terms which have bee
Il offered by the company to its creditors
:; which terms have been accepted TO con
u siderable extent. They express their be
4 lief that the contract can be made II IN
b; settlement Of the debts can he effected /
- thirty days.
The committee have information as TO tn
i responsibility Of these parties which Satl'
:, nes the committee OF their ability to carr
) out the contract If they make 1t.
IT The committee report that the contrac
$ cannot be made unless the settlement OF III
ol debt Is effected. The committee therefor
recommend that the president of the col.
~ many be instructed to continue his enorl
II for thirty days to effect settlement with III
~ creditors OF the company on the term
e heretofore and now offered.
:, The committee further recommend IN;
the president Of the company be authorize
10 enter into a contract within ten gay
Sc from this date with John {. New ana Il
u associates on such terms as he may thln
T. satisfactory for giving them an oplon' III
le exceeding thirty days from the date OF sue
e. contract. TO contract for the purchase I'll
der the act OF Assembly aforesaid.
u By order Of the Committee.
JOHN w. JOHNSTON, Chairman.
y. PROSPECTS FOR CARRYING OUT THE SCHEME
e Major Johnston stated that it was N
o. certain that the contract would be made
is the road built, but the probabilities are tn
ii. n contract will be made and the road bun
u ALI depends, however, upon settlemel
" with the creditors. IL that can he eiectt
ne the chances are favorable.
n. Major Johnston further stated that Gen
d. raj New and his friends had, with the e
Of ception OF Mr. McCook, left the city, u
te latter remaining to get the papers from u
ID company containing the action OF the stoc
Y. holders.
o. THE ACTION OF THE STOCKHOLDERS.
at Al the conclusion OF Major Johnston
IL remarks Mr.. Cannon presented Tue loiio'
inc. which was unanimously agreed 10:
Resolued, That the report OF the comm
T. - 90 s+ocLhoJder This evening suDmtte