The daily dispatch. [volume] (Richmond [Va.]) 1850-1884, 1880-10-17

Of pEOPOSkD CONIhAtT III bE SUB
MfTTED TO THE CITIES OF RICHMOND,
NORFOLK. PETERSBURG, AND LYNCH
BURe--wHAT TT WILL COST TO GAIN
POSSESSION OF THE ROAD, &C.. &C.
A meeting OF gentlemen representing
private stockholders IN the Atlantic, Mis-
sissippi and Ohio railroad and the cities OF
Lyuchburg, Norfolk, and Petersburg. and
the counsel of the company, was held Sa-
turday for the purpose Of devlsing means
OF redeeming the road by the psyment OF
the interest in default. Major j. w. Daniel
represented Lynchburg. Dir. s. W. Ven
able and large committee OF the Council
OF Petersburg and several other welI-known
gentlemen were present. Mr.. w. &. Sed-
don in the chair. The following resolutions
were unanimously adopted:
Rss0ived, That o committee OF five be ap-
pointed, one from each Of the ciiies OF Rich.
mend, Norfolk, Petersburg, and Lynch
burg, and one not being such citizen but
being a stakeholder in the Atlantic, Hissis-
sippi and Ohio railroad, the duty OF said
committee being to lay before the Councils
OF said cities the plan OF combining their in
fluence OF applying to the United States
Circuit Court for an extension OF the date
OF sale OF the Atlantic, Mississippi and Ohio
railroad heretofore fixed by said court,
such an extension being ninety days.
I'd. And further, the said committee may
recommend TO the Councils OF the cities
mentioned TO make, as part OF their appli-
cation for the extension aforesaid, a con-
tract with such individuals as shall contract
for the purpose in view, conditioned upon
the said parties paying into court, at the
expiration OF said time extension, the sum
OF 100000, with guarantee OF payment in
full OF the present outstanding indebted
ness on interest account OF said company.
Sd. The committee shall also confer with
the Governor, the Attorney-General, and
the Board OF Public Works Of Virginia, ask
their aid and cooperation. and urge upon
them the paramount importance OF an fort
to save to the Commonwealth, her cities and
her citizens, the great property whose sac
riiice is threat OF the near future.
The chairman, Mr. w. e.. Seldom, ap-
pointed the following committee:
Petersburg, Mr.. Charles s. StIlngfellOw ;
| Norfolk, General V. ID. Groner; LyuclI-
burg, Major John w. Daniel (cnairman) ;
Richmond, Major +. Il. Scott; stockholders,
Andrew Venable, Farmyille.
Upon motion thereafter these resolutions
were adopted:
Resolved, 4 hat the president OF the At
lantic, Mississippi and Ohio Railroad Com
pany be requested to cooperate with and
| lend his assistance TO the committee.
ResOtUed, That the counsel OF the com-
pany be requested to assist the committee
| in preparing the necessary contracts and
papers.
The meeting adjourned in accordance
with the following:
| ResOiUed, That this meeting adjourn un-
| til the 23d day OF this month at III O'Clock
at this place, for the purpose OF receiving
| the report OF the committee as TO the result
OF their action under the resolutions al
ready passed.
The committee met last evening, and the
pressing importance OF prompt action In
duced its members TO go to work without
waiting for the presence OF the absent mem
bers. and a form OF contract 20 he presented
TO the cities was prepared, OF which The
following is copy:
Whereas suit is now pending In tht
Circuit Court OF the United States for tht
Eastern District OF Virginia for the fore
closure Of the mortgage heretofore made by
the Atlantic, Mississippi and Ohio Railroad
Company to Francis Skiddy, William But
ller Duncan, and S. L. NJ. Barlow, and th'
sale OF the franchises and property OF th'
said company; and whereas a decree ha
already been entered in said cause Tor th'
sale OF the franchises and property OF tht
company aforesaid, which said sale Is to b
made on the 1st day OF November, 1880
and whereas IL said sale should be made IL
accordance with the decree aforesaid, tn
interest OF the stockholders in the said com
many would he wholly lost and destroyed
and whereas the proposition has been mad
TO the city OF -, a stockholder in sal,
COMPANY, by -, that they Will under
take, on or before the lst day OF November
1880. TO raise to raise the sum OF S5O0,00O
to be applied to the payment OF the past-du
, obligations OF said company, and guaran
tee the payment OF such additional SUI
; as NAV be necessary 10 pay OIL ana dls
charge the residue Of said obligo
tions within the period Of ninety day
, from the said lst day OF November, 1881
80 as to restore 10 the stockholders OF sal
? compapy the possession and control OF II
+ DrOperty and franchises: Now, therefore
the said city Of - hereby agrees to an
with the said - that in considerable
that they the said - shall raise ana pa
into the said Circuit Court of ihe Unlie
States for the Eastern district OF Nirgini
to the credit of the suit aforesaid on or b'
3 fore the said 1st day OF November, 1885,
and shall further give to the said court sue
, guarantee for the payment OF the rest an
| residue OF the past-due Obligations OF sal
company over and above the said sum {
4 five hundred thousand dollars as may t
, sufficient to induce the said court TO pos
I pone the sale OF the property aud franchis,
! OF the said Atlantic, Mississippi and OH
Railroad Company and restore the same
S the possession and control OF its stocl
holders, the said city OF - shall an
: will without further consideration well an
1 truly transfer aud deliver to the said -
' one half Of the total number OF share
4 now held by the said city in the capt.
e stock OF the company aforesaid, an
: shall aud will further make and deliver
= the said ---- valid and irrevocab
power OF attorney for and In behalf OF Il
said city to vote the remaining shares
u said city retained, and as proxy 10 repr
i sent the same In the general meeting OF u