The daily dispatch. [volume] (Richmond [Va.]) 1850-1884, 1881-10-08

making y total OF 29,SS2 shares-being
1858 more than a quorum.
The Chair announced that the meeting
was organized and ready for business.
REPORT OF THE PRESIDENT.
President Buiord then read the following
report:
RICHMOND, October l, 1881.
To Me Stockholders Of the Richmond and
D0nCiHe Railroad Company:
Gentlemen, The Board Of Directors re-
spectfully represent TO the stockholders
that this meeting has been called mainly to
determine what action will be for the be. 6
Interests OF the company in regard to fur
ther subscription OF the capital stock OF the
Richmond and West Point Terminal Rail-
way and Warehouse Company.
1t will he remembered that ut tie L..,
annual mectingOf the company the Board
was authorized, at its discretion, 10 make o
subscription TO said company not exceed
ing SjGO,000 in amount for the purpose q
rendering such aid as might he deemed
Necessary and best for the interests Of tha
company TO such unfinished lines OF road
connecting with the conpany's main lines
rs should require the same. Acting under
t this authority, subscription to the amount
OF $3.50, coo has been accordingly made TO
the capital stock Of said Terminal Company
aS at present authorized.
/ The subscription OF $4,000 heretofore
made, aS above stated, has been paid up
and expended in the completion OF
( TIE WESTERN NORTH CAROLINA ROAD,
which is now so far advanced as 10 secure
within few weeks the opening Of the en-
tire main line OF that road between Sails
bury. y. c., and Paint Rock, on the Ten
nessee line, distance OF 1856 miles, where
il makes connection with the East Ten
nessee, Virginia and Georgia road. At
the same time the branch liEc from AShC-
vile to DuCktOWn has been put under
way, and between sixteen and twenty miles
thereof will in few weeks be ready for
trains.
We regard this expenditure as wisely III
vested in the interests OF the company.
Very recently il has been deemed Of sur
icient importance tOyour interests TO make
Gn arrangement through the Terminal
Company for the acquisition Of a large part
of the capital stock OF
THE VIRGINIA MIDLAND ROAD,
with view to its more successful and har-
mOnious operation in connection with the
lines OF this company.
This engagement, entered into By the
Terminal Company with a view to the pro-
lection Of your interests, involves the cX-
penditure OF Il considerable sum, and is
Importance is, by the Board, considered
such as to demand their prompt attention.
looking to the safest and most economical
method OF providing the necessary capital
TO meet the engagements involved i'm il.
The Board Of Directors have given the
subject their most earnest consideration,
and have concluded to recommend to the
stock holders, as the best means OF proceed
ING i'm this matter, the increase Of the sub
scriptiOn Of this company to the capital
stock Of the
RICHMOND AND WEST POINT TERMINAL KALI
WAY AND WAREHOUSE COMPANY
in the additional amount (Which il has the
option TO tabe) Of Jl,Gl0. .00C-making
thereby the entire subscription 10 that cap
ital of $l,jl0,0O0. With the Use Of less
than half OF this cOmpeny'S general mort
gage bonds now available for such pur-
poses, and other assets and resources Of
the company conveniently applicable there
TO. the subscription suggested can be paid
for without inconvenience. The aSSOcia-
ton OF the Midland road, by this means,
VIII NOhi oiltl liOi''ittN'' i'.i''Ni' N'Ai
whole system complete and homogeneous
through Virginia, the Caro- mas, and Gcor-
gia TO the city Of Atlanta.
Your subscription 10 the amount suggest
ed gives YOU the practical and etfectUal con-
troll OF the Terminal Company, with an
actual capital OF S3,000,0G0, Of which about
million and hall is private subscription
nearly fully paid up. Thus, by the COM
pact organization Of S3,000,00O OF capital, /
fortifying strongly the ability OF this COM /
panv 10 secure, without hazard, the im- 4
poItant advantages expected 10 be derived I
by the control Of the Midland line.
Respectfully submitted.
A. S. BUFOED, President.
TIE INCREASED CAPITAL SUBSCRIBED.
General Logan smd as no one seemed dis /
posed 10 discuss the presidents report, he .
would offer the following:
Whereas, under authority granted by the
OF this company at their last
annual meeting, the Board Of Directors
have heretofore subscribed Sj00,000 TO
the capital stock OF the Richmond and
West Point Terminal Railway and Ware
house Company, subsequently author
lied another increase Of their capital
stock to S3,000,0O0, and have procured
rom private parties subscriptions for
s1,49O, ESQ; and the directors Of this COM
Danv having taken the precautiOn OF Sc
curing the option 10 subscribe the remain
inc 81, ,Gl0, coo on behalf Of this company;
md whereas the said Richmond and West
Point Terminal Railway and Warehouse
Company now owns the controlling share
.auital of over l.i70 miles OF completed
which are important feeders and
connections OF this company; and whereas
/ /, Of importance that this company should
,wn and control majority OF the share
,apital Of the said Richmond and West
Point Terminal RIilwW and Warehouse =
Company; therefore
ReSOl,ed, That the Board OF Directors
II this company be, and they are hereby,
authorized and instructed to cause to De
ubscribed on behalf Of this company a!i
additional amount Of Sl,0l0,000 TO the cli
tal stock OF the said Richmond and West
'oint Terminal Railway and Warehouse
,ompany, thus making total subscription
" this company OF Sl,5l0,000 out OF the ,
otal capital stock OF S3,G00,000, and fort the
Iurpose Of paying said subscription the !
,oard of Directors OF this company are
eTeby authorized and empowered to Use,
, their discretion, any available assets or I
esourccs Of this company.
On motion, President Buiord's report =
ras adopted and General Logan's resolu- \
on was agreed 10. '
AMENDMENTS TO THE BYLAWS. Il
President Buford proposed the following {
, an amendment TO the bylaws, section ], {
-bicb was. on motion, adopted: |
"The officers of the company to be {
ected by the Board Of Directors shall &
insist of one or more yice-pTesidents, a n
and secretary" II
pbe following, offered by the same, was n