Bristol news. [volume] (Bristol, Va. & Tenn.) 1867-189?, 1881-05-24

tory progress considering the rigor Of
the past winter and early spring. The
grading from Bristol to Mendoza will be
completed within Il few days, and the
grade has been much improved from the
first location, the whole line has been
located from Bristol to Big Stone Gap,
and the location maps, protiles &C., have
been delivered to the Tinsalia Coal and
Iron Company pursuant to the sixth acc
ton of the contract with said company,
but the same was not ready ut the time
they should have been delivered which
without any default on their part) has
delayed the commencement of work by
the said Coal and Iron Company.
The management OF your company,
however, have positive assurances that
the whole line will be under contract
within Il very short time.
have the pleasure of further report
ing that the Tinsalia Coal & Iron Com
pany have agreed to assume the whole
burden Of the future construction and
full completion of the. entire line from
Bristol to Big Stone Gap, with the aid
of the unpaid subscription and assets of
the Company, provided your President,
Board of Directors, and other officers
will resign and permit an entire reor-
ganization to be made.
And in pursuance of this agreement
| hereby tender my resignation accom-
panied by those of the Board of Direc-
tors and other officers of the Company.
80 a. 80
II. G. WOOD,
Pres. B. G. q |. n. G. X. r. Co.
Referred to The committee on business.
Gen. Imboden then offered the follow
ing resolution:
RESOLVED, That the Board of Directors
be and are hereby authorized to enter
into any arrangement or contract that
they deem best with the Tinsala Coal &
Iron Company for the advance of the
necessary funds to pay the debts now
owing by this Comany, and to furnish
the means of carr ying on the work, and
engineering yet to be performed by this
Company, under existing contracts be-
tween the two Companies, and to n.y.
pothccate, transfer or assign any of the
available assets Of this Company necessa-
ry to effect and carry out such arrange
ment.
The following preamble and resolu-
lions were also offered by Gen. Imbo-
den:
ReSOlUed, That the Board be also in
vested with power to increase the capt.
tai stock for like purpose whenever, in
their judgement, it may be judicious to
do so.
ReSolUed, That it shall be competent
for the Board Of Directors Mt any time to
enter into any contract with the South
Atlantic & Ohio railroad company incor-
porated by the State of North Carolina,
or with any railroad company incorpo-
rated under the laws of Tennessee, Ken
lucky or West Virginia, that may be
agreed on to constitute this road part
of through line Of traffic to and from
States beyond the limits of this State, in
such terms as the Board may agree upon
with any such railroad rompany or COM
panics.
The following amendment TO the by
laws Of the Company were also Offered
by Gen. Imbodcn:
ReSoloed, That the bylaws be amend
lows:
ri. "The administration of the COM
pany's affairs shall be reposed in Board
Of five Directors, one of whom shall be
President, all of whom shall be elected
by the stockholders and hold their olli-
ces for one year, or until their success
sors are elected"
These were all referred by the chair to
the Business Committee.
The Secretary and Treasurer, John +.
Terry, then presented his report, which
was likewise referred, aud the meeting
took another recess until p. NJ.
At5P NJ, the meeting was again
called to order, when Gen. j. ID. limbo
den, chair nan, presented the following
REPORT or BUSINESS COMMITTEES.
MAY 90, 1881.
10 the stockholders of the Bristol Coal
& Iron Narrow Gauge railroad Compa-
ny in annual meeting assembled:
The committee on business respectful
~ recommend that the report of the
President, together with the accompany
Ing statement Of the See. aud Treas, be
received and adopted.
That the designations Of the President
and Directors rendered to the stockhold-
Crs be accepted.
That the amendment of the NJ. see
ton Of the bylaws MS proposed by the
resolution referred to this committee be
adopted.
The committee also recommend unun-
imously the adoption Of the following
resolution:
RcSoiued, That the thanks of the COM
pany are due md are hereby rendered to
the retiring officers who have this day
resigned, for their faithful discharge Of
duty whilst IN Office; aud that In rrcog-
milton of past services inndcquutely re-
wardcd, the Company pledges ts faith
to all the former members of ils Board
that when the road Is completed, It will,
In consideration Of such services, nj all
times pass free Of charge In IT, passenger
trans. cnCh aud NIL of said former mem
bers Of It's Board, who have this day rp.
signed, whenever II may please them to
travel over The line.
As coming within the scope Of their
duties, though not specially referred to
them, your committee beg leave 10 sub
init the following nominations for new
Board:
II. G. Wood, Of Scott Co.., VA, for Pres
ident and Director.
Il. 4. Aycrs Of Scott Co.. VA.
j, u. lmhodrn, ~ Wise Go Va,
i. il, Uyndman tounph,ilc. Pa.
G. 7. Ford, Connol'NilIo ru. DIp
tOrs.