The daily dispatch. [volume] (Richmond [Va.]) 1850-1884, 1883-09-13
WOULDN'T DIE OR RESIGN.
THREE DIRECTORS OF TIE DANvILLE
RAILROAD COMPANY REMOVED.
The Board Now In Full Sympathy
with the Recent Purchasers of
Majority Of the Stock.


stockholders was held i'm the cOmpany's
office here yesterday TO consider the pro-
priety Of increasing the capital stock from
sj,O00,0O0 to S7,0OO,O0O. There were about
twenty-five persons present. II was well
known that the gentlemen who some weeks
ago purchased controlling interest In the
stock Of the company would oppose any
increase OF the capital, and that they had
given notice-of this 10 all stockholders by
printed circular; also, OF their purpose TO
ask for a Reorganization Of the Board.
THE CHAIRMAN.
Colonel John McAnerney, who was
during the war a resident OF Richmond,
and well known as the commandant OF n
local defence battalion, now a citizen OF
New York, where he Is engaged i'm the
railway-suppIy business; Mr.. w. p.
clyde, the large steamship-owner; and
Mr.. George s. Scott, OF the ScOtt-Seney
Syndicate, were present, with President
A. 5. Buford, 10 act for the new own
ers OF the road. Colonel McAnerney
was elected chairman OF the meeting. and
MesSrs. Fred. r.. Scott and Thomas d..
Neale, committee appointed for that pur-
pose, examined and reported that there
were 29,G3G shares represented in person
or by proxy, and that that was more than
a quorum.
NO INCREASE OF STOCK.
The first action taken was the adoption
OF a resolution declaring that. in the iudg-
ment OF this meeting, it is not eXpedient
that any further issue OF the capital stock
Of the company be made.
DIRECTORS REMOVED.
Upon the present owners acquiring con-
troll OF the road several OF TIE directors
not in sympathy with them promptly ten
dered their designations, which were ac-
ccpted Three others. however, declined
to resign. These were John VI. Ruther-
foord, Of Myers & rutherford, bankers
and brokers; NJ. B. Brown, "a native Of
Virginia, and OF the family known as
"Spanish Brown,') a capitalist OF cOnsid-
cradle wealth and X. B. Gould, an Eng
li,hman. and not a kinsman OF the great
Gould, all living or doing business in New
York.
To get rid Of these three Mr.. George s.
Scott offered the following:
ReSOiUed, That VI. Bayard Brown, John
A. Rutherford. and Il. Barrian Gould be,
and they are hereby, removed from their
positions rs directors inthis company; and
that II. {. Fahenstock, Samue! Thomas,
and John McAncrney are hereby elected as
directors in their places and II. {. Fab
enstock 10 fill the place OF VI. Bayard
Brown. Samuel Thomas to fill the place Of
John \. Rutherford, and John McAncrney
to fill the place OF X. Barrian Gould.
The resolution was adopted.
MONEY LOST AND HOW.
NJ. IL, N.x 81
who was regarded as a friend and repre-
sentative OF Mr.. rutherford, offered the
following:
Whereas the stockholders understand
that a report has been made by commit
tee appointed by the Board OF Directors Of
this company by which it appears that
large losses have arisen to this company
from Wall-Street operations; therefore
Res0lUed, That the directors be request
ed TO report to this meeting why action
was not commenced as recommended by
said committee to recover from William T..
Clyde. Il. VI. Logan, and Joseph Bryan so
much OF the S9S7, ,jj0.SG mentioned in said
report as was lost TO this company by their
action; and that tins meeting instruct the
directors to bring such suit for the benefit
OF the stockholders without further delay.
DARK DAYS or TIE PANIC.
How Danvlle and Terminal stocks got
above 2G0; how on sudden they fell {;
how. then, there came dark day for
Richmond, and holders were put to misery
and great losses, il fresh in the minds OF
our people.
Following instantly upon that panic
Messrs. Clyde, Logan, and Bryan went to
New York and endeaN orcd TO stop TIE flood
which seemed to be sweeping the company
on 10 destruction As friend OF theirs
Yesterday remarked: "They had either to
bail the Ship or see her sink Operating
under the charter Of the Terminal Compa-
nv, and by summing available resources OF
that company, and by advances OF their
personal means or credit. they put a check
TO the sinking business.
Stock had gotten down pretty low, 1t is
true, but i'm the opinion OF many II would
have gone lower but for the b0ldness and
activity of these gentlemen, stockholders
and directors.
THE RAID STOPPED.
A gentleman who was present at the
meeting yesterday stated that after the visit
OF MesSrs. Clyde, Logan, and Bryan to
New York, and in view Of their fair sue
cess in stopping the raiding on the stock,
Mr.. rutherford congratulated them, say
ing, "You have done well; but it is pity
YOU didn't 90 farther" For this reason
the gentlemen mentioned expressed sur
prise that at this day complaint should
have come from that quarter.
THE VENTURE.
It has long been SAID that the venture
cost about $l,000,000 (S700,000 is near
er correct, and but for that eXpen-
diture-made, supposedly, in purchaS-
ing stock to keep the market from utterly
breaking up-the Danvile and Terminal
| Companies might have been thrown into re-
ceivers' hands.
That is the money Mr.. Foster was in
quring after.
The other and hostile view OF it was that
/ the expenditure was not so much made In
the company's interest as in the interest OF
large stockholders.
DISCUSSION.
Mr.. G.. s. Scott said that he would like
for Mr.. Foster TO explain how the stock
! holders had lost.
MIR. Foster answered that il an earth
quake came and swallowed up 100 miles OF
the road the stockholders holdings would
decrease with the value OF the property
they represented. So with every impair
mcnt OF their property interests.
Colonel McAherney resigned the chair 10
Colonel Buford and took the floor in oppo-
sition TO the resolution, which, with pro-
found respect for Mr.. Foster, he called
claptrap," and which, in his Judgment,
was gotten up for the benefit OF the news
papers. There were gentlemen with him
| in the new ownership who were also in the
old ownership, and Mr.. Foster might feel
assured that il Messrs. Clyde, Bryan, and
Logan owed them anything they would
have it OF them. But he thought this
,,,,,,o did not look well coming from those