The Roanoke times. [volume] (Roanoke, Va.) 1890-1895, 1893-02-23

President w. e. Deaton
JOS. T. Engleby j. r. Hockaday
Thomas Lewis Eston Randolph
Jas $. Simmons G. H. Vines
w. Is. Andrews O. e. Whitehurst
j. a. Jamison j. $. Smith
j. f. Wingtcld j. w. Boswell
Il. e. Bower j. + Boone
j. II Graybill A. Bowman
w. Il. Carr b. N. Johnston
JAS Il Porter a. nj. Fokes
w. {. Dice w. III. Protzman
a. Wager c. w. Lind
w. J.. Eupuv w. T.. Patterson
l.. II. Cooke p. w HUFF
X. II. Angel r. r. Hicks
n. +. Foard j. Payne
G. c. Wilson l.. Il frey
j. w. Cosby j. Il. Overs.reet
Is a Rivcs VIM Donaldson
r. Ii. Gray l.. III. Brugh
q Mac Balm Jos. A Gale
j. M. Snyder j. A. Jamison
5. IL. Heironimus j. G. Dennis
l.. Lookabill A. j. Loughory
III. j. browne w. w. Fortune
III. q Nicholson j. d. Hobbie
Owen Duggan j. Meyer
e. j. Bond Il. w. Spindle
Il. l.. Greenwood James Edwards
Nj. II. Moomaw H. Nj. Engle
j. +. Hudson Thos. Engleby
w. n. Camp It. nj. Williams
j. S. Pa,tie j. w. Woods
o. 5. Hawkins w. z. Gilkeson
} f. Penn Chas. Lyle
b. May and MANY others.
In calling the meeting to order Presi.
dent Deaton briefly outlined the objects
which bad assembled tho board Sec.
rotary Anderson then read tho brief
communication transmitting tho report
of the special railroad committee
which has already been published. Tho
meat of tho report was the embodied
proposition of Second Vice President
DECATUR Axtell, Of the Chesapeake and
Ohio railroad. to tho Roanoke, Fincastle
and Clifton Forge Railroad Company, as
follows:
understanding that your company
has been organized with q definite pur-
pose Of building a line of road from
Roanoke to point on tho Chesapeake
and Ohio railway to be hereafter
selected to our mutual satisfac ton, this
company will aid in the construclio of
your road by guaranteeing the principal
and interest Of first mortgage five per
cent. bonds of your company to an
amount equal TO one half the cost Of
your road, the said half being estimated
at $500, COO; tho mortgage to be first lien
upon the property, roal and personal,
and franchises OF your company.
This letter is conditional upon your
company securing valid substantial
subscriptions at par to income bonds of
your company (the interest upon which
is to be non cumulative and paid from
net earnings after paying tho interest
upon said first mortgage bonds and all
necessary eXponSes) to an amount equal
to ons-half tho cost of the road, tho
said half being estimated at $500, 900.
This com pany will undertake further
and guarantee for twenty years to re.
ceive the said income bonds in the paw
ment OF 10 per cent of freight charges
due TO it for trans porta ton over its line
OF shipments omanating from or destined
to points on your road The mortgages
under which both classes of bonds are
to be issued shall be subject to mutual
approval.
In consideration OF these undertake
ings this company is to receive from
you, upon tho completion of your road a
majority of the shares of your capital
stock fully paid up. l am authorized
also by Mr.. M f. Ingalls,, president, to
say that, in conformity with his inter.
view with you, without, as he said
being certain of the success Of his
efforts, he wi endeavor to negotiate at
par for you the aforesaid first mortgage
I've pcr cent. bonds, upon terms provid
ing for the advancement OF tho money
in sums equal to tho amounts you re
ceive from disposition Of income bonds
and upon other terms usual and Gus rom-
AIRY in making advancem ents Of money
| on NOR gage bonds issued for railroad
| construction.
IL is proror to provide that this lie toc
| shan he void If the srbsc options to .
sufficient aAount OF bonds to hui.d the
| road ara not secured within nine
| months"
The reading of the report lving been
! concluded, It's adoption WAS moved by
Col. Thomas Lewis and seconded by w
| Carr. IL wac carried without a dis
| aenting voice. Then President Deaton
| said:
1--WE are working for the good o.