Meeting of the stockholders of the Richmond and Danville Railroad.
--The annual meeting of the stockholders of the Richmond and Danville railroad was held at 12 o'clock yesterday in the Exchange Hotel
, president of the company, called the meeting to order.
Mr. F. N. Watkins
, of Prince Edward, was chosen chairman; Messrs. John D. Blair
and — Baskerville
acted as secretaries.
The first business announced by the Chairman
to be in order was the appointment of the following committee on proxies: Messrs. Giles
The committee proceeded to the execution of their labors, and after the lapse of a half an hour, made the following report: Votes by proxy, 1,014: by stockholders present, 791; State vote, 1,202--making an aggregate vote of 3,007.
Necessary to a quorum, 3,367.
remarked that the precedent had been established, in making up a quorum, for the whole vote of the State
to be counted; whereupon the chairman of the committee on proxies reported that, in accordance with that rule, there were, therefore, present 4,499 votes.
On motion of Mr. Giles
, the proxies were legalized by affixing internal revenue stamps.
The reading of the President
's annual report was dispensed with, on motion of Mr. Branch
of the Committee
of Examination, Mr. D. J. Burr
, read the report from that Committee, which, with the President
's report, was, on motion of Mr. J. A. Jones
, referred to a committee of nine, which was subsequently appointed as follows: Messrs. J. A. Jones
, W. H. Clark
, B. F. Garrett
, T. R. Talcott
, F. Wootton
, E; A. Coleman
, G. T. Pace
, R. Watkins
and R. V. Gaines
The following resolution, offered by Judge William H. Lyons
, was adopted:
That a committee of five be appointed to ascertain and report to this meeting whether any satisfactory arrangement can be made for completing the extension of the Roanoke
and Valley railroad from Clarksville
The following gentlemen were appointed said committee: Messrs. William H. Lyons
, Thomas S. Flournoy
, Thomas T. Giles
, R. B. Watkins
and A. Y. Stokes
On motion of Mr. Sutherlin
, the meeting took a recess till 7 o'clock P. M.
--The stockholders re-assembled at seven o'clock, Mr. Watkins
, of Prince Edward, in the chair.
Mr. J. A. Jones
, from the Committee
on the President
's Report and that of the Committee
of Examination, submitted a favorable report, accompanied by the following resolutions:
That the arrangements entered into by the President and Directors by which the possession and control of the Piedmont railroad have been restored to its rightful owners are approved.
That the President and Directors be, and they are hereby, instructed to obtain from the Legislatures of the States of North Carolina and Virginia permission to after the gauge of the Piedmont railroad so as to make it conform to that of the Richmond and Danville railroad.
That the President and Directors be farther instructed to procure by proper legislation, if practicable, an amalgamation of the two roads under one organization; but if that cannot be attained, then the President and. Directors are instructed to distribute among the stockholders of this Company, in proportion to their stock, all the shares in the Piedmont Railroad Company now held by the Richmond and Danville Railroad Company.
That the President and Directors be authorized and instructed to apply to the Legislature for authority to borrow such sums of money as the present exigencies of the Company may demand, by an issue of the bonds of the Company to an amount not exceeding five hundred thousand dollars."
The first and second resolutions were adopted without discussion.
When the third resolution was read, Mr. Thomas Branch
moved a division of the question, which was agreed to, and the vote being taken, the first clause was adopted.
The question coming up on the second clause, Mr. Branch
moved that it be laid upon the table.
He could see no use for such action at this meeting as the resolution proposed, and he deemed it better for the Company
to let, the matter stand as it is.
explained the causes which controlled the views of the Committee
It seemed to them that it would be well, if it could be accomplished, to procure a union of the two roads; but foreseeing that this might fail, they then thought it would be well if the Richmond and Danville railroad, now the holder of the stock representing all this capital, would distribute the stock among the stockholders of the road.
proceeded to give facts bearing upon the question.
fully replied to Mr. Joues
, opposing his views.
, of Danville
, opposed the ground taken by the Committees, and favored the laying the resolution upon the table.
, of Halifax
, took the ground that the stock belonged to the stockholders of the Danville Railroad Company, and that they ought to have it; not only that, but they ought to have the control of the Piedmont railroad; for he believed they would manage it much better than the President
asked the gentleman from Halifax
with what grace he could come before this meeting and advocate the taking of a million and a half from the assets of the Company
, when the Directors had hadto put their hands to paper to secure the necessary stock for the road?
He was opposed to taking these assets until those bonds were discharged.
The President had been to New York, after a month spent in gaining control of the Piedmont
road, to purchase iron, and was told that if the individual directors would endorse for the Company
it could be had. They did so, for they thought it a judicious movement.
He believe that the committee would not have made such a proposition if they had been aware of the injustice they were doing.
asked the gentleman to give way for a moment.
He proceeded to say that the subject was discussed in committee in presence of the gentleman from Pittsylvania
, who was one of the endorsers of those notes, and of Mr. Bouldin
, who was another, and no such objection was raised there.
himself wrote the resolution.
As it was raised here, he, for one, was in favor of withdrawing it.
replied that, although he did not oppose it before the committee, he opposed it in conversations with individual members.
They refused to listen to him, and this discussion is the result.
said that if there was one thing he claimed to do more than another, it was to paddle his own canoe.
[Laughter.] He was opposed to the resolution, and wished he had moved to lay the whole of it upon the table.
The stockholders did not own all the stock in the Piedmont railroad. North Carolina
had in interest in it, and she was very tenacious of her rights.
It was novel legislation, and he was not at all pleased with it. The gentleman had not paid a dollar for that stock.
, of Charlotte
, said that if any of the Directory had any conference with the committee it was at their invitation.
The Directors met and gave them their views.
The gentleman from Halifax
had not sufficiently explained his connection with the resolution.
He was its amanuensis merely.
He was in favor of the first part, and accepted the second as an alternative.
The views expressed by the gentleman from Pittsylvania
did not then occur to him. It would, perhaps, be better if the resolution were withdrawn.
Brief explanations were made by Messrs. Branch
The first-named gentleman disclaimed any intention to reflect upon the committee.
was not disposed to press the resolution since it gave so much concern to the endorsers of the notes.
All seemed to concur in the policy of the resolutions, and the only objection rested upon a question of time.
He endorsed it entirely, and thought it should be adopted.
In the course of his remarks, Mr. Jones
alluded to the question of gauge and the probable stand which North Carolina
would take upon the subject.
If she granted the gauge asked for, he did not think it probable she would refuse any other reasonable request.
The history of the resolution was this: He conversed with Mr. Bouldin
, and finding their views agreed, he asked him to draw up the resolution, because he could do it better.
All the Directory concurred in the policy of the resolution, but the only objection was a question of time and the notes endorsed by them.
He believed the notes could be paid off by the road, although they did amount to two hundred and fifty thousand dollars, by giving the notes of the Company
at thirty, sixty or ninety days.
At the conclusion of his remarks, Mr. Jones
asked leave to withdraw the resolution.
explained the position of the Board of Directors.
referred to the remarks of Mr. Branch
relative to the action of the Committee
and the Directors.
When he used the expression, "letting the cat out of the wallet, "he must have forgotten that he was in a meeting of gentlemen.
said that whatever he said he generally stood up to. He had disclaimed any reflection upon the action of the committee.--If the gentleman would tell him at what point of his remarks the expression, "cat out of the wallet" occurred, he would show him the application of it. The gentleman seemed to take offence at his remarks.
.--Not at all.
hoped the resolution would be laid upon the table.
The second part of the resolution was then withdrawn.
The fourth resolution was adopted without debate.
Judge William H. Lyons
, from the Committee
to ascertain whether any arrangement could be made with the Roanoke Valley Railroad Company, for the extension of their road to Keysville
, submitted a report, giving the result of the conference with the Directors of that road, and recommending the adoption of the following resolutions:
That the stockholders of the Richmond and Danville railroad regard the Roanoke
and Valley railroad as a valuable improvement, and earnestly desire its acquisition by the Company
, and that the Board of Directors be instructed to acquire the franchises and property of the said Roanoke Valley railroad for this Company, if it can be done, on such terms as will, in their opinion, be consistent with the interests of the Company
That the proposition of the Committee
of the Roanoke Valley, Railroad Company, which has been reported at this meeting, be referred to the Board of Directors, and recommended to their favorable consideration."
opposed the adoption of the first resolution.
He was opposed to committing the Richmond and Danville Railroad Company to the construction of a road fifty miles in length, in any contingency.
regretted the position taken by the gentleman from Halifax
, and made an argument in favor of the resolution.
The resolution was further discussed by Messrs. Keen
in opposition, and Judge Lyons
offered the following as an amendment:
That the President
and Directors of this Company do make a fair settlement with the Roanoke Valley Railroad Company, and that they be authorized to issue the bonds of this Company to liquidate the amount that may be found due that Company in such manner, and payable at such time, as they may think best."
again addressed the meeting in support of the resolutions as reported.
The road was offered to them gratuitously, and would they refuse an offer so advantageous?
He contended that this was no competing scheme, but a work, the completion of which would add much to the prosperity of the Company
A conversational debate ensued between Judge Lyons
and Mr. Edmonds
, the latter opposing the resolution.
stated that the committee of the Roanoke Valley Railroad Company had instructed him to withdraw the proposition, so much opposition to it having been manifested, and it was according withdrawn.
The second resolution was also withdrawn.
submitted the following resolution, which was unanimously adopted:
That the thanks of the meeting be tendered to A. S. Buford
, and Franklin Stearns
, Wood Bouldin
, W. T. Sutherlin
and A. F. Harvey
, Directors, and to John D. Harvey
, W. T. Clark
and E. F. Keen
for their liberality and promptness in pledging themselves individually on notes and bonds, for large amounts of money, to sustain the interests and credit of this Company."
moved that the folowing gentlemen be the Committee
of Examination for the road: David J. Burr
, Thomas S. Flourney
, Thomas D. Neal
, Elisha Barksdale
and A. D. Towns
moved to substitute the name of Mr. William M. Treadway
for that of Mr. Towns
hoped that his friend would withdraw his name.
declined to comply with the request.
's motion was agreed to — ayes 26, noes 20.
's motion was then adopted.
offered the following:
That a committee of five stockholders be appointed to inquire and report whether any change in the policy of this Company in regard to freighting is desirable; and whether this Company may not advantageously contract with express and transportation companies for the conduct and management of a general through freighting business over its road in connection with their lines North and South."
The resolution was adopted, and the following committee appointed: Messrs. Flournoy
and William C. Scott
The following were unanimously elected:--President, A. S. Buford
; Directors, John R. Edmonds
, of Halifax
, and Wood Bouldin
, of Charlotte
offered a preamble, with the following resolution attached:
That, in consideration of extraordinary labors, and the eminently efficient manner in which the President
has discharged every duty, however onerous, imposed upon him, we direct that the salary, amounting to $3,500, so ordered to be paid over to this Company by the stockholders of the Piedmont Company
, as the salary of the President
of that Company, be paid to the President
of this Company."
Mr. E. F. Keen
was appointed to wait on the President
and inform him of his election.
The President, Mr. A. S. Buford
, shortly afterward was conducted to the hall, and returned his thanks in a neat speech.
On motion of Mr. Flournoy
, the meeting then adjourned, to meet again this evening at half-past 7 o'clock.