762 



FARMERS REGISTER. 



[No. 12 



about four inches shorter than the sides or bottom, 

 the ends of the plank to be even with each other 

 at one end, and a board to be fitted in as a gate and 

 kept in its place by cleats nailed on the sides oi 

 the trunk at the other end-. I have usually divided 

 my watering into parts, and when I can attend to 

 it, I change the water each other day, (each day 

 would be better,) so that the water will be on the 

 land two days, and oil' six days, or I can shut it 

 otF entirely at pleasure. By the aid of the small 

 flumes above mentioned, I am able to turn the wa- 

 ter from one part of my interval on to any other 

 part which f wish to irrigate, with very little loss 

 of time, beyond that of passing to and from the 

 land. 



PROCEEDINGS OF TIIG PETERSBURG RAIL 

 ROAD COMPANY. 



At the Annual Meeting of the Stockholders of 

 the Petersburg Rail Road Company, held at the 

 Bollingbrook Hotel in the town of Petersburg, on 

 Monday, March 7th 1836— 



John D. Townes Esq., Mayor, was appointed 

 Chairman, and Samuel Mordecai, Secretary. 



It being ascertained that of 6025 shares which 

 constitute the stock of the company, 5561 were 

 present, the meeting proceeded to business. 



Charles F. Osborne Esq., President of the com- 

 pany, presented a report oi' its operations and 

 condition, accompanied with various tabular 

 statements, and also a report made to him by H. 

 D. Bird Esq., Engineer— all which were ac- 

 cepted. 



The following resolutions were adopted unani- 

 mously. 



Resolved, That the President and Directors he 

 and they are hereby authorized, to borrow any 

 sum of money, not exceeding sixty thousand dol- 

 lars, to refund the amount hitherto expended, or 

 which may hereafter be required for the purpose 

 of extending and perfecting their arrangements, 

 and for procuring an increased number of locomo- 

 tive engines, coaches, and cars, for the use of the 

 company. 



Resolved, That the President and Directors be 

 and they are hereby empowered and authorized, to 

 arrange with the President and Directors of the 

 Greensville and Roanoke Rail Road Com 

 lor the general transportation on their road by 

 this company, provided such an arrangement can 

 be made on fair and equitable terms, and advan- 

 tageous to the interests of both companies. 



Resolved, That this meeting approve of the ap- 

 plication made to the present legislature of this 

 state for amendments to the charter of this com- 

 pany, and should the legislature grant the. same, 

 in conformity with the petition of the Board of 

 Directors, this meeting hereby accept and confirm 

 said amendments. 



An election of President and Directors for the 

 ensuing year was then held, whereupon Charles 

 P. Osborne Esq., was unanimously re-elected 

 President, and Robert Boiling, Joseph Bragg and 

 Hart well P. Heath Esq., were re-elected Direc- 

 tors. 



Samuel Mordecai Esq., was re-appointed a Di- 

 rector on the part of the Commonwealth, and 

 Thomas N. Lee Esq., was appointed on same 

 behalf, in place of James S, Brander Esq., re- 

 signed. 



The following resolutions were then unanimous- 

 ly adopted. 



Resolved, That the thanks of the Stockholders 

 in the. Petersburg Rail Road Company be pre- 

 sented to C. F. Osborne Esq., President of the 

 company, for the able and efficient manner in 

 which he has discharged the duties which de- 

 volved on him, and which has tended to place the 

 company in its present prosperous condition. 



Resolved, Thatthe thanks of the Stockholders 

 be also presented to Henry D. Bird Esq., for his 

 unremitted attention to, and skilful management 

 of tlie department of the business oi' the compa- 

 ny, which has been under his superintendence. 



Resolved, That the report of the President and 

 Directors be published. 



And the meeting then adjourned. 



joiin d. townes, Chairman. 



REPORT OF THE DIRECTORS. 



The Board of Directors under the obligations 

 imposed by the charter and by-laws, and their own 

 sense of duty respectfully report. 



Immediately after your last meeting, and the 

 present organization of this Board, they proceed- 

 ed to consider what was meet and proper to be 

 done, under your resolution, giving authority to 

 negotiate farther Joans, or create stock, in order 

 that the exigences of the company might be pro- 

 vided tor in the manner most conducive to your 

 best interest, it was soon ascertained that the 

 amount required, could not be borrowed upon fa- 

 vorable terms. The stock at that time being below 

 par, and the debts of the company not inconsider- 

 able, ill*? hoard deemed, it advisable under all the 

 circumstances, to consent to the creation of new 

 slock to the amount of .^85,000, provided they 

 could make an arrangement to do so at par. This 

 was effected through the liberality of the Messrs. 

 Biddle of Philadelphia: and the ci 

 lias been a progressive improvement in the value 

 of the stock, and tic affairs of the company, from 

 that period to the present moment. Simultaneous 

 with this arrangement, public notice was given to 

 the holders of certificates of dividend, of your reso- 

 lution of the 2d of last March, conferring on them 

 the privilege of converting their warrants into 

 stock — and to those stockholders whose dividend's 

 did not amount lo the value of a certificate, of the 

 readiness of the com puny to discharge the same 

 in cash. Of this debt $20,500 was converted, and 

 H-il44,S6 with interest to 1st May last, was paid, 

 leaving unpaid, only, the dividend certificate held 

 by the state, and due in 1842 lor §16,000 — and of 

 the dividends of 1834 yet unclaimed $370. All 

 of which are more fully exhibited in the tabular 

 statements accompanying this report. So soon as 

 these negotiations were complete, and made pub- 

 lic, all of the loan bonds issued in 1833 and made 

 convertible into stock at the will of the holder, 

 were (with a single exception amountingto v3000_) 

 converted into stock-, and thus has our capital been 

 increased from $400,000 to $602,500 its present 

 amount.. These results, proceeding from resolu- 

 tions adopted and recommended by you at your 

 previous meeting, and carried into effect under the 

 duties thereby imposed, render further explana- 

 tions respecting them now unnecessary. 



The income of the company this present, year 

 is$104>260 49: last year 'it was 180^949 05 be- 



