| Report of the President and Directors of
the Piedmont Railroad Company |
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| Office Piedmont Railroad Company |
| Danville, Nov. 7, 1866 |
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| To the
Stockholders of the Piedmont Railroad Company |
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The President and Directors respectfully submit for you
consideration the following report: |
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| At the date of your last
annual meeting, 1st Nov. 1865, your road and the entire property was in
the possession and use of the government of the United States, having
been seized about the 25th June of that year by the revenue officers of
the federal government and held for the use of the United States, under
circumstances well known to the stockholders. Under measures instituted
by the authorities of the Richmond & Danville Railroad Company, the
government, on the 18th October, 1865, ordered the restoration of the
road to its rightful owners; which order, however, was not put in
execution until the 9th December, 1865, at which date full possession of
the road, with its property, except two locomotives and a few cars
withheld as captured government property, was delivered o the officers
of the company. |
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In January, 1866, the President of the company was
summoned to appear before a committee of the general assembly of the
state of North Carolina, constituted under orders of the two houses
for the purpose of enquiring into the legal proprietorship of your
road, and apparently with design to dives or invalidate the just
title of the stockholders. A full and thorough investigation was had
under the amplest evidence, documentary and oral, addressed under
the supervision of the President, resulting in an ??? report of the
committee, re-affirming the legality and regularity of the company's
title. A copy of said report is herewith submitted. |
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Upon the conclusion of this investigation, in pursuance
of a resolution adopted by the last meeting of stockholders,
application was made by the President on behalf of the company to
the general assembly of North Carolina, for legislative authority to
change the gauge of the road so as to conform to that of the
Richmond & Danville railroad. The authority was granted on the 1st
day of February, 1866, in the most satisfactory form, by an act of
the general assembly, a copy of which is herewith submitted. The
great destitution of rolling stock belonging to the company rendered
necessary the immediate execution of the change. Accordingly
measures were at once taken to effect it and on the 15th day of
February, 1866, the change was completed, having, by the energy of
the officer in charge of the work, been effected in four days; since
which time, trains have regularly passed between Richmond and
Greensboro without transfer or detention. The immediate saving and
ultimate value to the company of this change, the stockholders will
justly appreciate without a more special exposition. |
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The change of gauge having been effected, on the 15th day
of February, 1866, an act of the general assembly of Virginia was
obtained, authorizing the lease of the road and property to the
Richmond & Danville Railroad Company, and on the same day the lease
was accordingly executed under the supervision of the respective
boards of the two companies, transferring the road, property and
franchises to the Richmond & Danville railroad, for the term of
twelve months, upon a rental of 5 per cent. on the capital stock of
the Piedmont road, 2 per cent. payable 1st July, 1866, and 3 per
cent. the 1st January, 1867; a copy of said contract of lease is
herewith submitted. |
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