The daily dispatch. [volume] (Richmond [Va.]) 1850-1884, 1867-12-12

| facilitated transportation. Enough ha
been accomplished to this end to justif
the belief that material concessions @
rates can again be made for the cominl
year without seriously hazarding the re
duction Of income below standard full,
selfsustsining.
The President remarks, in conclusion
that prospects in some respects encoura
ging might be adverted to; but in thes,
times prospects are so often illusory tina
to work and wait is probably better
What has been done has been done agains
| odds. What remains to be done must bs
done with hope.
The Board render deserved tribute Il
the officers and employees of the company
in stating that in the main they have dis.
charged their duties with fidelity and eff
cheney.
The Chair appointed the following CON-
mittee on the report Messrs. j. A. Jones
W. 81. Clarke, Tucker Darlington, A. F
Harvey, Il. E. G. Baskervill, L. R. Spill.
man, B. F. Garrett, and D. I. Burr.
Mr.. Burr, chairman of the Committee
on Examination, reported that the CON-
mittee had examined the road from Rich
mond, and gave an account Of the improve
ments that have been made upon the road
| The condition of the road bed was re-
ported as excellent. and admitting of o
high rate of speed without danger. There
had been no accidents upon the road, save
one to freight train, caused by the
washing away Of a culvert during heavy
rain. The depot accommodations had been
much increased, and were ample for the
business of the road. The report entered
into the expenses and receipts, which will
be found substantially contained in the re-
port of the President and Directors. The
report was received and approved.
Mr.. Martin, from the committee ap-
pointed under the following resolution,
passed at the last meeting
"Resolved, That the lease of the Pied
mont railroad by this company is approved
by this company, and that the President
and Directors be authorized and instructed
to continue such lease on such terms and
for such period as may be agreed between
the boards of the respectivecompanies''-
reported that they had had interviews with
the President and some of the Directors of
the company, and had been pleased to find
them disposed to reduce the charges as far
as is compatible with the interest of the
company.
The tariff of last year upon transporta-
tion and travel had been reduced twenty
eight per cent, and the President contem-
plated further reduction. He recon-
mended the propriety of further reduc-
ton upon the various articles of trans
portation, particularly upon leaf and manu-
factured tobacco, if consistent with the
interest of the company. They also
recommended that the charges upon fer
tilizers should not exceed the actual cost
of transportation. The committee had
compared the tariff of the road with those
of other roads, and did not consider it
unreasonable.
Mr.. Martin made some general remarks
upon the report, giving views showing the
necessity of every possible reduction OF
tariffs.
Mr.. Buford, president of the company,
spoke upon the intricacies and difficulties
with which the management OF the road
were and had been surrounded. They had
taken in charge a road broken down by
constant wear and tear, and utterly Grip
pied by the rayages Of war. 1t was en-
numbered with heavy debt, more money
was to be raised, and the trials and trou-
bles through which they had to go in order
to get relief from these great and impend-
ing evils land which the speaker fully ex-
plained) had been incalculable. He had
examined the tariff Of the road, and had
been convinced that it should be reduced.
This he had done from time to time, and
he expected yet to be able to make further
reductions as the current expenses OF the
road could be reduced and its condition
bettered. He hoped by the end of this
year to be able to revise the table Of tariffs
in manner that would give some relief to
the country. AS to fertilizers, he did not
expect to stop at cost, but hoped to be able
to transport them at rates below cost. The
President concluded by declaring his de-
termination to carry out his plan for the
reduction of the tariff as far as consistent
with the necessities and welfare Of the
company.
DR.. Atkinson expressed satisfaction at
the remarks Of the President and the in-
telligence and sagacity displayed by him
in the management of the affairs of the
company. He would like to have it de-
monstrated to him how high tariffs could
better the financial condition Of the road.
The President explained the difficulty
of reducing rates satisfactorily to every
body and at the same time consistent with
the requirements of the road.
Mr.. Darlington wished to know of the
President if the company was in debt to
the United States Government. He did
not wish to see scene enacted here SINH
lar to one already enacted in the Common
wealth, in which telegram from the War
Department had suspended the proceed
ings of g. railroad company.
Mr.. Buford explained that the company
did not owe the United States Government
dollar.
Mr.. Keene moved that the report be
laid on the table which motion was lost.
The report of the committee was re-
ceived and adopted.
Mr.. Martin offered the following:
"Resolved, That the salary of the Presi-
dent of the Richmond and Danville and
Piedmont Railroad Companies be reduced
to $4,000, and that,of all the employees on
the Richmond and Danville road, and their
salaries be reported at the next annual
meeting"
DR.. Atkinson moved to amend by insert
ing 81 900 instead Of $4,000.
This gave rise to considerable discus
sion, during which the Chair discovered that
the resolution and amendment were out
of order; and 30 announced. The bylaws
of the company provided for the salary OF
the President, and change could only be
effected by a motion to strike out and in
sert.
Mr.. Martin moved that 81, 500 be stricken
out of the twelfth bylaw of thee Danville
Company.
This motion was adopted. He then
moved to fill the blank with $500.
Colonel Flournoy argued against the
latter motion. and moved q reconsidera-