The daily dispatch. [volume] (Richmond [Va.]) 1850-1884, 1870-11-30

sonable, therefore, to expect the present
year considerable addition to the ton.
mage, and consequently to the revenuesde.
rived from the movement of coal.
The material condition Of the property OF
the company Is much better than at any
period since the close of the war, and con.
sequenslyf Its business can be more economi.
cally managed. Each year, as the roadway,
rolling stock, and machinery are put IN bet
ter order, the cost OF maintenance must dt.
minish. 1t Is the well-considered opinion
OF railroad experts that no road can be
made profitable to its owners unless it Is
put In good order, and kept 80. The off:
GERS Of this company have labored diligently
to accomplish that result with this road.s In
pursuance of, this policy, two hundred tons
of extra quality iron rails were contracted to
have been delivered 4oal1st Of October last,
layed. They aresno daily expected, and
and skillful road Inaster to put the whole
track in excellent condition to pass through
the winter weather. AN addition to The
number Of our freight and coal cars is
needed to provide for those growing classes
of our. business Some other expenditures
have been authorized by the Board, in
volying, however, only moderate outlay.
When they shall have, been made, and our
present small floating debt paid off, the act
earnings of the road may again be regularly
divided among the stockholders, as was the
case for so many years prior to the close OF
the war. =. aisifiY,s.j FstA A.s.-y5IEazf
Respectfully submitted on behalf of the
Board of; Direetors:.& CHARLES ELLIS,
November 90, 1870. President. n
CONSTELLATION or OFFICES.
Mr.. B. q. Nash offered series of bylaws
and regulations for the government of the
company. the first Of which reads. as fol.
lows: - f. 3 -
Il. The Office of superintendent is abol.
ished, and the duties appeartainine to the
office of superintendent, shall be performed
by the President"
MIR. w. 81. Palmer. submitted the follow.
ing as substitute for the bylaws proposed
by Mr.. Nash: ~~--.
"The Board of Directors shall lease the
Richmond and Petersburg railroad on the
best terms that can be had, but at not less
than the interest on the bonded debt, three
per cent. to the stockholders, and with pro.
per bonds and security for the maintenance
Of the road and payment of the amount d
the lease - :"
Mr.. Lyon said that if the proposition o.
Mr.. Palmer was introduced at a different
"
many friends. But it would be better be-
fore considering it to, elect the President
and Directors. -
Mr.. Seddon was totally opposed to allow
ing the road to go out of the hands Of the
stockholders, who, he thought, were fully
competent to manage it and make it remu
ne1ative. 90
Mr.. Lyon said he was prepared to say
that there was Virginian who was ready
to lease the road, giving a million dollar!
security, and expected to get rich off Of it.
After some further discussion, Mr.. Palmei
withdrew his resolution, with the under
standing that he should bring it UP agaiI
before the adjournment. 80 q.
MIR. Lyon then addressed the meeting. a
length in support Of the first resolution
proposed by Mr.. Nash. He thought it the
first Steptowards 4 reduction of expenses
which would lead to reduction of charges
and conduce to the great end OF making tht
road what it ought to be, a paying institu
ton. The existing rates on the railroad ht
considered virtually aaprohibition. Tht
company wants new policy. It wants s
live man, who, holding the combined office:
of president and superintendent, shall de-
vote his whole time to its interests, we cal
afford to pay such man well, if such mar
can be found. Let us take this step, anC
see what other reductions can be advan
tagcously made.
Mr. L. Y. Daniel: The real question i:
how much can we save by union Of these
two offices, as it is claimed that it will be
Il reduction of expenses. Allowing Tho
man who shall take the two offices the
smallest salary which competent man
would be willing to undertake the work
for, not more than S1,SO0 could be saved
The speaker would not hesitate to say that
from his experience Of seventeen years III
the management of railroads that the com
pany would be much more likely to lose
$4,000 by this arrangement than save
81, 800. Twice or three times this expert
ment has been tried, and each time aban
doned rs O failure. 1t there is any objection
to the managemcnts it islmet by the state.
ment that the income of the company was
greater the past year than during any pre-
Yious year of its history, and theratio Of its
expenses to its receipts less. ANY railroad
man will say that it is cheaper to have these
offices distinct. .-.-'. -"
Mr.. Thomas Branch: I don't hesitate to
say that am the adversary OF hlr. Ellis's
administration, because 1 have always found
him opposed to any proposition OF mine
calculated to enhance the receipts of the
company. But, aside from that, l have to
say that a good superintendent is worth
more than any railroad president in Vir.
ginia, except one. Anybody could do the
work Of the president in two hours and 70
half day, while everything depends upon
the superintendent. Why, then, should
we have this extra office and extra salary,
when one man can do the work?
MIR. McRae was opposed to the PROPOSE
tion as "penny wise and pound foolish!
He thought that Mr.. Branch had shown the
| anlmus OF this movement to be opposition
to the present administration, He moved
to lay the proposed bylaw upon the table.
Upon this question OF laying on the table
MI. Lyon called for scaled vote. which
was taken, and the question was decided il
the negative by the following vote: Whole
number Of votes cast, 3,212-Ayes, 1903
noes, 1,739..5u .-..:,.g.-.....,
The proxies for stock transferred withir
sixty days of the time Of meeting were re
jected, except where affidavit was made by
the holder according to law. The vote 0
VIM. B. Myers and c. G.. McRae voting il
the affirmative, and Messrs. Reuben Rag
land, 3. II. Nash, and j. Pinckneyz Wi lillian
son in the negative. A majority voting no
the State vote (97I was cast in the negative
The question recurring upon the adop
ton of the bylaws, Mr.. P. V. Daniel, Jr.
again opposed 1t. He contended that, if I
change in the policy of the administrator
was desired, 1t could not be effected by
abolishing the office Of superintendent
the directory, and not the president or 50
perintendent, having the power Of dlmin
fishing the tolls and tariff.
MIR. Seddon, also, opposedit. The friendi
of the proposition unfairly assume tina
they are the only friends OF enterprise ant
retrenchment. We contend that we eEart
also in favor of live management and
liberal policy. We contend that the pre-
sent president and superintendent are livs
men, and no change is necessary. II WI
don't have superintendent In name W.