The daily dispatch. [volume] (Richmond [Va.]) 1850-1884, 1874-12-24
At 12;40 the meeting adjourned until q

u. Ctuaie, u. u. maufyy w itiam mShtffsbeE,
and Henry Cady. -. :. et.'s,
AT 12;4o the! meeting adjourned untH q
| P. NJ. go, ~: -
'''.'a.' Arcernoon Session. : = ! : ! 20 80 !
The meeting being called to order by the
chairman, Mr.. Charles. e. tWoftham offered
the following resolutions which was adopt
ed unauimoasly: 1Ia.if !" - ~
2"iResoloed, That Z. p, Huntington, A. A.
Law, w. q. Aspinaall, D. Stewart, James
| G. Clark, W. B. Hatch, ,-and William White.
New Jersey, e. G. Parsons of West EVifgt.
of Virginia, be and hereby are elected Sdt
restors of this company tor /! .hs delHsaipg
year." ~ = 20" -G%-fs =. - ''sfs !, Z
REPORT OF TIE CoNHTTEE.
General Joseph B. Anderson, from the
committee appointed to consider the report
| of the president and accompanying docu-
| ments, submitted the following report: ,
The committee to whom was referred the
reports of the president and vice-president
beg leaye respectfully to report:t ~
That they regret to find from the presi-
dents report that a portion Of the creditors
| have not yet accepted the terms of settle
ment proposed by the Board. Your com.
mittee do not see any way Of protecting
| large portion of the creditors (perhaps a
majority in anounD from total loss but by
all the creditors accepting the terms. While
| there is reason to believe that judcious
postponement Of all obligations OF the com.
pany, including interest on its bonds, will
with good management develop traffic
| enough between Richmond and the Ohio
| river to pay the interest on the bonds now
| outstanding as well as on those into which
| it is proposed to fund the present floating
debt and accruing interest. time does not
allow detailed statement OF the grounds on
| which This opinion is based.
But all creditors and stockholders may
work out the problem by the data which
has to be given very hastily in the brief re-
cess to which we are confined.
In this estimate let us neglect all revenue
to be derived from the products of the soil
and of the forest, from merchandise OF every
description, from live stock, from travel and
the mail, and from all minerals except coal
and iron. Let US estimate the revenue from
these two articles alone, neglecting every
other source. 80 -,
We observe from the last report of the
Baltimore and Ohio Railroad Company that
has attracted our attention thai their coal
tonnage in 1872 reached 100000 tons. Con-
sdering the almost unparalleled quantity and
quality of the Goals through which your road
passes-their adaptation to almost every use
for which fuel is wanted, and especially (both
in the raw state and as coke) to the smelling
of iron ores and manufacture Of iron gene
ralfy-it is not deemed unreasonable to esti-
mate that in period of ten years, very
likely of five, your coal tonnage may
reach two and half millions of tons
per annum. At one cent per ton per mile
this would yield gross revenue of IS, ,750,-
600. And assuming twenty per cent. to be
the net earnings on coal, and we find the
average cost of transportation on the Penn
sylvania railroad is eight-tenths of cent
per ton per mile, we have S1,7500O0
from this source net. 1t is estimated
that each blast furnace making 10,-5
900 tons of iron adds 100000 per
annum to the receipts of your road.
Estimate that twenty Of these are put in
operation in the same period (Which Is not.
extravagant considering the great develop
ment of ores already made and the abun-
dance of lmestone), and we have from iron
gross revenue Of $2,000,00O. Assume
thirty per cent. of this net, or 1000,
| which, added to the estimated net earnings
from coal, gives us $2,S50,000 net receipts
| from these two articles-more than enough
| to paw the interest on all the existing debt
and the bonds into which 1t is necessary to
| fund the interest for three years,
| If, then, we may estimate these results from
| two articles, it is we'll to consider how bril-
| liant are the prospects OF the company from
| all sources when its western connections are
completed.
1t seems to your committee that they are
promising enough to secure the prompta ac-
uuiescence of every creditor in such meas
ures as appear to be necessary to secure tne
western connections and save the company.
Your committee think there is much in
| the report of the vice-president to encourj
age the creditors and friends of the road gen.
orally to hope that the road may eventually
| be & success when the connections are COM
pleted. -.s.,.,..5 y. -s.r7sn !, /
In the midst of the general and unparal7
| leled stagnation that has prevailed during the
wear in all branches of BUSINESS it is doing q
good deal to preserve the existence oil the great
enterprise and show an increase Of earnings
as compared with the preceding: year OF
s249, ,6SI21. Your committee consider This
as an earnest of what may be expected II all
! the creditors unite upon plan that Will re.
lieye the company from its financial troubles
until it has time to make its connections and
| develop the business to which from It's loca'
| tion it is legitimately entitled. 4
| Your committee, in conclusion, respects
fully recommend to the stockholders the
adoption OF the following resolutions: :a
| /. That the reports of the president and
vice president be accepted. rei o.. Uv,I
| 2. That the creditors of the company who
have not yet signiied their acceptance OF the
nroposed terms of settlement be asked to DO
so without further delay. 's~..''
| 2. That the Board be requested to use all
possible efforts to secure the speedy connec-
ton, by. rail, Of our line with the cities OF
the West. a cs7l : q ;ens ss,,t,G, - ia,..1
| 81 The report was adopted, and the meeting
adjourned. I p. 2 80 80. -.a' T ~.
CuLpREs's BELIEF IN SANTA CLAUs.-Se-
yeral letters ia the post-office here, evidently
| written BY children, Indicate that the chlt-
dren, anticipating the annual visit OF SANTA
! Claus. are reminding him Of what they most
| desire.1 One Of them is directed Santa
Claus. Greenland, North Pole" Another IS
directed ais follows: "Slnta Claus, sleigh
drawn by eight rein-deers.o An open let
ter. directed simply Is Santa Claus" reads as
follows: "Mr. Santa Claus, "A big wagon
lnot go yerey big-4 wheels, packs pop
crackers, Mother Hubbard book. Will
mer.n Nellie wants carriage, ana
| baby. and some candy" II wants Daoy,
and candy, q little story.book. Isabella
E1Korros OF PYTHIAH OFFIoERs.-The fol-
loving officers of Virginia Lodge, NO. Z,
4 f,ttsos bara hoar ptehfp6. G. IL