The daily dispatch. [volume] (Richmond [Va.]) 1850-1884, 1876-12-14

dents, and contained much information OF
value to the stockholders and to railroad
men generally.
On motion the reports were referred to a
committee consisting of Messrs. r. V.
Watkins, Francis T. Wooten, Thomas
Branch, John c. Williams, and John A.
Mitchell.
Report OF Examining Committee.
Mr.. B. F. Garrett presented the report Of
the Examining Committee, making favora-
BILE showing Of the condition OF the COM
pany's property. They recommended that
the depot buildings be whitewashed twice
year; that the depot at Durham be en-
larged; and they suggest that reception
rooms are needed at Danyille, Brakes
Branch, and Manchester.
The report OF the EXaming Committee
was referred to the Committee on Presi-
dents Report.
Investigating Committee.
Mr.. Hubbard, from the special committee
appointed at the last annual meeting to ex-
anime into the affairs and condition of the
company, made lengthy report, covering
economy of administration, financial con-
dition OF the company, connection with the
Pennsylvania Railroad Company, &c.
The report says: s'From the time the
cuiS lfduid IlalllOult IUulpiuS dCqulIeu
its present interest to the present hour it
has been the best friend your minority has
had. It has done everything possible not
only to sustain your credit, but to restore
and enlarge your trade; and the services Of
Mr.. j. n. DuBarry, one of their officers and
your e-president, have been of great
value in the administration Of your af-
fairs
In conclusion the committee proposed the
following resolutions: -..
l, Resolved, That it is the judgment OF the
stockholders that the revenues, credits, and
resources of the Richmond and Danville
Railroad Company shall be held sacred for
the maintenance and operation Of existing
lines owned or controlled by the company !;
payment of the interest upon its indebted
ness; providing for the principal thereof; !;
and the payment Of dividends upon stock to
the respective shareholders.
2. RESOLVED, That all questions involving
this company in guarantees OF the obliga-
tions OF other railroad companies or corpo-
rations, or in contracts with them in respect
to matters not in the usual and ordinary
course Of its legitimate business, shall, be-
fore any final action thereon be taken by
the Board OF Directors, be submitted to the
stockholders convened in general or special
meeting, and receive their consideration
and approval.
3. RESOLVED, That no. bonds Of this COM
pany shall be issued by the Board of Di-
rectors for any other purpose than to meet
deficiencies in the income required to defray
the necessary expenses of existing lines
operated by this company or to provide for
the existing Indebtedness thereof.
In conclusion, your committee will say
that, after thorough examination into the
past and present management OF your CON-
pany, Notwithstanding the errors and losses
of the past, yet with fidelity, wisdom,
economy, and management in the admins
tration hereafter, the future OF your road
will be prosperous. The debt, though
heavy, may be managed if not unwisely in
creased
The officers OF your company have eX-
tended to us every courtesy; and though
we have been obliged to disapprove Of some
things in their official action we have not
meant, and do not now intend, to question
the sincerity OF their motives nor their zeal
for you; interests.
Respectfully submitted.
r. Il. HUBARD. JR.,
r. Y. GAINES,
JOHN p. BRANCH,
Fl. f. G. BASKERyILL.
Richmond, December 4, 1876.
Note.-Mr. Bruce being unayoldably de-
tanned from the last meeting OF the commit"
tee could not sign the report.
On motion Of Mr.. j. n. DuBarry the re-
port was received and the resolutions adopt
ed.
The meeting then took a recess until Z
o'clock.
Night Session.
General Anderson resumed the chair at
O'Clock.
The Committee on the Report of the Pre-
sident submitted the following:
"RICHMoND, December 13, 1876.
"Your committee, to whom was referred
the report of the president to the stockhold-
ers OF the Richmond and Danville Railroad
Company, beg leave to report that they find
in the document a full, clear, and satisfac-
tory statement of the affairs of the COM
pany, presenting very favorable account
of its present condition as compared with
the past few years, showing larger receipts,
with very commendable economy in the
general management. On the whole, your
committee recommend that the report be
approved and adopted.
"2. The report Of the Examining Commit
tee.-Your committee feel that the recon-
mendations and suggestions in the report
seem to be reasonable and proper, and re-
commend that the officers of the company
take such steps as may be advisable to carry
out the suggestions and recommendations
contained in said report, as far as may be
consistent with the economical management
OF the road.
Respectfully submitted.
ORCHARD V. WATKINS, Chairman;
"JoHN C. WILLIAMS,
"JoHN A. MITCHELL"
Adopted. .......
RAILROAD SHOPS IN MANCHESTER.
The following, offered by Colonel Bu-
ford, was adopted unanimously:
Resolved, That in consequence OF the
to the company's operations,
and the expense to which ii. is subjected,
and likely to be subjected, by the action OF
the authorities OF the city OF Manchester IN
relation to the use Of the ccmpany's tracks
and right Of way in said city, the president
and Board of Directors Of the company be
to take into consideration the re-
moyal OF the shops now located in that city to
IN eligible location at some point on the
line of the road where the company will be
exempt from the injuries and 1nconVe.
niences which it now suffers on account OF
such action. l
EXPENSES OF EXAMINING COMMITTEE.
The president and directors were, on mo-
ion, instructed to provide for the payment
IF such actual expenses as are incurred by
;he Examining Committee in the discharge
,f their duties, as prescribed in the bylaws,
but without compensation for services or
other allowance therefor.
MILTON AND sUTHERLIN ROAD.
The following, offered by Major w. T.