Richmond dispatch. [volume] (Richmond, Va.) 1884-1903, 1886-12-17
MEET
ALFRED suLIY Rew rRssrDyHr Rich.
NOnp AND pAHvILLR R0AD.
Retirement Of Colonel Buford-New Board
Of Directors Elected General Logan
10 be Vice .Preeident.

Messrs. John r. Branch, o! Richmond, aod
A. B. Andrews, Of Ralcigh, n. c.; Mr. L.
d. Thomas, general manager; Maior Peyton
Randolph, assistant general manager; and
Colonel w. W. Gordon, general counsel OF
the road. Major Dooley was called to the
chair and Captain X. Brooke acted assecre.
tary.
The Chair appointed Colonel Buford and
Major McPbai TO verify the representation
present. They reported as follows: Re-
presented 10y proxies, 3j.10f represented
In person, 3,9j7 total, 39,66l. Necessary
to constitute quorum, 25,00l; more than
a quorum, 14,GC0.
COLONEL BUFORD RESIGNS.
Colonel Buford, president Of the COM
pany, then arose and said: " This IL
suitable opportunity to submit the follow
lug Iiaper.n lie then read:
"RIcnxoND, Va, December 16, 1886.
I" To the Stockholders of The Richmond and
Ddnriite Rditr0od Company:
Gentlemen,--In pursuance Of my de-
sire and purpose entertained for some tjme
past, beg hereby 10 resign the Office OF
president OF this company TO the duties and
responsibilities OF which you have hereto
fore so often called me. This resignation
| n ade to the Board OF Directors on Mon
day last, as / deemed the occasion then to
require but on The special request OF the
new directors appointed on that date l
then consented 10 retain the position until
opportunity was offered at your adjourned
meeting OF to-day for the considerate aud
satisfactory selection OF my successor. l
Of 10 RI m a.
out nv purpose referred to, as | may now
trusts reposed in me.
ain this retirement from the service OF
the company | cannot forbear to acknOw-
ledge with grateful satisfaction the nume-
rous evidences offered me Of the esteem
and confidence Of those whose Interest /
have so long overwhelmingly and in.
directly, corporate, commercial, and pub
lic-in connection with the management OF
this corporation, often under circumstances
Of severe difficulty and grave personal re-
sponsibilily. II the magnitude, importance,
and value to which your corporate interests
have attained during the period OF my adj
miDis,ration, under the wel-kno~n unfa.
vorahIe conditions that often existed, may
constitute any Just basis for a rational and
becoming pride. may be allowed to-day to
recur with satisfaction TO the history as 1t
Is, and to congratulate you on the results
as the foundation and the Assurance OF
greater success and prosperity yet to come.
al am, very respectfully, your obedlent
servant, A. ). BUfoRD"
On motion OF Mr. A. b. Andrews, Of
North Carolina, the communication OF
Colonel Buford was referred 10 a committee
Of three TO be acted upon. The Chair ap-
pointed Messrs. Andrews, Branch, and
McPhail.
In few minutes the committee reported
the following resolution
Resoired, That in accepting the resigug-
ton OF Colonel A. s. BUford as president
OF this company the stockholders regret
bis resignation and desire 10 express their
appreciation of his long, faithful, and very
able service in building up and perfecting
the Richmond and Dsnville system, and
sincerely regret that they will by his resig-
nation be deprived OF the value OF bis great
popularity and efficiency IN the future man
agement OF the property.
TRIBUTE TO THE RETIRING PRESIDENT.
Mr.. Branch rose and SAID sbe felt
sure the resolution would pass unanimous.
ly. He then in flattering terms spoke OF
the worth OF Colonel BuioTd. He took
CHARGE of this property, the speaker went
on TO saw, in the days Of reconstruction,
and had built it up TO whdo Il now is. Aud
vet the road il still in lis Infancy. He
hoped the time would come when it world
carry freight from the Atlantic to the Pa
cite. He knew not who will be the
CoIoners successor, but he must indeed be
a good man who can be the equal OF the re-
firing president.
The resolution was adopted.
ELECTION OF PRESIDENT
The Clair announced the election of
president the next business.
General Logan nominated Mr.. Alfred
SuIly, OF New York. He said this nomina-
tion had beeI requested because OF the gen
tleman's position in the financial world,
and while other names had been suggested
Mr.. sully's would give the road the
financial backing 1t needed. Up TO lew
days ago IL had been thought Mr.. Pace
would accept, but the pressure oil his busi-
ness had forced deciination.
Dir. Sully was then unanimously elected.
FEW WORDS FROM MIR. sULLY.
The new president thanked the body for
the honor conferred, aud said that,
coming here as a stranger 10 the BIRTH
place OF orators. it would be useless to at
tempt a speech. He had been urged TO
take the position, and accepted. Of Col0'
mel Buford,s integrity and value he spoke
in terms OF praise. The road was Vr-
ginia property, and he had hoped Mr..
Pace. 10 whom tie presidency bad first
been offered, would accept. General 10.
gan had been rendered the place next, and
should baye accepted. "I," he continued,
"only accepted after had been assured Of
unanimous election and that General Lo-
gan would be first vice-president.' Tie
thought the road great enterpri, G, and had
a great future before It.
BOARD o. DIRECTORS.
General Logan put in nomination tue
following gentleman rs The Board OF Di-
rectors, and they were elected: Il. NJ. IL.
can, j. B. Pace, j. II. Do0ley. and T. ID.
ChristIan-all Of Richmond; j. A. Ruiher'
f,lrd, George f. Stone, ii. M. Flagier,
John IL. Inman, Emanuel Lehman, Isaac l..
Rice, r. X. Dow, aud John G.. Moore-ail
Of New York.
ADJOURNED TILL THURSDAY.
General Logan said be knew Of no other
business at present, but he had been re-
QItSteu 70 aulOuTH tuc fuCetiuS uuih nuS
day next at 12 noon. Agreed to.
Adjourned.
THE NEW PRESIDENT.
Alfred Sully Is a tail. tine-looking man,
about forty. tive years OF age. He lives in
New York, and his recent prominence
comes from successful negotiations with
MIR. Gowap, OF the Reading railroad, the re.
suit Of which has been the success OF the re-
organization scheme which has been long
pending. What has been known for eigh-
ieen months ss the Drexel- Morgan-Van'
derbilt syndicate had been trying for twelve
months to perfect a scheme to re0rgauize
that property, but they met with the oppo'
sitlon OF Mr.. Gowan, whose name had been
so long connected with Reading matters,
and II was not until MIR. Sully became Ia
terested in the property that Mr.. Gowan's
opposition to the schcm. Of Reorganization
was removed. This has given Mr. Sully
recently considerable prominence In Read
ing matters.
He Is a m9n OF means. and has
good following In addition to the backing
which be has from the C0rbimf Binking
Company OF New York, with which he IL
closely identified.
THE FIRST vICE-PREsIDEST.
L Ixr..W.