The Daily times. [volume] (Richmond, Va.) 1886-1889, 1888-12-06
THE R. & D. RAILROAD.
Annual Meeting Of the
Board OF Directors
Yesterday.
INTERESTING REPORT OF pRrsInrNr
sCOrI.
oHcers Elected Resolutions Adapted. SC
omcer' Elected Resolution. Adopted. SC

'oau was held yesterday At The Office of
the company
Mr John A Rutherford of New York
nominated Mr.. John Z Branch as chair.
man Of the meeting, with Mr Richard
Brooke as Secretary
The Chair appointed Messrs John A
rutherford, John b. McPbail and w g
pRkman q committee on proxies and
they reported 2S,>oS shares represented
10y proxy and p in person
TuE PRESIDENTS REPORT
After the meeting MAS called % order
The presidents report was read as fOl-
lows
Io he Sicoilo'dr,
Gentlemen,-The annual report Of the
Richmond & Danyilc Railroad Com
panv and leased lines exhibits the follow
ing results Of The operation of the sys-
tenn for the fiscal year ending September
30. l>SS
The gross earnings were $ J0S .96s 81 -
an increase Of $G9f 97sS 81, OF 46-l00 per
cent. The expenses and taxes were s.,
2V4 053 J6--an increase OF S2G9 400 80. or
3 36l00 per cent
The gross earnings Of the Richmond &
Danyille proper were S4.s2lOlJ 56-sn
increase of 1897 402 o.. OF g7.1OO per
cent. The expenses and taxes were So.
500. l25 @l-an Increase of $500 232.lo, or
s4l0O per cent
The general managers report exhibits
In detail the bettermenis and improve
ments upon the road property, etc
The floating debt Of the company has
been eXtinguished and its finances are
now In an eminenily satisfactory condi.
iion, leaving free in its treasury reson.
able reserve Of cash and marketable Sc
cufities.
The increase In the bonded debt OF the
company was mainly due TO the settle.
m,nt OF all tue unpaid coupons &C
erutd on The debentrTe bond issue, except
on $33.OOO still outstanding and which
have not been presented and the ex.
change Of 100000 Piedmont per cent
bolds not heretofore included ia the
bonded obligations for an equal amount
Of this cOmpsny's o per cent cOnsoi-
dated mortgage bonds. effecilng h say
iuF of SO 900 annual interest.
Ihe aggregate issue Of the bonds Of
tu., company. together with the capital
i7aiion of the leases included in the re-
port OF the Richmond and Danville
proper. represents q bonded indebted
moss equivalent to $2557G per Uile Of
single track Including the entire issue of
per cent consolidated, debentUre, and
general mortgage per cent. bonds, an
Indebtedness that will compare fayOrably
with That Of any other system Of equal
importance and earning capacity.
The demands upon the company for q
large increase in It's equipment have
been and are unceaslng, and the loss OF
revenue consequent upon the want Of
sufficient car and motive equipment seri.
Gus With the constant and rapid devel-
opment oil the Sonih this demand will be
more urgent in the future than In the
past. and you are asked TO provide the
mesps Of adding materially to the present
inafeaHste number Of cars and engines.
/ wonld recommend for your consid-
ersiion and approval the issue OF q oOO,'
o09 eouinment trust bonds, secured by
r,oftga9e upon the equipment now Ia
~se or sag purchased under such trust
viii .uch provisions for the preservation
of fhe equipment and liquidation OF the
Indebtedness az may be wise aud JUDI
oions The advantages 10 be gained by
,he comDanv are not limited 10 the IN,
sreesc of traffic. as the payments oi
mileage for foreign car service uTIlns
the past fiscal year amounted 10 tae iaise
snm of Sl41 ,2s3 40, nearly al ol "hlcI
conl1 be saved if the company possesseu
an ADEQUATE equipment
4 lease Of The Georgia Pacific RAILWAY
10 This company has been negotiated, ana
viii he submitted for your consideration
and approval Ala s,oot
holders are due 10 the heads OF depart
mems and the employees Of the system
''srersDv for The faithful discharge OF
fbeir duties, and 10 them is NANNY 1u'
tbe satisfactory results obtained.
GEO. 5. ScoTT President.
.cr,oy oy TEE BOARD OF DIRECTORS
APPROVED.
After the Presidents report had beer
read and received the Secretary OF lh'
company. Mr.. Brooke. having produces
me minute books OF the Board oil III
tors and OF the Executive Committed
rF'be Koard Of Directors Of the Com
renv for the last year, for the Inspector
~ the stockholders. they having hsd op
nortunity 10 inspect The same, MI a
Rutherford moved that aii me acu
and proceedings OF the Board oil DiIecl
ors and Of the Executive Commil'ee
ne Board of Directors OF the past yea
he and the same hereby are, 10 all thing
foitv aDDroyed and adopted as the aclioi
- he stockholders of The company
Agreed 10
TIE LEASE OF THE GEORGIA FAI'f 'V'
NJ Rutherford then moved that tn
- If lie Georgia Pacific Railroad a
- hy the Board of Directors oi II
ip1'ictmocd 4 Dsnyille Railroad b
adopted
Agreed to.
EQUIPMENT TRUST BONDS
Mr. Rutherford called attention to ID
fsct thst the president In bis report La
snhmitted for the consideration Ol ~
.torkholders the prOprlety OF hsulp
- 500 OOO Of equipment trust bonus s'
crred by mortgage upon the equipmen
now IN unt, VI W w FN- 4
.uch tfust with such provision iVi " "
ore.erpailon Of the equipment ana i4u
5siion of the Indebtedness as may Dc VIE
and iudlcious lie moved that the ma
fer OF issuing equipment iInst pom
he referred to the president hh
q Roard OF Directors OF this compsn
Tor the formation OF plan Tor The issu
nj .uch bonds and for thf proposed nor
gsge. and tha, the report o. the pres
dc9t and directors be submitted 10 u
torkbolders Of the company Tor acVoh
an adjourned meeting OF the company
, take place on the 18Th day OF Decemo'
stI2o'clock, and that when this neeiii
.hall adjourn il adjourn to meet on III
day Agreed 70.
OFPICfns ELECTED.
The following officers were The
elected President. q. ). Scott d.rec
ors John II. Iumsn Of New iofs
samuel Thomas, Calvin y. Brice, Jon
r Moore Henry c. Fahreslocki GeorR
y stone. John Ii. Hall, John A. Knihe
lord Charles NJ. Mayes, John ;. Bafbou
! G. siaben, aud Samuel \. lnman