The morning news. [volume] (Savannah, Ga.) 1887-1900, 1888-06-01
RICE'S DISASTROUS ROUT.
THE VICTORS RUB 1T IN AFTER
KNOCKING HIM OUT.

Resolutions Adopted Indorsing the
Policy of the Present Management
and Severely Denouncing the Action
of the Opposition - The Minority
Controlled Only cd, e45 Shares in the
Voting
RICHMOND, VA, May 3l.-Pursuant to
the published call, the general meeting
Of the stockholders of tho Rich
mond and West Point Terminal Rail
way Company was held here this after
noon. Edgar Nj. johnson, of New York,
was chosen Chairman. The aggregate of
the preferred and common stock represented
in person and by proxy was S02, 451 shares
The representation was divided as follows:
The majority, represented by Edward Lau-
terbach, George f. Stone and T. w. Logan,
29S, ,00S shares; the minority, represented by
Isaac L. Rice and William Libbey, 04,645
shares. The stockholders calling the meet
ing failed in enlisting on their side sutli-
cient number to interfere with the present
management.
INMAN REFLECTED.
John II. Inman was elected President for
the remainder of the unexpired term.
The minority voted for F. F. Clark.
w. S. Chisholm, of Savannah, and John
G. Calhoun, of New York, were elected to
fill vacancies in the board of directors.
RICE's INTERRoGAToRIEs
A long series of interrogatories to cover
points on which information was desired
relative to the general management of the
affairs of the company was submitted by
lsaas L. Rice, and answers to them were
presented by Mr.. Lauterbach. Some dis
cussion was had as to their disposition, anl
it was finally decided that the questions
should be read seriatun and
the answers read after each questions
The reading occupied over an hour The
answers of the management of tho company
gave apparent good reasons for everything
that had boon done, and rebutred in detail
the charges of mismauagement or derelIc-
ti0n on the part of the board of directors.
AT the conclusion of the reading it was
ordered that both papers be printed and
copies sent to the stockholders.
THE RESOLUTIONS ADOPTED.
A long preamble with the following reso-
lutions, submitted by Col. John P Branch,
were adopted by sealed vote:
Resolved, That the course of policy, conduct
and management of the present board of
directors aud its immediate predecessors, board
and executive officers and directors for 1887 and
1898 of all the associated companies for the
ferred to In said questions, are fully commended,
ratified and approved.
:, ,ResOiUed, That the stockholders deprecate
and condemn the action OF those who have use
lessly and unnecessarily caused O general meet
ing OF the stockholders to be convened, entail
ing large expense and inconvenience to the
company, and who have unjustly aspersed and
criticised the companys s methods, thus tending
10 depreciate its securities, which we believe to
be sound in every respect
PRESIDENT INMAN's REPORT
The report of John II. Inman, the presi-
dent, showing the present condition of the
company, was read. 1t shows the gross
earnings of the associated roads Of the com
panys system since October last to be as
follows Richmond and Danville, g., POI -
322; Virginia Midland, 81, ,105 780; Char
lotte. Columbia and Augusta, S649, 1926;
Columbia and Greenville, $3.50, l55; Western
e. North Carolina, $40, ,7S5; total gross
earnings, s., ,946, ,676, an increase over the
CORRESPONDING period of the previous year
of 500, III.
The gross earnings of the East Tennessee.
Virginia 65 Georgia Railroad for nine
months we're S5,75l, ,821, an increase of
SS41, ,757. The net earnings for the same
period were 81, $50, 1876.
The net surplus for seven months earned
by the Richmond and Danville system, in
excess of all charges for interest, rentals
and taxes was $732, ,562, ah increase of
nearly 100 per cent. The general condition
of the road is stated to be greatly inn
proved.
A resolution was adopted urging the
directors of tho Terminal company to
endeavor to secure the resignation from tho
boards of the associate companies of such
directors as are no longer connected with
the Terminal Board.
Now bylaws were adopted by a sealed
vote and the meeting adjourned.