New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1888-04-08
Net surplus
10000 90


From this balance dividend paid of per ooo ~
cent. amounting 70 i'O'VO0 w
leaving n,,soes Of sis4, SEA n
Inasmuch the board Of 1857 deemed 1t wise policy to
expend 90 large an amount various properties in the
system involve the Richmond and Danvne Railroad
Company floating debt Of s632 500, as OF January l.
1895 It was deemed niudcious by the present board 70
impair credit eOmpany by adding TO It's Heating
debt Obligations for the purpose of declaring dividend
expended by the authority OF the former
board and for which this board cannot be held responsible
The floating debt Of the Richmond and Danvile Rail
Company largely reduced by this board and
has amounted about s225 900 March Is, being re-
dusuOn Of nearly 100000.
Moreover time the dividend would
have been declared large amount OF
Dstured unfundsd dsbenturs coupons most
Of which have since been funded. which,
II paid In edition 70 the dividend would have forced the
Danvle Company to become the borrower Of large sum
Of money
o. As to the East Tennessee. Virginia and Georgia
Railroad Company dividend.
That company in August last paid annual dividend
Of cent It's first preferred stock, including that
held by your and the time has not arrived when
another dividend is due upon that stock The annual
fepcrt Of that company. in preparation, will show in
detail the satisfactory growth Of It's earnings and the IN
efessng value Of It's secuTiues
Your company is q security company simply and oper'
aes no railroad directly and II s therefore not necessary
to maintain expensive management at Richmond New
York or elsewhere the Board OF Directors Is properly
IN charge Of the eompsBys business The RAILROADS in
which this company owns securities are well
Offered and managed in the country, at as small
expense and with absolute fidelity the Interests Of the
security holders The three great properties controlled
BY your operated by practical railroad Of
lifelong experience the respective properties the bust
hess Of which will this year show large increase in
and net revenue and improvement In physical
au0n.
The agitation for change of management at any time
Than tha far Tho of
stockholders great injury company and seri-
ously embarrasses the Directors in the
eompanys Affairs important negotiations are necessarily
suspended. the compdnys securities are un-
yorsby affected the credit Of the company eop8rdized
and the efficiency OF the operating departments seriously
impaired their tenures being uncertain officials relax
their energy end the best inclined 70 enter other ser
vice. Such agitation. unless when measures are
Necessary prevent manifest wrongdoing, at all times
injurious tho interest VI the stockholders and should
never be svaed OF except IN extraordinary emergencies
IL viii be In the future. 1t has been heretofore the
pouey Of this board 10 reduce the expenses 70 minimum
e1ungush the floating debt entirely tsny other course
Iust sooner or later seriously enbarTass both com.
psnes 70 administer the affairs Of the company with
economy. the full ana entire benefit for which
investments made. and apply the surplus earnings
Where they rghtfuy beong-o the payment of your
psnys liked charges dividends Of cent on the pre-
isred stock and the residue the common sockhodeIs
III OF which, with continuance OF the present earnings
Of the Richmond and Dsnvlle and East Tennessee com
pasies there be doubt Of eonpanys ability to
Accomplish
No request that stockholders meeting be called has
Is Jet been presented 70 the board even Informally. II
any request be made in the usual proper form 1t will
complied with and meeting called Your board how.
e'u strongly urge stockholders the importance 10
Tines Of depression Of uniting all interests IN support Of
nsf properties and securities.
Dated Hew-York, April g. 1883.
BY order Of the board