Richmond dispatch. [volume] (Richmond, Va.) 1884-1903, 1889-12-11

nor rnile on aavstsrn Of .b20 miles, which earned
during the last fiscal yenr S2s.NtfO si-l0V gross
aud i9s}i.s05 7O-i0J net, sl,s0g.1s0 @-lN above
all charges. ,y
II Is inrerosting 70 note here the capitalization
per mile OF the different groups OF roads Ia ihe
country taken by your Treasurer from ar.
Poor's manual for i8S9 II will be seen that INC
capltalizalion Of the southeastern group, Htere
your system lies Il the lowest 10 ihe country ~
only Si,3-9. "a against Slgi.S1 OF me n'llile
grOnp. wbich il tho most heavily capltsll1ei. ~
only So. .O6L which is li,so less IMAM the a0d,h-
eastern gro Ip: and this notwithstanding tie
weil-kuOWu fact thet your company controls me
best aud most cosly properties OF that section.
In many instances your company holds onlT
n majority OF the stock ct tho railroad u con-
trols. The holders Of the outstanding stock are
entitled 10 thor mo Yafg shar0 Of The net earn
iugs 81 these roads Whenever q siocN ~ Ac-
quirsd tho dividend upon H. Instead OF Delns
paid by your railroads, comes into the trehtfy
OF your company for your benenL IN view OF
these fgcts you will readily appreciate lha'
whom your company take' in stocS or sectritio1
81 tho properties u controls hnd issues is own
stock egsinst them u Is In no setr-o " wafer
Of Yonr STOCK. on the contrary, IN maoy asses
Do results in an actual reduction OF capit"iA won
OF your company and the value o. your StOfh.
Tho effort OF your company shonid BE- erected
towards further unncaton or YOUR system. 80
that in tho end all tbe net earnines oi your rahi-
roads will Gnd their way into your company
treasury ani thenco 10 yoI. WIN tle ansl
capitalization ot your railroads auG iOc etNts
flTf nave hfNn NthAf L'Wal'lN ANih' flAt'" ~
your aystcn coupled With tho increase of Dust
nes= aud the promise OF rapid Development IN
that potion Of the South through Whlch your
limos run yOur directors (eel thSt tho daY u NOT
distant when your property should take rans
among tho dividend payers Of the country
Iou should understand that during the year u
has been necessary for your company 10 incur
heavy obligations and ~ make largo lncrehso
I'm ifs stoc< but that now it mas gained position
Of stability and power II never had before ana
that It can take IN the future its own umo 10
perfect its system.
Printed reports of the various companies cou-
trolled by the Richmond aud Wesi Point Iornll-
nal Railway and Warehouse Company, giving
Their operations in detail fer the past year. aro
Ou nle Ia the onic0 Of the company anu win pe
furnished 10 the stocKuoliers upon Application
therefor JOHN III. lNNAN. President
The Treasurer's report was also read:
A COMPREHENSIVE RESOLUTION.
On motion of Major Dooley the follow
ing was adopted:
Resoirsd. That the report Of the President and
directors 70 the stockholders and the treasurer >
report be received. placed on nle, aud that tho
same be printed aud distributed among the
stockholders aud
Eryfhsr Resofre8 That the course. policy, con-
duct, and management OF the Board Of Dircc-
tors whose terms are about 10 expire, AMI OF
the executive officers OF the company ana OF al
the associated companies forming tho lermlnAi
system. and tho acte Rud proceedings OF the stlI
BOARD Of Directors and OF its executive commit
toe. as act forth in their minute hooks, Which
have been produced for inspection by tho st0ck-
holders and have been Inspected by tho siock.
nOlders, now -osent, he. and tho same arc IN al
things ratified, confirmed, and approved; an
FUrther Ecsciret. That the stockholders esp'-
cially commend the policy OF harmoniMng inc
relations of the Richmond ana DanviIe kallroal
syatem. that Of the Central Railroad anu bank-
ing Company ~ Georgia, sud the system OF the
East Tennessee. virginia and Georgia Halfway
/ Company through d general controi cl ines
systems by tne Richmond and West Folnt erml
nal Railway aud Warehouse Company hs pol'i
to b. steadily maintained. beneficial a. Il ma
proven 10 be 10 tho Interests OF the public TO thf
security-h0ders of the companies forming tne't
systems, and 20 tie security -hoiderso OF thls Nom
Dauy.
PRESIDENT AND DIRECTORS.
On motion Of Mr. uauterbach Mr.. lnmar
! was reelected president.
The following directors were elected on
motion of Major Scott: T. NJ. Logan, Jame.
B. Pace. John 4. rutherford, George }
+ Gould. Simon Wormser. John &. Moore
Edward Lautcrbach, George :. scott
samuel Thomas. Calvin ). BrIcc, John IL
Hail, james Swami, Charles NJ. McGhee
John G. Calhoun. ". :. Chisholm, Patrici
. Calhoun, George Hoadly, Edgar NJ. john
/ son.