The Daily times. [volume] (Richmond, Va.) 1886-1889, 1889-12-11

In the country. n IL only 81 1853. as against
si27. 2G7 OF the middle group. which Is the
most heavily capitalized at only s31,O61,
which r. a2g5 less man me me- ei,l
known fact that your company controls the
best and most costly properties Of that Sec
lion. -
In many instances your company holds
only majority OF the stock OF the raiifoso !.
controls. The holders OF the outstanding
stock are entitled 10 their pro rata snare OF
the net earnings Of these roads. Whenever
n stock IS acquired. the dividend upon III. IN
Atead Of being paid by your railroads, comes
into the treasury Of your company TOT your
benefit In view al these facts you VIII
readily appreciate that when your Company
takes In stock or securities OF thc pIoper.Ies
Is controls, and issues It's own STOCK atalns,
them, II is in no sense water OF you'
stock ON the contrary. In many cases, IL re-
suits in an actual reduction OF CAPITALIZATION
OF your company aud the value OF you YOU. s'oJ ~,
The effort OF your company snouin oe a vs..
racted towards further unlncauon OF your
system, so that In the end all net earnings Vi
vour railroads will find their way INTO YOU! ouf
company's treasury, and thence 70 youi w III "
The small capitalization OF your ,i. oars
and the strides that have been made t1Was.s
!, rriGcofIon of yOur system. coupled WIN
fhe Increase OF business ana the promise vi
rantd deyelopment In that portion OF tue
south through which your iines ,"i, yo 80,
directors feel that the Gay - no' ,,.,
when your property knoulu liilA' idih 'his----
the dividend payers OF the country You
should understand that during the year IL
has been necessary for your company 70 IN
eur heavy oblignt iOns and To make large iu-
crease i'm It's stock. but that now ii mas gain
ed a position Of stability and power u never
mad before and that It can take In the future
IT'S own time to perfect It's system.
.REsoLuTIONs ADOPTED.
After the reading Of the report the follow
inc resolutions were adOptedf
Pesolred. That the report of the president
and directors 10 the stockholcers ana
the tfeasurer's report be received, placed
on file. and that the same ne printed
and distributed among the STOCKHOLDERS; and
Further TesO'rcd. That the course, pOllcy,
conduct AMI management OF the board OF III
rector-, whose terms are. about 10 expire, ana
Of the executive officers Of the company, ana
Of all the associated companies FORMING the
Terminal system, and the acts and proceed
ngs Of the said board Of directors and u It's
executive committee, as set set fOrth IN tDeir
minute books. which have been produced
for inspection by the stockholders, ana nave
been ingpected by the stockholders now
present, be, and the same are IN AZ things
ratified, confirmed and approved; ard,
Fiyfliey resOlucd, That the stockholders es-
peciaiiy commend the policy Oh harInonlIng
the relations OF the Richmond and panyile
Hailroad system, that OF the Central Rail-
road and Banking Company OF Georgia, ana
the system Of the East Tennessee, Virginia
and Georgia Railway Company through a
general control OF those systems by the
Richmond and West Point Terminal RAIL
way and Warehouse Com any, IS policy
10 he steadily maintained. benenclal as IL
has proven to be TO the interests OF the pup
lie, TO the security-hOlders of the companies
forming those systems, and to the security
holders Of this company.
The stockholders elected the following
board of directors: John II. lnman, presi-
dent; +. VI. Logan, James Ii. Pace, John y.
Rutherford. George j. Gould, simon Worm
ser. John G.. Moore, Edward Lauterbach.
George :. Scott, Samuel Thomas, Calvin :.
Brice. John II. Hall. James swami, Charles
VI. McGhee, John {. Calhoun, W. ;. CHS
holm, Patrick Calhoun, George Hoadly,
Edgar VI. johnson.