Richmond dispatch. [volume] (Richmond, Va.) 1884-1903, 1889-12-11
TERMINAL COMPANY.
ANNUAL MEETING OF THE STOCK
HOLDERS HELD YESTERDAY.
Nr. Inman Reelected PresIdent-Few
Changes I'm the Board-interost-
Inc Reports.

The Terminal Company is the great fac-
tor N southern railroad operations. but at
the annual meeting Of the stockholders
yesterday in the Richmond and Danville
Company's building the only persons pres
ent we're Mr.. Edward Lauterbach of New
YORK, and Messrs. James II. Dooley, /. VI.
Logan. John p. Branch Frederick Il. Scott,
Z. j. Christian, and Il. T. Brooke, OF Rich
mord.
vi. Inuterbach and General logan, how
ever. held the proxies which represented
$50 .lOJ shares. or 1926 more than quo
rum
Mr.. Branch was elected chairman; 1lr.
Brooke secretary: and then Mr. Lauter-
hacl read the Presidents report a5 toi-
lows: ,u o., ,oso
10 ne Stockholders:
Ycir Board Of Directors respectfully submit
the Dllowing report: -
Daring the past year your company nas nH-
terribly strong hened its position Attention has
beef specially directed 70 unitying the railroad
syssefns YOU control, simplifying the classes OF
your ind obtednoss, and securing better ana moro
harmonious management of your properties. IN
every direction your company hai mAde shil'-
factory progress. 10 has paid OF the noatlng
deb, incurred in tho purchase OF the HoorSla
con,pany stock acquired ,l34 shares OF the siock
OF tke Richmond ami DauVille railroad taSen
up 3. .t99OlO bonds Of the Georgia company. ana
pcfuirai a sufficient number OF snares OF the
Fast Tennessee, Virginia aud Georgia Railway
COnlpany to give your company prsctlcaiy
permanent control OF that property
CONSOLIDATED FIRST COLLATERAL MORTGAGE.
ON March ], fss9. your company Executed a
mortgage deed TO secure per cont Dohu5
amounting in the aggregate 10 s2i,30O,OOO, and
payable twenty-five years alter date
ly the terms of the mortgage bonds wore re-
serTed for the following purposes
sL5oOOOO 10 retire the per cent. collateral
bonds dre the ist day OF February. lSJ.
stO00 eco 10 retire tho preferred stock OF your
company which Is secured by trus, agreement
Dla.tng a majority OF The stock cf the Richmond
and Danvile Railroad Company in tho hands
OF three trustees, subject 70 the terms ot SAID
si.O600 100 TO retire the 100000 Georgia Com
pauy bonds, which are FIRST lien upon tho
4nblO shares Of the stock of the Central hailroed
aud Banking Company OF Georgia hell Dy We
$4,000 10 acquire the outstanding 35.0)0
shares OF the stock oi the Central kalrOaC ana
Banking Company OF Georgia.
fi.76SO0 20 acquire the ii.2O shares OF tne
Grsf preferred stock Of tho hasi Tennessee, VIZ
ginia and Georgia Railroad Company then OUT
/ standing. ,.,
uoud and Danyiilo stock then outstanding.
SSf9000 until tho f5,JO.pOOf per CEN. coia-
teral bonds had been paid of, or Until your
company had deposited with the trust TOM
pnnv, subject 10 tho provisions of said mortgage,
additional securities Of The market Ya!uo oi
si,2.0 for every bond Withdrawn.
sj.0OOOn Of sali bonds were sold % pay on tho
then existing floating debt.
Tho object Of this mortgage was 10 prOvi1e the
means not only OF simplifying tho classes oi
your indebtedness, but also 90 acquire the CON
! troll ~ the Outstanding diyidend-paying stocks
above mentioned. When The plan OF the mort
p Ia ftflt g
lien not only upon All Of the securities set tOrth
fu tie Isis furnished I'm the report OF no lrea7u-
rer. some OF which are now primarily pedgea
70 the underlying bonds specified, but the en-
tire net earnings NJ the three great systems OF
roads controlled by y0u vii De pafei b'hird
/ fhem The percentage AZ which bonds cAh %
/ issued for acquiring the s,O-ks mentioned -
! such that the issue Of every additional bond
| adds 70 tho value OF those already issued. your
! COMPANY having 10 pay with other assets tne
! difference between the price - which Tue siock'
| nre bought and the amount OF bonds allowed 10
! bs i-saed against them. To illustrate; me
/ shares Of the stock Of the Richmond ana DanVlie
/ PailfoaI Company coat sl5s6'i9l but uuior the
/ provisions Of tho mortgage only tIfNuV nohN- :
! could be- drawn against them. the dllfercuce ot
| ee13, 80 going equally to strengthen all mo
/ bonds outstanding. The report oi the treasurer
! shows specifically the securities now pielsrl icr
| the paYm0nt OF the-e bonds A reference lo
them and 90 tho provisions oi the mortgage VIII
/ show that thcse bonds should command The ID
gorsble consideration OF investors.
| THE PURCHASE or THE OUTSTANDING STOCK OF
! ruE RIcHMoND AND DANYULE RAILROAD
| COMPANY.
| An important step ia tho direction of unifyng
| the sv-t3ms Of railroads controlled by your COM
| pany wls taken in the purchase OF tue outstnnd-
! Ing stock OF the Richmond and Dahyllo kailroai
! Company. Your company now owns al the
/ stocs OF this company except 80 shares ana mas
/ not only complete control Of tlo Richmond and
! Danvlle Railroad Company, but receives nearly
/ all OF its net earnings.
/ TIE PURCHASE or THE STOCK or THE FAST
! rENNEs-EE, yIECINA AND OLoRGA RAILWAY
! COMPANY.
By the terms of the agreement under which
! This property was recognized IN 1850, the Hr9t
preferred stock had the right % elect eighs out
! OF ffteeu directors for five years from the date
/ of sad reorganization, or until two consecutive
/ dividends ~ per cont hgi been paid. IL br-
7 came apparent last year that The earnings or
I this property were such tnat tho directors IN
| fusfieo 10 the luuiOr securities, Wonld nni II
! proper % pay the fun per cent dividends upo
/ tho first preferred stO X. and thnt the night ot
this stock t0 eject q majority OF tho board NOui
expire this fall. II was thought wise, thoreiofe'
20 acquire such an OWuershipol the other cla- :
! II the stock Of that conn any a. Woull protect
! y0ur company's largo holdings OF the arst pre-
ferre1 stock and give you controlling voice in
! the management OF the East lcnno-sec, Virginia
aud Georgia railway Win this view your COM
pany has Gcquired l9,232 shares moro OF TIE hr-t
/ preferred stO.k VA the manner stated IN tho
| Tre1suror's report, and such al amount OK the
common anf second preferred stock - Will ln-
| sure your permanent control of tho property.
GEORGIA COMPANY BONDS.
By the terms OF the contract for the purchase
J Oi the stock of the Georgia company, your COM
pany reserg,d tho right % take up large
/ amount Of tho Georgia COmpany's bonds IL hAS
| been deemed wise 10 exercise this option and
your company TOW owns $3,i29,O0O oi those
bonds. Ihe $1,000 shares Of the stock OF The Cen
trnl Railroad aud Banking COMPANY oi Georgla
D. held 10y the Georgia company u pictged Tor mo
/ payment OF a Ob.CO Georgia-rCmpeny bonds.
/ which bonds "a lion upon this stock prior To
/ the lien OF your consolidated per cent bonds.
F By dep0siting these bonds under tho terms Of
tue consolidated first collateral mortgage, your ,
per cent. bonds become first lien upon the-e
41o0O shares, and arc thus given an additional
value.
ror the details and the lsss-important transac-
tiOns Of the year your attention is invited 10 tue
report Of the Treasurer IL Is worthy OF note that
your cash income iurlug the year exceeded
your annual iiX0I charges by Sj33sO.yl, and
that si3l,5a0 viii be added TO thif sum when tho
! coupons on certain bonds mentioned bY your
| Treasurer accruing during the year are paid,
giving your company. it Is expected more m
I come, which viii be- materially Increased IN ths
/ future by interest on ponds and dividends on
stocks In your treasury not now productive
Your Board OF Directors feel that you are to b
congratulated upon the progress made uuriuS
I The year and the outlook before your company.
Tho physical condition OF your properties
I have been greatly improved, moro rOlling-stoch
aud equipment has heen bought, aud she in-
cfcase Of business Offering 10 your system u
great AZ liO0r3l a. has Oeen the Increase OF
equipment. f has not kept pace with tho increase
OF business. and from oil Of your lines u rail-
road comes the demand for more engines and
more cars.
Rival railroad interests have seen ft 70 attack
I your company IN tho courts aud before tte ie-
gislatures os several VI TIE States through which
your road runs. A full aud fEee discussion IL all
that IA needed TO convince the people mat your
interest. G1d theirs are Identical, and that pro1t
can only como 70 you through tho prosperity
and development Of the country trayersed by
your roais. IL is the policy Of your company
not only % furnish 20 its patrons better 6nf more
efficient service, but 20 pursue Wiso aud liberal
policy Ia developing the industrial resources Of
the territory adjacent 10 your lines. IL Is cOnh-
ccntly assorted that no instrument OF progress
yet devised will contribute rs much TO the pros
perity Of tho South as the systom Of roads
! brought together By your company.
NEW Inns OF RAILROAD.
Many Of the roads now projected In tho South
are necessary at some point feeders % your sys-
TEN and should De encouraged. Even those
which parallel part OF your lines will feed your
system a. other points, and the increase OF brsi-
ness arising from the increased prosperity OF the
| country your lines traverse Will mere than
make up for any loss &C asiOned by the building
Of new roads The strength OF your system lies
IN the fact that tho three great properties you