Richmond dispatch. [volume] (Richmond, Va.) 1884-1903, 1891-12-09
GOOD EXHIBIT MADE.
ANNUAL MEETING OF TocKHoLpeRS
OF THE RICHMOND TERMINAL.
Reports OF the President and Treasurer
No Floating Debt aud S21S,93f in
Bank-Mr. Inman Reelected.


THE report we made at the meeting OF
the stockholders of the Richmond Ter
minal to-day shows our affairs to bein good
shape" said Mr.. John II. inman, who had
just been reelected president OF that cor
poration. TO DISPATCH reporter yesterday
afternoon. This gentleman was just COM
ing out from dinner at the Exchange Hotel
and was seen by the newspaper-man as ne
was crossing the suspension bridge. Mr..
Inman said the workings Of the Terminal
Company were not 10 be kept secret; tnat
they belonged % the public, and be ex-
pressed perfect willingness TO talk.
In speaking of the elections Mr.. lnman
said they would certainly hold for sixty or
ninety days, even If the committee ap-
pointed TO investigate the affairs of the
company should conclude its work, and
meeting OF the stockholders be called with
in the next three or four weeks. IL is
hardly probable that any changes Will oe
made.h SAID the magnate. He SAID IL Woulu
be observed from q glance at his report
that the company was carrying no hoatng deOs
Whatever, and that 10 had IN cash In bank S4loi-
634.00 and s14 1000, 900 Of unpledged securities
ABOUT THE GEORGIA PACIFIC.
How do you account for the depressed state
Of affairs Of the Georgia Pacific ? queried the
neWs-gatherer. -
"Why found a deplorable state Of Affairs
there when / took the presidency OF the Ter
minai SYSTEM and we have spent much money
inlmprOving the road west OF Birmingham since.
Now this work Il done and the money VIII not
have 20 be outlayed again. The hne mas I'M
proved very greatly since june lst' "hen Ihe
last report was made. aud / expect IL 70 come
right out now. IL will, in my opinion, take care
OF itself in three or four years -.,
just before the stockholders meeting was
called 20 order Colonel A. :. Bufcrd entered the
room IN which Il was 20 be held, and in greeting
Mr.. lnman, said: " am very glad 20 see you
looking 90 wen Notwithstanding the light that Is
being made on you'll"
"Oh, don't loss any sleep because o. tAati
Was Mr. Inmans iocuiar reply.
The Stockholders' Meeting.
The stockholders OF the Terminal Company
held heir annual meeting in the Office OF the
Secretary, Tenth and Bank streets. The session
was called 10 order at noon by PfeSlnent ihlnan,
on whose motion Major James u. DoOey, OF
Richmond, was called 10 the chair There we're
present besides those mentioned: messrs.
Henry D. Laldlaw, Rudolph Keppler, Of New
York: Reuben Foster, OF Baltimore; a. Is. An
drews, Of Raleigh. n. c., and j. +. Branch, +. K
Scott Joseph Bryan, John Skelton Williams, a.
s. Buford, Secretary Brooke. and others OF this
city.
Brooke as a committee on proxies recess was
taken until I3 } when IL was reported that there
were represented either In person or Dy proxy
20 1884 shares common stock and 22,32j shares
OF preferred stock; total, 315,s % shares ne
cessary to a quorum, 375,0Ol.
TUE PRESIDENTS REPORT.
President Inman presented his report and
that Of the Treasurer OF the company, which
w6ro read by the Secretary. The following Is
Mr.. Inman's report, which is addressed 70 the
Stockholders:
There have been few changes in your securi-
ties during the past year. Your capital stock
and funded Indebtedness remain unchanged.
You will note that your own company owes no
floating debt whatever and has a cash balance
I'm bank Of S21S,B B34 90; that the Central and
East Tennessee, Virginia and Georgia systems
earned a surplus above their liked charges, ana
that the Richmond and Danyille system east OF
Atlanta. comprising 2,766 miles, earned
S1,324, ,111.22 above all fixed charges. A heavy
loss was incurred In tho operation OF the Georgia
Pacific railway for tho reasons stated IN the re-
port OF the Richmond and Danville Railroad
Company. TIE irst four months OF the present
fiscal year, however, show for the Georgia Pa
cnc Company an important Increase IN net
earnings.
Owing 10 the reduction in the dividend Of tho
East Tennessee, Virginia, and Georgia Railway
Company from per cent 10 . per cent,
your company lost s2d3 506 OF revenue.
For q statement OF the income, interest and
expenses tor the year, and q detailed condition
Of your company, you are respectfully roiorred
% the accompanying report OF tue treasurer.
The accompanying reports Of the Richmond ana
DuuFlitr RAILROAD company Aut AblklNl lAttli-
road ana Banking Company OF Georgia, ,an1 the
East Tennes Virginia, and Georgia Railway
Company for the fiscal year ending June 30,
1891, show you In detail the condition OF these
systems.
TIE GENITAL LEASE.
Tho lease OF the Central railroad 10 the Georgia
Pacihc nalWay Company and tne cJhtfnrt De-
tween tnat company and the Richmond AMI Dan
vine Railroad Company, by which the Latter ns-
suIned ths operations OF the Central railroad,
was an important step In The direction Of con-
solidatlng your roads under one harmonious
management. BY virtue Of this lease $3.50 miles
Of road and water lines are brought under one
operating management. These lines earned last
year -
Gross SS4'50l'til 10 ~ ~
Operating eXpenses............ lb,0b2,f22 ou
Net earnings................. slIO4,6gf 1s
FIXED charges and taxe5...... b,34o-9OS -
Surplus. Sl,I55, ,725 81
tt will be noted that tho mileage Just given ex-
ceeds that operated last year, on which the
above earnings were made, by All miles,
TIE THREE DIVISIONS.
Your system may now bo properly classed In
! three diysiOns-the Richmond aud Danville,
! operating 5,S35 miles; the East Tennessee, Fir.
| ginia ana Georgia, operating 26l4 miles; and
the Georgia railroad, leased jointly ny the Louis
Vile and Nashville Railroad Company and the
Central Railroad and Banking Company Of
Georgia, and the roads controlled Jointly by the
Central and the Georgia railroads, forming a
subdivision OF the Central railroad system, ope'
rating 0O4 miles.
As SHOWN by the statements Of the Treasurer
submtted herewith, the gross earnings Of the eL'
| tire system
For year ending June 30, 1891,
were. NEUTRALITY-SUSPICIOUS.. o46,S4oiof4 VI
| Operating xpenses............. 29,SSO,SI9 ia
Net earnings. sl3,9Gs, ,464 4(
! Fixed charges. 1l,45o,4oI "a
Leaving surplus Of. ............ s2,513,OO7 Il
PLAN OF ADJUSTMENT.
! Unfortunately the general financial condition
| Of the past year. coupled with the attacks upOr
/ the credit Of your company and the effort IN
| Georgia 20 pass hostile laws Intended TO lnlurt
/ your system Of roads, has renderedt Impossible
| for your railroad companies 70 sell at satlslac'
| tory prices the securities In their respective
| treasuries 10 meet their engagements and tC
/ pay Tor necessary equipment ana improvements
| The result Is that large hoatng mdebtednes'
! exists ON each Of your important systems. I'm
| der these circumstances your management
| deemed 1t wise to invite the foloWinG
| prominent gentlemen: EX. Norton, william
| SalomOn, OF Speyer s. Co. Jacob II. Schih, o
| Kuhn. Loeb "a Co.: Frederick Z. Ocott, preei
! dent Of the Central Trust Company; Charles >
| Fairchld, president ol the New YORK Security
| and Trust Company; Louis Fitzgerald, pres
dent Of the Mercantile trust company, 10 alo
your company In perfecting the best plan toi
| permanently adjusting your affairs and securing
| suriclent money 70 provide for the floating IN
| debtedness existing on your railroad companies
! and 10 insure for your company and them the
credit n Necessary for their successful operation
| JOHN II. INNAS, President.
sThe dividend on stock OF the Central Railrosd
| ana Banking Company o. Georgia, amounting tC
| s525.O per annum, now guaranteed, Is not IN
| cluded I'm the fixed charges for year ending June
| 80, 1891. OF this dividend S2o5,4OO comes Z
this company
TIE TREAsURER'5 PAPER.
Tho report Of the Treasurer Is document o.
| interest 10 the stockholders. IL shows the tota
railroad and water-line mileage controlled di
| rectly and Indirectly by this company 70 bt
! oO523 miles-Or an increase OF 571.l miles n
| the past year. The following is statement o
DR..
Stocks, bonds, and property. ...S9O,7 ,76l'3l2 81
| PMS rsceiya lie 66.223 81
| Due by companies controlled. 1890, ,SS4 A.
Unpaid subscriptions 10 priW-
lege Of May 21, 1S9O...,...... 9OO Oe
| Cash ........................... 21s,634 0s
Total. s09, ,s3e, ,o54 9,
]
| Or.
| canital atock dommon). e70, 900 900 OF
/ Capital stock (preferredl ........ 5,00O0O0 y.
| Six per cent. collat. trust bonds. 5,0O0OOO W
1 Five per cent. colat. trust bonds. ll,Oo5OOO W