The news & observer. [volume] (Raleigh, N.C.) 1894-current, 1898-12-13
RESOLUTIONS FOR
INVESTIGATION
A THOROUGH INVESTIGATION
OF AFFAIRS TO BE MADE.
COMMITTEE lid NOT SUIT Mr.. RYAN
The S. & R. R Board of Directors Authorize
the Same Committee 10 Make tie In.
vesigltion which Mr. Fyan
Had Baked.
Portsmouth Starl

Portsmouth Starr
The following papers tell their own
tale:
WHEREAS, Charges have been made
by Mr.. Thos. f. Ryan against NJ. H0ff-
man, our President. under whose man
agement our affairs have Been brought
from the verge of insolvency into their
present condition of prosperity, during
Il period of financial strngcncy and bus
mess depression which enforced the Ii
quotation and reorganization of many
prominent railroads Of oEr Southern.
country: and also against Judge Leigh
II. Watts, our General Counse:: E
And whereas. We are fully convinccd'
of the ability courage. fidelity and self;
sacrifice which Mr.. Hoffman has dis
PLAYED in the defense of this company
from the rapacity and competition OF
bushes rivals, and in the defense of itS
stockholders against repeated efforts
made in the last few years to depreciatc'
and raid their holdings;
And whereas, We are further con-
WINGED that the attack made upon Mr..
Hoffman is but part and parcel of that
upon the company and its stockholders,
and that it is not made with n view TO
promote the real iterests of the company;
And whereas, We feel assured that ali
honest investigation of the said charges
will result in the vindication of our pres
ident, and of Judge Watts, and in
fuller appreciation of the value of their
services to the company;
And whereas, In any and all events,
the stockholders desire to know the full
n,
be made against the management Of the
company, in such form as to merit
investigation, and desire to have such
action taken concerning the same as
will protect the company i'll regard TO
them:
Resolved. That a committee of three
disnterested stockholders shall be APP
pointed by the chairman of this meet
ing within ten days hereafter, and that
the committee shall have the powers
and shall be charged with the duties
following:
/. The committee shall take cognizance
of all charges which may be preferred
against the president. or other officers.
and which may be filed with the secre-
tary of this company within thirty days
next, by any stakeholder of record, veri-
fed by his signature and affidavit as to
the correctness of the same, and sup
ported by the sworn statement of per-
sons having personal knowledge of the
specific facts and matters set forth
therein.
p The committee shall. rs. to any
charges so made as to justify it, call
upon the proponents thereof for such
proof as, in their judgment, shall be
proper, and shall notify the president or
other officer of the action taken and
afford him the opportunity of making
such answer and defense as shall TO
him seem to be fitting.
;. In passing upon such charges the
committee shall be allowed free access
to all books and records of the company
pertaining to the matters complained OF.
and may call before it and examine all
such officers and employees Of the com.
pany, and such other witnesses as TO it
may seem right, or may cause such
books and records to be investigated by
fin accountant of its selection; the man
ner and method of such investigation
being within the discretion of the com
mittee.
A. That after hearing both sides and
considering the testimony adduced before
it, and the examinations made by it,
the committee shall formulate its conclu-
sions concerning the various charges, if
any, brought before it, and shall file the
said report, together with the recon-
mendations of the committee, i'll the
hands of the secretary Of the company:
that the committee shall be authorized
to require the calling of q meeting of
the stockholders for the purpose of re-
ceiving and acting upon the report and
recommendations, or in the alternative
the committee may, if it deem best. pre-
sent the report and recommendations
TO the Board of Directors.
5. That if the Board OF Directors
should fail to comply with the recon-
mendations of the committee. the secre-
tary of the company shall, upon the
request of the committee. or n majority
of them convene the stockholders in .
general meeting for such action as they
may think proper TO take.
6. That the letter of Mr.. Ryan. adj
dressed to Mr.. w. w. Chamberlain. the
secretary of the company, be referred to
the Board Of Directors, and that action
upon it BIZ the directors be withheld I'm
til report shall have been made by
the committee provided for in the fore
going resolutions.
At the annual meeting Of the stock
holders of the Seabonrd and Roanoke
Railroad Company. held in Portsmouth.
Va, October 4, 1903. tho foregoing reso-
lRtion was offered by Mr.. Severn Eyre.
duly seconded, and. upon Il vote being
taken, IL was adopted.
6sigaed) w. w. CHAMBERLAINE.
Secretary.
Resolved That the Board Of Directors
ne and hereby are authorized TO offer q
proper compensation TO this committee.
aud that the expenses of the investigation
he ilerlla by ills company.
Al ibe annual meeting of The stock