The daily dispatch. [volume] (Richmond [Va.]) 1850-1884, 1853-07-02
pICHNoND AND PETERSBURG RAIL
ROAD

In pursuance of our plan ofkeeping the puO.
lie informed of the operations Of the o'"e :.
roads terminating in this city, IN ""''n a..a,v
commercial sense our people are 81 =.
in,e,ested, we now publish some ".'
the condition and prospects OF TINS '''u,
r.or, N. aoeuments submitted 10 tue ,as'
..,..I meeting of Stockholders we gamer
Ths revenue of the soad tor me
Ain. the sOth April last was si2o'oi'-
a. an increase on that OF the p'eceu''s ye''
.fs15 CSC 80. The ordinary expenses LOT .ne
s.,oa,,ed TO ss4,s9e.72 and extraordina-
-. far new cars locomotives, &C.,
soe os,14. This extraordinary outlay
rsouired by she increased business
....on,rac, for two mails day and the large
;nc,ease of transportation upon the road
with regard to the condition.and management
fine road. the committee of examination re-.
NOR, !, ,o be good. The track has been during
n. wear much improved by ditching and slop.
iur the banks of deep cuts, and large amount
of new timhers have been substituted for old,
and about 90 tons of new rail laid down.
With these improvements the road is said to
he in better condition than at any former pc,
Rod.
The capital of the road was originally much
700 small for the work undertaken, and of this
capital, the State oaly subscribed tro ffths,
while to many other improvements, she has sub
scribed three ffths. This forced the company to
prosecute their undertaking with the help of
loans, and finding that this greatly embarass
ed their operations, they petitioned the legisla
ture to be allowed to issue coupon bonds TO
the amount Of $175,O0O, bearing six per cent
interest, payable in July, 1875, with the view
of postponing the payment of the liabilities of
the company to that date. The legislature
granted this permission, and the company, at
their last annual meeting accepted the act
making this grant. We learn that these bonds
are now being issued, and that they are freely
taken by the stockholders and others. They are
convertible into stock at $50 per share, anu
are secured by lien upon all the property of
the company. This arrangement will post
pone every existing debt OF the company for
twenty-five years-wilI enable it to relay the
road at an early day with heavy rail, and, we
doubt not, from the rapid increase of business,
to make good dividend. We understand, in
deed, that heavy iron rails have been already
purchased for part Of the road, and that they
will be laid down forthwith.
The Richmond and Petersburg Railroad
Company went into operation just before the
commercial depression Of 1889, with consi-
derabIe part of its capital stock unpaid. Be
sides this, it has had numerous difficulties to
contend with which hampered its resources
aud depressed its stock. 1t was built during
the unprecedented high prices of labor of 1886
Y and g, with view to a small and light
freight business, with a wood and light iron
supersructure, while at the same time it was
graded, and all its expensive bridges and cul-
verts were built to accommodate double
track, under the supp osiion that any road
which might be constructed from either Farm.
vile or Lynchburg would certainly form a
junction with it, and adopt its track to Rich
ynond and Petersburg. Not only has this ex.
pectation Of remuneration for the greatly in
creased cost of construction Of this road been
disappointed, but il has had to receive, accom-
modate and transport over road not calculated
for such business, first the heavy freights OF
tobacco from Southern Virginia and North
Carolina, so greatly increased by the extension
of Southern roads into North Carolina. and the
rapid growth OF the manufacture and trade in
tobacco in this city next, of The very large
amounts OF -four shipped from this city by
Port Walthall 10 South America, and again OF
the coal from the Glover Hill Col mines, to the
amount, last year, of 500 0l0 bushels.
Beginning with capital wholly inadequate
TO its wants, and much of that borrowed
1.-THE State lending and reeeiring for sis
gears, interest on more than one fourth of the
present capital stock this company has
out OF its earnings in the Is years of its ope.
rations had to expend in interest on its capital
Borrowed Of the State and individuals, in con-
structing its branch road, wharves, ware
houses, &c., at Port Walthall, in much more
than quadrupiing it's locomotive force and &C.
commodations for its increased freight and
other business, and in MANY other expenses n
4 similar nature, largely over $400 600: anf
would have teen able, had it commenced with
an adequate capital, to pay under the most IN
favorable circumstances, an Average dividend
from the very first gear of its operation te
the present. of over four per cent. Now
with its debts all paid of, except the compars
lively small amount, which will be cerainl,
postponed for % years, and which in all pro
liability, will, long before the expiration n
that period, be extingushed as debt bv h.
ing converted by the holders of the common
bonds into stock, as more valuable and weld
ing a greater income; wi III its road in good
con0'sion, aud abou,,o be laid with heavy iron
ia',, and we'll stocked with locomotives 90 ;.
.uu o'ne' accommodations for its greatly in
creased business lew roads in the country
present a better prospec, of paving h.n uaary
profits to It's stockholders, or afford .as
more profitable investment to the c,n;,a, ;e. u
-. RECAPTURED SLAVES.
A correspondent Of the National In,s,,;n.,
Ger gives very clear account Of the dish
siiion that 10 made by the British Cover
nent of the slaves that are recaptured on /,