The daily dispatch. [volume] (Richmond [Va.]) 1850-1884, 1854-06-16
FRIDAY MORNING, JUNE 1s. 1854.
RICHMOND AND PETERSBURG RAIL-
ROAD

RICHMOND AND PETERSBURG RAIL-
ROAD
The annual report of the President and
directors OF the Richmond and Petersburg
Railroad, to which we referred the other day,
contains the following facts, which we find
condensed in the Enguirer
The sum of SCI $50 II realized the past year from
tne sale OF The coupon bonds of the Company has
oeSn appned TO The liquidation of the Compapy's o
debts In England, and S43 l42 II arising from the
.ame source to the payments of certificates of div-
the Companys hands, $50 3Oi I2 from the sarns fund
ana the question arose, what shall be done with it
Ater mature deliberation, it was determined to ap-
by p 20 .ne reconstruction OF the track, an opera
tlon which would cost. according to careful est
mate. $780, coo, but which it now appears will need
SoU, ,ooo more fori its completion.
Tne work of relayns was commen In Septeul.
ger ss snd with all the obstacles resulting from diff
cailes snd delays in procuring materials and the
ey pad weather during the winter and Spring. and
ron the passage Of twelve to fourteen trains day
of tbis month only were relsd on the st day
ment shows diminution In the cost of repairs of
iaaek during this year Of high prices for labor &c.
curing only portion of which any of the work
dnna ddnns ss compared with the same item of expense
onTrlns I'm the the last year Of 81 452 81.
tes1 Of the Company during the past
year SSS 4S1 20, being an increase of SIS 42o 81 on
the income oflsst year
sor The 9 total amount of ordinary expenses is
yea De deducted it is Sss e5 So leaving increase
OF o. $50 90 on the working expenses OF last year
"hch Is 70 great degree, if not wholly, chargesbe
10 the bad condition the old track and still more
20 % the condition of the Clover hill Railroad.
ne surplus revenue 1t was deemed necessary to
apPy 10 the enarging the Companys stock of motive
power, cars etc. and complete Is the condition of
ne ROAD In these respects that it is conjectured that
Sooo Will cover all expenses for those articles du-
nng the current year.
IL Is stated as a fact, which, if generally
nnt,a ! H. -, 20
OF the history and prospects of this company,
that it commenced its operations with capt
tai stock wholly inadequate to the business
1t has since undertaken, but that it has, out
OF Its earnings supplied the deficiency to the
extent of over 50 1-2 per cent. on the original
stock. This fact alone, the President justly
remarks, sufficiently accounts for the failure
of the Company heretofore to pay dividends.
except the S33, 40s of guaranteed per cent.
dividends paid to the Commonwealth, and
the S43,142 II paid to stockholders on ac-
count of dividend certificates of $23 10 per
cent. on their stock.
In regard to the resolution passed by the
Board, making the rates of fare, after the 18th
of June, for first-class seats sl25, for colored
persons - cents, we have been placed in
possession of the following facts The old
stage fare between Richmond and Peters
burg was So for four hours ride From
1888 to ls43 it was $3.50 on this railroad. r.
1t was then reduced to 81, and Simultaneous
ly the amount ofreceipts from local travel be-
tween the two towns decreased in exactly the
same proportion, viz : one ethird; and contin-
ued about the same amount, of only two.
thirds OF what it was in 1s4l-2, for several
years; while the amount of receipts from
Mr0"gh trorel steadily and rapidly increased
to this day-when its increase is 165 pr. cent.
since 1s43, whilst the local travel has in
creased during the same period only 1o4 per
cent, although the through travel pays an
average of % cents per passenger less than
the t0c0tt travel. This demonstrates that the
reduction of fares in lS43 did not add one pas
senger to the local travel, as was expected.
and that the fares should now be raised at
least to the extent of half of the reduction, to
compensate the Company in part for the an
nual loss of at least $4,000, caused by the
reduction, especially in view of the fact that
sneto"rth Of this travel is composed of ne
grOeS, at little more than half fares, and of the
reconstruction of the road at a cost of S22O,-
600. The Northern railroads generally, in
sluding the Hudson River Railroad, with the
competition of the steamboats, to contend
with, have been compelled, by the enhanced
prices OF labor, materials, supplies, etc, to
raise their fares recently.