The daily dispatch. [volume] (Richmond [Va.]) 1850-1884, 1855-12-13

II = sez-
Richmond ead DdnriHe RAILROAD r,.,,.. ,..-
eighth animal meeting Of The stoek hoifs~ = ~
RichsnDnd and DAnvilIc Railroad (.c.rs.,. - .ne
held In the ecnpanys Office in this ely ye.i.,. .
By Vincent Witcher. ESQ, on Whose motion fsso
WILKINSON, Esq. was called to the chair; and
Dr. WILLIAM 1. BOOKER, of Amoiia, appointed
secretary. s -7T F-g-
Prorits.-on motion, q committee of three was
appointed, consisting Of Messrs. ThomasT Giles.
William w. Read, Of Charlotte, and Hugh DiIlard.
to examine proxies and report upon the same.
President WITcHER then read his annual report,
as follows: 5 - - - -
TO ne Stockholders Of the Rioamrads and DasrfRe
GENTLEMEN: In submitting this report we take
pleasure IN consatulang you npon the present ayo-
rabe condition of the company, compared with its
barrassed with debts and liabilities without adequate
means. Now we have good and well estxblished ere.
a,a and are enabled to meet wifR punctualty al
ensegen enfs Then we we were beset with difficult
ties, which threatened suspend our progress to an
,naennIe period; now we can announce with cer-'
teny, the road will soon be completed and without
additional aid beyond its own resources.,
Inc remaining $229o00 of mortgased bonds were
readily disposed Of upon tho terms authorized at your
i,st meeting' and the money thus raised, after dis
charging the temporary liabilities Of the company.
enabled It to lay down all the iron then on hand,
to extend the road within less than twelve niies of
Danyl'ie. The increased receipts of the compeuv
5y the additional road thus made fully demonstrste
4
sansuine anticipations in this respec and knowinS
road tba Ross loT the early completion of the
tnemseves OF the comparatively low price at which
could then be purchased and accordingly in May
la., Donshe lo tons of rails to he delivered to the
company, at City Point Va at s52 30 per ton clear
OF other expense. And although there was some de-
bl Il tims e aeayery OF the iron it arrived in
10 enable us to pay for the iron and cross-ties re-
dereS me ..ack @ ana complete it to Danve.
Pany redeemable IN five years from the FIRST dav of
Noy 1853 and interest to be paid semi Annually: for
executed mortgage on the road and other
disposed OF, upon the terms as the former ones
since our purchase of the iron last spring. that arti
ae mas advanced in price, varying from sixteen TO
twenty dollars per ton, SO that much of our loss ia
the sale Of bonds, has been gained by the favorable
it is but due Messrs r. Choutesu ~ s.nsnrd ana r
OF New fork to say that though the rise took nace
tew days after our contract they honorably and "a.
tisIactor1ly performed their engagement
The track is now laid to within about Ave miles of
Danve and everything is ready put down the rails
me T q .ae way as fast as the weather will
not be Put up until the road reaches that place; for
although the masonry has long been done, and the
available mode of transporting to its destination he
fore that time When this shall have been done the
road may be regarded as finished, though addi-
| business. -4s4 - - 80
Il
ready sale of the bonds of the company aud thereby
been justified in contracting for and timber with
certainty OF being able to pay for. them on delive
ry, the whole work might have been finished before
1 this time. - - T77TI7
In the absence of such certainty, we were un
willing even for object desirable tho compile.
ton OF this longdeayed work. to fail to pay punctu-
ally the State and other bond holders or disappoint
those who might furnish labor and materials BIZ be-
lay, but have preserved untarnished, the company's
reputation for good faith; which, with us, has ever
| been paramount consideration.
In our last report you informed Of the difficult
y that had arisen in regard to the insurance of the
iron shipped and lost on board the ship Harriet Au-
gusta since that time, we have collected from the
| underwriters IN England ,5S8 81, and though We
have written often to Mesms. w. S. Lindsey { Co,
our shipping agents in that country, who rendered
ney yet up to this time all can learn Of tho ma :.
ter is that they are still trying to collect the remain
der, while they have not, as yet, though often re-
collected or its application. In the month of Octo-
ber last, Mr.: A. r. Holiday, member of ths Board
Board and we gladly asailed ourselves of the oppor
tunity to procure the services of one eminently
qualified to bring to satisfactory adjustment this
| vexatious insurance matter. o.
The Offices of Chief Engineer and Superintendent
of transportation had been united in the same per-
| son for more than two years. This was Intended,
sabna a. 3 % r. and only
PEN. The Board knowing that many of the Stock
holders dsapproyed of such union OF nch Offices aud
ther economical advantageous Arrangement, de-
termined by resolution, far back September,
1854, to separate the two Offices, and appoint Super
son could be procured That 3ss found to be easy
matter because all having much experience in that
line of business were in the service Of oihfr comps
tlemsn Of known ability in that department had been
secured, but in consequences of misunde erstandins
between him and the Board as to when he would
take charge of our business, the Office again became
| vacant, and was filled with the present worthy in
oumbent. He was known to possess much expe-
then greatly in need of such talen yet he was known
to be inexperienced in many of the other duties of
that station. We Gre fov glad to believe that from
fast qualifying himself in all respects for the place;
and that far, everything has been diligently and
uctance to take untried person for this Office, was
greatly diminished by the fact that Iii etery previ-
GUS Instance we bave had to do the same thing,
| The Board had long the heavy expense incur
red by engineering it having, up to the end Of July
last, amounted to $l45.s0o And while, previously
that expense might have been unavoidable it was then
seen that the work had 80 far advanced longer
to require for its operations than engineer
Accordingly, they reduced tho engineering corps to
der that head is at the rate of per annum while
the work has steadily progressed without detrment
to the Compshy.
of transportation, herewith communicated you VIII
be pleased to see that Notwithstanding the short
which Constituted the principal down freshts for the
fiscal year terminating the last day of september
1885, there has been very large increase Of the re-
ceps for that year those Of the preceding year
The gross receipts of the road the year 1885, were
$3l6,39 S. and the net receipts for the same time,
Sl44662 oil. The receipts fof the preceding year
WERE gross 1921 855 H. and tho nett earnings SSs-
1856 S. showing an increase Of 1894 fo4 A. Last year,
the nett income 40A per cent; of the gross re-
cepts; this wear it is 4a per cent? and with proper
infringement, will continue 10 relatively increase IN
I'll the road is finished and fully equipped For while
the road is progressing from station to station, much
of the business badly provided for and consequent
v done ut gre ater cost and Inconvenience, particular
" at some Of the river stations, which we conteni-
dation TO freighs and n the same time diminish our
/ EXPENSE The going calculation does not include
a large amount OF transportation done for the Com
Il pauy for which no charge has been made; have
we Charged to transportation the salary of the Pes
| dent pay of Directors, the Secretary and his as
| sistant, amounting altogether TO something ovei
S5 but have charged those items to construction
| Nevertheless, when the road shall have been com
pIeted, this viii be added 70 the cost Of working it
and the will also be Iessened TO the extent
thee cost of that which 10 done gratutousiy fo
construction, making more than donble the forme
sum. ~ egsts ts55 a1t.-s At = J
/ While our receipts have thus greatly increased
even in despite Of bad crop year. u may be vel
enough to state that We did not commence carTJin
frcishts beyond Boston until 9th August, 1850; no
did we use the rosd Barksdales until about the en-
~ tba fsral veay Since that time though IL const