Richmond daily Whig. [volume] (Richmond, Va.) 1842-1861, 1859-12-13
FoR THE WIG.

IltE CENTRAL RAILROAD.
The intimate relation sustained by the Central railroad
10 the business interests and material prosperity of the I'M
poriant section Of the State traversed by it, renders Il
matter Of the highest moment to the public well az TO
toe individual sockhoder, that the administration of its
Affairs SHOULD be characterized ouy by prudence and
economy but also by enlightened and liberal regard
the welfare Of those great interests the State desgu
ed 10 be subseryed BY is construction.
Is therefore unnecessary for me to offer an apology
Tor calling attention 70 few points contained in the re-
cent report Of the President and Directors Of work in
which 80 large portion Of the community are inter-
ested.
The annual report submitted to the late meeting Of the
stockholders OF the Central road opens with -sEcon.
graulatoFy, boAstful spirit in reference to the in
creased income and diminished expense Of admiuisra.
ton Of the road, for the year Just closed in all OF
which a. sincerely and heartily rejoice any member
Of the Board
The gross receipts" for the year closing on the goth
Of September last stated the OF $G52 iO5 90
an increase OF SC5365 90 last year and the eX
pense of administration for time s stated at s25e
eos Ol, being decrease Of s2p,Sis %, compared
with the year 1888.
But examination Of the report discoses the some
what singular fact, that the Board have omitted 10
charge the expense OF administration the orno,nt
paid 20 the State for the Of the Blue Ridge Railroad
aud tunnels Upon what principle this is done We are
not informed. These sums whether small or great arc
as legitimate items ia the annual expense account as
fuel negro hire, or salaries The Central Railroad can
no more perform is ordinary and proper work Of trans
porting tonnage and passengers without paying these
charges, than It can dispense with conductors engine
o..
part aud parcel Of the ordinary usual and
current expenses Of operating the road there exists no
reason Why they should not be charged % that account
With this correction the expense account will stand
thus:
Expenses Of administration per report s26g 7Os OF
Add amount paid State for the use OF Blue
Ride Railroad tunnels per Treasures
report, pages Is and 20, 25434 IS
Total, s295,I42 SO
Expense for s55 per report, s2go.oss os
Aad ior use Blue hdge road and tunnel, 7,lOl %
Total, s297,l57 %
Making difference Of two thousand fneen dollars and
sixty cents in favor Of the year $50 instead Of Over
twenty thousand dollars claimed In the report and
this Of course reduces the nett income from 1852 696 n
s357262 This error arises doubtless from an undu,
anxiety the part Of the Board diminish the propor
ton the annual expense bears 70 the gross income Of the
road under the idea that that alone constitutes the tru,
be judged.
At page Of this years report, We arc Informed tina
,ne amount Of interest paid during the year.
But the report Of 1858 at page i5 states the "
/ indebtedness Of every description at I,6B6I9 On
the interest upon which for ono year at
! Excess over legal interest t0ss =,
/ Showing four thousand and odd dollars Of nteres
paid during the year over and above the LEGAL ptcrs
on the indebtedness Of every Description M ,lo IA,
Of the report for 1853 How this happens the stockbol
ders where informed They arc not told that an
part OF he rdeo bearing higher rate ofinterest than
Pcr cent and We can scarcely imagine that compant
paying cash dividends every six months and boosting
nett annual income Of nearly four hundred thousan
dollars, is under the necessity Of negotiating Temporal
loans a. an Illegal and usurous Of interest Their
is nothing contained in The report throwing any lirb
upon this matter.
Again, under the head Of " whole debt Of the comps
| ny, we have this statement:
FUNDED debt secured By mortgage a 2f7 900 q.
or this sum s3DG 10000 il payable In 1872
and 1880, and the balance in 1884 70
meet al Of which sinking fund il com.
menced.
Bonds issued for dividends payable 10 1865,
r., isee, and 1875, s2ss,8i6 o
sinking fund"
This statement is copied from the report have bee
commenting upon, and the only impression IL can max
on the mind Of the reader that sinking fund has bee
commenced aud is now IN operation sufficient 70 absof
a. natures the entire debt Of this company amount
ing az it does 20 million and a-half OF dollars Br
an examination Of the report Of $685. referred TO- AZ
closes the fact that the only sinking fund now con
menced oneo ego 600 lbegan 10 1881 and desgne