Evening star. [volume] (Washington, D.C.) 1854-1972, 1863-07-09
LOCAL NEWS.

WASHINGTON AnD GRoRaErowN RAILROAD
CoMPAHY.-The newly elected Board of Di.
rectors OF this company met last night and
Mr.. George S. Gideon was elected president OF
the company for the ensuing year, MIR. H. ID.
Cooke declining.
Mr. Cooke is about to enter upon his duties
as president of the National Bank about to be
started here under the new law, and finds it
impossible to continue to perform the respon-
sible duties OF the presidency Of the road, but
will remain in the management, the stock
holders will be glad to learn.
The difficult task of supplying his place is
fully met by the appointment Of Mr.. Gideon,
who has been all his life long identified with
the business interests of the city, and has the
fullest confidence of the community.
The company declares q dividend of three
per cent. for the last quarter.
The report of the president OF the company,
MIR. H. d. Cooke, submitted yesterday to the
stockholders, gives a detailed account Of the
operations of the road during the past year
and of its present financial condition. The
charter allowed the company bot short time
comparatively, in which to complete the road;
requiring all the branches to be finished with
N six months from the approval OF the law
The company was formally organized ON the
We're running regularly over Pennsyiyania
avenue from the Capitol to the State Depart
ment, connecting with omnibuses at the last
named point for Georgetown. On the 18th of
August the road was opened to the s.Circle:,
and on the 18th of the same month cars com.
menced to run regularly on the entire main
route, from the Capitol to Georgetown. From
this date the travelling facilities on the Avenue
were trebled.
From the Capitol to the Navy Yard the road
was also completed nearly a month in advance
allowed ayE fha
regularly on that route on the I'd day of Octo-
Der. The Seventh and Fourteenth street roads
were also pushed rapidly to completion, both
roads being finished on the 18th day of Novem.
Der, and the routes being equipped and in op-
Grafton on November 18th. Thus all the roads
were completed, equipped, and in actual oper-
alton within the period prescribed by the char
ter, while the main Routes We're much in ad-
vance of the time allowed. The work more
over, was well done, the road being built in a
solid, substantial Tanner. and the equipment
first class in every particular. The prompt
ness with which the road was completed and
put In operation is the more gratifying in view
of the peculiar circumstances under which the
work was undertaken. Owing to the unset
tied condition of the country, the scarcity of
labor especially at Washington and the preoc-
cupation by government supplies, &c, the lines
of transportation between Washington and the
northern cities, from which the iron and other
materials for the road Were procured. constant
delay ana interruptions were experienced.
Yet, despite these untoward circumstances
the work steadily progressed to completion be-
fore the time allowed by law had elapsed
Inc Board OF Directors, being unable to agree
with Mr. sanderwerken for the purchase of
bis real estate, leased 1t for a year, and bought
all his omnibus property, including horses
tools and fixtures. During the wear a large
amount OF property sufficient for the present
and future wants Of the company was pur-
chased in Washington, as follows:
New Jersey avenue property, 1870 feet on
New Jersey avenue 439 IT. Il street, Pup It. First
street, cost S56,OOO. Square on Seventh street
and boundary street-143 feet on Seventh street
and 29s on Boundary street-S4,25O. Lot on Il
street, sc feet by 126, 1870. #-f
On the Sth of October the President of the
Company, by authority Of the Board, rendered
twenty onnlbuses to the Government for hos
pital use, (valne, S9,0OO,) which were gratefully
accepted by the Government.
At meeting of the stockholders held March
18th, it was resolved to call in the balance of
the stock, which was done, and the bonds rep.
resenting the same We're, in accordance with
vote of the stockholders, accepted by the di.
rectors in full payment of the back instruments
The operations of the road during the past
year are shown in the following summary
Total receipts from passengers. .S2i9, l6O OS
Working expenses I1S,:5g6 %
Government taxes and insurance $40 II
Total working expenditures. IS, SIG I2
Dividend paid ................ Is, 600 On
Surplus July lst.. .-.............. 16,323 66
The general financial condition of the road
is as follows:
Archaeological stock. $500, 900 90
Bills payable and tickets in
circulation. 30,401 AZ
530,401 AZ
Erpended-On account of construe-
ton ..................S 252, 465 70
On account CT equipments,
horses, omnibuses, good
Will, dc,...... .l42,s57 81
IAeai esEtto ......s..s.s.s..s. oU, IoU w
Total. .Si56,074 81
Leaving balance OF. ...........n... 7i,327 20