The daily dispatch. [volume] (Richmond [Va.]) 1850-1884, 1868-12-02
Richmond and DanVille Railroad.
ANNUAL REPORTS.

The annual report of the President "a.
s. Buford) and directors of the Rich
mond and Danville railroad has just been
prepared. We make the following ab-
stract
The gross earnings Of the company for
the year were $574, ,020.39 a; total operating
expenses, 1854, ,929.69; leaving rs net earn
ings for the year, $219, ,O9O.7O. Working
expenses, sixty-one and four-ffths per
cent. net earnings, thirty-eight and one
fifth per cent.
The aggregate tonnage transported over
the road during the past year is 8S,679
tons, being an increase over that of last
year of 7,041 tons. The total number of
passengers transported during the present
year is 85,662, against 1906 last year,
though with reduced mileage of incon-
siderable amount.
ROADWAY AND OTHER PROPERTY.
The necessary improvements of track
and roadway have been effected, maintain
ing the progress heretofore made towards
the restoration Of the line to that thorough
repair which is regarded indispensable
to its safe and economical operation.
About 10000 cross-ties have been put on
the line during the year, being about
10000 more than the average quantity Or
dinarily required for the same period.
About three miles of new rail have been
put down during the year east Of Powhatan
station, and the track materially repaired
on various other sections of the road. The
large and costly Howe truss bridges
erected since the war over the James,
Appomattox, Roanoke, and Staunton rivers,
which have heretofore remained uncovered
on account of the company's limited re-
sources, have been put under cover, and
will in few weeks be entirely protected, 3,
and in O condition of completeness and
safety. Heavy trestles have been replaced
Mt Belle Isle, the State line, and other por-
tions of the work. The dep0tS and fixtures
along the entire line south of Richmond have
been reftted, refurnished, and improved to
condition adequate to the wants of the
business everywhere, and additional sheds
and depot facilities at Richmond have been
made.
In roadway, buildings, and equipment,
the entire line from Richmond to Green's
boro' may now justly be said to be in a con-
dition Of thorough efficiency for service and
capacity for economical operation. What is
now wanted is business-more tonnage and
more travel. To secure this, an intelligent
management will direct it's best energies.
FINANCES.
In reference to the financial interests of
the company, the Board present much
more satisfactory statement than at any
time since the Reorganization Of the COM
pany after the war. The large floating
debt which then existed and which had
to be made active, has been nearly
all paid or funded in the permanent
securities of the company. The policy
heretofore inaugurated by the Board, with
the assent of the stockholders, of the con-
version of the old funded debt in its differ
ent forms, and of the new floating debt,
into single tirst-mortgage consolidated
debt, has been successful to most salts
factory extent, the new consolidated secu-
rity having nearly absorbed the entire liza
bilities intended to be embraced by it, thus
relieving the company not only from the
high rates of interest which it was COM
PEELED 10 pay upon it's large floating liahili-
ties as they then existed, but what is OF
greater consequence to the stockholders,
permanently securing its credit from that
perilous exposure which it necessarily suf-
fered in every monetary panic under the
burden of current demands of so large an
amount.
Under directions of the Board and the
personal supervision Of the President, sales
Of the new consolidated bonds were effected
in the early part of the year to an amount
which, together with the business income of
the road, enabled the company to sink its
floating debt to sum manageable at the
pleasure of the company the bal
ance on account of bills payable and
receivable, as appears from the au-
ditor's report, being on 3Oth day OF Sep
tember, 1868, S47,979; so that for some
months past the company has been fully,
and it is hoped forever, relieved from the
dangerous necessity Of dependence upon
the current market as borrower of large
sums upon its own securities as collaterals,
involving the risk of great loss from unfore-
seen pressures, and even of insolvency from
combinations against its credit. The ag-
gregate amount of these bonds issued and
disposed Of for this purpose is S760,5OO,
at rates averaging from CAT 10.
The general result to the company'a
credit from this permanent adjustment OF
it's liabilities, effected as it has been under
circumstances of almost unparalleled ditfl-
Guilty, has been to establish fixed market
demand for its securities as desirable In
vestments, and sensibly to strengthen the
demand for the stock also. The arrearages
of annuity to the State which the company
have been unable heretofore to touch since
the war, accumulated from the first day OF
January, 1865, to the first day Of July,
1868, inclusive, amounted to the sum OF
Sl6S 900; of which during the present
year up to the present time, $l26,OO0 has
been satisfied by payments from the busi-
ness income Of the company.
The following statement is intended to
represent complete exhibit Of the finan-
cial condition Of the company at the close
of the present fiscal year:
FOR FUNDED DEBT.
Consolidated first mortgage
bonds Issued. ............... o. 'oo, oVo W
Guaranteed and other mort
gage bonds convertible In =,
to same. -oi. wv w
Bonds to Roanoke Valley
railroad not mortgaged.... 100 seo "
Annuity to State of Virginia
of S42 OO0 to run until 1887,
second mortgage.
$?,lle, 600 o.
FOR UFFUNDED LIABILITIES.
Bills payable. $50, 49l II
Amount due for old div1-
uen1S.. 1900 "
cage bonds uncailed for. ss,s?i %
Balance Que State OF Virgil
MIA on account of unpaid
annuity ...................-- ba1I3 ~ - -
q, 2s2, $40 2
Less cash on hand Septem-
Ter 80 1865 $eO47 0s
Bills receivable. I,Sl2 q
balance due from Piedmont