The daily dispatch. [volume] (Richmond [Va.]) 1850-1884, 1870-10-05
Balance of income over working


expenses s.................. .Slo,o3o =
During a portion of that year the road
was incomplete, being then in process OF
reconstruction. The line was opened to
West Point in January, 1869.
The daily connection with Baltimore by
steamers from West Point was not obtained
until July, 1860, and then only with vessels
which were inefficient for the service: and
it was only by repeated and persistent cl-
forts that the present reliable and comfort
able means of transportation was put upon
the line during the month of May OF the
present year. This provision for the
legitimate business Of the line justified
the confident expectation of largely-In-
creased results in income to the company
These were not realized for the reasons
ONLY that the Richmond, Fredericksbura
and Potomac Railroad Company, in order
| to maintain its uncontested monopoly Of
| the passenger transportation between this
city and the North, debating arbitrarily its
own rates, has thought proper to open and
prosecute competition against this com.
Irpany's business, to drive this company, il
possible, into surrender OF valuable por
| ton of its legitimate traffic and income, :.
What adjustment of this contest, unpro.
voked and uniustifiable as 1t is, on the part
of the Fredericksburg company, the best
Interests of this Company will authorize OF
frequire, has not yet been determined: The
subject is now under consideration by the
management of this and the other contest
ing companies.
| Notwithstanding this unnatural cOmpc
tition. the business income has been main.
| tanned at more than al average maximum
per month during the whole year, glylns
as the total earnings for the year ending
September so, 1910, SS6, ordinar!
working expenses, SCI, ,136. Net income tol
the year, s24, 1852. t,,
The company has annually paid its &c:
crued interest. on its first mortgage bonds
and, with proper and unrestralned de
veIoDmenJ Of its legitimate business, vii
| soon be able to meet and regularly provide
| for its second mortgage interest, and Sradu
ally eXtinguisl its floating debt.
The extension Of the road to the Chesa
peake has been prevented by unforeseen dif
| ficulties, but the necessary surveys have
been completed. and proposals are now I'm
der consideration by which it is expected
to be consunmated during the ensuing
year.
! The connections of the Richmond anC
Danville and the Chesapeake and Ohio rail
road through the city with this road have
| been delayed on the part Of the former by
some difficulties as to right Of way. They
have, however, commenced the construc
ton of their portion of the connection, ant
| it is expected that the latter will begir
work at an early day.
The roadway, machinery, rolling stock
&C., is in good condition, and the officers
and employees of the company are compll
mented for their energy and efficiency.
| The meeting then proceeded to an elec
| ton Of officers, when Colonel A. 5. Bulort
was unanimously chosen President, ant
Colonel William W. Gordon director OIL tht
part of the stockholders.
IN motion of r. Il. Duyal, il was
"1iesolred, That committee Of three bt
appointed to inquire into and investigate
upon what account and for what services
rendered $4,000 We're recently paid Il
Alexander Dudley, late President OF thl
road and should any OF the notes. given
for said debt be yet unpaid, the iurthel
payment Of the same be suspended unit
1.-THE committee be discharged.
General Tatiaferro offered the following
resolution, which was adopted !:
| !" ResoIued, That the Chairman appoint
! --'-~"c,',nittee of five stockholders to examine
st --'>"nally upon the condi