The daily dispatch. [volume] (Richmond [Va.]) 1850-1884, 1870-12-15
Meeting Of Stockholders OF the Rich.
mend and Danvillc Railroad Com.

Hsabys afferfN = - t..~ytszt s.... 4 ...y
The stockholders Of the Richmond and
Danville Railroad Company met in their
twenty-third annual session on Yesterday,
and were organized by the selection of Judge
F. N. Watkins rs chairman, and Messrs.
j. D. Blair and W. e. Turner as secretaries.
Mcssrs. Barksdale, Judge Dickinson, and
| henry Edmunds were appointed to exam
| Inc proxies, who reported q quorum pre-.
sent. The Presidents report was then
read, as follows: 1.aes.
To- the Stockholders Of the Richmond and
Ddnuitle Railroad Company 81 {
Gentlemen,-The President and direc-
tors respectfully submit to you their annual
report, as follows ..sly e.
from all sources amount to $685., 1856. .93 the
total expenditures charged to working eX.
penses for the year amount to 1857 ,6S3,89-
| showing net balance Of 1924, 1894.
The accompanying report of the superin-
tendent and tabular statements annexed
| will show the'exact items in detail, both OF
income and expenditure. The increasing
volume and extent Of the company's busi.
ness, producing largely-increased income,
has required for the present a correspond
Ing increase of expenditure to command,
!retain, and successfully handle it, and at
the same time TO maintain and refit the
roadway, buildings, and rolling stock to
l such extent as to secure present safety and
economy of operation, and provide tor the
permanent control of the growing interests
of the line as a public highway.
| It will be seen from the report and state
ments referred to that the increase of in
come from the passenger business was %
per cent, while the number OF passengers
carried exceeded the number in the year
previous only 16 G.10 per cent, and the ave-
rage rate Of fare per mile was actually II
per cent. less than it was the previous
year, which is accounted for by the fact
that the number Of miles travelled by pas
sengers was nearly 80 per cent. greater than
the previous year.
| On the other hand, the Increased re-
ceipts from tonnage were only per cent,
Notwithstanding the fact that nearly %
per cent. more tons were transported an
average distance nearly the same as the
year previous; which result is due alone
| to the fact that the average rate per
ton per mile was nearly twelve per cent.
less than it was the year previous. Of nearly
all the items that enter largely into the
usual tonnage Of the line, it will be seen
there has been most encouraging increase,
except only in tobacco, which is short Of
the previous years business by about l, ,172
tons showing that the crop of tobacco oil
1869, at least on the line of this road, was a
light one compared with that Of the pre-
vious year. The crop just matured, how
ever, it is estimated, will certainly yield as
large business for the current year as for
any preceding year since the war, and
probably much larger.
| rhe items and sources of current eXpen-
diture are fully exhibited and explained in
| the reports of the superintendent and en-.
gineer of repairs, herewith submitted. The
condition Of the roadway, bridges, depots,
trestleS, culvertS, and other structures, as
exhibited in said reports and that of the
| Examining Committee, eyinces the effort
| that has been made to restore the road once
more to that condition of soundness and
efficiency which is indispensable to the safe
and economical conduct of its increasing
| business. The timely and advanced i'm
provement now made will warrant safely
and consistently with all the interests of the
company, some material diminution OF diff
ferent items Of expenditure in the opera
tions of another year. This the manage
mcnt will doubtless labor to effect
| The company'Ls property has suffered no
very serious casualty during the year for,
although not entirely exempted from the
effects of the disastrous flood that prevailed
in many portions of the State about the 1st
of October, yet our losses were compara-
lively small, not exceeding in the aggregate,
perhaps, the sum of $4,000, and not Sc
riously impeding the continuous prosecu-
tion Of the company's business. The Belle
Isle trestle was washed oil, and considcru.
| bic part of the track between Manchester
and Rockets wharf was displaced, and part
| of it washed off. The trestle has been
| promptly replaced, and the track to Rock
ctts will be at an early day.
The Auditors statement exhibits the
financial condition Of the company,
from which it appears that, while the
bond account is only slightly reduced,
the interest on bonds has been re.
duced by upwards of $4,000. In fact, this
| item, heretofore so material in the COM
pany's condition, has been virtually extin-
guished; and although the account of bills
payable is increased by about the sum OF
S7i ,0G0, yet this is much more than ac-
counted for in the new property account
created in the construction Of the connec-
tions with the Richmond and Fredericks-
burg and Richmond and York River rail-
roads, amounting to $33,266, and the new
depot at Burkevile, 50, 229, together with
the largely increased amount OF new track
built during the year, ut a gross cost OF
about 81, ,545.
For the first time since the war, the COM
pany's engagements with all it's creditors
private and public, individual, State and
| United States-have been met and dis
charged punctually throughout the year !;
and its legitimate business advanced and
developed US actively as possible under the
circumstances, some OF which have con-
tinued most unfavorable for success. The
result has been at least gratifying in this,
that the credit, stability, and ultimate
prosperity of the company, have been SO
far established in the public confidence as
to advance the market value Of its securi-
ties TO high standard, and Of its capital
stock more than 100 per cent. during the
past year.
At the called meeting of the stockholders
| held on the 31st August last, the action Of
the LEGISLATURE authorizing the purchase
| by the company of the interest of the State
| in the stock of the company was formally
reported by the President and directors,
and the provisions of the Act of Assembly
authorizing such purchase was accepted by
| the stockholders. The Presidentand dircc-
| tors were authorized and instructed to
carry the agreement into execution pur-
suant to the terms of the act, IN such man
ner as might be deemed best for the inter-
require the payment of the first instalment
Of 800, 900 State bonds within six months
from the date of its acceptance. This period
will expire the last of February, and the
Board have made provision to meet the re-
quirement. The other instalments will be
made as they accrue, or by anticipation, as
shall be deemed best for the interests of the
company, having reference to the present
and probable condition of the market for
State and the company securities, and the
duty of protecting the company from tllti-
mate loss in the transaction. No iurther
action on the subject by the stockholders
1,o,, ad ,,ocaSco,.7y of prnsaut